RIYADH, JEDDAH (RAHNUMA) Senior government officials from five countries have banded together to launch a new global organization with the aim to strengthen cooperation across all innovation-driven areas and accelerate the growth of the digital economy.
Dubbed the Digital Cooperation Organization (DCO), the participating nations in the initiative are Saudi Arabia, Bahrain, Jordan, Kuwait and Pakistan.
The DCO aims to strengthen collaboration among member nations as they adapt to a global economy increasingly defined by technological innovation.
Abdullah Al-Swaha, Saudi minister of communications and information technology, spoke about the importance of the event and the necessity of banding together to fortify the digital economy.
“We are joining hands together toward a commitment to drive consensus on digital cooperation to make sure that we seize an opportunity for our youth, our women and our entrepreneurs with the ambition to grow our combined digital economy to $1 trillion in the next three to five years,” he said.
He added: “Our future prosperity will depend on the digital economy, but it can only reach its full potential if we are able to make governments work together collectively with businesses and entrepreneurs so they can survive and thrive, expand their depth into current markets and open doors for everyone into new ones.”
One of the things the world had learned in 2020, the minister said, is that economies are as strong as their digital economies.
The DCO was announced in a digital launch event on Thursday evening, which was attended by several big names in the field, such as International Telecommunication Union Secretary-General Houlin Zhao, and President of the World Economic Forum Borge Brende.
Brende stressed the government role in fueling the digital economy, “I think the GCC countries and governments have been extremely successful in doing so; they set up a lot of funds. They injected a lot of funds into startups and helped them really grow and led to the different success stories that we hear about today.”
Zhao insisted that government institutions must no longer work separately, and that the world needed to have a holistic approach to facilitate and encourage ICT developments to better serve the digital economy.
“We encourage regulators to work with the other sectors to try to create a good environment to facilitate that ICT development,” he said.