RIYADH: The Global South is navigating the tidal wave of tech megatrends, as 17 frontier technologies such as artificial intelligence and electric vehicles present an extraordinary market potential, according to experts.
Speaking at Riyadh’s Future Investment Initiative forum, Shahad Attar, head of technology at the Public Investment Fund, and Guang Yang, vice-chairman at CTH Group and Atlas Technology, stressed that leaders in the Global South are marshaling strategies, initiatives, and mechanisms to ensure they ride the crest of these technological waves and unlock the transformative power of these trends for sustainable and inclusive development.
Yang stressed that China stands as a prominent exemplar of harnessing innovation for economic and social development. Over the past few decades, China has made significant investments in research and development, thereby catapulting itself to the forefront of technology adoption.
Of the 17 technologies, Yang believes that underwater data solutions for crypto mining, and e-waste recycling are some of the top technologies that are being developed today. He stressed that with China’s gross domestic product almost as big as the Global South, he believes that global cooperation can allow nations to tap into their potential.
China has vigorously pursued initiatives to foster domestic innovation, leading to its ascendancy in industries such as AI and EVs. With a burgeoning domestic market and a focus on mass production, China is strategically positioned to capitalize on the potential of these megatrends.
Saudi Arabia has also charted a vision for the future through its Vision 2030 plan. Recognizing the imperativeness of diversifying its economy and reducing its dependence on oil revenues, Saudi Arabia has set ambitious targets to invest in research, development, and innovation, stressed Attar.
The plan envisions a thriving knowledge-based economy, with technology at its core.
Such as the case with a SR776 million joint venture with SenseTime Group and PIF, to establish SenseTime MEA, and work to build a sophisticated AI lab, create highly skilled jobs for talented Saudis, and contribute to positioning Saudi Arabia as the region’s leading AI-tech hub.
Attar stressed that such ventures are key drivers for the growth of the Kingdom.
Both Attar and Yang believe that human capital and a budding workforce will help overcome these challenges and stress that other nations need to recognize their nation’s skilled forces.
To ensure that the benefits of technological advancement are inclusive, governments are implementing policies that encourage equitable access and opportunities. Educational reforms are prioritized to equip the workforce with the skills needed in the digital age, while initiatives to bridge the digital divide are also essential to reach marginalized populations.
