A recent initiative to establish the “Middle East Digital Cooperation Union” has been introduced by private sector stakeholders in Iran, spearheaded by the Tehran Chamber of Commerce. Farzin Faradis, a member of the Tehran Chamber of Commerce’s board, shed light on the future prospects of this union for the digital economy in the region, likening it to a global window of opportunity.
Tehran Chamber of Commerce Initiates the Move, Envisioning Digital Economic Growth
Why Is the Formation of the “Middle East Digital Cooperation Union” Essential?
According to IDEA, Faradis emphasized the significance of forming such a union by stating, “The digital economy represents a ‘window of opportunity’ in the world of economics and technology. This means that in each era, a handful of countries, owing to significant leaps in certain unique and high-value industries, have had the chance to use a short-term ‘window of opportunity’ to bridge the gap between themselves and the leading global nations.”
Elaborating on examples of these “windows of opportunity,” Faradis pointed out, “For instance, a few decades ago, a ‘window of opportunity’ emerged in the semiconductor and LCD display industries. As a result, South Korea and Taiwan were able to rapidly develop technologies in this domain through substantial investment, serious research, and development within several of their large and medium-sized companies. This allowed them to outpace their Japanese, European, and American competitors, becoming serious and influential players in these two industries, which had previously been dominated by the aforementioned nations. Technological advancements in these two industries acted as a ‘window of opportunity’ that helped two countries that were not previously regarded as technology leaders, transform themselves into significant players in the global economic and technological landscape. They created high added value for their companies and their countries, effectively entering the world technology league.”
Middle East Nations Accelerate Investment in Digital Economy, Iran Seeks to Catch Up
The importance of investment in the digital economy and the competitive spirit of neighboring countries, such as the UAE, Qatar, Saudi Arabia, and Turkey, was emphasized by Farzin Faradis, a member of the Tehran Chamber of Commerce’s board. He noted their strong commitment to investments in this sector with a clear goal of becoming global players. This dedication is evident through their strategic investments and collaborations with major companies, as seen in Turkey and Saudi Arabia’s competition to host Tesla’s next factory or their efforts to attract Alibaba’s interest for investment. Moreover, both Saudi Arabia and the UAE have established R&D offices for major digital economy players like Microsoft.
Faradis lamented Iran’s relative lag in this race, stating, “Unfortunately, we are either falling behind or have fallen behind.”
He suggested that the formation of the Middle East Digital Cooperation Union, focused on private sector collaboration among countries, might help mitigate this lag and bridge the gap. Faradis acknowledged that through strategic private sector cooperation on a global stage, this union could help reduce the discrepancies that have arisen.
The concept and proposal for this union were introduced by Shabab Javanmardi, CEO of the Fanap Group and Vice President of the Tehran Chamber of Commerce, on the sidelines of the GITEX Dubai exhibition in the field of Iranian technology. The goal is to leverage the potential of Iran’s private sector companies in the digital economy by aligning them with regional opportunities and investments, thereby compensating for some of the country’s previous setbacks.
[postx_template id=”4061″]
No Comment! Be the first one.