Arab Federation For Digital Economy Showcases Initiatives At Global Digital Trade Expo 2023 In Hangzhou

The Arab Federation for Digital Economy is actively participating in the fourth Global Digital Trade Expo in Hangzhou, China. This event, which concludes on 29th September, features over 1,800 exhibitors from 154 countries, including more than 70 Fortune 500 companies. The expo covers an area of 150,000 square metres and has attracted over 42,000 digital trade experts, with 11,000 coming from abroad.

On the opening day of the expo, projects worth 64.87 billion yuan ($9.1 billion) were signed. This highlights the increasing importance of digital trade in the global economy. The exhibits cover a wide range of topics such as cross-border trade, artificial intelligence (AI), smart logistics, e-commerce, and digital innovations in health, agriculture, and smart cities.

Dr. Ali Mohammed Al Khouri, Advisor to the Council of Arab Economic Unity and Chairman of the Arab Federation for Digital Economy, emphasised that their participation aligns with efforts to advance the Arab Vision for Digital Economy. This vision was adopted at the 2022 Arab Summit under President His Highness Sheikh Mohamed bin Zayed Al Nahyan's patronage.

The Arab Vision aims to create a globally competitive Arab digital economy through unified infrastructure and harmonised legislation. It also seeks to accelerate innovation with support from UAE’s expertise and resources. The federation noted that the digital economy now represents about 15 percent of global GDP, valued at over $16 trillion.

The federation highlighted that e-commerce between companies has surpassed $30 trillion. By 2030, cross-border digital trade is expected to exceed $8 trillion. In the Arab region alone, with its population exceeding half a billion and internet penetration over 70 percent (95 percent in GCC states), there is potential to contribute nearly $1 trillion to GDP by 2030.

Regional Initiatives and Cooperation

The federation pointed out initiatives like "Maharat," a platform for developing advanced digital skills. Another initiative is the Arab Food Platform, recognised by the Economic and Social Council of the Arab League as the first regional e-market for food and agriculture.

Khouri stressed the importance of cooperation between Arab nations and China in digital trade. He mentioned opening a Federation office in Hong Kong and plans for more offices in China to encourage joint innovation platforms. He cited projects like Masdar City in Abu Dhabi and Saudi Arabia’s NEOM as examples where regional innovation could benefit from China's expertise.

He added that participating in Hangzhou serves as an invitation to global partners. It underscores the need for effective digital platforms and modern legal frameworks while promoting long-term cooperation. The Arab Federation aims to lead these efforts on a global scale.

The federation believes that by fostering such collaborations and initiatives underpinned by robust infrastructure and legislative support, it can significantly enhance regional competitiveness while contributing positively to global economic growth.

With inputs from WAM