Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, stressed the need for developing legislative and regulatory frameworks to enable governments and communities better harness the digital economy technologies.
Addressing the meeting of the Group of the Future of Digital Economy and Society of the World Economic Forum in his capacity as a member of the group, Al Olama said governments should take pro-active positions regarding challenges posed by the rapidly spreading technologies of the digital economy.
The 48th World Economic Forum Annual Meeting took place in Davos-Klosters, Switzerland from 23rd to 26th January.
The group aims to empower communities with tools of the fourth industrial revolution and raise community understanding about digital economy.
Members of the group praised the UAE’s role in adopting advanced technologies and creating the incubating and legislative environment for them.
They said the UAE set a role model for other countries in the area of making better use of digital economy technologies.
The WEF says the exponential growth in digitization and Internet connectivity is the backbone of the Fourth Industrial Revolution. It has the potential to propel societies forward, enable innovative business models and help governments address legitimate policy concerns. Digitization is transforming business models, the policy landscape and social norms.
The aim of the World Economic Forum’s System Initiative on Shaping the Future of Digital Economy and Society is to cultivate a shared, trusted digital environment that is a driver of inclusion, economic development and social progress.
The System Initiative aims to create networks that enable and encourage action to promote the long-term health and stability of digitally enabled economies and societies through understanding the shift through leading-edge intelligence; collectively solving new issues via improved governance and policy-making in a digitized society; and partnering to rapidly scale successes by cultivating an online environment of trust and increasing access and adoption.