Businessman Mr. Yaqoob Al-Awadhi emphasized the significance of the “Developing Arab Cooperation in the Field of Fintech, Innovation and Digital Transformation” initiative, one of five initiatives introduced by the Kingdom of Bahrain during His Majesty the King’s opening speech at the Bahrain Summit.
Mr. Al-Awadhi noted that this initiative will propel joint Arab action towards comprehensive and integrated approaches in promoting digital transformation and innovation across all sectors in the Arab region and stressed the importance of addressing the challenges and requirements of the digital age with a unified strategic vision for the benefit of the Arab people.
“This initiative is crucial for promoting and developing the integration of digital markets at the Arab level. It aims to modernize management and production processes across various industries, improve social inclusion, enhance innovation, and strengthen the competitiveness of the Arab economy on the global stage.” Mr. Al-Awadhi said.
“The collaboration and digital integration among Arab countries, leading to digital economic unity, will accelerate the pace of achieving digital transformation and enable them to keep pace with the knowledge revolution, ultimately driving the advancement of Arab economies.”
Mr. Al-Awadhi highlighted Bahrain’s qualitative achievements and successes in the ICT sector, digital transformation, and the establishment of a knowledge-based society, which have solidified its leading position at the Arab, regional, and international levels, and emphasized the significance of leveraging Bahrain’s experience to enhance the potential for digital economic growth in Arab countries. This will contribute to an Arab economic renaissance, achieve regional balance and integration, and strengthen the Arab role amidst the rapid political and economic transformations occurring globally.
Mr. Al-Awadhi called for the modernization of economic procedures and policies in Arab countries based on this initiative, and urged for the development of visions and goals, as well as the implementation of initiatives and projects that lay the foundation for a pioneering digital economy. This economy would combine national skills and digital solutions, establishing an advanced model that contributes to the objectives of the National Strategy for the Arab Digital Economy. This is in addition to the need to create a comprehensive legal and institutional system that ensures the safe and sustainable use of science and technology in the Arab economy.
Furthermore, Mr. Al-Awadhi emphasized that the success of Arab digital integration efforts hinges on the security of the ICT infrastructure in the Arab region. This requires adequate adoption of cybersecurity concepts, solutions, and applications, facilitating exchanges and development on cyber laws and regulations, and advancing the establishment of legislative and regulatory frameworks.
