Davos, Switzerland: The Digital Cooperation Organization (DCO) and the World Economic Forum (WEF) launched a Digital Foreign Direct Investment (FDI) Initiative today at the WEF annual meeting in Davos, Switzerland, to boost global foreign direct investment in the digital economy.  ​

The agreement will see the DCO and WEF work together to identify methods to increase digital adoption, investment in new digital activities, and investment in digital infrastructure. In addition, the DCO and WEF will undertake research to contribute to an increased global understanding of the regulatory challenges currently preventing countries from realizing the full potential of digital FDI.​

Under the Initiative, the DCO and WEF will launch Digital FDI Enabling Projects in countries around the world, helping them identify and support implementation of policies and measures to increase investment in the digital economy, in additional to facilitating knowledge-sharing of successful reforms among countries.​

The launch was announced by:

  • Børge Brende – President, World Economic Forum
  • Deemah AlYahya – Secretary-General, Digital Cooperation Organization
  • Isa Ali Ibrahim Pantami – Minister for Communications and Digital Economy, Nigeria
  • Peter Herweck – CEO, AVEVA Group

The DCO, which focuses on digital economy initiatives supporting youth, startup entrepreneurs and women, has nine member states with a combined GDP of nearly USD2 trillion and a population of nearly 600 million. With 70 percent of future economic growth set to be digital, according to the WEF, DCO member states provide a valuable market opportunity to investors and entrepreneurs alike. 

The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas.

Børge Brende, President of the World Economic Forum, said,

“Global FDI is rebounding, following the COVID-19 pandemic, and investment in the digital economy could not come at a better time. These country projects will help grow FDI into the digital economy, which is key for long-term growth, competitiveness, and sustainable development.”

DCO Secretary-General Deemah AlYahya commented, ​

“As the first and only global multilateral focused on enabling digital prosperity for all, the DCO is partnering with the WEF on a Digital Foreign Direct Investment Initiative to help countries develop digital FDI-friendly investment climates. We invite digital innovators with a commitment to economic development and inclusion to join us.”​

H.E. Isa Ali Ibrahim Pantami, Minister for Communications and Digital Economy of Nigeria, a DCO member state and one of the countries where Digital FDI Enabling Projects will be implemented, commented,

“The digital economy cannot be developed in silos. There is a need for partnership, collaboration and support, and this what the DCO aims to do, by supporting regulation to support development.  Through the Digital FDI initiative, we are continuing our mission to encourage collaboration and partnership not just between governments, but also investors, policymakers, academics, and everyone involved in the digital economy.”

​The DCO’s launch of the Digital FDI Initiative with the WEF is one of the organization’s many initiatives to support the digital economy. Others include the Startup Passport that reduces red tape for startups wishing to scale across member state markets, the Elevate50 partnership with e-commerce platform MakanE to enable 50,000 startups to migrate their businesses successfully online, and the STEM Apprenticeship Program with Jordan’s Al Hussein Technical University (HTU).​

-Ends-

About the DCO

The DCO is a global multilateral organization founded in November 2020 that aims to enable digital prosperity for all by accelerating the inclusive growth of the digital economy. The DCO brings together the Ministries of Communications and IT of nine nations – Bahrain, Kuwait, Morocco, Nigeria, Oman, Pakistan, Jordan, Rwanda and Saudi Arabia – that collectively represent nearly USD2 trillion in GDP and a market of nearly 600 million people, more than 70 percent of whom are under the age of 35.

The DCO is focused on empowering youth, women and entrepreneurs; leveraging the accelerative power of the digital economy; and leapfrogging with innovation to drive economic growth and increase social prosperity. Through cooperation, dialogue and the creation of mutually advantageous cross-border legislation, it seeks to establish within its member states the optimal infrastructure and policies for the rapid creation of inclusive and equitable digital economies within which all people, businesses and societies can innovate.

In pursuit of its members’ common interests, such as digital skills training, data protection, intellectual copyright, regulation, taxation and entrepreneurship, the DCO works collaboratively with governments, the private sector, international organizations, NGOs and civil society to enable more inclusive digital transformation and the growth of digital industries. The DCO’s key initiatives include programs to enhance cross-border data flows; promote market expansion for SMEs; empower digital entrepreneurs; and advance digital inclusion among women, youth and other underrepresented populations.

More information about the DCO can be found at www.dco.org, https://twitter.com/dcorg, and https://www.linkedin.com/company/dcorg/

About the WEF Annual Meeting 2022

For over 50 years, the World Economic Forum has been the international organization for public-private cooperation. The Annual Meeting is the focal point for leaders to accelerate the partnerships needed to tackle global challenges and shape a more sustainable and inclusive future. Convening under the theme History at a Turning Point: Government Policies and Business Strategies, the Annual Meeting 2022 and its 450 sessions brings together global leaders from business, government and civil society.