2024-02-13 22:05:54
Experts and specialists have confirmed that artificial intelligence technologies will shape the future of the global economic scene, and will contribute to improving the quality of life and creating many opportunities for cooperation and work between the peoples and countries of the world, in addition to their contribution to enhancing investments by facilitating communication with various investors in countries of the world, calling for enhancing investments in Africa. This came during three sessions on the economy of the future, held within the activities of the World Government Summit 2024.
Investment and future returns
The session “Investment and Future Returns… in a Volatile World,” in which the CEO of the Neuberger Berman Group, George Walker, participated, touched on the profitability of investments in light of the political and economic challenges the world is going through and the risks resulting from that.
Walker explained that artificial intelligence applications contribute to enhancing investments by facilitating communication with various investors in countries around the world.
Artificial intelligence and the future
In a session entitled “How will artificial intelligence shape the global economic landscape?”, CEO of the G42 Group, Ping Zhao, stressed that the world will be stronger with artificial intelligence applications that will create many opportunities for cooperation and work between the peoples and countries of the world, in light of the advantages that the applications will provide, including An open data market that provides the world with a wealth of vast data.
He pointed out that technological developments require governments to protect artificial intelligence applications so that they are not used incorrectly, noting that the coming years will witness a major boom in artificial intelligence applications to equal human intelligence.
Ping pointed to the development of infrastructure in the UAE, which helps in the use of more applications of artificial intelligence in various fields, including the field of human genetics, with the aim of knowing the causes of diseases and methods of treatment.
He noted that this development in the field of human genetics will enable scientists to find medicines for incurable diseases, and thus preserve people’s health.
The fastest boom in the world
The session highlighted: “Where will we witness the fastest economic boom in the world?” Shedding light on investment in the African continent, which has enormous water and agricultural land capabilities, as speakers at the session indicated that regarding 60% of agricultural land on the African continent is unexploited.
The Director General of the Arab Bank for Economic Development in Africa, Dr. Sidi Ould Tah, said, “The world and financial and investment institutions must change their view of the African continent as high risk.”
He added, “Africa has great opportunities as it possesses 60% of unexploited agricultural land that can achieve self-sufficiency for the continent and even for the world as a whole. In addition, Africa contributes a small percentage to climate change, as the continent causes only regarding 3.4% of carbon emissions.”
He pointed out the decline in interest rates on the continent with the return of some countries to the international lending market. At the same time, the countries of the continent are considered among the most faithful to debt maturities, with the default rate reaching less than 1%. Ould Tah called for protecting banks from risks by giving them strong guarantees from rich countries to finance development in Africa.
For his part, the Director-General of the OPEC Fund for International Development, Dr. Abdul Hamid Al-Khalifa, said, “African countries, even in the midst of political tensions, have great opportunities and good capabilities for growth.”
He pointed out that pricing the cost of capital differs between the public and private sectors, but the sustainable sector is the private sector, because the cost of lending to the public sector in developing countries is considered higher compared to the private sector, pointing out that failure to find a solution to the problem of pricing and interest will push the private sector to retreat from doing business. In African countries. He pointed out that 50% of the OPEC Fund for International Development projects are based in Africa, as we finance many operations there, such as energy transformation projects, which have great opportunities for growth.
The Executive Director of the Southern and Eastern Mediterranean Region at the European Bank for Reconstruction and Development, Dr. Heike Harmgart, pointed to the opportunities that Africa provides in the food, energy and water sectors, especially in the field of renewable energies for which there is a large market in Europe, calling for the mobilization of resources to finance decarbonization projects. From Africa, and infrastructure projects for clean energy transmission.
Harmgart pointed out her success in mobilizing regarding $500 million to finance a similar project in the Arab Republic of Egypt on solar energy, calling on banks to motivate investors to finance these important projects.
The President of the Observer Research Foundation, Dr. Samir Saran, said that investing in Africa is not a risk, but rather absence is a risk in light of the continent’s great potential and the resources it has in all sectors.
Saran pointed out that “investing in Africa, especially in sustainable sectors, is a path to economic growth and benefits for all.”
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