The UAE is a key digital economy partner for Latin America, according to industry leaders speaking at the fourth edition of the Global Business Forum Latin America (GBF LATAM 2022) in Dubai.
A panel session at the forum entitled Empower – Fostering A Digital Economy was joined by Min Chen, co-founder and Chief Executive Officer of Wisy, Panama’s first unicorn startup based in San Francisco, and Alaa El Huni Head of Partnerships and Expansion at Cafu in UAE, on the importance of the digital economy in supporting economic growth.
The panelists discussed how the UAE has created a stimulating environment for the growth and development of digital businesses, and they noted that Latin American markets are rich in human expertise and competencies specialized in digital transformation.
The discussion also looked at how companies and governments in Latin America and the Caribbean used technology and digital services to increase their use during the COVID-19 pandemic, which has improved technical capabilities in many countries and laid the groundwork for a new digital future. This was despite the fact that there was a digital divide in these areas, as well as differences in infrastructure and human capital investment. The session also highlighted the areas in which policymakers should concentrate their efforts in order to foster a promising digital future.
Alaa Al-Houni emphasized that Dubai, in particular, and the UAE in general, provide a nurturing environment for the development and growth of technology sector companies, owing to their strong digital infrastructure and comprehensive digital services – characteristics that encourage companies to advance in the field of the digital economy and design more innovations and important services that support digital communities.
In Al-Houni’s view, investing in human capital is one of the most important benefits that Latin American markets have provided. He stated that his company, Cafu, has attracted talent from across the Latin region since its inception three years ago in the UAE, which has played a significant role in the company’s growth.
He indicated that investing in human resources is more important than investing in capital in the digital economy, with the Covid-19 pandemic hastened the process of introducing distinguished talents, whether from the UAE or from around the world, allowing the UAE to become a regional talent hub.
Min Chen emphasized the importance of the regulatory environment in the development of the digital economy sector, stating that advanced systems can empower information technology companies and push them to make significant strides forward.
She explained that in order to benefit from Dubai’s successful experience in the regulatory environment for the digital economy sector, Latin American countries must implement policies that facilitate the start-up of technology businesses and companies, as well as provide the flexibility to employ innovators who are not citizens. Chen concluded that technology has made the world more interconnected, requiring Latin American countries to be more open to the rest of the world.
GBF LATAM 2022, organized by Dubai Chamber of Commerce in collaboration with Expo 2020 Dubai, took place March 23-24, with the theme Towards a Resilient Future. The event is being held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
