Emirates News Agency – Dubai Chamber highlights the importance of supporting digital transformation to reach the chambers of commerce of the future

DUBAI, 23 November / WAM / Dubai Chamber has published a recent study highlighting the use of efforts to support digital transformation to reach the “Chambers of Commerce 4.0”, which is the next generation of rooms around the world, on the sidelines of the activities of the 12th World Chambers Conference, hosted by the Chamber from 23 to 25 November under the slogan “The Economy of the Future: The Next Generation of Commerce Chambers”.

The study sets out the scenarios that increase the chances of economic recovery in the recovery phase with the decline of the Covid-19 pandemic and works to develop an integrated work structure for the local and international business community that is flexible and able to meet economic challenges and achieve sustainable goals by complying with environmental, social and institutional governance standards.

In this context, His Excellency Hamad Mubarak Buamim, Director General of the Dubai Chamber, said that the Dubai Chamber is constantly committed to providing information support to local and international business, and the issuance of this study on the sidelines of the Twelfth Conference of the World Chambers of Commerce confirms our serious commitment to work to achieve the best visions for the future of the participants based on the accurate and well-thought-out information that contributes to the prosperity and growth of their business.

He added, “As part of our working methodology, we will continue to conduct more research aimed at serving the local and international economy and developing new horizons for joint work with our partners from different countries of the world.”

The study presents an integrated vision for tackling global trade challenges and changes in the structure of its business, in addition to the effects of the Covid-19 pandemic, which requires building strategic partnerships that strengthen joint work and develop international competencies. chambers of commerce to meet challenges, avoid risks and overcome obstacles to the global economic life cycle to enhance and support the recovery phase by relying on optimal use of advanced technological techniques to keep pace with rapid change and apply digital transformation to evolve the work environment. methods of chambers of commerce around the world and adopt an advanced future model.

The study recommended setting international standards by the World Trade Organization and the International Chamber of Commerce to enable the digital role on the global trade scene to achieve economic and environmental gains.

As part of its supply chain analysis, the study indicated that 64% of study participants confirmed that the digital transformation was experiencing an acceleration due to the epidemic, and half of them confirmed that more would become addicted to artificial intelligence techniques. and use of robots in supply-related work.

The projections mentioned by the study indicated that seven million workers in the UK by 2030 alone may not have the necessary skills for their job requirements, which is around 20% of the labor market. Note that the reason is due to the lack of workers’ possession of digital skills, which will constitute one of the pillars. The main driver of labor market trends over the next decade, stresses that the trend of increasing digitalisation will contribute to the recovery of trade across the group of seven countries to almost 9 trillion USD in 2026, an increase of 46% over to the 2019 figures.

The study revealed that the consequences of the Covid-19 pandemic contributed to economic decision-makers adopting sustainability standards more than before the pandemic, as the study confirmed that more than 40% of CEOs adopt environmental, social and institutional governance standards because of their positive comprehensive impact on the business environment.

The study also showed the potential of using environmentally friendly financial mechanisms that increase global mobility to meet the challenge of climate change by adopting advanced financial mechanisms that achieve sustainability goals, such as Islamic sukuk and green sukuk, launched by DB World in 2019 as part of its efforts to strengthen the approach to sustainability and enable smarter trade that promises a future. Promising global trade.

The study showed the growing interest in the concepts of sustainability and their integration into the internal business structure of companies and institutions due to their positive effects on the internal work environment.

The study also called on the International Chambers of Commerce to help explain and clarify environmental, social and institutional governance standards for the adoption of the private sector in order to achieve goals that go beyond profitability, and to support efforts to link commercial goals with sustainable development goals. aims to unite contributions to improve the global economic recovery phase, confront climate change and achieve “zero CO2 emissions.” Through a well-defined strategy and a comprehensive roadmap.

The study showed the importance of small and medium-sized enterprises in playing a crucial role in achieving economic recovery in the post-pandemic phase, and emphasized that small and medium-sized enterprises have a unique and central role in the global economy, represented by 90 % of the total business sector as they contribute to global employment rates with more than half of the workforce. SMEs contribute 40% of emerging market GDP, qualifying them to provide 70% of job opportunities in these markets.

As the economic impact of the Covid-19 pandemic diminishes, small and medium-sized enterprises will help to promote economic development, as they have demonstrated greater flexibility to circumvent economic obstacles and challenges.

The results of the study recommend that chambers of commerce around the world play a more effective role in supporting entrepreneurs by providing clarifications and information about markets based on accurate data that help find new investment opportunities.

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