Mastering new technologies.

To further enhance industry’s productivity and promote economic prosperity through greener and more sustainable development, developing economies need large-scale investments to not only address the lack of digital connectivity but to also introduce smarter, more efficient, greener and cleaner production technologies. Developing countries must strengthen local research and innovation ecosystems by equipping local stakeholders with the necessary knowledge, resources and funds while also fostering an enabling institutional and regulatory environment for R&D to thrive. They must also become the beneficiaries of increased investments aimed at developing capacity for technology use and facilitating technology and knowledge transfer from developed countries, including through joint R&D efforts. Innovation should not be confined to the world’s leading companies, it must also extend to businesses in developing countries, including SMEs. Developing countries also need support from advanced industries and the global development community to establish basic digital infrastructure and implement 4IR technologies, IoT, AI, etc. These tools are crucial for enhancing the profitability and sustainability of production in specific sectors. To facilitate this transition, guarantees and insurance against risks and defaults for investments in industrial innovation within developing countries.