UAE Is Key Digital Economy Partner For Latin America: Industry Experts

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 panellists discussed how the UAE has created a stimulating environment for the growth and development of digital companies, and noted that Latin American markets are rich in human expertise and competencies specialised in digital transformation.

The discussion also looked at actions taken by companies and governments in Latin America and the Caribbean during the COVID-19 pandemic to increase the use of technology and digital services, which in turn has enhanced technical capabilities in many countries and laid the foundations for a new digital future. This was despite the existence of a digital divide throughout these areas and differences in terms of infrastructure and investment in human capital. The session also highlighted the areas that policy makers should focus on in order to foster a promising digital future.

Alaa Al-Houni stressed that Dubai in particular, and the UAE in general, provides a nurturing environment for the development and growth of technology sector companies, due to its strong digital infrastructure and comprehensive digital services – attributes that push companies to move forward in the field of the digital economy and design more innovations and important services that support digital communities.

Al-Houni explained that investing in human capital is one of the most important elements that have been benefited from the Latin American markets. He said that since its establishment three years ago in the UAE, his company Cafuhas attracted skills from across the Latin region, which has had an effective role in the growth of the company’s business

He noted that investment in human resources in the digital economy is more important than investing in capital, with the Covid-19 pandemic having accelerated the process of introducing distinguished talents, whether from the UAE or from around the world, which has enabled the UAE to become a regional hub for talents.

Min Chen pointed to the role of the regulatory environment in developing the digital economy sector, and said that advanced systems can empower companies in the field of information technology and push them to make significant strides forward.

She explained that to benefit from Dubai’s successful experience in the field of regulatory environment for the digital economy sector, Latin American countries need to put in place policies that facilitate the start-up of businesses and companies in the field of technology, as well as provide the flexibility to employ innovators who are not citizens. Chen concluded that the world today has become more interconnected thanks to technology, which requires Latin American countries to be more open to the world.

Organised by Dubai Chamber of Commerce in partnership with Expo 2020 Dubai, GBF LATAM 2022 took place March 23-24 under theme Towards a Resilient Future. The event is held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, Ruler of Dubai.