The government, he said, “believes that the private sector is a key player and agent in economic development.”
Minister Joof, who was speaking at the Palais Des Nations in Geneva - Switzerland, on the Leaders Panel under the theme: ‘Beyond boundaries - the Future Landscape of Business’, said: “Both Government and private businesses will have to embrace the fast pace of technological developments, while re-organizing and adapting their systems policies and priorities at the same time.”
For our nations and private sector players to stay ahead of the curve, he stated, “they must adapt to the fast-changing trends in order to maximize engagement and drive success. As the uptake of artificial intelligence rises, companies will need to adapt to era-defining problems such as environmental, social and governance issues, in addition to ever growing digital divide.”
“Some 10 years ago, digital transformation in Africa was only spoken of as the future. However it is now the reality of our world, especially since the advent of covid-19, with the transition to working from home, hybrid meetings, and remote registration of businesses.”
“As we continue to take stock of the post covid-19 pandemic, two things remain constant in our discussions; that is, uncertainty and constant change,” he said.
“I am honoured to be here and to participate in the eleventh session of the multi-year expert meeting on investment, innovation and entrepreneurship for productive capacity building and sustainable development.”
He thanked UNCTAD for its continuous engagement with, and support for The Gambia over time, adding: “In recent years, UNCTAD supported a number of initiatives by the Government of the Gambia including the formulation of the first Entrepreneurship Policy, the implementation of the EMPRETEC Model programme that trained and certified six Gambia Master trainers on the Model, and the first ever review of the investment policy environment which proffered recommendations for improvement.”
“There is ongoing support to develop a digital single-window for business registration which is at an advanced stage of development. UNCTAD has also been backstopping the competition authority in The Gambia.”
Adaptation to key emerging trends, Minister Joof said, is necessary to keep up with the fast pace of technological advancement, as existing industries give birth to new sectors and ways of doing business.
“As the power, capacity and functionality of technologies increase, domestic infrastructure and manufacturing systems are changing drastically, from driverless cars, to prefabricated construction models, business development services have to keep pace with these developments. It cannot be business as usual,” he emphasised.
“As nations continue to wrestle with the complex questions posed by the fast paced technological changes, the decisions they make have a fundamental bearing on their competitiveness. From the emphasis from human to machine intelligence, innovators and emerging businesses are keen to experiment with the possibilities created by Artificial Intelligence.”
The country’s Minister for Trade further added: “In an increasing number of countries, flexible work arrangements have become the new norm, with companies adopting hybrid models that combine remote and in-office work. Therefore, to thrive in this digital revolution age, organizations must prioritize digital collaboration tools, foster a culture of trust and accountability, and support employees’ work-life balance.”
“These calls for re-skilling or up-skilling strategies to build a more adaptable workforce, as companies face an increasing demand for talent especially those in IT. Companies that invest in their people’s growth will gain a long-term competitive advantage.”
“Some experts observe that AI should be a mandatory subject in schools before the ages of 18 and coding should also be part of the curriculum. This is because formal educational systems cannot equip workers to keep up with rapidly evolving technologies.”
