The digitalization of economies and societies changes how we produce, how we work, and how we trade with each other.
Industry 4.0 & the Industrial Internet create extraordinary growth opportunities through innovation and efficiency gains. Digital innovations in artificial intelligence offer additional potential for improved analytics, research and automation. Our economies, our companies, our machines are becoming increasingly interconnected and enable new business models. Smart factories, smart transportation systems, smart infrastructure – digitalization offers great potential for sustainable, qualitative economic growth and jobs.
However, it is also not without challenges, raising many questions. How do we treat data and data flows? How do we deal with security threats? How do we guarantee interoperability of new technologies worldwide? How do we address discomfort in parts of society and ensure that our workforce has the skills required by an increasingly digital economy? And how can we bridge the digital divide in the global economy and within countries?
For the first time, a B20 taskforce will focus on digitalization. It is high time that the international business community works together with the G20 to develop solutions to the challenges of a digital world economy.
B20 Focal Areas
Global Connectivity is simultaneously opportunity and challenge. As the risk of digital attacks increases, we need an increased exchange on best practices as well as aligned systemic infrastructure standards for cyber security to ensure a safe and trustworthy environment. At the same time, we need to reduce barriers for cross-border data flows to enable the full potential of connected economies, while at the same time ensuring data protection. In order to improve the general global access to digitalization, the B20 calls for a favorable environment for private investments in ICT infrastructure.
Industry 4.0 & the Industrial Internet require collective action. The quick development of globally market-driven and interoperable standards must be a priority. In addition, B20 supports mechanisms that facilitate the usage of Industry 4.0 & the Industrial Internet technologies and point to the need for adequate protection of intellectual property. ICT infrastructure, as a basis for this industrial revolution, must be ameliorated through concrete investment strategies.
Artificial Intelligence is a massive ongoing innovation process which raises not only enthusiasm but also societal skepticism. B20 supports the growth of artificial intelligence and wants to foster innovation and the rollout of applications in this area. To unlock societal support, improved review and explanation of the huge potential is needed. The G20 members can directly benefit by deploying smart infrastructure and improve reliability, costs and utilization by means of artificial intelligence.