B20 – businessmen agreed on recommendations for digital economy and industry 4.0.

31, July

During the meeting, developed in Buenos Aires, businessmen from the Business 20 (B20) agreed on the final document ...

During the meeting, developed in Buenos Aires, businessmen from the Business 20 (B20) agreed on the final document of recommendations on digital economy and industry 4.0., which shall be presented on October 4th or 5th, during the B20 summit, which gathers over 1,200 leaders.

The key items of the list include: employment, industries 4.0, connectivity, the role of SMEs, fintech companies, cybersecurity, and the cross-border flow of goods and services.

Spokespersons stated that, even though the group initially doubted on including employment among the recommendations, it became clear it is a key concept when analyzing what is going on with the industry 4.0. “If education and training are not suited for the industry 4.0, people will be excluded from the process of the economy that is coming. And this is not something that will happen in 20 years, it is a current reality”, they claimed. Consequently, the group decided to leave the expression future of work behind, and replaced it with digital skills.

Among the recommendations, the most relevant include changes in school programs through public-private collaboration, to understand where trends are heading to, and to transform workers.

Another key point of the document is e-commerce. Cross-border e-commerce does not only include goods and services, but also data, which breaks down paradigms in issues such as customs, consumer protection, and taxes. It is possible to collaborate with governments and work on this, for instance, by supporting SMEs in accessing the global value chain. In order to do that, it is key to simplify exportations and logistics.

Other issues debated and that will be presented as recommendations are the pursuit of alternatives in the public and private sector to enable investments in connectivity, and the need for governments to reach agreements in terms of taxes, customs, and consumers’ protection. It is also key to acknowledge the importance of Fintech as a service to achieve financial inclusion, particularly in Latin America, where 50% of the people are outside the banking system.

Source: Infobae