Adopt Best Practices Of Fourth Industrial Revolution, Muslim Countries Told

Muslim countries need to be in the forefront to adopt the best practices of the fourth industrial revolution (Industry 4.0), an innovation that can fundamentally change the existing economic cycle, in order to benefit from the ‘disruptive change’.

In making the call, Morocco’s Head of Government, Dr Saad Eddine El Othmani, said Muslim countries should be more open in adapting to rapid changes in world technology.

Morocco is also working on reformative policies to improve business ecosystem to attract more investments, he said during the 13th World Islamic Economic Forum (13th WIEF) opening session here today.

He was one of the leaders at the Special Addresses session at the forum alongside, among others, Sarawak Chief Minister, Datuk Patinggi Dr Abang Johari Tun Abang Openg, Tatarstan (Russian Federation) President Rustam Nurgaliyevich Minnikhanov, Indonesia Minister of National Development Planning, Bambang Permadi Soemantri Brodjonegoro, and WIEF chairman Tun Musa Hitam.

Prime Minister Datuk Seri Najib Tun Razak, who is also Patron of WIEF Foundation, moderated the session.

The three-day 13th WIEF forum, which will end on Nov 23, 2017, attracted 2,476 participants from 75 countries.

Saad said WIEF served as an excellent platform for Muslim countries to emulate other countries’ advanced experience and preparations ahead of the Industry 4.0, which could benefit them back home.

Meanwhile, Comoros Vice-President Djaffar Ahmed Said Hassani said WIEF was a good platform for business entities from various Muslim countries to gather and exchange views, especially with their different values and principles. Dr Mohamed Nouri Jouini, Vice President of Islamic Development Bank said the bank would support WIEF towards its goal to become even more effective and relevant.

We look forward to working with the WIEF through partnerships and help it achieve its goal.

We also urge leaders at this forum to work and engage with us on exchange activities in the fields including employment, education, innovation, psychological transition, health, women, capacity building and business, he said .

Mohamed Nouri said the bank, a multilateral development financing institution located in Jeddah, Saudi Arabia was undertaking a major transformation to become the bank of developers.

He said the Industry 4.0 revolution would spur unprecedented challenges and opportunities for policy making, business people and others.

In this respect, we need to think of new ways of doing business we need to innovate and provide concrete solutions including knowledge products to address development challenges.

We also need to reshape our partnerships and extend the activities to women and youths, he said.

Source: The Borneo Post