World Economy

3 Key Factors to Help Promote Mideast Growth

3 Key Factors to Help Promote Mideast Growth3 Key Factors to Help Promote Mideast Growth

Three fundamental forces – advanced manufacturing, industrial internet and the use of collective intelligence of people – can unlock the true growth potential of the Middle East, North Africa and Turkey (Menat) region, a GE research says.

At the special meeting of the World Economic Forum on ‘Unlocking Resources for Regional Development’ being held in Istanbul, Turkey, GE highlighted the macroeconomic impact of its ‘Future of Work’ roadmap in redefining economies of scale, creating new jobs for youth, reshaping supply chains, promoting small and medium enterprises and accelerating the pace of innovation, TradeArabia reported Monday.

“Mapping the Future of Work in Menat”, co-authored by Rania Rostom, GE’s chief innovation officer, GE Menat; and Marco Annunziata, GE’s chief economist, highlights the enormous opportunities of the region to leverage the power of innovation through three fundamental forces – the industrial internet, advanced manufacturing and the global brain. The interplay of these three elements can contribute to a technological transformation that GE calls ‘The Future of Work.’

“The Future of Work is a unique opportunity for the region, where GE has a presence for over 80 years,” said Nabil Habayeb, president and CEO, GE Menat. “By drawing on our experience, expertise and partnerships in the region, The Future of Work sets a roadmap to increase productivity and efficiency of organizations, ultimately transforming economies.”

“Central to this outlook is the speed with which we can embrace technology and the ability to foster collaborations to accelerate innovation. By working together and setting in place an innovation-led co-creation model, The Future of Work provides tools and solutions that individual workers, companies and governments can use to increase local innovation, spur entrepreneurship, improve productivity and expand opportunities,” he explained.

 Fundamental Pillars

The fundamental pillars of The Future of Work are Industrial Internet – the merger of cloud-based analytics (big data and industrial machinery (big iron) to boost efficiency; Advanced Manufacturing – techniques like 3D printing that accelerate the cycle of design, prototyping and production, and link together design, product engineering, manufacturing, supply chain, distribution and servicing; and the Global Brain – the collective intelligence of human beings integrated by digital communication networks which accelerates the number of people involved in the innovation process. By facilitating a global model of innovation and co-creation, The Future of Work will open up new markets and careers, and ensure sustainably higher growth in jobs and incomes.

Simply put, Industrial Internet can boost productivity; Advanced Manufacturing techniques can bring greater speed and flexibility enabling micro-factories; and the Global Brain can provide workers better entry into the labor market and companies greater access to the talent pool. All this fosters the creation of a local supply chain.