WEF Foresees 4th Industrial Revolution, AI, Robotics To Dominate

According to the World Economic Forum (WEF) founder and executive chairman Klaus Schwab, it strongly recommends the promotion of the fourth industrial revolution and believes that all of its efforts should be focused on the maintenance of the multilateral trading system.

Schwab said on the sidelines of the 2018 World Economic Forum on ASEAN that the multilateral trading system is strongly supported by the organization which can ensure that all people of the world would have access to open systems. The organization also believes that those economies that would be able to gain advantage of the fourth industrial revolution would be the ones who would be ultimately be able to be the winners of trade competition in the future, Schwab said. The WEF on ASAIN was held in the Vietnamese capital for three days starting Tuesday.

While acknowledging the important role that Artificial Intelligence (AI) to industrial processes, the WEF executive chairman opined that firms and economies with an upper hand in AI technologies will be the gainers in the fourth industrial revolution, which according to him would be a confluence of physical, digital and biological technologies and fields. The role and importance of technological breakthroughs in various fields such as in AI, robotics, the Internet of Things and autonomous vehicles was also stressed by him. This was also the primary theme of Schwab while speaking at an open forum titled “ASEAN 4.0 for All?”

Schwab laid a call to the governments within and outside of ASEAN to develop policies that foster, encourage and promote entrepreneurship as well as the technology-based fourth industrial revolution. He also opined that such an industrial revolution would not only alter business models and the competitive landscape but also would usher in changes in economies and even on the related societies.

According to Schwa, because the foreseen fourth industrial revolution will be based on state of the art and breakthrough technologies, therefore the polices and strategies devised by governments should be such that they help in the development of a business environment where innovations and start-ups are able to flourish and the ecosystem helps in their development. This would ensure that the advantage of the industrial revolution is permeable to the all social classes which would include the youths and students. Further, it would also allow percolation of the benefits to all people and hereby allying the fear that a technology based industrial environment – where AI and robotics would play an integral part, would not result in job losses, but in fact will help various sections of the society to take advantage of the new opportunities that it would throw up.

(Adapted from Xinhuanet.com)

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Categories: Economy & Finance, Geopolitics, Strategy, Sustainability

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