Kathmandu, April 3

As the world has been witnessing the fourth industrial revolution, which is largely related with artificial intelligence and the internet of things, this progress could bring transformative changes in the economic development of the least developed countries (LDCs) if they are able to access advanced technologies.

The government and private sector have to enter into a partnership to bring the technologies based on their national demands, according to Ratnakar Adhikari, executive director of the Enhanced Integrated Framework (EIF) – a mechanism established by World Trade Organisation and World Bank, among other multilateral agencies, to provide aid for trade to the LDCs.

“LDCs should develop skills and knowledge to utilise technologies that are beneficial for them,” said Adhikari. “Automation can be effective in improving governance and making work easier and faster.”

The LDCs should first be able to access such technology; and as far as affordability is concerned, the government also needs to provide tax incentives or refinancing facility to bring such technologies, as per Adhikari. “Along with this, appropriate regulatory framework is needed in application or use of the technology in terms of cyber security, privacy, among other issues.”

Speaking in the programme titled ‘Fourth Industrial Revolution: Opportunities and Challenges for Nepal’ organised by Society of Economic Journalists-Nepal (SEJON), Adhikari also spoke on flip side of rapid technological development – possible adverse impacts on jobs, which may increase outmigration of youth as industries and businesses start using sophisticated technologies, and could hit inflow of remittances.

Still, the silver lining is the informational technology-friendly new generation, according to Chandra Kumar Ghimire, secretary at the Ministry of Industry, Commerce and Supplies.