“Digital Transformation Essential For Liberia’s Sustainable Digital Economy”–Says MTS Executive Director
The Monrovia Tech Summit (MTS) came to an end a few weeks with a resounding appeal for additional funding for digital innovation to spur Liberian economic development.
The MTS examined the most recent trends, difficulties and opportunities in the tech sector as it brought together business executives, government officials, entrepreneurs, and other stakeholders.
Emphasis was laid on the urgent necessity to embrace digital innovation and technology throughout the summit as a way to deal with the nation’s serious social and economic concerns.
The Monrovia Tech Summit also looked at the process of integrating digital technology into all facets of an organization, substantially altering how it functions and provides value to its clients, which is known as “digital transformation”, while it is impossible to overstate the significance of digital revolution to the world economy, with Liberia being no exception.
“Liberia,” the MTS stressed, “must acknowledge the significance of the digital transformation in creating a long-lasting digital economy.”
Like many other African nations, for Liberia’s digital economy to be sustainable digital transformation is essential, underscored the MTS at the end of the conference.
Accordingly, to take advantage of any technology in all areas of the economy and at all skill levels, one must have digital skills.
But as it stands, the Liberian digital economy is still in its infancy at the moment, while Liberia now has one of the lowest internet penetration rates in Africa, at 19%, the MTS pinpointed.
However, the MTS divulged that the Liberian government has acknowledged the value of digital transformation in creating a long-lasting digital economy and needs to take action to foster this environment.
Keynote speakers and attendees underlined the necessity of increased investment in infrastructure, education and entrepreneurial initiatives to support digital innovation during the summit’s closing ceremony.
As priority areas for investment, support for startups and other innovative companies, enhanced internet access, training and resources for digital skills, were all mentioned during the MTS.
One attendee noted, “The Monrovia Tech Summit has provided a valuable platform for discussing the opportunities and challenges in Liberia’s tech sector,” as Peterking Quaye, Executive Director of Monrovia Technology Summit, spoke to the media about the event’s importance.
“We must continue to collaborate in order to encourage digital innovation and develop an inclusive digital economy in Liberia, building on the momentum created by this summit,” Quaye underscored.
“Along with creating jobs, this will also help the economy expand. The digital change, however, also brings forth fresh difficulties for policymaking, although barriers and the increasing complexity of international trade present new challenges for policymaking, digital trade promises new opportunities,” he asserted.
To make sure that Liberia can fully take advantage of the potential provided by the digital transformation, he opined, policymakers in the nation must be proactive in tackling these issues.
According to him, Liberian companies must use new technology to be competitive and provide better services to Liberians as the world becomes more digital.
The Monrovia Technology Summit, he emphasized, has shown that the nation needs skills and desire to lead digital innovation and create a better future for all of its citizens, noting that Liberia can prosper with the correct investments and policies.
He further disclosed that Liberia has made considerable strides in developing its digital infrastructure in recent years, although there is still a long way to go though.
“The Liberian government is aware of how crucial digital transformation is to creating a long-lasting digital economy. It has taken action to foster an environment that will allow digital transformation to flourish,” the MTS Director explained.
“The creation of a digital public infrastructure,” he voiced, “Is one of Liberia’s main priorities. This covers systems for data sharing, digital payments and secure digital IDs.”
He asserted that development of the digital economy depends on laying these important digital foundations which will allow companies to run more effectively, cut costs and reduce costs and enhance customers’ satisfaction.
In the same vein, Quaye disclosed, the summit also emphasized the crucial function that public-private partnerships can play in promoting digital innovation and technology adoption in Liberia.
He underscored the importance for collaboration between corporations, civil society organizations and government agencies as this can assist remove obstacles to advancement and foster an environment that fosters innovation.
The digital transformation, the MTS Executive Director indicated, has the potential to spur entrepreneurship and innovation in Liberia, and It may open up new possibilities for companies to produce cutting-edge goods and services that cater to regional demands.
According to him, in order to fully take advantage of the opportunities provided by digital transformation, more investment is required in digital infrastructure, the development of digital skills and policies that support innovation and entrepreneurship as it is crucial to remember.
He further said building a viable digital economy in Liberia will require a focus on digital transformation. Although the nation has advanced significantly in recent years, much work remains.
The Executive Director of the Monrovia Technology Summit (MTS) also said that development of the digital economy in Liberia depends on laying important digital foundations, encouraging innovation and entrepreneurship, and resolving issues brought on by digital transformation.