Inequality, cybersecurity top technological risks: Survey

Digital inequality and failure of cybersecurity measures are the major technological risks in the current year, according to a study by the Centre for Policy Dialogue, a think-tank.

The top technological risks for Bangladesh this year are digital inequality, said 36 per cent of respondents of the survey, and failure of cybersecurity measures, said another 36 per cent of respondents, read the survey published on Sunday.

Titled “Bangladesh Business Environment 2022: Findings from the Executive Opinion Survey,” the report reveals that 16 per cent of respondents fear the automation and displacement of jobs, and 12 per cent fear digital power concentration and monopolies.

Businessmen have identified major technologies for business for the next ten years.

39.7 per cent of the respondents indicated that Bangladesh’s major technologies would be power storage and generation in the next ten years.

Given the ongoing fuel crisis and rise in the price of electricity and gas, a major technological focus for Bangladesh would be renewable energy and energy conservation-related technologies.

36.5 per cent indicated that in the future, e-commerce and digital trade, education and workforce development would be the second most strategically important technologies. Covid-19 opened a new door to digitalise different sectors of Bangladesh.

3D and 4D printing, agriculture, and health technologies would be other important areas of focus, given the rise in the per capita income, shortages of the skilled labour force and gradual rise in the demand for different services.

A major future policy focus is how these new technologies would be accommodated without having an adverse effect on employment. According to the entrepreneurs, the technological shift in some sectors would contribute to new market opportunities.

These include– Agriculture, forestry and fishing, advanced manufacturing, information and technology services, accommodation, food and leisure services, and education would be most affected by the technological upgrade.

Human capital development is yet to become a mainstream activity of the government

In order to ensure a breakthrough, public and private investment (including FDI) is needed in digital and technological development, skill development, innovation and creativity improvement.

A thorough review of “digital Bangladesh” related activities is needed in order to identify the successes, weaknesses and challenges.

Such a gap analysis will help to better design the activities under the new initiative of the government called “Smart Bangladesh.”

A number of technological breakthroughs will be required in the case of energy, digital trade, 3D/4D, and agriculture and health technologies.

FDI should get priority along with local private investment.

Major investment breakthroughs will be required in innovative ideas, competitive infrastructure, legal infrastructure, fiscal space and skill development and talent hunting.