The Digital Cooperation Organization (DCO) and the World Economic Forum (WEF) on Tuesday announced a new initiative to boost flows of digital foreign direct investments globally.

The agreement will see the DCO and WEF work together to identify methods to increase digital adoption, investment in new digital activities, and investment in digital infrastructure.

In addition, the DCO and WEF will undertake research to contribute to an increased global understanding of the regulatory challenges currently preventing countries from realising the full potential of digital FDI.

Under the initiative, the DCO and WEF will launch Digital FDI Enabling Projects in countries around the world, helping them identify and support implementation of policies and measures to increase investment in the digital economy, in addition to facilitating knowledge-sharing of successful reforms among countries.?

The launch was announced by WEF President Borge Brende, DCO Secretary-General Deemah AlYahya, Nigerian Minister for Communications and Digital Economy Isa Ali Ibrahim Pantami and AVEVA Group CEO Peter Herweck.

The DCO, which focuses on digital economy initiatives supporting youth, startup entrepreneurs and women, has nine member states with a combined GDP of nearly USD 2 trillion and a population of nearly 600 million.

With 70 per cent of future economic growth set to be digital, according to the WEF, DCO member states provide a valuable market opportunity to investors and entrepreneurs alike.

"Global FDI is rebounding, following the COVID-19 pandemic, and investment in the digital economy could not come at a better time. These country projects will help grow FDI into the digital economy, which is key for long-term growth, competitiveness, and sustainable development," Brende said.