Capitalizing on science, technology for economic boom

It has so far been attested that scientific advances and technological change are increasingly becoming important drivers of recent economic performance and development and sustainable growth. The ability to create, distribute and exploit knowledge has also become a major source of competitive advantage, wealth creation and improvements in the quality of life and in declaring economic autonomy.

Cognizant of the fact that science and technology is of paramount importance in booming economic advancement and real growth, The Ethiopian Herald had a short stay with Leulseged Basha, who graduated from Adama University in Software and engineering and Technology, to have a piece of information about the contribution of technology to economic advancement and socio-economic growth.

“It is widely accepted in economics that technology is the key driver of economic growth of a given country, cities and towns as well as rural or urban localities. True, technological progress allows for the more efficient production of more and better goods and services, on which what is called prosperity depends,” he said.

As to him, the concept of technology itself as well as the individual and social capabilities have required for development has to be succinctly investigated in a fine-grained level as it has led the nation to potential contributions that may impact higher education, job creation and economic growth. Clearly, there are links between education, research and development, innovation and economic activity that are part of the process we aim to uncover. Science and technology aims at developing mechanisms that would be instrumental in assessing the position of the nation in terms of untapped potential.

It has so far been attested that the relationship between scientific research and economic growth exists as part of conventional wisdom and expertise as science and technology accelerates the standard of living of a nation whether in agriculture or infrastructural development and socio-economic advancement.

He said, “In the context of industrial revolution, rapid growth in artificial intelligence, robotics, nanotechnology, biotechnology, genetic engineering, and big data analytics can be practically exercised. The role of basic sciences; physics, biology, chemistry, and mathematics cannot be deemphasized, because they form the foundation from which applied sciences, technology and engineering are built. We must lay a strong foundation in basic science, as it is essential for all research in the applied sciences and long-term support as it can widely be development-oriented approach.”

Without any doubt, Leulseged said that Ethiopians have to recognize the huge benefits abound from scientific and technological advancement. The only way citizens can experience accelerated economic development for their country, Ethiopia, to imbibe a culture of innovation that promotes science and technology, and driven by the youth population, who are the country’s sovereign wealth.

As to him, the digitalization of industries, driven by advancements in technology, is transforming traditional processes into digital workflows, enabling businesses to streamline operations, enhance customer experiences, and develop new business models. These changes are improving efficiency, reducing costs, and increasing market reach for many industries, while also facilitating global e-commerce, enabling businesses to reach customers worldwide and reshaping traditional retail models. For many industries, technology has exponentially increased the importance of analytics in decision-making. Evolving technologies like big machine learning, and predictive modeling provide valuable insights for businesses, allowing organizations to optimize operations, target customers, and develop informed strategies based on data-driven analysis, enabling companies to better adapt to market changes and improve customer satisfaction. Such a bold and lucrative move would be of significantly useful in boosting economic growth in its turn.

He said, “In addition to transforming industries, technological advancements have greatly impacted the creation of new growth opportunities in economic development and creation of new job opportunities for the existing and the coming generation to the world of work.

He further explained that as companies strive to remain competitive and thrive in the evolving economy, technology-driven avenues for growth have emerged, leading to the establishment of a new digital economy, fostering new markets and collaboration, and enhancing communication and remote work.

He said, “Advancements in technology have thus driven the rapid rise of the digital economy, where business predominantly occur online, opening new boulevards for economic activity, enabling businesses to reach national, regional, continental and even global markets and customers with ease. The digital economy is also providing new opportunities for entrepreneurs, small businesses, and established companies to expand their reach and scale. As advancements in technology continue to increase the connectivity of the world, businesses are able to tap into new markets and customers.”

Communication and collaboration capabilities have been significantly advanced with technological advancements. Driven by the rise of communication platforms, companies can better connect, operate efficiently, and engage in virtual teamwork. This newfound ability to connect and collaborate easily has increased productivity, accelerated decision-making, and fostered cross-border partnerships thereby fostering sustainable economic advancement.

He said these advancements in communication and collaboration capabilities have also opened up new possibilities for remote work, creating new opportunities for employment and entrepreneurship. Advancements in science and technology are causing the traditional models of employment; development and governance to change, and these changes are posing significant challenges to the traditional models of economic development.

Yes, he added digital literacy, technological proficiency, and adaptability are essential in today’s workforce, creating challenges for those that have limited access to education and training in these fields. Traditional models of governance in economic development are facing challenges, as the rapid pace of technological change requires government adaptation to the digital age.

Here, the Ethiopian government has to work hard to adapt policies and regulations to keep pace with rapid technological advancements in order not these regulations fall behind the pace of technology in regional and global arena, he added.

There is no doubt that technology will continue to shape the landscape of economic development in the years to come via embracing evolving technologies and navigating the various changes that would definitely bring active efforts from the government, businesses and individuals.

Needless to state and as widely witnessed so far, collaboration and partnerships from the government, business and individuals can drive innovation, address societal challenges, ensure inclusive economic growth, and leverage collective expertise and resources in navigating technological changes.

Furthermore, to keep up with the ever-evolving job market, individuals will need to prioritize continuously updating their skills and remaining relevant; this must be supported by the government and businesses through investments into education and training programs that equip individuals with future-proof skills. The government should take the lead in adapting policies and regulations to keep pace with technological advancements, ensuring a balance between innovation and public interest, fair competition and protecting consumers.

He said, “Alongside regulatory adaptation, the government must make efforts to minimize the digital divide, ensuring inclusive access and encouraging businesses to design their products and services to include diverse user needs and demographics. As technology becomes more prominent in all aspects of life, it is crucial that the government, businesses, groups and individuals focus on ensuring the ethical implications of their actions and the cumulative effect of the latter would lead to sustainable economic growth. It is this time people can taste the flavor of science and technology and its huge impact on economic advancement.” “If we work together with our professional colleagues, accept that many of the choices involved in the crafting of national science and technology policy are political choices, and are prepared to engage in the political process by which public policy choices are made, we now know enough about the economic impact of scientific researches and education today to feel comfortable, though not complacent, about the economic future of our profession.”

In sum, since the development of science and technology has immensely helped the nation secures remarkable economic growth and sustainable development, the country has to capitalize on the sector. This growth has been achieved through broad-based and diversified activities in which structural transformation is injected.



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