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UNIDO and Iran to develop ICT value chain

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The Director General of the United Nations Industrial Development Organization (UNIDO), LI Yong, today met with Javad Azari Jahromi, Minister of Information and Communication Technologies (ICT) of the Islamic Republic of Iran, who announced a self-funded project to be implemented by UNIDO within the framework of its 2017-2021 Country Programme.

The US$1 million project will seek to boost the Iranian ICT value chain with the aim of creating local employment opportunities as well as to promote the regional economic integration of Iranian start-ups and SMEs. The project was designed to support the country’s sixth 5-year development programme that places a strategic focus on ICT.

“The partnership between Iran and UNIDO builds on the Organization’s track record in boosting the performance of private sector producers through the promotion of industrial linkages and diversification, including by creating a favourable investment climate and a conducive environment for start-ups and fast-growing organizations,” said Director General LI Yong.

Minister Azari Jahromi added: “Taking into account the rapid progress achieved by the Islamic Republic of Iran in different aspects of ICT during the recent years as well as swelling number of very talented and well-educated specialized Iranian young generation in this field, it is due time to boost our regional cooperation with neighbouring countries. To that end, we intend to develop an effective partnership with UNIDO as the UN agency with the primary mandate to enhance industrial development. I trust that UNIDO’s vast technical expertise and capacities and policy advisory services will ensure the effectiveness and sustainability of the aforementioned programme, which at the end will be beneficial for our whole region.”

The current UNIDO-Iran Country Programme covers a range of cooperation areas to promote inclusive and sustainable industrial development in the country, including business development and sustainable job creation, the integration of local industries in global production networks and investment promotion, the development of agricultural and industrial value chains and support to meeting commitments under the Montreal Protocol as well as other international agreements for safeguarding the environment.

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Deloitte Shares Insights on the Libra Project

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Deloitte today published its viewpoint on the Libra Project, a payment tool that seeks to facilitate a more connected global payment system, remove inefficiency in global money movement and commerce, and foster financial inclusion and economic participation. At the center of the Libra Project is the Libra — a digital asset with potential global reach.

The Libra Project is a bold new proposition designed to create foundational financial infrastructure with potential unprecedented scale and reach that would uniquely differentiate Libra.

The Project’s governing body, the Libra Association and its members, are part of a larger ecosystem of merchants, users, developers, financial institutions among others, who will likely be pivotal in making the Project successful.

The current efforts of the Project reflect an attempt to set up an inclusive, and transparent collaboration across many jurisdictions. The proactive attempt at regulatory and political scrutiny of the Libra initiative has created awareness and momentum in the form of dialogue and pushbacks around the role of digital assets in the global economy.

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Governing the Coin: WEF Announces Global Consortium for Digital Currency Governance

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Following extensive consultation with the global community, the World Economic Forum announced today the Global Consortium for Digital Currency Governance. Digital currencies are often cited as a tool for financial inclusion, but this opportunity can be realized only when paired with good governance.

This is the first initiative to bring together leading companies, financial institutions, government representatives, technical experts, academics, international organizations, NGOs and members of the Forum’s communities on a global level. To tackle the challenge ahead, an international, multistakeholder approach with the public and private sectors working alongside civil society is needed.

This consortium will focus on solutions for a fragmented regulatory system. Efficiency, speed, inter-operability, inclusivity and transparency will be at the heart of this initiative. It will call for innovative regulatory approaches to achieve these goals and build trust. A set of guiding principles will be co-designed to support public and private actors exploring the opportunities that digital currencies present.

“Digital currency, a cross-cutting topic that requires input across sectors, functions, and geographies, is a key area of interest for the Forum,” said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum. “Building on our long history of public-private cooperation, we hope that hosting this consortium will catalyse the conversations necessary to inform a robust framework of governance for global digital currencies.”

“Any evaluation of digital currencies should consider both policy and business objectives, as well as the unique circumstances that face different economies around the world, in order to fully evaluate their risks and benefits,” said Lesetja Kganyago, Governor of the South African Reserve Bank. “Bringing together diverse perspectives through this consortium will allow for this holistic review. In order to achieve this, we need the public and private sector to collaborate.”

“While digital currencies offer wide possibilities, these have to be assessed against the fundamental objectives of economic advancement and shared prosperity,” said Patrick Ngugi Njoroge, Governor of the Central Bank of Kenya. “Global governance of the diverse initiatives provides greater assurance of this outcome.”

“Governance is the core pillar of any form of digital currency,” said Mark Carney, Governor of the Bank of England. “It is critical that any framework on digital currencies ensures security, efficiency and legitimacy of payments while ensuring fair and open competition. We welcome the World Economic Forum’s platform to help develop a robust governance framework for inclusion through digital currencies.”

“We are exploring the potential that properly-regulated digital currencies hold for cheaper and faster cross-border payments, financial inclusion, and rooting out illicit finance,” said Tharman Shanmugaratnam, Senior Minister and Chairman, Monetary Authority of Singapore. “This dialogue between public and private sector players is now essential, so we find the right roles for each in realizing this potential.”

“We are watching closely as digital currencies increasingly become an area of focus around the world,” said Eric Parrado, Chief Economist, Inter-American Development Bank. “They may unlock new opportunities for efficiency and inclusion, but this can only happen with the appropriate infrastructure and guardrails.”

“The release of digital currencies will have far-reaching implications, from domestic financial stability to international trade,” said Rania A. Al-Mashat, Minister of International Cooperation, Egypt. “As such, it is imperative that efforts to regulate digital currencies are well-informed, collaborative, and global in nature.”

“Building on our collaboration around the World Economic Forum’s Central Bank Digital Currency Toolkit, we are eager to continue exploring the pillars of well-informed approaches to digital currency through this consortium,” said Rasheed Al Maraj, Governor of the Central Bank of Bahrain.

“Having witnessed firsthand technology leapfrog East and West African financial markets forward over the last decade, we are excited that this initiative will bring leaders from around the world to share best practices and will work on truly global policy recommendations,” said Elizabeth Rossiello, Chief Executive Officer of AZA Finance.

“We welcome the dialogue the World Economic Forum is facilitating about digital currencies,” said David Marcus, Head of Calibra, Facebook, Libra Board Member. “We agree that good regulation is important for the success and safe adoption of digital currency platforms and are looking forward to continue to engage in this constructive conversation.”

“Digital currencies have the potential to improve access to financial markets, but proper oversight and governance are required,” said Rob Heyvaert, Founder and Managing Partner of Motive Partners. “The World Economic Forum is uniquely placed to bring together the private and public sectors to discuss these issues and tackle the challenges ahead.”

“Digital currencies are a tremendous opportunity to make the financial system more accessible and fair,” said Neha Narula, Director, Digital Currency Initiative, Massachusetts Institute of Technology (MIT). Creating an inclusive, integrated global digital currency system requires dialogue across stakeholders ranging from finance ministers to open source developers, and the World Economic Forum is in an ideal position to facilitate this important conversation.

“Trust is needed in this space now more than ever,” said Joseph Thompson, Chief Executive Officer of AID:Tech. “Creating new economic opportunities and a paradigm shift in how technology is used can benefit all societies. What we need now is multistakeholder cooperation that is anchored in principles of social justice.”

“It’s rare that such an important global organization takes into consideration the context of developing countries in the application of Fourth Industrial Revolution technology to achieve the SDGs,” said Maria Antonia Arroyo, Principal of the Ignite Impact Fund. “Stablecoin is an important development that, if properly implemented and responsible to the concerns of civil society, will be effective at universal financial inclusion.”

“New technologies, like blockchain, have helped catalyze a revolution in the mechanics of money,” said Joseph Lubin, Founder of ConsenSys. “We applaud the efforts by the WEF in actively researching digital currencies, including those that are blockchain-based, as a means to foster innovation but also ensure that central banks can maintain their role as stewards of the economy. The future of money is digital and central banks and the public sector have a crucial part to play in ensuring that this future is sustainable, inclusive and positive for society.”

This initiative builds on work done by the Forum over the past year, convening a global community of central banks to co-design a policy framework for the adoption of digital currencies. The Forum’s Global Technology Governance Summit will take place in San Francisco from 21-22 April. Governance of digital currency will be a core pillar.

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Multistakeholder Mobilization to Reinforce Cyber Resilience in Global Aviation

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The Fourth Industrial Revolution is transforming the way airlines and airports do business. The advancement of technologies such as artificial intelligence and internet of things is increasing operational efficiency, but the digital nature of these technologies makes them intrinsically vulnerable to cyberattacks.

Cyberattacks on critical infrastructure have become the new normal across sectors such as transportation. Globally, their potential cost could be up to $90 trillion in net economic impact by 2030, if cybersecurity efforts do not keep pace with growing interconnectedness, according to the Atlantic Council and the Zurich Insurance Group, among others.

In Advancing Cyber Resilience in Aviation: An Industry Analysis, the World Economic Forum initiative on Building Cyber Resilience in the Aviation Industry aims to define and address some of the salient systemic challenges confronting this industry by:

Increasing awareness and understanding of cyber risks related to the adoption of emerging technologies, and the impact on critical systems

Fostering collaboration across the aviation industry to define a common understanding and approach to risk management that is holistic, risk-based and aligned across the various entities of the aviation industry ecosystem

Helping aviation stakeholders to make informed – hence better – decisions related to cyber risks

Developing an industry-wide approach to cyber resilience with a multistakeholder community in alignment and collaboration with the ICAO Secretariat Study Group on Cybersecurity (SSGC), industry associations and national authorities

Creating market incentives to prioritize capital investment for cybersecurity and resilience

To advance and help build cyber resilience in the aviation industry, the Forum has mobilized a community of experts and key stakeholders from international organizations (International Civil Aviation Organization, Eurocontrol), government entities (European Union Aviation Safety Agency, UK Civil Aviation Authority, Israel National Cyber Directorate), private-sector organizations (aviation, ICT and insurance sectors) and trade associations (International Air Transport Association, Airport Council International and the Industrial Internet Consortium) to identify challenges and initiatives spearheaded by government and industry entities to enable the development of an aligned global approach.

“The Forum offers a unique platform to bridge and strengthen industry and government collaboration globally to define a joint approach to informing key stakeholders, addressing the most salient challenges and creating a more secure and cyber-resilient ecosystem,” said Georges De Moura, Head of Industry Solutions, Centre for Cybersecurity at the World Economic Forum.

“Abundant broadly-accepted government and industry standards for cybersecurity fall short of what is required to ensure effective defence against cyberattacks in aviation: a common understanding of systemic risks and synchronized consistent quantitative methods for cyber-risk management,” said Karime Kuri Tiscareno, Project Lead, IoT, Robotics and Smart Cities, at the World Economic Forum.

“Our ongoing strategic partnership with the World Economic Forum ensures that we can support the aviation sector to mitigate any potential harm and foster a stronger cyber resilience culture across the sector. The launch of this report is the first phase in developing a common approach with the aviation industry to develop effective cyber risk management, and to impart this knowledge across other sectors,” said Adam Garrard, Global Head of Corporate Risk and Broking, Willis Towers Watson.

A number of requirements, standards and approaches are currently being implemented to assess, manage and mitigate cyber risk, but action and practical solutions must be accelerated to ensure a prosperous, digitalized and cyber-resilient aviation industry.

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