The age of globalization ushered in by the fourth industrial revolution has completely transformed the way individuals in an economy operate and interact with one another. At the helm of this revolution lies technological innovation. The article tries to evaluate the progress made by member states of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Co-operation (BIMSTEC) with regard to technological enhancement. It also evaluates how Sri Lanka, which has been entrusted with the responsibility of leading the technological revolution in the region has progressed and what challenges lie ahead for the regional bloc. This article explores the importance of technology imports and the high digital skill levels in the workforce, and how these will be instrumental in the economic growth of nations. The last section discusses the gains that member states stand to make if they digitize their economies and parallelly establish necessary regulations.
ArnoldJane. 2020. ‘Digitalization: Driving the Industrial Manufacturing Sector to New Heights’. BW Smartcities. http://bwsmartcities.businessworld.in/article/Digitalization-Driving-the-Industrial-Manufacturing-Sector-to-New-Heights/09-11-2020-340897/.
2.
AthukoraleNadeera. 2020. ‘Research And Development: Is It Essential For Sri Lanka?’Daily FT. http://www.ft.lk/columns/Research-and-Development--Is-it-essential-for-Sri-Lanka-/4-694193.
3.
Bangkok Post. 2020. ‘British Digital Trade Network in Search of Asia-Pacific Foothold’. June18. https://www.bangkokpost.com/business/1936864/british-digital-trade-network-in-search-of-asia-pacific-foothold.
4.
BanikNilanjan, and SharmaAparna. 2016. ‘BIMSTEC can be a Global Manufacturing Hub’. BW Business World. https://www.nilanjanbanik.in/artical/Newspaper_Businessworld.pdf.
5.
Bester. 2020. Digital transformation in the renewable energy sector—Bester. Bester. https://bester.energy/en/digital-transformation-in-the-renewable-energy-sector/.
6.
BhowmickSoumya, and BasuPratnashree. 2020. ‘BIMSTEC and the Fourth Industrial Revolution: The Role of Technology in Regional Development’. ORF Issue Brief. https://www.orfonline.org/research/bimstec-and-the-fourth-industrial-revolution-the-role-of-technology-in-regional-development-62429.
7.
Bimstec.Org. 2020. ‘About BIMSTEC – Home – Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation’. https://bimstec.org/?page_id=189.
8.
Bimstec.Org. 2020. ‘Areas of Cooperation – Home – Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation’. https://bimstec.org/?page_id=199.
9.
Binder Dijker Otte. 2020. COVID-19 is Accelerating the Rise of the Digital Economy. BDO. May. https://www.bdo.com/insights/business-financial-advisory/strategy,-technology-transformation/covid-19-is-accelerating-the-rise-of-the-digital-e.
10.
ChaudhuryDipanjan Roy. 2021. ‘India–EU Connectivity Plan to Take Off with BIMSTEC Members’. The Economic Times. 9May. https://economictimes.indiatimes.com/news/economy/foreign-trade/india-eu-connectivity-plan-to-take-off-with-bimstec-members/articleshow/82505047.cms.
11.
Confederation of Indian Industry [CII]. 2019. ‘India: Opportunity and Role in the 4th Industrial Revolution’. CII Blog. https://www.ciiblog.in/industry/india-opportunity-role-in-the-4th-industrial-revolution.
ElmsDeborah. 2020. ‘Advancing Digital Trade in Asia’. WEF. https://www.weforum.org/reports/advancing-digital-trade-in-asia.
15.
ESI Africa. 2020. ‘How Digitalization is Reshaping the Energy Sector’. 30July. https://www.esi-africa.com/smart-grids/how-digitalization-is-reshaping-the-energy-sector/.
16.
FiguèresCaroline. 2020. ‘Innovation and Technology for Poverty Eradication’. UN. https://www.un.org/esa/socdev/egms/docs/2013/ict/innovation-technology-poverty.pdf.
17.
Financial Express. 2020. ‘Digitise Indian Trade to Protect it Against Future Supply-Chain Disruptions’. 4September. https://www.financialexpress.com/opinion/digitise-indian-trade-to-protect-it-against-future-supply-chain-disruptions/2074323/.
18.
Hinrich Foundation. 2019. The Data Revolution: Capturing the Digital Trade Opportunity at Home and Abroad. ITU Publications. https://www.hinrichfoundation.com/research/project/digital-trade-research-project/.
19.
HusseiniTalal. 2018. ‘Technological Readiness: How does Your Country Compare?’Verdict. https://www.verdict.co.uk/technological-readiness-country-compare.
20.
IslamM. Shahidual. 2020. ‘BIMSTEC to Stay Course in Post-COVID-19 Era’. https://opinion.bdnews24.com/2020/06/06/bimstec-to-stay-course-in-post-covid-19-era/.
21.
ITU. 2019. ‘Turning Digital Technology Innovation into Climate Action’. https://www.itu.int/dms_pub/itu-t/opb/tut/T-TUT-ICT-2019-PDF-E.pdf.
22.
JafariehHamid. 2001. ‘Technology Transfer to Developing Countries: A Quantitative Approach’. (Ph.D.Thesis, Technology, Information, Management and Economics (Time) Research Institute). http://usir.salford.ac.uk/id/eprint/2101/.
23.
JayasekaraSisira Dharmasri, and AbeysekaraIroshini. 2019. ‘Digital Forensics and Evolving Cyber Law: Case of BIMSTEC Countries’. Journal of Money Laundering Control22, no. 4: 749–750. https://doi.org/10.1108/JMLC-02-2019-0019/full/html
24.
KellerWolfgang. 1997. ‘Are International R&D Spillovers Trade Related? Analyzing Spillovers Among Randomly Matched Trade partners’. Working Paper 6065, 4. National Bureau of Economic Research. https://www.nber.org/papers/w6065.
25.
KhanSabbir Rahman. 2020. ‘Digital Trade in Services: Where we Stand?’Textile Today. https://www.textiletoday.com.bd/digital-trade-services-stand.
26.
KranzMaciej. 2019. ‘3 Ways to Combat Poverty with Transformational Technology’. Real Leaders. https://real-leaders.com/3-ways-to-combat-poverty-with-transformational-technology.
27.
KumarRajiv. 2019. ‘Boom Time for Digital Trade: Rs 3,33,10,00 Crore Opportunity Seen for India by 2030!’25July. https://www.zeebiz.com/india/news-rs-3331000-crore-opportunity-seen-for-india-by-2030-boom-time-for-digital-trade-106629.
MayerJörg. 2001. ‘Globalization, Technology Transfer, and Skill Accumulation in Low-Income Countries’. UNU-WIDER. Discussion Paper 2001/039. https://www.wider.unu.edu/publication/globalization-technology-transfer-and-skill-accumulation-low-income-countries.
31.
NarasimhanOm, RajivSurendra, and DuttaShantanu. 2006. ‘Absorptive Capacity in High-Technology Markets: The Competitive Advantage of the Haves’. Marketing Science25, no. 5: 512.
32.
NelsonRichard R., and PhelpsEdmund S.1966. ‘Investment in Humans, Technological Diffusion, and Economic Growth’. The American Economic Review56, no. 1/2: 69–75.
33.
OECD. n.d.‘The Impact of Digitalization on Trade’. RetrievedJanuary27, 2022. https://www.oecd.org/trade/topics/digital-trade/.
34.
OECD. 2019. ‘Regulatory Effectiveness in the Era of Digitalization’. https://www.oecd.org/gov/regulatory-policy/Regulatory-effectiveness-in-the-era-of-digitalization.pdf.
35.
OECD. 2020a. ‘Chapter 2. Preparing Tourism Businesses for the Digital Future’. https://www.oecd-ilibrary.org/sites/f528d444-en/index.html?itemId=/content/component/f528d444-en.
36.
OECD. 2020b. ‘Digital Transformation in the Age of COVID-19: Building Resilience and Bridging Divides’. Digital Economy Outlook 2020 Supplement. OECD. www.oecd.org/digital/digital-economy-outlook-covid.pdf.
37.
OECD, and WTO. 2017. ‘Chapter 3: Digital Connectivity and Trade Logistics—Getting Goods Shipped, Across the Border and Delivered’. Aid for Trade at a Glance 2017: Promoting Trade, Inclusiveness and Connectivity for Sustainable Development. WTO/OECD Publishing. https://www.wto.org/english/res_e/booksp_e/aid4trade17_chap3_e.pdf.
38.
Oxford College of Marketing. 2020. ‘Digital Disruption: What is it and how does it Impact Businesses?’Oxford College of Marketing. https://blog.oxfordcollegeofmarketing.com/2016/02/22/what-is-digital-disruption/.
39.
QureshiB. A.2019. ‘Exploring New Developments in the Sri Lankan Tech Ecosystem’. GSMA. https://www.gsma.com/mobilefordevelopment/blog/exploring-new-developments-in-the-sri-lankan-tech-ecosystem/.
40.
RudraN., and ShuklaD.2020. ‘The Growth of R&D in India’. Electronics2b. https://www.electronicsb2b.com/eb-specials/industry-report/the-growth-of-rd-in-india.
41.
SchwabK.2016. ‘The Fourth Industrial Revolution’. World Economic Forum. https://www.weforum.org/about/the-fourth-industrial-revolution-by-klaus-schwab.
42.
SharmaH.2020. ‘Explained: What is the ‘One Nation, One Nation Card’ System?’May16. https://indianexpress.com/article/explained/one-nation-one-ration-card-system-explained-6410179/.
43.
SharonA.2019. ‘How Thailand is Working to Boost Digital Economy and Technology’. March15. https://opengovasia.com/how-thailand-is-working-to-boost-digital-economy-and-technology/.
44.
StolzSheena, and JungblutSarah-Indra. 2019. ‘Our Digital Carbon Footprint: What’s the Environmental Impact of the Online World?’Trans. Marisa Pettit. https://en.reset.org/knowledge/our-digital-carbon-footprint-whats-the-environmental-impact-online-world-12302019.
45.
Thailand Board of Investment. 2018. ‘How Thailand is Bringing Technology to the Table’. CNBC. https://www.cnbc.com/advertorial/2018/06/18/how-thailand-is-bringing-technology-to-the-table.html.
46.
Thailand Board of Investment. 2018. ‘Thailand Runs Ahead of the Digital Game with Rapidly Evolving Infrastructure and Digital Ecosystem’. PRNewsWire. 6November. https://www.prnewswire.com/news-releases/thailand-runs-ahead-of-the-digital-game-with-rapidly-evolving-infrastructure-and-digital-ecosystem-300744628.html.
47.
The Commonwealth. 2019. ‘Report Paves Way for Boom in Sri Lankan E-Commerce’. https://thecommonwealth.org/media/news/report-paves-way-boom-sri-lankan-e-commerce.
48.
The World Bank. 2014. ‘Skills for Growth and Competitiveness in Sri Lanka’. July10. https://www.worldbank.org/en/news/feature/2014/07/10/skills-for-growth-and-competitiveness-in-sri-lanka.
49.
UNCTAD. 2018a. ‘Digitalization and Trade: A Holistic Policy Approach is Needed’. Policy Brief No. 64. https://unctad.org/system/files/official-document/presspb2018d1_en.pdf.
50.
UNCTAD. 2018b. ‘Workshop on Digital Trade and Industrialization Perspective from the South’. https://unctad.org/meeting/workshop-digital-trade-and-industrialization-perspective-south.
51.
UNCTAD. 2020. ‘Myanmar Shows Great E-Commerce Promise in COVID-19 Response’. October20. https://unctad.org/news/myanmar-shows-great-e-commerce-promise-covid-19-response.
52.
United Nations Development Programme Global Centre for Technology, Innovation and Sustainable Development, and Singapore and Infrastructure Asia. 2021. ‘The Catalytic Role of Digital Connectivity’. https://www.infrastructureasia.org/en/insights/the-catalytic-role-of-digital-connectivity.
WijayasiriJanaka. 2019. ‘Emerging Technologies and Trade: Can Sri Lanka Stay Ahead of the Game?’IPS. https://www.ips.lk/talkingeconomics/2019/07/29/emerging-technologies-and-trade-can-sri-lanka-stay-ahead-of-the-game/
55.
World Bank. 2016. World Development Report 2016: Digital Dividends. https://www.worldbank.org/en/publication/wdr2016
56.
World Bank. 2020. ‘World Bank List of Economies’. June2020.
57.
World Trade Organization. 2018. ‘World Trade Report 2018: The Future of World Trade’. WTO. https://www.wto.org/english/res_e/publications_e/wtr18_e.htm.
58.
YoonS.-C.2019. ‘The Impact of ICT Goods Imports on Economic Growth: Evidence from Asia-Pacific Countries’. Journal of Korea Trade23, no. 7: 5–9. https://www.koreascience.or.kr/article/JAKO201918248601502.pdf.
59.
ZylvaA. D., and WignarajaG.2020. ‘Is Sri Lanka Sitting on the Bench of Asia’s Booming Digital Economy?’Lakshman Kadirgamar Institute. https://lki.lk/publication/is-sri-lanka-sitting-on-the-bench-of-asias-booming-digital-economy.
