International Perspectives from the Delphi Economic Forum
- The GFCC
- May 8, 2022
- 4 min read
In Greece, the city of Delphi hosted relevant discussions on the state of world affairs and technological change between April 6 and 9, when the Delphi Economic Forum (DEF) took place. Leaders from various nations gathered to discuss the global economy, the climate emergency, the future of the European Union (EU) and the future of Greece. The event was held in person for the first time in two years, in a time filled with cautious optimism and materializing threats.
The Global Federation of Competitiveness Councils (GFCC) provided content for two panels during the Forum and organized a delegation of leaders to join the discussions. This is the second post of a series that covers the discussions in Delphi and bridges those with the upcoming Global Innovation Summit in Athens, on November 14–17.
We deeply thank Mr. Adam Broecker (Vice President & Head of Enterprise Strategy at Lockheed Martin Space), Mr. Chad Evans (Executive Vice President of the Council on Competitiveness and the Treasurer at the GFCC), Dr. Miguel Athayde Marques (Vice-Rector at the Catholic University of Portugal), Dr. Mohd Yusoff Sulaiman (President & CEO of the Malaysian Industry-Government Group for High Technology — MIGHT) and Mr. Olin Wethington (CEO, Wethington International LLC) for participating in the event and providing their perspectives, insights, and takeaways for this blog post.
Energy Crisis
The Russian-Ukraine War has brought a new reality to the world, with growing concerns over the energy security in Europe and the dependency on Russian oil and gas. The discussions have emphasized the importance of energy security and the need to accelerate the transition to renewable energy. Leaders will search for new technologies and innovative ways to guarantee energy security, with increased investments in clean energy to bring about the energy transition.
“The price of electricity in Europe, being dependent on natural gas prices, is putting huge pressure on the economy. The EU must find a collaborative way to solve this destructive situation like it did when the EU managed to find a common solution for securing Covid-19 vaccines.” — Miguel Athayde Marques, Vice-Rector Catholic University of Portugal, Portugal
Importance of Collaboration
The overall feel, amplified by Covid-19 and the Russian-Ukraine War, was the need and desire for a more unified and collaborative ecosystem of democratic nations. Partnerships across nations and partnerships between industries will be essential to increased competitiveness in the future.
“There is a wide recognition that competitiveness depends on accelerating cross-border collaboration among like-minded democracies and joint commitment of greater resources in R&D and advanced technologies.” — Olin Wethington, Distinguished Fellow, Council on Competitiveness; CEO, Wethington International LLC; former Assistant Secretary for International Affairs, US Department of the Treasury, USA
An Opportunity: Manufacturing
The declining manufacturing sector of Greece presents an opportunity for innovation given the right investments in R&D are made. The manufacturing difficulties allow the Greek government to implement a green manufacturing system and digitalize the process. This transition will require collaboration between the public and private sectors.
“Greece needs to move more aggressively and much faster in support of its rapidly declining manufacturing sector. Many proposals and initiatives were discussed around how to do so. But it is clear both the private and public sectors will need to partner to make this happen — especially in the face of competition within the EU, much less with nations like the United States and China.” — Chad Evans, Executive Vice-President, Council on Competitiveness; Treasurer, Global Federation of Competitiveness Councils. USA
Security Threats
International security was a big topic at the DEF as people struggled to grapple with the Russian-Ukraine War’s current events and potential outcomes. It was clear that there was a longing for a unified response by democratic nations of the world to address Russia’s aggressions and solve a looming global crisis. The Russian-Ukraine War has renewed the potential threats of AI and cybersecurity. In the wake of the war, it is necessary to address the lack of ethics in developing and using AI and other new technologies. Technological security threats are emerging threats that need to be collaboratively confronted as they become more possible and prevalent.
“The development of AI has brought about an interesting and differing security threat. We can be our own enemy! The importance of ethics in developing and using AI and other emerging technologies is crucial.” — Mohd Yusoff Sulaiman President & CEO, Malaysian Industry-Government Group for High Technology (MIGHT), Malaysia
Investment in Competitiveness
Some of the biggest competitiveness challenges impact the entire world and require coordination to address them. Some of these challenges include human capital, supply chain, and automation. Investment in competitiveness is crucial to accelerate change and create impactful innovation. In Greece, it is necessary to invest more in digitalization strategies, upskilling the workforce, and sustainable resources to increase competitiveness.
“The opportunities outweigh the challenges for nations seeking competitive relevance, but the time to invest is now, and joint investment across partners will optimize outcomes.” — Adam Broecker, Vice President & Head of Enterprise Strategy, Lockheed Martin Space, USA
Stay tuned for new insights and information about the GFCC journey toward the 2022 Global Innovation Summit in Athens. And, please, save the dates: November 14–17.
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