Hello everyone,
Today, I will look at things from the perspective of a non-Westerner! Coming from Asia, I was shocked that even my international business classes focused primarily on companies from the West and neglected some up-and-coming countries which are most definitely revolutionising their industries and economy.
One prominent example is of course China, who has already beat the United States (China 129: US 121) in the number of companies featured on Fortune 500, or even in the number of unicorn start-ups (China 125: US 120). While it may have lagged in the past, China has a domestic size that consists of more than 1/7 of the total population on earth – which means it can model after successful companies and create an entire ecosystem that is entirely their own (as they already did by isolating US companies like Google, Whatsapp, Facebook, Apple Pay to make their own very successful Chinese equivalents: Baidu, WeChat, QQ, Alipay).
The e-economy has allowed China (and many other countries) to increasingly globalise their products beyond their domestic borders, and has brought about much economic prosperity. And of course, China is revolutionary in how they are projected to win the AI race – triumphing both US and Europe. But what is even more fascinating is the repercussions of the Chinese economy investing even in Africa!
Africa — the continent which is often overlooked in discussions about thriving technology — has Rwanda and is benefitting from a 7.5% GDP growth, along with being in line to be one of Africa’s major technology hubs! In 5 years, it achieved 4G coverage of over 95 percent. And with that foundation, start-ups have also been able to introduce a variety of projects – including implementing a cashless tap-and-go system for the Kigali bus system and offering wi-fi on public transportation! Rwanda has also partnered with China’s Alibaba to establish Africa’s first electronic world trade platform, which provides Rwandan enterprises with cloud computing and mobile payment services to enable local companies to sell their products and services outside of Rwanda.
I think it is absolutely heartening to know e-economy benefits beyond the company which is selling the product. With its interconnected networks, e-economy brings economic prosperity for possibly more than one country, helps propagate soft power for the country, changes people’s perceptions of the country, and elevates the citizens’ quality of lives!
References:
- https://bigthink.com/technology-innovation/rwanda-tech-hub?rebelltitem=2#rebelltitem2
- https://www.newtimes.co.rw/news/four-years-later-95-rwanda-covered-4g-internet
- https://www.bbc.com/news/av/business-48911746/rwanda-bids-to-become-high-tech-hub
- http://www.itwebafrica.com/unified-communications/669-rwanda/245269-rwanda-to-roll-on-public-transport-wi-fi-in-2019
- https://www.scmp.com/tech/enterprises/article/2171148/rwanda-joins-alibaba-led-electronic-world-trade-platform-amid-us
- https://www.nature.com/articles/d41586-019-02360-7