Broadband connectivity is not only part of our society that offers convenience and entertainment. By the end of 2023, 63% of the global population was connected, which also meant the global economy was interconnected. The digital economy is undoubtedly one of the major forces of the 21st century, and its ability to grow through high-speed connectivity is one of the most exciting aspects of our present and future.

Challenges of the connected digital economy: strategic actions and collaboration

While it offers nearly limitless opportunities, the digital economy will not achieve global expansion simply because broadband connectivity improves its capabilities in the future.

Recently, Spain’s leading digital industry association, the Multisectorial Association of Electronics, Information Technologies, Telecommunications, and Digital Content Companies (AMETIC), held its 38th Digital Economy and Telecommunications Summit in Santander, Spain.

This industry gathering, attended by top industry players and public sector representatives, has been one of the country’s most important annual events in the field for years. The 2024 edition aimed to explore trends and opportunities and address the challenges that both the country and the sector face in the digital economy.

One of the main recurring challenges is the digital divide. By the end of 2023, only 23% of companies worldwide had fully embraced digitalisation; in Spain, the digitalisation of SMEs is slightly below the European average, at 68%.

In this era of rapid change, with artificial intelligence accelerating numerous digital processes, AMETIC’s president and summit director, Pedro Mier, also highlighted the global social and political changes that may impact the world economy. “The best way to address these changes is through collaboration,” he stated.

Beyond connectivity: state pacts and a modern, digital administration

AMETIC advocates for three major long-term State Pacts: one for digital reindustrialisation, another for education, and a third for innovation. Mier noted, “If it affects our industry, it affects society. This isn’t a call to the government but to political parties. There must be agreements on the strategic and essential issues that affect us all in the long term.” Additionally, the AMETIC president emphasised the urgent need to modernise and digitalise public administration.

“It’s absolutely necessary,” Mier insisted. “If we cannot transform the administration, we’ll face serious issues. The managers, the companies, fund management… it’s a tough battle because legal and control mechanisms severely constrain digital economy activity.”

Collaboration protocols

The theme of this year’s summit, Collaboration in Action: Ready for Change, perfectly encapsulated the meeting’s spirit and outcomes, which reflect a snapshot of the sector at this moment: a politically and socially volatile reality, accelerating technological advancements, an economy moving inexorably toward full digitalisation, and a business and administrative landscape that must strive for mutual understanding and collaboration to avoid falling behind.

Throughout the round tables, debates, and presentations, it was evident that while public-private collaboration is a common theme in such forums, achieving full alignment is often hindered by political differences or other situational factors. For this reason, experts agreed on the need for pre-established collaboration protocols, akin to roadmaps, to leverage the nation’s talent and drive forward-facing transformation.