By: Dawit Astatike
Addis Ababa (Ethiopia Today) June 22:- Connected services assist firms to join the global economy through trade,the International Trade Centre ITC research shows.
The released a multimedia report on transforming economies with connected services, with a spotlight in four types of services, known as connected services, that drive economic transformation on landlocked countries.
The four services,transport and logistics, financial services, information and communications technologies, and business and professional services contribute to greater output in trade and jobs says ITC reports.
In addition to make all firms more competitive, through the creation of a more business-friendly environment.
In regions with high-quality connected services, 44% of all companies export, compared with 19% of firms where such services are weaker the report adds.
“The performance of landlocked countries on logistics is 17% lower than the global average investing in these services in critical.” reads the ITC reports.
To better respond to supply chain shocks, investing in connected services is key. Landlocked countries also need these services to diversify their economies away from commodities towards value-added, sustainable goods and services.
This is also part of a global trend towards shorter supply chains, with countries strengthening their connections within regions to protect themselves from global supply chain shocks.
‘Connected services make our societies more equal. This services-led approach to development can help countries leapfrog and transform their economies,’ said Pamela Coke-Hamilton, ITC Executive Director.
‘For landlocked countries, transport and logistics are the glue that link various parts of a supply chain.’
The International Trade Centre is the joint agency of the World Trade Organization and the United Nations,established to assists small and medium-sized enterprises in developing and transition economies to become more competitive in global markets, thereby contributing to sustainable economic development within the frameworks of the Aid-for-Trade agenda and the United Nations’ Sustainable Development Goals.
