In the Age of Globalization 4.0: BIMSTEC, Sri Lanka, and Technology

Pratnashree Basu and Soumya Bhowmick

Jadavpur Journal of International Relations, 2023, vol. 27, issue 1, 66-89

Abstract: 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.

Keywords: BIMSTEC; digital trade; globalization; pandemic; technology (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:sae:jadint:v:27:y:2023:i:1:p:66-89

DOI: 10.1177/09735984231161727

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