The world has gone through three successive industrial revolutions since the 18th century. While each revolution increased income levels and contributed to the well-being of the international community, they also created more inequality between countries and the ones lagging faced unprecedented development challenges.

At the beginning of the 21st century, we are at the cusp of the 4th industrial revolution (4IR). 4IR is the last of the successive industrial revolutions which already started to bring significant changes to our lives. Technological developments in artificial intelligence, machine learning, cloud computing, robotics, smart factories, internet of things, 3D printing, digitalization, automation, blockchain, autonomous and electric vehicles are advancing with incredible speed that countries are in a race to adopt them.

These technological advancements are coupled with emerging global challenges such as climate change, population growth, increasing youth unemployment, rapid urbanization, migration, and food security. IsDB Member Countries need to prepare for these significant transformations to achieve their socio-economic development goals.