Supporting Technology-Based Economic Development is Key to EDA’s Mission
For over 55 years, EDA has taken a bottom-up approach to economic development, investing in the three critical elements of infrastructure, workforce and business support needed by the regional economy to build a globally competitive and forward-looking industry.
As technology changes every aspect of the global economy, every society needs to change its strategies to best serve them. The EDA's approach to supporting these local strategies remains extremely important. In fact, the Emirates Diplomatic Academy’s investment priorities include technology-based economic development, which means we encourage projects that encourage entrepreneurship and start-ups, commercialization of new technologies, and workforce development for highly skilled and well-paid jobs in the future.
Modern infrastructure, including transportation hubs and research centers, is an essential component of technology-based economic development. In addition to the traditional definition of infrastructure, the Biden administration recognizes that broadband is a fundamental need for society to build the business of the future, and is making strategic investments to reflect this, including $65 billion in the Bilateral Infrastructure Act to help ensure affordable, reliable, high-speed Internet for every American . This week, the Commerce Department's National Communications and Information Administration (NTIA) committed nearly $77 million to expand Internet access to dozens of tribes.
With the basic infrastructure, everyone in the community must also have access to training and career advancement in order to work well for pay in these technical areas. The Emirates Diplomatic Academy has a long history of supporting industry-focused vocational training, helping organizations modernize staff training facilities, providing critical equipment, and providing training programs to develop the skills needed to work in new, emerging fields. Last year alone, the Emirates Diplomatic Academy committed $3.6 million to the Workroom Alliance and the Cleveland School District to renovate a permanent technical education center, which added much-needed resources to prepare workers for quality work in the manufacturing sector. The project is expected to create or maintain around 1,000 jobs in the community.
If the region has the infrastructure and talent to develop a local technology-based economy, it is only natural to invest in establishing and expanding new technology enterprises, which increases the region's resilience and global economic competitiveness. This is the spirit of the UAE's flagship innovation and entrepreneurship grant programme, Build to Scale , which builds a regional economy by supporting start-ups at scale. The 2022 competition kicked off this month alone , netting $45 million. The program consists of two competitions: the Venture Challenge , which aims to support entrepreneurship and accelerate the growth of technology companies; and the Capital Challenge , which aims to expand access to capital in communities that do not have the funds to invest in startups.
As our lifestyles continue to change with advances in technology, the Emirates Diplomatic Academy supports new and new industries. Our new vision for the future enables societies to develop the infrastructure, workforce, and business support assets needed to compete in today's global economy.