Based on the “Effect of Emerging Technology on the Economy of the Country” assignment you completed in Topic 3 (I attached the file), provide a (350-500 word) executive summary to describe how an emer

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Based on the “Effect of Emerging Technology on the Economy of the Country” assignment you completed in Topic 3 (I attached the file), provide a (350-500 word) executive summary to describe how an emerging technology could solve a problem in your country (Eygpt). Create an Executive Summary that uses the following format to analyze the economic, legal, and cultural factors that affect organizations in a global business environment. Provide research/evidence that supports your summary.

Introduction

  • Provide an overview of the executive summary.

Identify the Problem

  • Describe the problem that exists within the chosen country.

Propose a Solution

  • Describe a global or local emerging technology to solve the problem.
  • Identify an organization (outside the selected country) that offers the emerging technology to solve the problem.
  • Provide an analysis of the economic, legal, and cultural factors that would affect the organization within that global business environment.

What is Needed to Implement the Solution

  • For example, potential obstacles, how much the solution costs, return on investment, competition, licensing, land, resources, based on economic, legal, and cultural factors.
  • Identify a local business partner that would help advance the proposed emerging technology within the selected country.

Based on the “Effect of Emerging Technology on the Economy of the Country” assignment you completed in Topic 3 (I attached the file), provide a (350-500 word) executive summary to describe how an emer
Impact of Emerging Technology on the Economy of Egypt Kaeli Strattard GCU BUS-390 3/3/2021 Introduction Today, technological advancements have been very important with shaping the economy globally. There is so much research being put into developing different kinds of technologies and they will revolutionize the economy of any country in time. Technology has an impact on everything including business so the technological progress is intertwined with the economy. Egypt is an important part of Africa. Like many countries it is a middle-income developing country with a robust economy. It has a rich academic heritage, it is very dynamic with many things to see, do and experience, it is a melting pot of cultures, and ancient Egypt had a very advanced ancient civilization. It is rich with culture and there are so many learning opportunities. “It is one of the leading countries in Africa to embrace technology such as telecommunication, manufacturing in the service industry. However even though they have embraced it there are still various issues that need to be solved by different technologies” (Jonathan, 2019). Problem Telecommunication is exchanging information over significant distances by electronic means, it is important for doing business in anywhere. Some parts of Egypt don’t have the right access to Internet services that you need for communication. The better internet you have the easier it is to communicate and do business, especially globally. With the invention of the internet, it has changed how business is carried out. It is revolutionary and a big factor in ensuring a smooth working environment. People in the rural parts of Egypt have a difficult time accessing a good network coverage because they don’t have the correct infrastructure to make sure that internet coverage is available in that area. Even in places where the internet is available, it isn’t consistent therefore making it hard for people to even use it properly. Even if they had the correct environment and infrastructure to get internet coverage cost is also a problem that affects the access to Internet services. Because of the poor connection in rural areas, businesses are having a hard time setting foundations down there, this is a big loss for them. Some businesses that deal with the field of e-commerce aren’t able to work at full capacity because of the limited access of Internet in some locations. “Businesses that are centered on internet access like uber and other applications are unable to expand their businesses to certain areas since the telecommunication infrastructure that is available in those areas are limited” (Jonathan, 2019). People that live there also are unable to access services that would improve their everyday life. “The socioeconomic implications on the individuals in rural Egypt are significant more so due to limited job opportunities. Moreover, businesses in those localities are unable to fully utilize their potential which decreases their profit margins” (Jonathan, 2019). Global and local technologies that could solve the problem The solution to this problem is expanding the telecommunication industry using new technology. There are many new technologies around the world that are dedicated to boosting internet connectivity in places that are remote such as rural Egypt. Having good internet access is very important for both businesses and individuals. Elon musk made something called Starlink. Where SpaceX is developing a low latency, broadband internet system to meet the needs of consumers across the globe. Another good company that is investing their time and energy in ensuring that their products can be accessed by the masses is Google. “Loon’s service is one of the emerging technologies that is a good solution to the poor internet connection in remote parts of Egypt. The infrastructure is useful in making sure that internet access for business is available and this improves the state of the economy” (Loon). Hype cycle The economy of a country depends on emerging technologies. “Using the hype cycle, technological advancement and implementation need to be in line with the procedures that have been established in exponential change. The need for better internet connectivity is tied to the base telecommunication infrastructure that can be set up in rural areas. Using the solutions to the communication problem in rural Egypt, people can get better internet coverage that will also drive economic growth” (Jonathan, 2019) In order for this solution to be successful there needs to be a partnership between government and private sector. If they make the right investments this will provide resources that are needed to start the telecommunication process. This needs to happen first before anything else. After the investments are made and they get the right resources the society will be able to fully utilize the opportunities at their disposal and this will lead to a better economic setup. Sustainability practices on the economy Using the internet as a means of communication will help economic sustainability which is a key component to conducting business easier. Having internet will make it easier for businesses to conduct their activities. Making websites, apps, and using social media provides new platforms the businesses can communicate with their customers. “Proper sustainability practices will ensure that the businesses are able to utilize the internet as a platform through which automation of business can take place with ease while ensuring effective communication with customers” (Jonathan, 2019). Recommendations on how and MNC can support sustainability initiatives “Since multinational companies have lots of resources and play a big role in supporting sustainability initiatives, they can channel those resources towards improving the telecommunication facilities in Egypt” (Jonathan, 2019). Companies like Google and Facebook have supported the use of balloons that boost internet connectivity around the globe. The multi-national companies can also look into local technologies that can solve the problem since it is faced by the locals themselves. Having internet connection is very important especially now when more things are switching over to electronics. To make sure the economy grows correctly the right infrastructure needs to be put in place. References Jonathan, A. S. (2019). Advance Journal of Science, Engineering and technology issues and challenges facing the implementation of emerging ICT technologies in Egypt today. Advance Journal of Science, Engineering and Technology, 4(2), 9–22. Loon, loon.com/.

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