The Digital Cooperation Organisation, a multinational organisation, has announced the launch of the DCO Start-up Passport initiative to be rolled out initially in Saudi Arabia and Nigeria.
According to the organisation, the initiative will make it quicker, easier, and less expensive for startups to do business across borders, and potentially open up these startups to a market size of more than half a billion people.
This was disclosed during one of the announcements at the ongoing LEAP 22, an international technology event taking place in Riyadh.
The Secretary-General of the DCO, Deema Al-Yahya, said, “The Start-up Passport reduces administrative and financial burdens and accelerates corporate registration and other processes for entrepreneurs.
“Through this passport, they will be able to enter the markets of other DCO member states. This will further our mission of coordinating efforts and sharing expertise to grow the digital economy for the benefit of all nations.”
Although the Start-up Passport provides expedited entry and support in the markets of eight DCO countries, it will initially be rolled out in Saudi Arabia and Nigeria.
The DCO countries include the Kingdom of Bahrain, the State of Kuwait, the Hashemite Kingdom of Jordan, the Federal Republic of Nigeria, the Sultanate of Oman, the Islamic Republic of Pakistan, and the Kingdom of Saudi Arabia.
Speaking on the development, the Minister of Communications and Digital Economy, Isa Pantami, told Nigerian journalists at the event that the DCO would ensure that Nigerian startups benefit from the advancement of the digital economy space in Saudi.
He said, “The DCO has been very supportive to Nigeria and we are among the major beneficiaries of this. DCO gave us a slot for free, support for many startups to showcase their products and they are willing to listen to what they have been doing to support them.
“This is why they plan to establish a world-class IT hub here, and this is part of our discussion with them, that whatever Nigeria needs from the Kingdom of Saudi, particularly in the digital economy sector, will be made available for us. This is very encouraging as they are economically stronger than we are. We have many things to benefit from them, and they are willing to give us for free.”
According to DCO, it is focused on access to connectivity, cross-border data flows, ethical use of technology, digital identity management, data pooling and user privacy, mobility of skilled ICT labor, accelerating start-ups and SMEs, adoption of emerging technologies, alignment on digital taxation, and cooperation on R&D and innovation.
Meanwhile, Saudi Arabia announced more than $6.4bn in investments in future technologies and entrepreneurship that will further secure its position as the MENA region’s largest digital economy.
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