Why are new technologies important?

New technologies drive Inclusive Sustainable Industrial Development (ISID) through new products and processes, highlights a report from the United Nations Industrial Development Organization (UNIDO).

Among the new emerging technologies are artificial intelligence, blockchain technology and 3D printing.

Likewise, digitization will be a source and engine of transformational change in all industries.

According to UNIDO, a body charged with promoting and accelerating industrialization in developing countries, new technologies are the foundation for ISID’s success.

Also they allow the creation of new goods, which leads to the emergence of new industries.

And they support an increase in the efficiency of production, which lowers prices and opens consumption to the mass market, or increases profits, with possible investment spillovers.

In the right context, these technologies can promote environmental sustainability and social inclusion.

Furthermore, these can lead to product innovations, resulting in the emergence of new industries, and the jobs and income associated with them.

This supports industrialization and social inclusion.

New technologies

When these innovations are aimed at reducing environmental impacts, by introducing green manufacturing, they also promote the environmental sustainability of the industrial process.

For UNIDO, industrial competitiveness ultimately depends on technological upgrading.

New technologies can also increase production efficiency, which is key to maintaining and fostering industrial competitiveness and, through this channel, expanding manufacturing output.

In many cases, the application of new technologies itself requires additional inputs and services from other sectors of the economy, thus increasing the multiplier effects of industrial development outside the factory boundaries.

Greater efficiency is associated with reductions in pollutant emissions and the consumption of materials and energy per unit of production, which can improve the environmental sustainability of the process.