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Public-private Partnerships Are Key to Achieving Digital Age Prosperity

They can drive productivity up 30 percent

We are standing at the precipice of the digital age. The lightning-fast pace of the tech evolution we are experiencing today will seem slow in the not-so-distant future as technology continues to change how we interact. Semiconductors are the brains accelerating this digital revolution. These tiny chips power education, business, health care, and more. They are vital to us today and essential for the world we want to live in tomorrow. But as demand grows, chip supply is tightening. Waves of the pandemic, the war in Ukraine and supply-chain shortages have shown us just how fragile our technology ecosystem is—even leaving some industries at a standstill.

We need bold new ways to strengthen our industrial capacity if we hope for a future filled with personalized medicine and autonomous cars. Now is our opportunity—as businesses, governments, and citizens—to chart a better, more resilient course. That’s why public-private partnerships are vital to our innovation, well-being, and prosperity.

Public-sector investment boosts private-sector productivity by 15 percent to 45 percent by supporting the premarket foundations for success in areas like research and development, manufacturing capacity and workforce training.

Please select this link to read the complete article from TIME.

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