Huawei recently held its Trust in Tech Summit, where industry players combined their voices to highlight the importance of technology co-operation to drive global economic success.
International investor Jim Rogers highlighted how economic growth has historically been intertwined with technological cooperation, and that “anybody taking a unilateral approach to technology and economics is going to have problems”.
“Foreign policy should be around opening yourself up to technology co-operation – as history clearly shows,” said Rogers.
He said there are several current events which are doing the opposite of this – including the US’s attitude towards Huawei and TikTok, and the UK’s Brexit.
“Protectionism in technology isn’t good for the world, and it never has been. We want to live in a period of prosperity and openness.”
“Because Huawei was ahead of the US in some areas, the US closed them out – but this always leads to economic loss for all of us.”
The importance of 5G co-operation
CMO of the GSMA Stephanie Lynch-Habib also noted that openness and co-operation has the ability to drive a strong, 5G-powered world.
“Every industry is now in a period of re-evaluation, asking if their understanding of their market and customers still holds true,” said Lynch-Habib.
She said the mobile industry is changing at a rapid pace and this is only going to continue as 5G increases in prominence.
“The full extent of the transformative impact of 5G will only be apparent once it is rolled out properly,” said Lynch-Habib.
“Over the next decade we expect mobile-lead tech unicorns will be born from 5G – just like they were with 4G.”
However, Lynch-Habib made it clear that for 5G to reach its full potential, it needs industry players to work together.
“The GSMA supports collective industry collaborations,” said Lynch-Habib.
“The mobile ecosystem is the great enabler across economies.”
The benefits of 5G across industries
Partner and co-founder of STL Partners Chris Barraclough then highlighted the impact 5G has already had on industries, as well as the future benefits the network standard will provide.
For example, in the manufacturing industry, there are three notable use cases for 5G.
Firstly, enterprise augmented reality (AR) can be used to guide workers and make manufacturing processes performed by humans more intuitive.
Secondly, precision monitoring and control enables the real-time monitoring of robots, machine tools, and end products using hundreds of thousands of sensors.
Thirdly, advanced predictive maintenance gets the real-time status of machines to predict problems ahead of time so that maintenance doesn’t affect productivity.
Additionally, he highlighted the benefits of 5G in the health industry, as STL Partners predicts that 5G technologies will help to free up 4.2 million hospital beds, enable 867 million more patients to be seen, and ambulances to respond to over 40 million more emergencies by 2030.
Other industries mentioned by Barraclough include transport, entertainment, and energy.
“The opportunities for 5G are clear, but success requires commitment from governments, enterprises, and most importantly the telecoms industry,” said Barraclough.