Regional Cooperation in Industrial Revolution 4.0 and South Asia: Opportunities, Challenges and Way Forward

Abstract

This paper examines the current status of use of Industrial Revolution 4.0 (4th IR) in South Asia and the role and need for regional cooperation to harness the potential and benefits of 4th IR. It examines the development across South Asian countries, their participation in international forums, their level of collaboration and cooperation in technology adaptation and digitalization. Based on secondary data analysis and in-depth meetings with experts, the paper explores the potential of 4th IR in this region and identifies the challenges of South Asian countries. It then presents recommendations on how the South Asian countries can harness the benefits of 4th IR and address their common concerns through collaborations under the South Asian Association for Regional Cooperation (SAARC), so that all member countries can benefit from 4th IR, by leveraging each other’s best practices and comparative advantages. This can help countries in the region to achieve high and inclusive growth and meet their sustainable development goals. JEL: O3, O57, F13