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  • fDi Intelligence:2024年欧洲未来城市和地区报告(英文版)(44页).pdf

    CONTENTSINTRODUCTION04Investment into Europe has dipped year-on-year,but remains attractive to a range of internationalinvestors,with sectors like renewables,batteries and data centres standing out for FDI activity.CITIESWINNERS06London maintains its lead,while Amsterdam and Dublin impress.UKLEPsWINNERS22LEPs are winding down,but their economic development legacy lives on.FDISTRATEGY:CITIES26Spanish cities win,but their British and Irish peers make a strong showing.REGIONSWINNERS30The Paris Region seems secure in its leading position.FDISTRATEGY:REGIONS38The Paris Region and Northern Ireland continued to impress the judges.PublishedbyTheFinancialTimesLtd,Bracken House,1 Friday Street,London EC4M 9BT,UK Tel: 44(0)20 7873 3000.Editorial fax: 44(0)1858 461873.Staff members can be contacted bydialing 44(0)20 7775 followed bytheir extension numberEditorJacopo Dettoni SeniorEditorDanielle MGlobalMarketsEditorAlex Irwin-Hunt GlobalInvestmentReporterSeth OFarrell ProductionManagerElliot Smither DeputyProductionEditorAndrew PDeputyProductionEditorNic Bunce ArtDirectorParamjit Virdee HeadoffDiadvertisingPaul Holman 44(0)7999 AdvertisementExecutiveSophie Horton AssociatePublisherLuke McGreevy 971(0)4 391 ManagingDirectorEuropeFTSpecialistCarola YVicePresident,FinancialTimesUSManagingdirector,FTSpecialistMatt Fottrell 1 646 771 HeadofMarketing,SubscriptionsLauren Drew MarketingManager,B2BSubscriptionsJack OBrien 44(0)20 7873 Images from Getty Imagesand Bloomberg MercuryMagazinecustomerservicesCDS Global,Tower House,LathkillStreet,Sovereign Park,MarketHarborough,Leics,UK.LE16 9EFftsubscription.co.uktel:0845 456 1516(customer services)01858 438417(overseas),fax: 44(0)1858 461 873The Financial Times adheres to a self-regulation regimeunder the FT Editorial Code of Practice: by Walstead Group in the UKRegistered Number:227590(England and Wales)ISSN:2755-8738 Financial Times Ltd 2024.FDI is a trademark ofFinancial Times Ltd 2024.“Financial Times”and“FT”are reg-istered trademarks and service marks of the Financial TimesLtd.All rights reserved.No part of this publication may bereproduced or used in any form of advertising without priorpermission in writing from the editor.No responsibility forloss occasioned to any person acting or refraining from actingas a result of material in this publication can be accepted.Onany specific matter,reference should be made to an appropri-ate adviser.Registered Office:Bracken House,1 Friday Street,London EC4M 9BT,UKReprints are available of any fDi Magazine article,with yourcompany logo and contact details inserted if required(mini-mum order 100 copies).For details telephone 0207 873 4816.For one-off copyright licences for reproduction offDi magazine articles telephone 0207 873 4871.Alternatively,for both servicese-mail 3February/March 2024www.fDiI4As central banks raced to tameinflation by increasing interestrates last year,cross-borderinvestmentgloballyremainedresilient.This was backed,notably,by a contin-ued appetite for mega projects in criti-cal and future-looking sectors such asrenewableenergyandsemiconductors.Yetgreenfieldforeigndirectinvest-ment(FDI)into Europe fell during2023,totalling5482projects,accordingto fDi Markets a 24%drop on 2022.Overall,Europes share of the globalFDI pie shrank in 2023,accounting forroughly 29%of the total projectsannounced in 2023 down fromroughly36%in2022.Early on in 2023,both Europeanbusinesses and policymakers alikeraised concerns over a future imbal-ance between the US and Europesgreen industrialisation due to the$369bn in subsidies offered by the USsInflationReductionAct.TheEU,whichhas a mandate to avoid market distor-tions across the 27-member bloc,isunabletomatchthis.Still,severaltrendsremainunchanged for Europe:mega projectsandrenewableenergycontinuetodrawinvestment,while an ever-diversifyinggroup of global investors double downon their battery and data centreswww.fDiIFebruary/March 2024INVESTMENT HAS DIPPED YEAR-ON-YEAR,BUT REMAINS ATTRACTIVE TO A RANGE OFINTERNATIONAL INVESTORS IN BATTERIES AND DATA CENTRES,SETH OFARRELL REPORTSEuropean Cities and Regionsof the Future 2024IntroductionINTRODUCTIONEUROPEAN CITIES AND REGIONS OF THE FUTURE 2024pledgesonthecontinent.Albeit less than in 2022,the num-ber of projects worth more than$1bnremainedrelativelyhighat43recordedprojects up from a 2010s average of11.In addition,the average capitalexpenditure(capex)of all projectsjumpedfrom$50.7min2022to$61.9min 2023 the second-highest annualaverage on record.Total estimatedcapex for inbound projects in Europein 2023 stood at roughly$339.5bn,while the 2022 figures stood at$382.9bn.RENEWABLESSTILLTAKETHELIONSSHAREOFEUROPEANFDISECTOR BREAKDOWN OF ANNOUNCED GREENFIELD FOREIGN DIRECTINVESTMENT PROJECTS IN THE REGION IN 2023Source:fDi MarketsRecord solar yearThe lions share of inbound EuropeanFDI remained in the renewable energysector,at$114bn or roughly 34%of thetotalestimatedcapextracked.Indeed,the biggest greenfield pro-jectrecordedinEuropein2023wasUKenergy company BPs plans to investroughly6.8bninoffshorewindenergyprojects in Germany(TSMCs 10bninvestment in Germany was firsttrackedattheendof2022).InJuly,thecompany was awarded the rights todevelop two offshore wind projects inthe country totalling four gigawatts(GW),located in the North Sea.BPmade an initial payment of 678m,equivalentto10%ofthebidamount.Meanwhile,foreign investmentinto solar soared to a record 181 pro-jects between January and Novemberlastyearmorethandoublethenum-ber in onshore and offshore wind com-bined.As a result,solar investmentalso oustripped wind investment interms of capex for the first time since2014,scoring a record$47.5bn.Theincreaseinprojectswashelpednotablyby US tech giant Amazons move inNovember to establish 17 solar plantsacross Spain,which comes as part of abroader plan by Amazon to set up 24renewable energy projects in Spaintotallingmorethan2.3GW.Besides solar,two other subsectorssecured record FDI in 2023:batteriesand data centres.Last year,FDI intobatteries jumped to$28.7bn,eclipsingthe 2022 figure of$18.8bn,while FDIinto data processing,hosting andrelated services rose to$19.5bn 9%higher than what was tracked over thecourseof2022.Riseofdata centresAccording to real estate services com-pany JLL,the core data centre marketsof Frankfurt,London,Amsterdam,ParisandDublinwereexpectedtogrowby a record 17%in 2023,with tier-twomarkets such as Berlin and Madridcomingtothefore.While London,Frankfurt andAmsterdam are still the top-three des-tinationsfordatacentreinvestmentsin2023,according to fDi Markets,theirnumbers are far from their peak of2015 when each city tracked a recordnumberofprojects.Butwhilethenum-berofprojectsaredown,newdatacen-treinvestmentshavebeenmorecapitalintensive.INTRODUCTIONEUROPEAN CITIES AND REGIONS OF THE FUTURE 20245February/March 2024www.fDiI010203040502005 2006 2007 2008 2009 2010 20112012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023FDI INTO EUROPEAN SOLAR HITS RECORD IN 2023ANNOUNCED GREENFIELD PROJECTS IN SOLARThe biggest investment wasLondon-based Virtus Data Centress3bn investment in a 300-megawattproject in Brandenburg,Germany.Meanwhile,US tech giant Microsoftannounced in September that it willbegin construction on a 1bn data cen-tre in North Acton,west London.Fourof the data centre investmentsrecorded in 2023 were worth morethan$1bn.Asian investors catch upwith US investorsEuropeaninvestorshavelongbeenbig-ger sources of investment into Europethan investors from any other region,and 2023 was no exception.BetweenJanuary and November,Europeaninvestorsaccountedforroughly62%ofthetotalFDIintothecontinent.However,whathasstoodoutinthedatathisyearisthatthecompositionofextra-Europe investment has beenchanging.In absolute terms,Asianinvestors have been increasing theircapital investments into Europe since2020,totalling a record$62bn in 2022and$58.2bn in 2023.Meanwhile,for-eign investment from North Americahas consistently fallen over the pastthreeyearsto$60bn.Notably,two big-ticket Asianinvestmentswereinbatteries.OnewasTaiwanese battery manufacturingcompany ProLogiums plans to invest5.2bn in a new battery factory andresearch and development centre inDunkirk,in northern France.Theother is Indian conglomerate TataGroups 40GW battery cell gigafactoryin the UK,worth around 4bn andslated to create around 4000 jobs.It issettobecomeoneofthelargestbatterycellmanufacturingsitesinEurope.Source:fDi Markets$bnThis is not to say that NorthAmerican investors have given up onEurope:big players such as chipmakerIntel,pharmaceutical company EliLilly and tech behemoths includingApple and Microsoft are still makingbillion-dollarinvestmentsonEuropeansoil.Two sectors that saw a significantincrease were in minerals and metals.Chinese battery supplier ShanghaiPutailaiNewEnergyTechnology,whichproduces lithium-ion battery anodematerials,announced plans to invest$1.3bn in a new factory in Sweden.Meanwhile,Netherlands-basedTrafiguras mining arm announcedplans to invest 300m to expand itsAguasTenidasmineinSpain.The semiconductor and biotech-nology sectors,meanwhile,sank dur-ing 2023.Having brought in a record$40.6bn in 2021,FDI into semiconduc-torsinEuropehasbeendroppingsince,falling to$30.5bn in 2022 and$11.5bnin 2023.Meanwhile,bolstered by apost-pandemic appetite for directinvestments in bio-engineering,green-field FDI into European biotechnologyhit a record estimated sum of$7bn in2022yetfellby76%in2023to$1.7bn.FDI INTOBATTERIESJUMPED TO$28.7BN IN 2023LONDON MAINTAINS ITS LEAD,WHILE AMSTERDAM AND DUBLIN IMPRESSEuropean Cities and Regionsof the Future 2024Winners Major citiesCITIESWINNERSEUROPEANCITIESANDREGIONSOFTHEFUTURE2024tothePortofAmsterdamsprowessasalogistics hub.One eye-catching projectin 2023 was a signed memorandum ofunderstandingbetweenAustralia-basedElectriq Global and US-based ZenithEnergytobuildaplanttoproducegreenhydrogenattheport.In terms of FDI attracted in 2023,Amsterdam ranks behind London andDublin.Duringthefirst11monthsoflastyear,the city tracked 81 projects,downfrom144overthecourseofthewholeof2022.Dublin,IrelandThe Irish capital maintains third placein this years ranking.Famous for fundmanagement,data centres and anincreasing number of global tech com-panies,Dublin has held onto its reputa-tion as a key player among Europeancitiesinattractingmultinationals.Dublinhasemergedasapreeminentchoice for global tech companies look-ing at Europe,thanks to its highly edu-cated workforce,established businessenvironment,as well as Irelands lowcorporatetaxrateandEUmembership.In September,US tech giant Alphabetopened a new engineering hub for itssubsidiaryGoogleinadevelopmentsitein Dublins docklands,where it willmove1000staff.Last year,Dublin tracked 112 pro-jects the third-highest in Europe afterLondonandMadrid.6London,UKThe UK capital keeps its leadership infDis European City of the Future rank-ing in the major cities category.DespiteBrexit and the political turmoil of thepastfewyears,Londonhasseenoffcom-petitionfromthecontinentoncemore.The major cities category includescities with an immediate population ofmore than 750,000 plus a larger urbanzone of more than two million,or alargerurbanzoneofmorethanfourmil-lion.Londoncomesoutontopinthreeofthe sub-categories:Economic Potential,Human Capital and Lifestyle,andBusiness Friendliness.In last yearsranking,it secured first position inConnectivity,but was displaced thisyearbyAmsterdam.In line with data centres across theregion,US tech giant Microsofts 1bninvestment in a data centre in Acton inwest London,announced in September,was the citys biggest investment lastyear,accordingtofDiMarkets.Amsterdam,NetherlandsThe capital maintains second place inthisyearsmajorcitiesranking.Hometodatacentres,abustlingtechsceneandahighlyeducatedworkforce,theNorthernEuropean powerhouse continues toattractinvestmentsinkeysectors.AmsterdamhasupstagedLondoninfDis Connectivity sub-category,thanksDUBLIN HASEMERGED ASA PREEMINENTCHOICE FORGLOBAL TECHCOMPANIESLOOKING ATEUROPEwww.fDiIFebruary/March 2024The absolute regional leader in attracting foreign directinvestment and one of the most desired investmentdestinations in the worldImproving the investment climate andattracting direct investment have been thegovernments top priorities since 2012,resulting in Serbia becoming a leadinginvestmentdestinationworldwide.With around 7 million inhabitants and aGDP of slightly more than 60.4 billion EUR in2022,overthelastdecadeSerbiaattracted34billion EUR of FDI.With the exception in thepandemic year,since 2012 Serbia has seen anincreaseinFDIattractioneveryyear,reachinganationalrecordin2022of4.4billionEUR-4times more than exactly 10 years ago.Thesetrends led to the Financial Times(fDiIntelligence in 2019)and IBM(Global locationtrends for multiple years)ranking Serbia asthegloballeaderinattractingFDI.HOME TO GLOBAL LEADERS FROMDIFFERENT INDUSTRIES ENJOYINGSERBIAS FLOURISHING INVESTMENTCLIMATE AND FREE TRADE AGREEMENTS,WHICH REACH 2.6 BILLION CONSUMERSRenownedcompaniesfromallovertheworld,such as Stellantis,NIDEC,Continental,ZFGroup,Rivian,MTU Aeroengines,BarryCallebautandothershavealreadyinvestedinSerbia.All of these companies recognizedSerbiasuniqueadvantages:exceptionaltalentand available qualified workforce,strategiclocation at the crossroad between East andWest enabling investors to reach the majorityofmajorEuropeancitieswithin24hours,com-petitive operating costs,strong governmentsupportininvestmentimplementation,attrac-tive financial and non-financial incentives aswell as a unique set of free trade agreementsenabling customs free export to markets withmorethan2.6billionconsumers.The dedicated effort to improve theinvestment climate is constantly presentacross all sectors of Serbias economy.Themost prominent examples are:e-Govern-ment Services(electronic permitting system,which positioned Serbia among the top 10countries globally in this area);continuousstrategicinvestmentsinpublicinfrastructure(with the Belgrade-Budapest fast speed rail-way being one of the largest infrastructureprojectsinthispartofEurope)andindustrialzones;improvement and alignment of lawswith EU standards;educational infrastruc-ture development including 4 Science&Technology Parks across the country;DualEducation system focusing on the privatesector becoming part of the curriculumthrough mandatory internships,which is abest practice from Germany,etc.Adding tothis list of successes,the latest accomplish-ment is the capital city of Belgrades selec-tion as host of a specialized internationalexhibition-EXPO 2027-which is expectedto lead the overall development of the coun-tryoverthenext3years.ADVANCED INDUSTRIES&ICT AS ANOTICEABLE TREND IN FDI INVESTMENTATTRACTIONRecentinvestmentsreflectSerbiasstrategyinFDI attraction,which is focused on leveragingglobal investment trends by aiming to attracta high level of added value,knowledge gen-eration,and knowledge transfer to Serbia.Industries and sectors which are part of thisfocus are:e-Mobility,ICT,Electric andElectronics,Robotics and Machines,Advanced Food-Processing,Net-ZeroIndustries,etc.Theresultsarealreadyobvious-SerbiaisproducingenginesforEVs,Siemenstrams,new electric vehicle from Stellantis,anAI driving platform for Rivian vehicles,etc.These activities are followed by R&D and IPcreation as a result of the high capabilities ofSerbian talent and strong educational systemand infrastructure.Alongside R&D centers ofdistinguished global players such asSchneider Electric,Continental,Brose,andmore,Business Process Outsourcing CentersfromNCR,Avnet,andClarivateaswellassoft-ware development centers from global ICTpowerhousessuchasMicrosoft,T2Interactive,EpicGames,GoDaddy,Ubisoft,andBlackRockare the main driver of Serbias ICT exports,whichhastripledinjust3years.AI AND BIOTECH LEADING SERBIA TOTHE FUTURESerbiaisthefirstcountryinSoutheastEuropetoadoptaNationalAIStrategyandestablishapublicAIinstituteofferingpartnershipoppor-tunitieswiththeprivatesectorinadvancedAIresearch and development.Serbia was alsothe first country in Southeast Europe tolaunch a National AI Supercomputing plat-form and is one of 11 countries that has AI inK-12 curriculum.Recognizing global trendsand the importance of biotech,Serbia hascommenced the building of the very first bio-tech hub in Southeast Europe known as theBIO4Campus,covering4differentpillars:bio-technology,bioinformatics,biomedicine andbiodiversity.BIO4 has already signed memo-randumswithPfizer,MSD,Takeda,Rocheandother global players to set up their state-of-the-art laboratories and research centers inthe Campus,which is worth hundreds of mil-lions of EUR and positions Belgrade as thefocalpointofSoutheastEuropeanscience.InvestinSerbia,ensuresuccess!Sponsored bySERBIASPOTLIGHTONSERBIAPARTNERCONTENTSERBIAAPRIMEINVESTMENTDESTINATIONhttps:/ras.gov.rs/enPhoto:Marko Edge8CITIESWINNERSEUROPEANCITIESANDREGIONSOFTHEFUTURE2024RANK CITYCOUNTRY1LondonUK2AmsterdamNetherlands3DublinIreland4WarsawPoland5ParisFrance6MunichGermany7MadridSpain8BerlinGermany9StockholmSweden10BarcelonaSpainTOP 10 MAJOR EUROPEAN CITIES OF THEFUTURE 2024 OVERALLRANK CITYCOUNTRY1LondonUK2OsloNorway3MadridSpain4AmsterdamNetherlands5WarsawPoland6BerlinGermany7PragueCzech Republic8DublinIreland9ParisFrance10BarcelonaSpainTOP 10 MAJOR EUROPEAN CITIES OF THEFUTURE 2024 HUMAN CAPITAL ANDLIFESTYLERANK CITYCOUNTRY1AmsterdamNetherlands2LondonUK3BrusselsBelgium4CopenhagenDenmark5BerlinGermany6StockholmSweden7OsloNorway8ParisFrance9MadridSpain10MilanItalyTOP 10 MAJOR EUROPEAN CITIES OF THEFUTURE 2024 CONNECTIVITYRANK CITYCOUNTRY1LondonUK2DublinIreland3ParisFrance4AmsterdamNetherlands5MunichGermany6WarsawPoland7StockholmSweden8MadridSpain9BerlinGermany10BarcelonaSpainTOP 10 MAJOR EUROPEAN CITIES OF THEFUTURE 2024 ECONOMIC POTENTIALRANK CITYCOUNTRY1AnkaraTurkey2SofiyaBulgaria3BucharestRomania4KyivUkraine5IstanbulTurkey6TbilisiGeorgia7WarsawPoland8BudapestHungary9PragueCzech Republic10ZagrebCroatiaTOP 10 MAJOR EUROPEAN CITIES OF THEFUTURE 2024 COST EFFECTIVENESSRANK CITYCOUNTRY1LondonUK2WarsawPoland3AmsterdamNetherlands4DublinIreland5MadridSpain6BerlinGermany7ParisFrance8OsloNorway9MunichGermany10BucharestRomaniaTOP 10 MAJOR EUROPEAN CITIES OF THEFUTURE 2024 BUSINESS FRIENDLINESSMajorEuropeancitieswww.fDiIFebruary/March 2024“LONDONS FUNDAMENTALS OF TALENT,CAPITAL,AND CUSTOMERS CONTINUETO BE A GLOBALLY COMPETITIVE”LAURA CITRON,CEO,LONDON&PARTNERSFrankfurtamMain,GermanyGermany has outperformed its peersin fDis European City of the Futureranking in the Large cities category.Its finance centre,Frankfurt,wascrowned the winner,followed by twoother German cities,Hamburg andDsseldorf.This category covers cities with animmediate population of more than500,000 plus a larger urban zone ofmore than one million people(or alargeurbanzoneofmorethantwomil-lion people).Frankfurt placed first forEconomic Potential,second forConnectivity and third for BusinessFriendliness.As Germanys leading data centremarket,Frankfurt has maintained itslead in this category.Several of its topinvestments in 2023 were in data cen-tres,suchasUS-basedCyrusOnewhichannounced plans to invest in a newdata centre in the former DeutscheBankEuropark.Hamburg,GermanyGermanys Hamburg is runner up inthisyearsLargecitiescategory,comingsecond to Frankfurt in the EconomicPotentialcategory.Home to multiple chipmakers,theheadquarters of Dutch semiconductorGERMANY HAS TAKEN ALL THREE TOP SPOTSAMONG LARGE CITIES IN THE RANKINGEuropean Cities and Regionsof the Future 2024Winners Large citiesCITIESWINNERSEUROPEANCITIESANDREGIONSOFTHEFUTURE2024designerNXPSemiconductorsGermany is in Hamburg.In 2023,theNetherlands-basedchipmakerNexperia and subsidiary of China-based Wingtech Technology expandedits cleanroom,a space where the levelsof airborne particles are controlled,atitsHamburgoperations.Elsewhere,Hamburg also placedsecond in the Human Capital andLifestyle and Connectivity categories.The port of Hamburgs connectionshaveindeedmadethecityattractivetoseveral multinationals.European air-craft manufacturer Airbus,whoseHamburgplantisfocusedonassembly,is one of the biggest employers in theregion.Last year,it announced a newequipment installation hangar at itssiteinthecity.Dsseldorf,GermanyThe German city of Dsseldorf placedthird in this years Large cities cate-gory,thanks to continued investorinterestintheGermanbusinesscentre.The citys biggest investments in2023 were in real estate,software andITservices,financialservices,andelec-tronic components,according to fDiMarkets.Indeed,therewasanincreasein estimated capital expenditure ongreenfield projects in Dsseldorf in2023.Notably,Sweden-based realestatecompanyCatellaannouncedlastyearthatitisinvesting400minanewsustainable urban residential develop-mentinthecity.In fDis sub-categories,Dsseldorfplaced third for Economic PotentialandfourthforBusinessFriendliness.10Dsseldorf took third place among large citieswww.fDiIFebruary/March 202412CITIESWINNERSEUROPEANCITIESANDREGIONSOFTHEFUTURE2024Winners:LargeEuropeancitiesRANK CITYCOUNTRY1Frankfurt am MainGermany2HamburgGermany3DsseldorfGermany4KrakwPoland5CologneGermany6RotterdamNetherlands7PoznaPoland8ManchesterUK9StuttgartGermany10AntwerpBelgiumTOP 10 LARGE EUROPEAN CITIES OF THEFUTURE 2024 OVERALLRANK CITYCOUNTRY1KrakwPoland2HamburgGermany3PoznaPoland4GothenburgSweden5CologneGermany6LyonFrance7BelgradeSerbia8RotterdamNetherlands9StuttgartGermany10DresdenGermanyTOP 10 LARGE EUROPEAN CITIES OF THEFUTURE 2024 HUMAN CAPITAL ANDLIFESTYLERANK CITYCOUNTRY1RotterdamNetherlands2Frankfurt am MainGermany3HamburgGermany4LiverpoolUK5GlasgowUK6DsseldorfGermany7AntwerpBelgium8CologneGermany9ManchesterUK10MarseilleFranceTOP 10 LARGE EUROPEAN CITIES OF THEFUTURE 2024 CONNECTIVITYRANK CITYCOUNTRY1Frankfurt am MainGermany2HamburgGermany3DsseldorfGermany4CologneGermany5StuttgartGermany6KrakwPoland7ManchesterUK8AntwerpBelgium9RotterdamNetherlands10GothenburgSwedenTOP 10 LARGE EUROPEAN CITIES OF THEFUTURE 2024 ECONOMIC POTENTIALRANK CITYCOUNTRY1AntalyaTurkey2KonyaTurkey3ManisaTurkey4OdessaUkraine5MersinTurkey6AdanaTurkey7IzmirTurkey8BursaTurkey9BelgradeSerbia10KatowicePolandTOP 10 LARGE EUROPEAN CITIES OF THEFUTURE 2024 COST EFFECTIVENESSRANK CITYCOUNTRY1KrakwPoland2PoznaPoland3Frankfurt am MainGermany4DsseldorfGermany5ManchesterUK6HamburgGermany7RotterdamNetherlands8BelgradeSerbia9CologneGermany10GlasgowUKTOP 10 LARGE EUROPEAN CITIES OF THEFUTURE 2024 BUSINESS FRIENDLINESSwww.fDiIFebruary/March 2024“GLASGOWSINVESTMENTSTRATEGY AIMSTO DELIVERSUSTAINABLEECONOMICGROWTHTHAT BENEFITSEVERYONEIN THE CITY”SUSAN AITKEN,LEADEROF GLASGOW CITYCOUNCILWROCAW CELEBRATES A RECORD YEAR,WHILESTART-UP SUCCESS BRINGS LAURELS FOR ZRICH AND VILNIUSEuropean Cities and Regionsof the Future 2024Winners Mid-sized citiesclaimed second place in this yearsranking,having placed first last year.Zrich is famed for its educated work-force and its concentration of medicaltechnology companies.In the Mid-sizedCitiescategory,itboaststhehigh-esteconomicpotential.Over the past five years,the citysattractiveness among foreign investorshas held strong,averaging roughly 33greenfield projects recorded per year,accordingtofDiMarkets.Zrich ranked in the top ten ofEU-Startupss2023rankingofthebig-gesthubsonthecontinent.Elsewhere,it also has the third-highest numberof AI engineers among European cit-ies,according to Sequoia Capital,trailing behind only London andParis.Vilnius,LithuaniaLithuanias capital Vilnius moved intothird spot overall,as it placed secondfor Human Capital and Lifestyle,andthird for Economic Potential in fDisrankingforMid-sizedCities.Likeothersinthiscategory,Vilniusis a formidable innovation hubaccounting for more than 90%of thecombined value of start-ups headquar-tered in Lithuania,according to dataproviderDealroom.With more than 740 start-upsand three unicorns,Lithuania is oneof the fastest-growing start-up ecosys-temsinCentralandEasternEurope since 2017 second onlytoCroatia.For the first time in 2023,Vilniusplaced 65th out of 141 cities in the IMDSmartCityIndex,whichisbasedonthetechnological advancement of citiesand their adaptation to the needs oftheircitizens.14CITIESWINNERSEUROPEANCITIESANDREGIONSOFTHEFUTURE2024Wrocaw,PolandThe Polish city of Wrocaw beat itspeers in fDis European City of theFuture Mid-sized Cities category thisyear,having come third in last yearsranking.This group is defined as onewith an immediate population of morethan 200,000 and an urban area ofmorethan750,000people,oranimme-diate population of more than 350,000butfewerthantwomillion.It was a record year for greenfieldprojects in Wrocaw last year,accord-ing to fDi Markets,with an estimatedcapital expenditure of$5.3bn.The lat-ter figure was helped along mostly byUSchipgiantIntels$4.6bninvestmentin a semiconductor assembly and testfacilitynearthecity.Locatedinthesouth-westregionofLower Silesia,Wrocaw is also home totech and innovation.According to thePolish Startups report 2023 by StartupPoland,the region was home to thehighest number of start-ups in thecountry,at roughly 28%of the coun-trystotallastyear.Zrich,SwitzerlandSwitzerlands most populous cityZRICH AVERAGESROUGHLY 33GREENFIELDPROJECTSRECORDED PERYEAR,ACCORDINGTO fDi MARKETSwww.fDiIFebruary/March 202416CITIESWINNERSEUROPEANCITIESANDREGIONSOFTHEFUTURE2024Winners:Mid-sizedEuropeancitiesRANK CITYCOUNTRY1WrocawPoland2ZrichSwitzerland3VilniusLithuania4EdinburghUK5BelfastUK6BratislavaSlovakia7UtrechtNetherlands8BristolUK9GdaskPoland10TallinnEstoniaTOP 10 MID-SIZED EUROPEAN CITIES OF THEFUTURE 2023 OVERALLRANK CITYCOUNTRY1ZrichSwitzerland2EdinburghUK3VilniusLithuania4WrocawPoland5BristolUK6BelfastUK7EindhovenNetherlands8UtrechtNetherlands9GdaskPoland10CoventryUKTOP 10 MID-SIZED EUROPEAN CITIES OF THEFUTURE 2023 ECONOMIC POTENTIALRANK CITYCOUNTRY1SkopjeNorth Macedonia2ChisinauMoldova3EskiehirTurkey4SakaryaTurkey5Dnipro(Dnipropetrovsk)Ukraine6IasiRomania7TiraneAlbania8LvivUkraine9GebzeTurkey10BydgoszczPolandTOP 10 MID-SIZED EUROPEAN CITIES OF THEFUTURE 2023 COST EFFECTIVENESSRANK CITYCOUNTRY1WrocawPoland2dPoland3TallinnEstonia4BratislavaSlovakia5GdaskPoland6VilniusLithuania7ZrichSwitzerland8EdinburghUK9SzczecinPoland10BelfastUKTOP 10 MID-SIZED EUROPEAN CITIES OF THEFUTURE 2023 BUSINESS FRIENDLINESSRANK CITYCOUNTRY1WrocawPoland2VilniusLithuania3ZrichSwitzerland4RigaLatvia5EdinburghUK6BratislavaSlovakia7UtrechtNetherlands8Den Haag(The Hague)Netherlands9BristolUK10TallinnEstoniaTOP 10 MID-SIZED EUROPEAN CITIES OF THEFUTURE 2023 HUMAN CAPITAL ANDLIFESTYLERANK CITYCOUNTRY1DuisburgGermany2Den Haag(The Hague)Netherlands3DortmundGermany4EssenGermany5WuppertalGermany6BochumGermany7UtrechtNetherlands8NiceFrance9Newcastle upon TyneUK10MannheimGermanyTOP 10 MID-SIZED EUROPEAN CITIES OF THEFUTURE 2023 CONNECTIVITY“WE EXTENDHEARTFELTTHANKS TO OURINVESTORS FORTHEIR TRUST INOUR WELL-DEVELOPED ANDOPEN COMMUNITY.THEIR CRUCIALROLE ISACKNOWLEDGED”JAKUB MAZUR,DEPUTYMAYOR,WROCAWwww.fDiIFebruary/March 2024CITIES WITH AN INTERNATIONALIST PERSPECTIVETRIUMPH AMONG SMALL CITIESEuropean Cities and Regionsof the Future 2024Winners Small citiesIts innovation prowess was bol-stered in 2023 by new research anddevelopment investments made by thelikes of US health sciences companyRevvity and German biotech companyBioNTech.It previously ranked as thethird-best tech ecosystem globally fordeep tech,university talent and percapita patents in 2022,according to aDealroomreport.Japanese electronics and industrialequipment company Toshiba opened a$16m quantum technology centre inCambridgetodevelopquantum-securenetworking products.It is set to create30newjobs.Geneva,SwitzerlandGenevaclaimsthirdplaceforSmallcit-ies,asoneoftheworldskeydiplomaticandfinancialhubsretainsitsglobalrel-evance.The city places third in theEconomic Potential category of fDisranking.Inseads Global TalentCompetitiveness Index 2023 namedSwitzerland as the worlds most talent-competitive country,while highlight-ing Geneva and Zrich as havingincreasingly important roles in creat-ingandattractingtalent.With some 130 multinationalsheadquarters already based in the city,newentrantsshowfewsignsoflookingelsewhere.Lastyear,MusketCorporation,which trades and distrib-utes petroleum products and operatesas a subsidiary of US-based LovesTravel Stops,established its EuropeanheadquartersinGeneva.18CITIESWINNERSEUROPEANCITIESANDREGIONSOFTHEFUTURE2024LuxembourgThecityofLuxembourgcameoutontopintheSmallcitiescategory,whichrecog-nises cities with an immediate popula-tionbetween100,000and350,000.As one of the four institutionalseats of the EU,the city has a skilledmultilingual workforce and a strongreputation for financial services.InfDis ranking,Luxembourg placed firstfor Economic Potential and BusinessFriendliness.The citys share of financial ser-vices FDI jumped considerably in 2023to nearly 70%of the years total esti-mated capital expenditure,accordingto fDi Markets.Notably,UK-basedclearing and transaction bank,TheBankofLondon,announcedlastyearitwill invest 200m in an EU headquar-ters in Luxembourg for which it willhiremorethan300peopleby2028.Cambridge,UKCambridge has placed second in thisyearsSmallcitiesranking.With23uni-corns and one of the best tech ecosys-tems in the world,Cambridge issuedplans last year to incorporate 40 newmultinationalsandspinout15newuni-cornsby2035.Some 130 multinationals are based in Genevawww.fDiIFebruary/March 202419Winners:SmallEuropeancitiesCITIESWINNERSEUROPEANCITIESANDREGIONSOFTHEFUTURE2024RANK CITYCOUNTRY1LuxembourgLuxembourg2CambridgeUK3GenevaSwitzerland4CorkIreland5BaselSwitzerland6GhentBelgium7EspooFinland8ReadingUK9DelftNetherlands10OxfordUKTOP 10 SMALL EUROPEAN CITIES OF THEFUTURE 2024 OVERALLRANK CITYCOUNTRY1LuxembourgLuxembourg2CorkIreland3GenevaSwitzerland4BaselSwitzerland5CambridgeUK6EspooFinland7GhentBelgium8LausanneSwitzerland9ReadingUK10VantaaFinlandTOP 10 SMALL EUROPEAN CITIES OF THEFUTURE 2024 ECONOMIC POTENTIALRANK CITYCOUNTRY1NicosiaCyprus2OxfordUK3CambridgeUK4BergenNorway5DelftNetherlands6GenevaSwitzerland7KaunasLithuania8GrazAustria9LausanneSwitzerland10ReykjavkIcelandTOP10SMALLEUROPEANCITIESOFTHEFUTURE 2024 HUMANCAPITALANDLIFESTYLERANK CITYCOUNTRY1LuxembourgLuxembourg2GliwicePoland3CorkIreland4ReadingUK5Milton KeynesUK6CambridgeUK7KaunasLithuania8Cluj-NapocaRomania9SloughUK10BasingstokeUKTOP 10 SMALL EUROPEAN CITIES OF THEFUTURE 2023 BUSINESS FRIENDLINESSRANK CITYCOUNTRY1BurgasBulgaria2RuseBulgaria3OradeaRomania4VarnaBulgaria5ConstantaRomania6PitestiRomania7PlovdivBulgaria8KragujevacSerbia9PloiestiRomania10SarajevoBosnia-HerzegovinaTOP 10 SMALL EUROPEAN CITIES OF THEFUTURE 2024 COST EFFECTIVENESSRANK CITYCOUNTRY1SloughUK2DelftNetherlands3CrawleyUK4OberhausenGermany5LeidenNetherlands6GuildfordUK7VenloNetherlands8LeuvenBelgium9NeussGermany10AlmereNetherlandsTOP 10 SMALL EUROPEAN CITIES OF THEFUTURE 2023 CONNECTIVITY“FEW CITIES CANCLAIM TO HAVESEEN AS MANYSCIENTIFIC ANDTECHNOLOGICALDISCOVERIES ASCAMBRIDGE”DUNCAN McCUNN,CEOAT CAMBRIDGEANDFebruary/March 2024www.fDiIZUG TAKES THE TOP SPOT BUTIRISH CITIES ARE NOT FAR BEHINDEuropean Cities and Regionsof the Future 2024Winners Micro citiesAmerican semiconductor manufactur-ing company Analog Devices invested630m in a new research,developmentand manufacturing facility in Limerick.The investment is expected to result in600 new jobs and the tripling of waferproduction capacity at its operations inthe city.Since 2015,Analog DevicessLimerick site has been home to itsEuropean Research and DevelopmentCentre.Galway,IrelandThe city of Galway on Irelands westcoastalsokeepsitsplaceamongthetopthreeinthisyearsranking.While featuring among the top fivefor Economic Potential and BusinessFriendliness alongside Limerick,Galway also came first in fDis HumanCapital and Lifestyle category.Over thepast decade,the citys top FDI sectorsare software and IT services,businessservicesandmedicaldevices.One notable investment from lastyearcamefromGermanmedicaldevicemanufacturer Freudenberg Medical,which increased the companys manu-facturing footprint in Galway by 50%and created 100 new jobs.Elsewhere,the University of Galway and UK medi-cal technology company Medtronicannouncedafive-year5mpartnershipfocusedondevelopingthemedtecheco-system.20CITIESWINNERSEUROPEANCITIESANDREGIONSOFTHEFUTURE2024Zug,SwitzerlandTheSwisstownofZugclungontothetopspotintherankingofurbanareaswithanimmediatepopulationbelow100,000.SituatedjustsouthofZrich,thecan-ton of Zug,where the town itself islocated,offersforeigninvestorsthemostattractive tax rate in Switzerland.Thishasensureditssuccessinattractingfor-eign direct investment in financial ser-vices,businessservices,softwareandIT,pharmaceuticals,andbiotechnology.Thetown placed top for both EconomicPotential and Business Friendliness infDisranking.Attracted by its talent and biotechecosystem,US-based AI-powered drugcompany Absci has opened a new inno-vationcentreinZug.Itwillfocusonbio-logicsdrugdevelopmentandwillserveasa springboard for the company to enterthe European pharma and biotech eco-system.Limerick,IrelandIrelands southern city of Limerickretains its position in second place inthisyearsranking,asitfeaturedamongthe top three micro cities for EconomicPotential,Human Capital and LifestyleandBusinessFriendliness.AsareputedhubforIT,lifesciencesand financial services companies,Limerick also secured a considerablechip investment in 2023.In May,US-BASEDAI-POWEREDCOMPANYABSCI OPENEDA NEWINNOVATIONCENTRE IN ZUGwww.fDiIFebruary/March 2024RANK CITYCOUNTRY1LeskovacSerbia2DilovasiTurkey3PanevezysLithuania4SimanovciSerbia5ZrenjaninSerbia6SuboticaSerbia7LegnicaPoland8NitraSlovakia9StrykowPoland10Mlada BoleslavCzech RepublicTOP 10 MICRO EUROPEAN CITIES OF THEFUTURE 2024 COST EFFECTIVENESSRANK CITYCOUNTRY1WelwynUK2RatingenGermany3FarnboroughUK4DaresburyUK5WillichGermany6BarnsleyUK7MaidenheadUK8LivingstonUK9HasseltBelgium10LutterworthUKTOP 10 MICRO EUROPEAN CITIES OF THEFUTURE 2024 CONNECTIVITYRANK CITYCOUNTRY1ZugSwitzerland2LimerickIreland3GalwayIreland4WaterfordIreland5LuganoSwitzerland6ShannonIreland7LivingstonUK8LutterworthUK9FarnboroughUK10KonstanzGermanyTOP 10 MICRO EUROPEAN CITIES OF THEFUTURE 2024 OVERALLRANK CITYCOUNTRY1ZugSwitzerland2MonacoMonaco3LimerickIreland4GalwayIreland5WalldorfGermany6ShannonIreland7LuganoSwitzerland8WaterfordIreland9VaduzLiechtenstein10MechelenBelgiumTOP 10 MICRO EUROPEAN CITIES OF THEFUTURE 2024 ECONOMIC POTENTIALRANK CITYCOUNTRY1GalwayIreland2LimerickIreland3KonstanzGermany4SligoIreland5LuganoSwitzerland6ZugSwitzerland7HasseltBelgium8AthloneIreland9GenkBelgium10DundalkIrelandTOP 10 MICRO EUROPEAN CITIES OF THEFUTURE 2024 HUMAN CAPITAL&LIFESTYLERANK CITYCOUNTRY1ZugSwitzerland2LutterworthUK3LimerickIreland4GalwayIreland5NitraSlovakia6LivingstonUK7WaterfordIreland8MaidenheadUK9GeelBelgium10BarnsleyUKTOP 10 MICRO EUROPEAN CITIES OF THEFUTURE 2024 BUSINESS FRIENDLINESS21Winners:MicroEuropeancitiesCITIESWINNERSEUROPEANCITIESANDREGIONSOFTHEFUTURE2024February/March 2024www.fDiI“THE RESULTS ONCEAGAIN REAFFIRMTHAT BUSINESSESCAN TRULY FINDTHEIR EDGE INLIMERICKSEMBRACE”PAT DALY CHIEFEXECUTIVE,LIMERICKCITY AND COUNTYCOUNCILMOST LEPS ARE WINDING DOWN,BUT THEIR LEGACY LIVES ONEuropean Cities and Regionsof the Future 2024Winners UK LocalEnterprise PartnershipsHuman Capital and Lifestyle subcatego-ries.GreaterManchesterTheGreaterManchesterLocalEnterprisePartnership(LEP)whichwasreplacedbytheGreaterManchesterBusinessBoardinNovember 2023 maintains its place insecondspotinfDisranking.AlbeitatasmallerscalethanLondon,GreaterManchesterhasbeenaformida-bleplayerintheUKsbidtoattractforeigninvestment.Since 2014,it has attracted427greenfieldprojectsroughlyatenthofitsrivalontheThameswhichplacesit second among UK administrativeregions.Last year,Greater Manchestersecuredan18%increaseinthenumberofgreenfieldprojectsitattractedin2023.Oneofthecityskeyattractionsisitstech and innovation standing.Last year,UScloudplatformcompanyVultropeneditssecondUKclouddatacentrelocationoutsideofLondoninManchester.In2022,real estate services firm CBRE rankedManchester first among the top 15 techdestinationsoutsideofLondon.The Greater Manchester LEP camesecond to London in the BusinessFriendlinesssub-category.TheCambridgeshireandPeterboroughThe Cambridgeshire and PeterboroughCombined Authority,which integratedthelocalLEPintoitsBusinessBoard,alsostoodoutinlastyearsranking.According to UK government statis-tics,Cambridgeshire and Peterboroughtracked 29 investment projects in thefinancial year 2022/23,which created1361jobs.CambridgeshireandPeterborough investment projectsaccountedformorethanhalfofthewiderEastofEnglandregionstotal.With a world-class university and atech cluster,the combined authorityscored third in fDis Economic Potentialsub-category.Dubbed Silicon Fen,thetech cluster around Cambridge boastsmore than 5000 companies with anannualturnoverofmorethan18bn.Outside of tech-heavy Cambridge,Peterborough,which was home toLondonBrickthecompanythathelpedtorebuildpost-warBritainstillattractsmanufacturing investments.In Marchlastyear,US-basedmetalpackagingcom-panyCrownHoldingsopenedanewbev-erage can manufacturing facility inPeterborough,expected to create 280newjobs.22LEPsWINNERSEUROPEANCITIESANDREGIONSOFTHEFUTURE2024GreaterLondonTheLondonEconomicActionPartnership(LEAP)maintainsfirstplaceamong the UKs 36 Local EnterprisePartnerships(LEPs)in fDis ranking,asthebodiesresponsibleforlocaleconomicdevelopmentinEnglandroundoffayearofchange.The UK government announced inAugustthatitwillwithdrawcentralgov-ernment support for LEPs from April2024,asthelatterareexpectedtobeinte-gratedintotheirownlocalauthorities.InLondons case,the LEAP Board held itsfinal meeting on March 7 2023 and itswork will be“continued by a range ofGreater London Authority-hosted gov-ernanceandadvisorystructures,includ-ingtheLondonPartnershipBoard”,itsaidonitswebsite.Greater London stands tall amongother administrative regions in the UK,with roughly 36%of the total greenfieldprojectstrackedbyfDiMarkets.Notably,US tech giant Microsoft announced lastyearthatitwillbeginconstructiononits1bnNorthActondatacentreinLondon,duetobefinishedin2026.Asinlastyearsranking,LEAPcameout on top in the Business Friendliness,Economic Potential,Connectivity,andwww.fDiIFebruary/March 202424Winners:UKLocalEnterprisePartnershipsLEPsWINNERSEUROPEANCITIESANDREGIONSOFTHEFUTURE2024www.fDiIFebruary/March 2024RANK LEP1London2Greater Manchester3Cambridgeshire and Peterborough4West of England5South East6Leeds City Region7South East Midlands8Berkshire9Greater Birmingham and Solihull10OxfordshireTOP 10 LOCAL ENTERPRISE PARTNERSHIPSOF THE FUTURE 2024 OVERALLRANK LEP1London2Berkshire3Cambridgeshire and Peterborough4Enterprise M35Greater Manchester6West of England7Oxfordshire8Cheshire and Warrington9Coventry and Warwickshire10Leeds City RegionTOP10LOCALENTERPRISEPARTNERSHIPSOFTHEFUTURE 2024 ECONOMICPOTENTIALRANK LEP1Hull and East Yorkshire2Tees Valley3The Marches4North East5Cornwall and the Isles of Scilly6Black Country7Liverpool City Region8Greater Lincolnshire9Derby,Derbyshire,Nottingham andNottinghamshire(D2N2)10Sheffield City RegionTOP 10 LOCAL ENTERPRISE PARTNERSHIPSOF THE FUTURE 2023 COSTEFFECTIVENESSRANK LEP1London2West of England3Enterprise M34Cambridgeshire and Peterborough5South East6Oxfordshire7Coast to Capital8Solent9Heart of the South West10Buckinghamshire Thames ValleyTOP 10 LOCAL ENTERPRISE PARTNERSHIPSOF THE FUTURE 2024 HUMAN CAPITALAND LIFESTYLERANK LEP1London2South East3Greater Manchester4South East Midlands5Hull and East Yorkshire6Coast to Capital7Greater Birmingham and Solihull8North East9Liverpool City Region10Leeds City RegionTOP 10 LOCAL ENTERPRISE PARTNERSHIPSOF THE FUTURE 2024 CONNECTIVITYRANK LEP1London2Greater Manchester3Berkshire4South East Midlands5Cambridgeshire and Peterborough6Leeds City Region7Cheshire and Warrington8Enterprise M39Coventry and Warwickshire10North EastTOP10LOCALENTERPRISEPARTNERSHIPSOFTHEFUTURE 2024 BUSINESSFRIENDLINESSRANK LEP1Oxfordshire2Coventry and Warwickshire3Greater Manchester4Leicester and Leicestershire5BerkshireTOP 5 LOCAL ENTERPRISE PARTNERSHIPSOF THE FUTURE 2024 FDI STRATEGYGROWWITHDEBRECENDebrecen,the second largest city ofHungaryisasignificantcultural,scientific,educational,andeconomiccentreinCEE.Inrecentyears,thecityhaswonprestigiousinternationalawards:inthebenchmarkglobalsurveyoffDIIntelligence,thecityofDebrecenhas been included in the TOP 10 list of bestinvestment promotion destinations in theworld alongside New York or Berlin,further-moreafter2023,DebrecenwasrankedamongTOP 5 in the category of Small EuropeanCitiesoftheFuture-FDIStrategyin2024too.The citys dynamic growth is well reflectedby new foreign direct investment attracted toDebrecen in the volume of EUR 12 billion,creating19,000 newjobssince2015.FAVOURABLE BUSINESS ENVIRONMENTThe highest possible regional aid intensity inthe EU is available in Debrecen region,whichis50%ofthetotalinvestmentvalue.Ontopofthis,the city provides full-scale professionalsupport for investors via EDC DebrecenUrban and Economic Development Center.Inaddition,to support local SMEs,a supplierprogram,including several trainings and sup-plier forums,was launched to help them getinvolved in global value chains and establishrelationshipwithlargeenterprises.Large-scale,21st century business infra-structuredevelopmentshavebeenconductedin the past 9 years.Two new industrial parksweredeveloped with a totalareaof1,500 ha,with full access to high-capacity utilities andpublic roads;moreover,the extension ofDebrecen International Airport and the con-structionofahigh-capacitytruckterminalandrailcontainerterminalareinprogress.THE FLOURISHING BUSINESSENVIRONMENT OF DEBRECENSTANDING ON MULTIPLE FEETE-mobility,theautomotiveandbatteryindustryis growing dynamically,in 2018 BMW decidedtoinvestinDebrecen,followingitin2022theyannouncedtoexpandtheiriFactorywithabat-teryassemblyplant.ThefirstsuppliersofBMW,EVE Power and ZF Chassis Modules alsoannouncedtheirinvestmentrecentlyinthecity.The biggest investment of 2022 in HungaryalsotookplaceinDebrecen:batterygiantCATLchose the city to build their second Europeanplant.Lithium-ion battery suppliers,SemcorpandEcoProhasalsostartedtheconstructionoftheirnewfacilityinthecity.The citys diversified economy is shown bythe presence of pharmaceutical companies,Teva,Gedeon Richter and the NationalVaccine Plant,as well as the Danish aircraftstructural component maintenance companySkywaysTechnics.Debrecen is an important business servicehub with a modern office stock of 125,500 m2where well-known business service centerssuchasDeutscheTelekomITSolutions,BritishTelecom and Flowserve employ 5,000 peo-ple,in a wide range of functions from IT,tele-communicationsandfinancialservicestohigh-value-added engineering activities.Besidesthat,three Big4 companies EY,Deloitte andPwCopenedtheirlocalofficeinDebrecen.Debrecenalsohasaplatformtohelpinterna-tionalssettledownandgetaroundwhilelivinginthecity,called“Debrecen4U”,whichoperatesa dedicated office providing assistance to allbusinessexpatprofessionalsandtheirfamiliestobeintegratedintothelocalcommunity.Thecityisseriouslycommittedtosustainableinvestmentsbothinurbanandindustrialareasconcerningenergetics,buildingmodernisation,air quality improvement,transportation,anddigitalliteracy.Toensuresustainability,compa-nies are encouraged to use environmentallyfriendly alternative utility resources,like usingpurified sewage as industrial water and solarenergy.Severalcollaborationactivitiesforcom-paniesarealsoorganizedtoincreaseCSRactiv-ities,suchaswastecollectionandtreeplanting.STRONG TALENT POOLThe robust educational system and 1 millioninhabitants in the region provide a broadrange of qualification and language skill port-folio and experienced labour pool to servebusiness needs.Strategic partnership anddualtrainingopportunitieswiththeUniversityof Debrecen and the Debrecen VocationalCentre is also popular among companies.Deutsche Schule Debrecen started its opera-tionin2022,whereastheInternationalSchoolofDebrecenhasbecomethefirstfully-accred-ited International Baccalaureate school inHungaryin2023.The growing population of the city justifiesDebrecens vision to increase the number ofinhabitants of the Debrecen MetropolitanArea by 10%until 2030.To align the labourmarket supply to demand,the Municipalityaims to increase the current students at localeducational institutions by 30%by 2030,withfocusontheskillsandknowledgerequiredbybusiness.LOCATION OF THE FUTUREDebrecens vision is to strengthen its domi-nant role as a cross-border economic,educa-tional,scientific,and cultural center in CEE,and to become one of the leading centers inthe e-mobility industry worldwide.Based onthis,Debrecenwillbeabletohaveakeyroleinsupporting the European carbon neutraltransformation.The available resources,includingstrongtalentpool,business-focusededucation system,cutting-edge businessinfrastructure,and the supportive mindset ofthe city leaders ensures that this vision iswithinarmsreach.GrowwithDebrecen!EDC Debrecen Urban andEconomicDevelopmentCenterinvestedc.debrecen.hu,invest.debrecen.huSponsored bySPOTLIGHTONDEBRECENPARTNERCONTENTSPANISH CITIES WIN OUT,BUT THEIR BRITISH AND IRISH PEERSMAKE A MAKE A STRONG SHOWINGEuropean Cities and Regionsof the Future 2024Winners FDI Strategy(cities)mentinaresearchanddevelopmentcen-tre,slatedtocreate1000newjobs.Judges were impressed with thecitys bid to maintain its start-up strat-egy.For instance,Barcelonas BusinessSupport Office takes investors throughdue diligence and facilitates reinvest-ment for small and medium enter-prises.Following a new start-up lawestablished in 2022,the city has alsomade moves to promote the start-upecosystem and make visas easier fornon-EU entrepreneurs,investors anddigitalnomads.Glasgow,UK Large citiesScotlands largest city moves up theranking to become the FDI StrategywinnerintheLargeCitiescategory.GlasgowhasbeennamedbytheUKgovernment as one of three recipientsoffundingfortheInnovationAccelerator programme.This pro-gramme is investing 100m in 26transformative research and develop-ment projects to accelerate the growthofthreehigh-potentialinnovationclus-ters,among them the Glasgow Cityregion.Its approach to innovation hasbeen to forge partnerships betweenacademia,industry,government andthe community,and has thereby cre-ated three innovation districts and fiveinnovationcentres.As a biotech and pharmaceuticalhub,the city boasts more than 200 lifescience companies and has supportedthe growth of medtech and other areasof research through the GlasgowBiocorridor,which brings togetherorganisations and businesses workingin this space.Last year,German phar-maceutical group Merck expanded itsbiosafetytestingoperationsinGlasgowby opening a new 1200 sq m facility tohouse molecular biology and sequenc-ingservices.Newcastle,UK Mid-sized citiesNewcastle has clung onto its leaderposition for(continues page 28)26CITIES:FDISTRATEGYEUROPEANCITIESANDREGIONSOFTHEFUTURE2024The winners of this years FDIStrategy awards for cities wereselected by a judging panelcomposedofleadingfiguresintheworldof foreign direct investment(FDI).Intotal,theyreviewedthesubmissionsofinvestmentpromotionagenciesfrom64Europeancitiesofallsizes.Barcelona kept its leading positionin the Major cities category,as didNewcastle and Limerick in the Mid-sized and Micro cities categories,respectively.New winners this yearinclude Glasgow and Cork in the UKandIreland,respectively.Barcelona,SpainMajorcitiesThe capital of Spains Catalonia regionwins top spot for FDI Strategy amongtheMajorcitiesinthisyearsranking.With technology as one of the citysmainpointsofattraction,Barcelonacon-tinues to build on its clusters in super-computing,artificialintelligence,health-care and biotechnology.Last year,JapanesetechnologycompanyNTTDatainaugurated a new corporate headquar-tersinBarcelonasurbanrenewaldistrictknownas22.Meanwhile,UKpharma-ceutical and biotechnology companyAstraZenecaannounceda800minvest-RANK CITYCOUNTRY1BarcelonaSpain2LondonUK3BerlinGermany=4DublinIreland=4MadridSpain=6MilanItaly=6MunichGermany8WarsawPoland9TbilisiGeorgiaTOP 9 MAJOR EUROPEAN CITIES OF THEFUTURE 2024 FDI STRATEGYwww.fDiIFebruary/March 2024RANK CITYCOUNTRY1GlasgowUK2AntwerpBelgium3PortoPortugal=4BilbaoSpain=4GothenburgSweden6DsseldorfGermany7KatowicePoland8RotterdamNetherlands9IzmirTurkey10PoznaPolandTOP 10 LARGE EUROPEAN CITIES OF THEFUTURE 2024 FDI STRATEGYRANK CITYCOUNTRY1Newcastle upon TyneUK2BelfastUK=3LeipzigGermany=3WrocawPoland5VilniusLithuania6RigaLatvia7dPoland8BydgoszczPoland9GenovaItalyTOP 9 MID-SIZED EUROPEAN CITIES OF THEFUTURE 2024 FDI STRATEGYRANK CITYCOUNTRY1Cork CityIreland2BragaPortugal3DerbyUK4DebrecenHungary5DoncasterUK6MiddlesbroughUK7GdyniaPoland8KaunasLithuania=9KlaipdaLithuania=9ReykjavkIcelandTOP 10 SMALL EUROPEAN CITIES OF THEFUTURE 2024 FDI STRATEGYRANK CITYCOUNTRY1LimerickIreland2VentspilsLatvia3PanevysLithuania4TeanjBosnia-Herzegovina5Stara ZagoraBulgaria6JelgavaLatvia7KakanjBosnia-Herzegovina8WaterfordIreland9GradikaBosnia-Herzegovina10JastrebarskoCroatiaTOP 10 MICRO EUROPEAN CITIES OF THEFUTURE 2024 FDI STRATEGYCITIES:FDISTRATEGYEUROPEANCITIESANDREGIONSOFTHEFUTURE2024Standfirst copySPOTLIGHTONKATOWICEPARTNERCONTENTKATOWICENew technology,heritage and educationare the new blackAs the former capital of heavy industryKatowice,the central city of the GZMMetropolitanAreawith2.3Mresidents,hasturned over a new page and is now lookingtoamoresustainablefuture.With help of EU funds(over PLN 309 M)Katowice is renovating the old mine to trans-form it into the New Technologies District-Katowice Gaming and Technology Hub.It isplanning to open the old-new space toe-sports companies,TV producers and high-tech investors.The hub will be packed withthe state-of-the-art technology to cater to allexpectations while living up to the higheststandardsofsustainableofficespace.Thisisthethirdminewhichgotanewleaseof life,with Katowice coalmine being turnedinto Culture Zone and the facilities ofGottwald mine becoming a part of a shop-pingcentre.Developmentisinevitablesoout-dated ideas are abandoned to make place forthenewsolutions.Fortunately,heritageispre-served and returned to the community whileitsfunctionsareadaptedtothecurrentneeds.Withtheindustrialtraditionsandstrongworkethic still presentthecityisattractivetoinves-torswhoareinneedofhighlyskilledgo-getters.In2024thereare105centres(evenmoreintheregion)which is the reason why Katowice hasfocusedoneducation.Togetherwithacademiaand business it is investing in development ofSponsored byskillsofitsyoungestresidentstopreparethemforthedemandsofthelabourmarket.Toshowstudentsvariouscareeropportunities,inKatowicehavebeenintroducedfourprograms,including Corporate Readiness Certificate(byAccenture,EY,ING Hubs Poland and KyndrylGSDC)and international P-Tech(by FujitsuTechnologySolutionsandKyndrylGSDC),tothelocalschoolsanduniversities.Theyhighlightdif-ferentpathswhichhelpgraduatessmoothlyenterthecorporatelife.Having in mind the importance of educationthecityjoinedforceswithsevenpublicuniversi-ties to apply for the title of the European City ofScience.Victoryhasconfirmeditsambitionsandstrengthenedtheresolutiontobecomethenewtechnology leader.The programme offers fiftyweeks of experiments and interactive work-shopswithbusinessinstitutionsengagingintheevents.Its goal is to foster inclusion andempowernextgenerationswhichwillcontributetodevelopmentofcompaniesandKatowice.Wanttoknowmore?Contactus:oikatowice.euorinvest.katowice.eu.PhotoTomaszSmogulski,SkyVisionPolskaFDIStrategyintheMid-sizedcitiescat-egory,as a result of its commitment toniche sectors and to showcasing itselfas promoter of sustainable,inclusivedevelopment.All inward investors are stipulatedto sign up to the North of TyneCombined Authoritys Good WorkPledge,aframeworkthataimstobuilda business ecosystem that provides agood quality of life and reduces ine-qualitiesamongcitizens.Newcastle was also the first city inthe UK to have a local authority,uni-versityandhealthcareservicedeclareaclimateemergencywithNewcastleCityCouncil,Newcastle University andNewcastle Hospitals NHS FoundationTrust all committing to becomingNet Zero by 2030.The Net Zero 2030Forumisaplatformfortheprivatesec-tor to help play their part in the citysambitions.But the city is not planning to stopthere.According to its survey answer,the Invest Newcastle team is also look-ing to implement a new reportingframework to better understand thesocial value created through newinvestmentsinthecity.Cork,IrelandSmallcitiesCork comes out on top of the SmallCitiescategoryforFDIStrategy,thankstoitscommitmenttoattractingforeigninvestment and making the city anexcitingplacetoliveandworkin.Within targeted sectors,such ashigh-valuemanufacturing,technology,life sciences,business services andfinancialservices,Corkiscommittedtokeeping its roster of foreign investorswide-ranging.In November,US semiconductorcompanyQualcommannouncedthatitwill invest$127m to expand itsresearch and development facility atPenroseDockinCork.Elsewhere,US networking solu-tions company Netgear announcedthat it will expand its Cork headquar-ters and New Zealand-based dairycompany Fonterra announced a newresearch centre in the city,in partner-ship with APC Microbiome Ireland SFIResearch Centre,which is focused onmicrobiomeresearch.Cork City Council is keen to makethe city a vibrant hive of activitythrough co-working spaces,arts andculture and community-based activi-ties.It boasts eight co-working spacesdotted throughout the city.Many oftheseco-workingspacesarepartofthegovernments national network of con-nectedhubs.Limerick,Ireland Micro citiesLimerick kept its lead position in theMicro cities category,according to FDIStrategyinthisyearsranking.The city secured a win in the formof an investment worth 630m fromUS semiconductor company AnalogDevices,into its European regionalheadquarters in Limerick,reflectingthe city councils ability to attract andretainforeigninvestors.28CITIES:FDISTRATEGYEUROPEANCITIESANDREGIONSOFTHEFUTURE2024Newcastle has proved itselfa promoter of sustainable,inclusive development“NEWCASTLE HAS A STRONGTRACKRECORDFORATTRACTINGFDI AND THE LAST FEW YEARSHAVE SEEN RECORD RESULTS”JENNIFER HARTLEY,DIRECTOR,INVEST NEWCASTLEwww.fDiIFebruary/March 2024“BERLIN ONCE AGAINDEMONSTRATESTHE OUTSTANDING POTENTIALTHAT THE CITY OFFERS AS ACENTRAL EUROPEAN BUSINESSLOCATION”STEFAN FRANZKE,CEO,BERLIN PARTNERA life sciences and pharmaceuticalhub,Limerickisexpectedtoinvest1bnin enterprise and infrastructure invest-ment,in line with its Limerick 2030plan.Akeypartofthisistheemphasisithas placed on entrepreneurship.Innovate Limerick,its platform to spurinnovation ahead of the citys 2030 tar-gets,works with the start-up commu-nity,local and foreign businesses andacts as the glue between all three.Itscurrent projects at Innovate include:Engine,Troy Film Studios Limerick,FilminLimerick,NAMCandRathkealeEnterpriseCentre.THE PARIS REGION SEEMS SECURE IN ITS LEADING POSITIONEuropean Cities and Regionsof the Future 2024Winners Large regionsticketindustrialinvestments.Following on from Londons win infDis overall ranking,South EastEngland both benefits from the capi-tals global standing but has its ownregionalpointsofattraction.Overthecourseof2023,SouthEastEngland attracted 395 projects morethananyotherlargeregioninEurope.Outside of London,the regionincludesthecountiesofBuckinghamshire,EastSussex,Hampshire,the Isle of Wight,Kent,Oxfordshire,Berkshire,Surrey andWest Sussex.Foreign investors havebeen keen to double down on existinginvestmentsintheseareas.In September,German carmakerBMWannouncedplanstoinvest600min Oxford and Swindon to upgrade itsproduction of Minis to all-electric.Elsewhere,US property developerPanattoniannouncedplanstobuildona22-acreindustrialsiteinWestSussexforalogisticsdevelopment.North Rhine-Westphalia,GermanyThe region of North Rhine-Westphaliahas clung onto its position in thirdplaceinthisyearsranking.Covering the cities of Cologne,Dsseldorf and Bonn,Germanys mostpopulous region is known for its busi-nesscentresandnaturallandscapes.As30REGIONSWINNERSEUROPEANCITIESANDREGIONSOFTHEFUTURE2024ParisRegion(le-de-France,France)Paris Region(le-de-France)has heldits leading position among fDis rank-ingofLargeEuropeanregions,whichisdefined as those with those with a pop-ulationofmorethanfourmillion.In line with the trend observed in2022,some of the biggest investmentsintheParisRegionhavelandedoutsideParis,themetropolitanregionsbeatingheart.In October,Telehouse Europe,asubsidiary of Japan-based communica-tions firm KDDI,announced an invest-ment worth 250m to open a seconddata centre in Magny-les-Hameaux,which lies south-west of Frances capi-tal.The data centre will serve custom-ersthroughoutEurope.As it is Frances most populousregion,the Paris Region is also thecountrys most affluent,accounting for31%of French gross domestic product(GDP)and ranking as one of the EUslocal authorities with the highest GDPpercapita.The Paris Region came first in theEconomic Potential,Human CapitalandLifestylesub-categories.SouthEastEngland,UKMaintaining its position as runner-up,the South East England region rankedsecond thanks to its long-standing rep-utation and ability to attract new big-the countrys top investment location,roughly22,000foreigncompanieshaveinvested in the region.North Rhine-Westphalia counts logistics,automo-tive,real estate and renewable energyamongitsmajorsectors.Looking back at 2023,the regioncelebrates new transformative invest-ments alongside expansions.US cloth-ing manufacturer Levi Strauss decidedtobuildagreenlogisticsfacilityonafor-mercoalmineinthetownofDorsten,inthenorthwestoftheregion,whileIndianIT group Tata Consultancy,a long-standing investor in North Rhine-Westphalia,has added a new regionaldeliverycentreinthecityofBonn.www.fDiIFebruary/March 2024PANATTONIPLANSTO BUILDA 22-ACRELOGISTICSDEVELOPMENTIN WESTSUSSEX31REGIONSWINNERSEUROPEANCITIESANDREGIONSOFTHEFUTURE2024RANK CITYCOUNTRY1Paris Region(le-de-France)France2South East EnglandUK3North Rhine-WestphaliaGermany4BavariaGermany5Baden-WurttembergGermany6ScotlandUK7HesseGermany8CataloniaSpain9Comunidad de MadridSpain10East of EnglandUKTOP 10 LARGE EUROPEAN REGIONS OF THEFUTURE 2024 OVERALLRANK CITYCOUNTRY1Paris Region(le-de-France)France2North Rhine-WestphaliaGermany3South East EnglandUK4Comunidad de MadridSpain5ScotlandUK6Baden-WurttembergGermany7BavariaGermany8Masovian VoivodeshipPoland9Auvergne-Rhne-AlpesFrance10CataloniaSpainTOP 10 LARGE EUROPEAN REGIONS OF THEFUTURE 2024 HUMAN CAPITAL ANDLIFESTYLERANK CITYCOUNTRY1HesseGermany2East of EnglandUK3North Rhine-WestphaliaGermany4BavariaGermany5ScotlandUK6Lower SaxonyGermany7AndalusiaSpain8Provence-Alpes-Cote dAzur France9North West EnglandUK10Paris Region(le-de-France)FranceTOP 10 LARGE EUROPEAN REGIONS OF THEFUTURE 2024 CONNECTIVITYRANK CITYCOUNTRY1Paris Region(le-de-France)France2South East EnglandUK3BavariaGermany4Baden-WurttembergGermany5North Rhine-WestphaliaGermany6CataloniaSpain7ScotlandUK8Masovian VoivodeshipPoland9Comunidad de MadridSpain10FlandersBelgiumTOP 10 LARGE EUROPEAN REGIONS OF THEFUTURE 2024 ECONOMIC POTENTIALRANK CITYCOUNTRY1Ankara RegionTrkiye2Izmir RegionTrkiye3SilesianPoland4Masovian VoivodeshipPoland5AndalusiaSpain6Istanbul RegionTrkiye7Valencian CommunitySpain8CataloniaSpain9SaxonyFrance10Hauts-de-FranceFranceTOP 10 LARGE EUROPEAN REGIONS OF THEFUTURE 2024 COST EFFECTIVENESSRANK CITYCOUNTRY1South East EnglandUK2North Rhine-WestphaliaGermany3Paris Region(le-de-France)France4BavariaGermany5HesseGermany6ScotlandUK7Baden-WurttembergGermany8CataloniaSpain9East of EnglandUK10North West EnglandUKTOP 10 LARGE EUROPEAN REGIONS OF THEFUTURE 2024 BUSINESS FRIENDLINESSWinners:LargeEuropeanregions“THE RECOGNITION OF OUR ATTRACTIVENESSSTRATEGY ENCOURAGES US TO CONTINUEWORKING TOGETHER TO PROMOTE PARISREGION INTERNATIONALLY”LIONEL GROTTO,CEO,CHOOSE PARIS REGIONFebruary/March 2024www.fDiINORTH HOLLAND STAYS TOP BUT BERLIN CLIMBS TO SECOND PLACEEuropean Cities and Regionsof the Future 2024Winners Mid-sizedregionsThe region spanning the Germancapital came out on top in the HumanCapital and Lifestyle sub-categoryand placed third in the EconomicPotential sub-category.One standout investment from2023wasDutchdeveloperVanCaems1bn investment in a 100 megawattdata centre in Berlin,which isexpected to become the largest in theregion,covering nearly 30,000 sq m.This makes Van Caem the biggestinvestor in the region to-date.Last year,its top FDI sectorsinclude software and IT services,business services,financial servicesand real estate.Uusimaa,FinlandThe Finnish region of Uusimaa main-tains its third place position amongmid-sized European regions,thanksto its performance in the EconomicPotential and Connectivity sub-cate-gories.Finlands most populous region ishome to the countrys capitalHelsinki.In 2023,Uusimaa scored arecord amount of greenfield invest-ment,with an estimated$4.6bn inFDI inflows.The main boost camefrom Norways Blastr Green Steel,32REGIONSWINNERSEUROPEANCITIESANDREGIONSOFTHEFUTURE2024North Holland,NetherlandsNorth Holland came out on top onceagain in fDis Mid-sized regions cate-gory,coveringthosewithapopulationbetween 1.5 million and four million.The coastal province in the north-west of the Netherlands is home toAmsterdamandHaarlem.Avitalpartof the Dutch economy,the Amster-dam Metropolitan Area alone countssome 3,100 international companies,according to government estimates.The region bagged a number ofheadquarter investments over thecourse of 2023.UK pharmaceuticalcompany AstraZenecas subsidiaryNeogene Therapeutics is opening anew European headquarters inAmsterdam,while Chinese automo-tive company Geelys premium EVbrand Zeekr relocated its Europeanheadquarters from Gothenburg,Sweden to Amsterdam.In fDis sub-categories,the regioncame out on top for EconomicPotential,Business Friendliness andConnectivity.Berlin Region,GermanyThe Berlin region rose in this yearsranking to place second in the Mid-sized regions category.which unveiled plans to invest 4bntoestablishagreensteelplantwithanintegrated hydrogen production facil-ity in Inkoo,just to the west ofHelsinki.It is expected to produce 2.5million tonnes of green steel annuallyand will serve markets in Europe.Berlin welcomed 1bn from Dutch developer Van Caemwww.fDiIFebruary/March 202434REGIONSWINNERSEUROPEANCITIESANDREGIONSOFTHEFUTURE2024RANK REGIONCOUNTRY1North HollandNetherlands2Berlin RegionGermany3UusimaaFinland4South HollandNetherlands5Capital Region of Denmark Denmark6Stockholm CountySweden7Canton of ZrichSwitzerland8Hamburg RegionGermany9North BrabantNetherlands10Bucuresti-IlfovRomaniaTOP 10 MID-SIZED EUROPEAN REGIONS OFTHE FUTURE 2024 OVERALLRANK REGIONCOUNTRY1Berlin RegionGermany2Stockholm CountySweden3Vienna RegionAustria4South HollandNetherlands5North HollandNetherlands6Lisboa RegionPortugal7Bucuresti-IlfovRomania8Capital Region of Denmark Denmark9Hamburg RegionGermany10AtticaGreeceTOP 10 MID-SIZED EUROPEAN REGIONS OFTHE FUTURE 2024 HUMAN CAPITAL ANDLIFESTYLERANK REGIONCOUNTRY1North HollandNetherlands2WalloniaBelgium3North BrabantNetherlands4Canary IslandsSpain5North East EnglandUK6South HollandNetherlands7Hamburg RegionGermany8Basque CountrySpain9UusimaaFinland10Capital Region of Denmark DenmarkTOP 10 MID-SIZED EUROPEAN REGIONS OFTHE FUTURE 2024 CONNECTIVITYRANK REGIONCOUNTRY1North HollandNetherlands2Capital Region of Denmark Denmark3Berlin RegionGermany4UusimaaFinland5Stockholm CountySweden6Canton of ZrichSwitzerland7Hamburg RegionGermany8South HollandNetherlands9Bucuresti-IlfovRomania10North BrabantNetherlandsTOP 10 MID-SIZED EUROPEAN REGIONS OFTHE FUTURE 2024 ECONOMIC POTENTIALRANK REGIONCOUNTRY1BosniaBosnia-Herzegovina2Kocaeli RegionTrkiye3Sud-EstRomania4Nord-EstRomania5Sud-VestRomania6SudRomania7CentruRomania8Nord-VestRomania9VestRomania10Kyiv OblastUkraineTOP 10 MID-SIZED EUROPEAN REGIONS OFTHE FUTURE 2024 COST EFFECTIVENESSRANK REGIONCOUNTRY1North HollandNetherlands2Lower SilesianPoland3Berlin RegionGermany4Lesser PolandPoland5South HollandNetherlands6Greater PolandPoland7Pomeranian VoivodeshipPoland8Canton of ZrichSwitzerland9North East EnglandUK10d RegionPolandTOP 10 MID-SIZED EUROPEAN REGIONS OFTHE FUTURE 2024 BUSINESS FRIENDLINESSWinners:Mid-sizedEuropeanregionswww.fDiIFebruary/March 2024“BRABANT STANDSOUT AS ONE OF THEMOST INNOVATIVE,SMART,ANDFAST-GROWINGECONOMIES IN THENETHERLANDS”BRIGIT VAN DIJK VAN DEREIJT,CEO,BRABANTDEVELOPMENT AGENCYEuropean Cities and Regionsof the Future 2024Winners Small regionsout on top for Human Capital andLifestyle in fDis sub-category andplacedinthetop10forConnectivity.AccordingtofDiMarkets,theregionsecured its first renewable energyinvestment for a decade.Polish powerutilityPolenergiasphotovoltaicsubsidi-ary opened an office in Prague in 2023,whichwillservethedomesticmarket.LuxembourgThe region including and surroundingthe financial hub of Luxembourg hasreached podium-position this year,thanks to its world-class talent,globalstanding as a financial hub and pro-businessgovernment.Nearly three-quarters of the pro-jects recorded into the Luxembourgregion have flown into the city ofLuxembourg.The regions top FDI sec-tors are financial services,software andIT services and business services.Itplaced in the top three for EconomicPotentialinfDissub-category.Irish mobile and cloud securitycompany CWSI announced that it willexpand its office in Capellen,a town inthe southwest of the country,as part ofits plans to expand across Ireland,UK,Belgium,LuxembourgandtheNetherlandsby2026.REGIONSWINNERSEUROPEANCITIESANDREGIONSOFTHEFUTURE2024DublinRegion,IrelandOnceagain,CountyDublinhaswonfDiscategory for European Small Regions oftheFuture,definedasthosewithapop-ulationoflessthan1.5million.As Irelands economic engine room,the region benefits from a deep talentpool,established reputation and busi-nessinfrastructure.Lastyear,onenota-bleinvestmentoutsideDublinitselfwasUK industrial developer Chancerygatesplans to establish the Airport TradePark development in Swords,a town10kmtothenorthofDublin.Morethanhalfofthegreenfieldpro-jects into Ireland between January andNovember 2023 were recorded inCounty Dublin.In fDis sub-categories,the region secured top spot among itsEuropean peers for Economic PotentialandBusinessFriendliness.PragueRegion,CzechRepublicMoving up a position this year,thePrague Region secured second placethanks to its skilled workforce,centrallocationinEuropeandinfrastructure.Its top foreign investment sectorsarerealestate,softwareandITservices,and transport and warehousing,withrealestateaccountingfornearly30%ofits inflows since 2014.The region came35DUBLIN REGION STAYS TOP,WHILE THE PRAGUE REGION CLIMBS ONE PLACELuxembourg city accounts for almost three-quarters of new projects in the regionFebruary/March 2024www.fDiI36RANK REGIONCOUNTRY1Dublin RegionIreland2Prague RegionCzech Republic3Luxembourg RegionLuxembourg4Oslo CountyNorway5Vilnius CountyLithuania6Skane CountySweden7South-West RegionIreland8Canton of GenevaSwitzerland9Canton of ZugSwitzerland10Brussels Capital regionBelgiumTOP 10 SMALL EUROPEAN REGIONS OF THEFUTURE 2024 OVERALLRANK REGIONCOUNTRY1Prague RegionCzech Republic2Oslo CountyNorway3Skane CountySweden4Canton of VaudSwitzerland5Riga RegionLatvia6Vilnius CountyLithuania7Dublin RegionIreland8Sofia CityBulgaria9Utrecht(province)Netherlands10Bratislava RegionSlovakiaTOP 10 SMALL EUROPEAN REGIONS OF THEFUTURE 2024 HUMAN CAPITAL ANDLIFESTYLERANK REGIONCOUNTRY1Balearic IslandsSpain2Skane CountySweden3Southern DenmarkDenmark4Rogaland countyNorway5Canton of GenevaSwitzerland6Brussels Capital regionBelgium7Bremen RegionGermany8Limburg RegionNetherlands9Oslo CountyNorway10Prague RegionCzech RepublicTOP 10 SMALL EUROPEAN REGIONS OF THEFUTURE 2024 CONNECTIVITYRANK REGIONCOUNTRY1Dublin RegionIreland2South-West RegionIreland3LuxembourgLuxembourg4Canton of ZugSwitzerland5Oslo CountyNorway6Prague RegionCzech Republic7Canton of VaudSwitzerland8Canton of GenevaSwitzerland9Brussels Capital regionBelgium10Vilnius CountyLithuaniaTOP 10 SMALL EUROPEAN REGIONS OF THEFUTURE 2024 ECONOMIC POTENTIALRANK REGIONCOUNTRY1Ruse ProvinceBulgaria2Stara ZagoraBulgaria3Burgas ProvinceBulgaria4Skopje Statistical RegionNorth Macedonia5Varna ProvinceBulgaria6Plovdiv ProvinceBulgaria7Sofia ProvinceBulgaria8Sofia City ProvinceBulgaria9Kaunas CountyLithuania10Vilnius CountyLithuaniaTOP 10 SMALL EUROPEAN REGIONS OF THEFUTURE 2024 COST EFFECTIVENESSRANK REGIONCOUNTRY1Dublin RegionIreland2Prague RegionCzech Republic3Harju CountyEstonia4Canton of ZugSwitzerland5Luxembourg RegionLuxembourg6Bratislava RegionSlovakia7Vilnius CountyLithuania8UtrechtNetherlands9Sofia City ProvinceBulgaria10Brussels Capital regionBelgiumTOP 10 SMALL EUROPEAN REGIONS OF THEFUTURE 2024 BUSINESS FRIENDLINESSWinners:SmallEuropeanregionsREGIONSWINNERSEUROPEANCITIESANDREGIONSOFTHEFUTURE2024www.fDiIFebruary/March 2024THE PARIS REGION AND NORTHERN IRELANDCONTINUED TO IMPRESS THE JUDGESEuropean Cities and Regionsof the Future 2024Winners FDI Strategy(regions)ing FDI on its environmental,socialandgovernance(ESG)policies,andfis-cal impacts in line with consultancyRolandBerger.With a vibrant tech scene,theregion counts some 12,000 start-upsand more than 250 incubators andaccelerators.The regions sectors ofinterestinclude:mobility,inparticularsustainable electric or hydrogen trans-port;cleantech;energy;sustainablecit-ies;health;plant-based food and thecircular economy;IT services;andfinancialservices.Northern Ireland,UKNorthern Ireland has once againwon the FDI Strategy award for Mid-sizedregionsin2023,thankstoseveralinitiatives that caught the judgesattention.Amongsuchinitiativesistheglobaldiaspora initiative for the region:Northern Irish Connections.Its funda-mental aim is to engage with theNorthern Irish diaspora globally,so asto bring that talent and entrepreneur-ship back to the region and boostgrowth.The regions investment promotionagency Invest NI also published its ESGstrategy framework last year.Its ESGambitionsupto2030includethedecar-bonisation of its own and its clientsoperations,and the establishment of acirculareconomyinNorthernIreland.Mid-West Region,IrelandIrelands Mid-West Region climbed tothe top spot in the FDI strategy cate-goryforSmallregions,onaccountofanimpressive plan to boost investmentoutsideofDublin.With more companies looking tolocate to regions outside of Dublin and38REGIONS:FDISTRATEGYEUROPEANCITIESANDREGIONSOFTHEFUTURE2024ThewinnersofthisyearsregionalFDIStrategyawardswerechosenfrom a pool of 48 investmentpromotion agencies.Once again,thejudgesconsideredParisRegion(le-de-France)to have the best foreign directinvestment(FDI)strategy amongthe large regions.In a similar vein,Northern Ireland kept its crown in theMid-sizedregioncategoryandIrelandsMidwest region climbed to have theforemost FDI strategy among smallEuropeanregions.ParisRegion(le-de-France),FranceFollowing on from last year,when itreceived the FDI Strategy award forlargeregionsalongsideSpainsCatalonia,the Paris Region continuedto impress the judges in this yearsEuropeancitiesranking.In addition to all the reasons out-lined above for it winning fDis LargeEuropean region of the future,theregion surrounding the French capitalhas also sought to actively engage inassessing its own economic develop-mentstrategies.Itsinvestmentpromo-tion agency Choose Paris Region hasalso started looking at ways at evaluat-www.fDiIFebruary/March 2024THEPARISREGIONCOUNTSSOME12,000START-UPSANDMORETHAN250INCUBATORSANDACCELERATORS“NORTHERN IRELAND IS NOW THEONLY REGION IN THE WORLD WITHTARIFF-FREE ACCESS TO BOTH THEGB AND EU MARKETS”STEVE HARPER,EXECUTIVE DIRECTOR,INTERNATIONAL BUSINESS&SKILLS,INVEST NI“THE REGION IS A PLACE WHEREBUSINESSES CAN THRIVE IN ASUPPORTIVE,FORWARD-LOOKING,AND OPEN-MINDED ENVIRONMENT”SONJA WOLLKOPF WALT,MANAGING DIRECTOR,GREATER ZRICH AREAavail themselves of remote working,IDA Ireland,the countrys investmentpromotion agency,introduced aregional property programme toensure the supply of land,buildingsandinfrastructureinregionallocationsas required by current and prospectiveclients.This has allowed companies,new and existing,to invest more easilyinregionallocations,suchasLimerick.Following US pharmaceutical com-panyEliLillys$1bnbiopharmaceuticalfacility in Limerick,announced in2022,the region welcomed US semi-conductor company Analog Devicessinjection of 630m into its Europeanregional headquarters in Limerick in2023.Elsewhere,Danish energy com-pany rsted announced in 2023 that itwill develop a 43.2 megawatt windfarminCountyTipperary.Covering the counties of Limerick,ClareandTipperary,theregionishometo pharmaceuticals,medical devices,renewable energy,semiconductors,software and IT services,among othersectors.REGIONS:FDISTRATEGYEUROPEANCITIESANDREGIONSOFTHEFUTURE2024SPOTLIGHTONCORKPARTNERCONTENTECONOMICSTRENGTHCork City has been included in the top 10 ofvarious categories in fDis Small EuropeanCitiesoftheFuture2023awardsandhasbeennamedastheno.1SmallEuropeanCityoftheFuture2024 forFDIStrategy.Located in Irelands southwest region,CorkCity is Irelands second largest city home to apopulationof222,333peoplewhichisexpectedtoincreaseby50-60%overthenext20years.Contributing roughly 20%of Irelands nationalGDP Cork City is Irelands second largest eco-nomicdriver.Corkishometoover200multinationalcompa-niesincluding7ofthetop10globalpharmaceuti-cal companies which form a stunning cluster ofmedicaldevicesandbiopharmacompanieswhoare driving the future of healthcare,such asBostonScientific,Johnson&Johnson,andStryker.Therearealsomanyindigenousandmultinationalfirmsoperatinginthesoftware,lifesciences,finan-cial,businessservices,engineering,agri-food,andmaritimesectorsandCorkisprivilegedtohosttheEuropeanheadquartersofAppleandNetApp.CorkCitywasalsoawardedthirdplaceintheEuropeanRisingInnovativeCitycategoryatthe2023EuropeanCapitalofInnovationAwards.Human Capital and SkillsGlobal leaders are attracted by Cork Citys hotbed of skills and talent,many of whom havebeenprimedbyanimpactfulthird-leveleduca-tionsystemdrivenbytwoofIrelandsmostpres-tigiousuniversities,UniversityCollegeCork,andMunster Technological University.There areover35,000studentsenrolledinbothuniversi-ties which produce over 10,000 ambitious andmotivatedscience,engineering,technology,andbusinessgraduatesayear.Quality InfrastructureCorkCityisacriticalcentreofgrowthinIrelandsNationalDevelopmentPlanandwillsignificantlydevelopscaleandcapabilityasakeyeconomicdriverforIreland.Asaresult,significantinvest-ments have been made by regional,national,and international property developers andagentsmostnotablyintheCorkCityDocklandsredevelopmentwhichisonethelargestredevel-opmentsinEurope.Cork City offers a variety of prime Grade Aand LEED Dynamic office spaces which are30-50%cheaper than Dublin.The continueddevelopment and investment in high-qualityofficespacesinCorkCitysignalsconfidenceforcontinuedeconomicgrowthandjobcreation.ConnectivityCorkCityiswellconnected,agatewaytoEuropeforcenturies,CorkCitysconnectivityisboostedbyIrelandssecondlargestairport,Corkairport.CorkAirportislocatedjust7kmoutsidethecitywhich provides access to almost 50 interna-tionaldestinations.ContactJohnCrottyWeareCorkjohn_crottycorkcity.iewww.wearecork.ieSponsored by40RANK REGIONCOUNTRY1Paris Region(le-de-France)France2West MidlandsUK3North Rhine-WestphaliaGermany4CataloniaSpain5Emilia-RomagnaItaly6PiemonteItaly7LombardyItaly8MadridSpain9SilesiaPoland10AndalusiaSpainTOP 10 LARGE EUROPEAN REGIONS OF THEFUTURE 2024 FDI STRATEGYRANK REGIONCOUNTRY1Northern IrelandUK2BrabantNetherlands3Greater Zrich AreaSwitzerland4TuscanyItaly5PomeraniaPoland6West YorkshireUK7DnipropetrovskUkraine8Northern NetherlandsNetherlands9MalopolskaPoland10Aix-Marseille-ProvenceFranceTOP 10 MID-SIZED EUROPEAN REGIONS OFTHE FUTURE 2024 FDI STRATEGYRANK REGIONCOUNTRY1Mid-West Region of Ireland Ireland2The West of IrelandIreland3LeipzigGermany4Ireland South EastIreland5LimburgNetherlands=6HighlandScotland=6Krapina Zagorje CountyCroatia8The Midlands RegionIrelandof Ireland9Stara ZagoraBulgaria10Basel AreaSwitzerlandTOP 10 SMALL EUROPEAN REGIONS OF THEFUTURE 2024 FDI STRATEGYREGIONS:FDISTRATEGYEUROPEANCITIESANDREGIONSOFTHEFUTURE2024Analog Devices investeda further 630m inLimerick in 2023www.fDiIFebruary/March 2024“THIS UNDERLINESOUR COMMITMENTTO SUSTAINABLEDEVELOPMENT ANDSTRENGTHENS THEDISTRICT OF LEIPZIGAS A LEADINGLOCATION FORFORWARD-LOOKINGINVESTMENTS”HENRY GRAICHEN,DISTRICTADMINISTRATOR LEIPZIGJUDGESEUROPEANCITIESANDREGIONSOFTHEFUTURE202441JUDGING PANELCarolinaArriagada PetersCarolinaArriagadaPeters is one of the veryfew FDI consultantsspecialisedinthecompleteinvestorlifecycle.As MD ofCities&Collaborationand training ,she is a sought-aftersenior advisor and trainer for investmentpromotion and economic developmenthelping them“master FDI faster”.Herbook Investment Aftercare Explained hasbecome the reference guide for aftercarepractitionersaroundtheworld.JacopoDettoniJacopo Dettoni is theeditor of fDi Intelli-gence,where he leadsthe titles multimediaeditorial coverage andstrategic development.Prior to joining fDi,helived and reported inEurope,Asia and Latin America,coveringsome of the worlds fastest-growingeconomiesforinternationalmedia.Heisaregular speaker and moderator at eventsdiscussing the perks and perils of globaltrade and investment.He holds a mastersdegree in economics and finance from theCatholic University of Milan,Italy,wherehe focused on trade policies and economicwelfare.Sean DugganSean Duggan is a direc-tor with a specialistlocation developmentconsultancy,ILSAConsulting.He is an economistand investment promo-tion specialist.He hasmore than 35 years experience in eco-nomic and industry policy and strategy.This includes more than 20 years experi-ence in economic and location develop-ment and competitiveness,and invest-mentpromotion.During his career,Sean has deliveredmore than 140 programmes and projectsin 30 countries,working with numerousgovernment,economic development,andinvestmentpromotionorganisations.Currently on a gap decade,Seans focusin on working in good sandpits with arangeofgoodpeopleandinterestingtoys.Judith ODohertyJudith ODoherty is theFounderofeutopia.eutopiaprovidesplace-based analyticsand marketing servicestolocalgovernmentandeconomic developers tod i r e c tp l a c edevelopment activities,enhance placemarketing and support effective placemanagementtoimprovecompetitiveness.Judith has more than 20 yearsexperience in investment promotion inboth the private and public sector withorganisations including OCO Global,Wavteq and Invest Northern Ireland.Judith works with a range of clients acrossEurope and the US to enhance theirinvestment propositions and has leddevelopment of place and economicbrands for cities and regions.eutopia hasdeveloped a unique methodology forranking places as areas in which to invest,live,visitandstudy.Seth OFarrellSeth OFarrell is globalinvestmentreporterforfDiIntelligence,aspecialistpublicationatthe Financial Times,wherehecoversforeigndirect investment andgeopoliticswithaparticular focus on renewable energy andChina.HepreviouslyworkedatMandateWire,another FT Specialistpublication,reporting on institutionalinvestors in Italy,the UK and France.Hespeaks French,Mandarin and Italian andholds a degree in Modern Languages fromtheUniversityofOxford.February/March 2024www.fDiI42ECONOMICPOTENTIAL Populationgrowthrate Unemploymentrate(%)Inflation GDP(PPPcurrentintl$)(millions)GDPpercapita(PPPcurrentintl$)GDPForecast(averageannualgrowthrate,%)(2021-2026)GDPaverageannualgrowthrate(%)OutwardFDI(H22018H12023)OutwardFDIper100,000people(H22018H12023)InwardFDI(H22018H12023)InwardFDIper100,000people(H22018H12023)NominalgrowthininwardFDIprojectsper100,000people(October2012September2017)vs(October2018September2023)InwardFDIinR&DandDDTper100,000people(H22018H12023)InwardFDIinadvancedmanufacturingper100,000people(H22018H12023)Numberofmegaprojectsbyjobs(over1000jobs)Numberofmegaprojectsbycapex(over$100m)(H22018H12023)per100,000people Numberofmegaprojectsbycapex(over$100m)Numberofmegaprojectsbyjobs(over1000jobs)(H22018H12023)per100,000peopleDATA POINTS CapitalexpenditureonR&Dprojects($)(H22018H12023)Numberofpatents20132022 Numberofpatentsper100,000people2013-2022HUMANCAPITALANDLIFESTYLE Labourforceparticipationrate,total(%oftotalpopulationages15 )(modelledILOestimate)Secondaryeducationalattainment Tertiaryeducationalattainment Educationexpenditure(%ofGDP)Numberofstudents Numberofstudentsper100,000people Numberofhighereducationinstitutions Numberofhighereducationinstitutionsper100,000people NumberofIBSchools NumberofTop500Universities Overqualificationratesbyeconomicactivity Lifeexpectancy SocialProgressIndex HumanDevelopmentIndex Numberofphysiciansper1000people Easeoffindingskilledemployees NumberofbusinessschoolsinGlobalMBArankings LiteracyrateCOSTEFFECTIVENESS Averageannualsalary($)forasemi-skilledworker Averageannualsalary($)foraskilledworker AnnualrentforprimeGradeAofficespace($persqm)AnnualrentforprimeGradeAindustrialspace($persqm)4*/5*hotelincitycentre($pernight)Minimumwage($)Bankoverheadcosts,%oftotalassets Householdconsumption:pricelevelsin2022 CostofLivingIndex Petrolprices($)Costofelectricity($perkwH)Corporationtaxrate(%)VAT/commonindirecttaxrate(%)Taxas%ofGDPCONNECTIVITY Uploadspeed(mb/s)Downloadspeed(mb/s)MobileConnectivityIndex Numberofairportswithin80kmofthecity Numberofinternationaldestinationsserved Distancetonearestinternationalairport(km)Numberofportswithin100km(medium )Logisticsperformanceindex NetworkReadinessIndex EnvironmentalPerformanceIndex LPIInfrastructureScore Averagecommutetime Railnetwork Companiesinthetransportationsectorper100,000peopleBUSINESSFRIENDLINESS Totalnumberofcompanieswithintheknowledge-basedsector2023 Proportionofcompanieswithintheknowledge-basedsector2023 Totalnumberofcompanieswithintheknowledge-basedsector2023(per100,000people)NumberofjobscreatedbyallinwardFDI(H22018H12023)NumberofjobscreatedbyallinwardFDIper100,000people(H22018H12023)Numberofexpansion/colocationprojectsper100,000people(H22018H12023)FragileStatesIndex Numberoftop1000WorldBanks Corporationtaxrate(%)EnterpriseConditionsIndex(LegatumInstitute)IndexofEconomicFreedom CorruptionPerceptionIndex InvestmentEnvironmentIndex(Legatum)SafetyandSecurityIndex(LegatumInstitute)CreditratingTo create a shortlist for fDis EuropeanCities and Regions of the Future 2024,the fDi Intelligence division of theFinancialTimes collected data using thespecialist online FDI tools fDiBenchmark and fDi Markets as well asother sources.Data was collected for509 locations(330 cities,141 regionsand 38 LEPs),under five categories:Economic Potential,Human Capitaland Lifestyle,Cost Effectiveness,ConnectivityandBusinessFriendliness.Locations scored up to a maximum of10 points for each data point,whichwere weighted by importance to theFDI decision making process to com-pile the sub-category rankings as wellas the overall European Cities andRegionsoftheFuture2024ranking.In addition,surveys were collectedunderasixthcategory,FDIStrategy,forwhich there were 117 submissions.Inthis category,locations submitteddetailsabouttheirstrategyforpromot-ingFDI,whichwasthenscoredbyfDisjudgingpanel.Bonuspointswereawardedtoloca-tions ranking in the top 10 for FDIStrategywithintheirpopulationbrack-METHODOLOGYets.The highest-ranking location wasawarded an extra one point,on a slid-ing scale to 10th position,which wasawardedanadditional0.1point.Bonuspointscontributedtothescoresfortheoverall results tables,but not the fivecategoriesasmentionedabove.PopulationcategoriesmethodologyTo categorise cities,fDi consideredboth the population of the immediatecity and that of the larger urban zone(LUZ).In addition,where locationswere in the large or major categories,we took into consideration the loca-tions receipt of FDI as a percentage ofthecountrysoveralltotal.City size categoriesMajor cities:The cities in this categoryhad an immediate city population ofmore than 750,000 plus a LUZ of morethan 2 million,or a LUZ of over 4 mil-lionLarge cities:Cities with an immediatecity population over 500,000 plus aLUZ of over 1 million,or a LUZ over 2millionpeopleMid-sized cities:Cities with an immedi-atecitypopulationover200,000plusaLUZover750,000,oranimmediatecitypopulationover350,000Small cities:Cities with an immediatecity population between 100,000 and350,000Micro cities:Cities with an immediatecitypopulationbelow100,000City FDI parametersWhere a capital city was not classed asmajor by its population,we looked atits inward FDI figures.Any capital citywith a LUZ of over 1 million whichreceivedmorethan30%ofitscountrysFDI was upgraded to the Major cate-gory.Inaddition,welookedatFDIstatsfor any non-capital cities whose popu-lations classed as Major.Any citywhich received less than 10%of itscountrysFDIwasclassedasLarge.Regional size categoriesLargeregions:More than 4 million peo-pleMid-sized regions:Between 1.5 and 4millionpeopleSmall regions:Fewer than 1.5 millionpeopleMETHODOLOGYEUROPEANCITIESANDREGIONSOFTHEFUTURE2024www.fDiIFebruary/March 2024

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  • Questel:2024国际专利备案和审查现代化指南(英文版)(18页).pdf

    How to Modernize International Patent Filing and Prosecution 6 simple steps to centralize operations,control costs,and achieve strategic oversight IP Guide2Questels end-to-end international patent filing and cost-control solution supports IP teams to centralize operations,achieve strategic oversight,and control IP spend.Discover how we saved one client500,000500,000annually in international patent filing and prosecution costs on page 16.Increasing digitalization and modernization of legal operations have disrupted traditional ways of managing international patent filing and prosecution.By seizing on the opportunities offered by new technologies,including integrated global services,IP leaders can save valuable time,budget,and resources.The old ways of managing international patent filing and prosecution are becoming increasingly outdated in todays fast-paced,tech-driven work environments.As legal operations become ever more digitalized and modernized,IP teams that still rely on traditional networks and last-generation email processes risk expending precious time and internal resources managing routine but time-consuming administrative tasks,from docketing to invoice management.By centralizing the patent filing process through one trusted IP support specialist,such as Questel,multinationals can save time,build consistency,minimize risk,optimize in-house resources,achieve strategic oversightand realize immediate and significant cost savings.Ready to Rethink Your International Patent Filing and Prosecution Process?This IP Guide discusses six simple steps you can take to modernize and digitalize the international patent filing and prosecution process,including:-1.Why now is the right time to rethink your current processes and suppliers;-2.Where to draw the line between legal and purely administrative tasks;-3.How to set and achieve your operational objectives without disrupting day-to-day operations;-4.Common obstacles to change and how to overcome them;-5.What outcomes,including cost savings,to expect when switching processes or suppliers;and-6.How to start your journey to modernize international patent filing and prosecution with Questel today.Copyright 2024 Questel All rights reserved 3STEP 1:Assess the Need and Opportunities for ChangePatent drafting,translations,filing,prosecution,docketing,and annuities were once the sole responsibility of in-house IP professionals and their external legal advisors.However,over the past four decades,the administrative parts of these high-value but time-consuming tasks have been increasingly carved out and commoditized,thanks to specialist,technology-driven service providers.Nowadays,it is commonplace for IP departments and their law firm advisors to outsource many routine and administrative IP matters to specialist providers.Yet,most providers focus purely on high-volume or discrete tasks,such as annuities or translations,meaning that in-house teams must use multiple suppliers for international patent filing,adding unnecessary time and complexity to the process.As a result,many in-house teams are yet to consider the possibility of outsourcing many of the steps required for international patent filing despite the opportunities to cut costs and boost efficiency.Even if they have,existing processes and relationships may appear too engrained or risky to change,especially if there is no clear alternative model to adopt.Copyright 2024 Questel All rights reserved 4Introducing Questels Comprehensive SolutionQuestels alternative model applies dedicated tools,robust processes,and centralized solutions to leverage the administrative processes of international patent filing to reduce costs,improve efficiency,and free up internal resources.Traditionally,companies manage foreign filings either(1)directly with an in-house team in communication with various overseas law firms or(2)via an external local patent law firm partner(or a blend of the two).The first model requires companies to invest in attorney resources and administrative expertise to manage such work in-house,including processing and overseeing all translations,correspondence,and invoicing that such an approach entails.The second requires them to pay two law firms to be involved in all activities related to foreign filings,including often paying hourly legal fees for simple administrative tasks.We support our solution with a multi-pronged IP cost management approach to enable clients to achieve their specific cost control requirements,comprising the following key initiatives:-Structured/Standardized Fee Schedule to provide cost consistency across various jurisdictions.-Automated Invoice Review Management to simplify the in-house invoice process.-Invoice Audit and Compliance Monitoring to ensure accuracy and ongoing adherence to fee schedules.-Data Reporting and Benchmarking to improve budget management and track IP-related expenditures.Discover Our Alternative ApproachQuestels comprehensive solution offers companies a one-stop-shop for foreign filing that replaces the need to pay external law firm partners to act as a hub for national filings and translations and reduces the need to manage some or all work in-house.Copyright 2024 Questel All rights reserved 5STEP 2:Find the Right Balance Between Legal and Administrative TasksYou may be surprised to discover the wide range of patent filing and prosecution tasks you could manage more efficiently and cost-effectively by partnering with an IP administration specialist,such as Questel.While the laws and specific implementation mechanisms differ,most patent filing routes comprise a familiar set of administrative processes.Take,for example,Patent Cooperation Treaty(PCT)National Phase Entry(Figure 1)and Paris Convention filing(Figure 2).Here,the following administrative tasks can be streamlined and optimized:Figure 1:PCT National Phase Entry as an administrative task.-Application subject matter set in stone once filed;-Key dates for protection are fixed;-Act of national phase filings is entirely administrative;-“By filing one international patent application under the PCT,applicants can simultaneously seek protection for an invention in a large number of countries.”(WIPO)PCT International Application-Entering the national phase is a task ready for commoditization;-Filling out forms,paying fees,and submitting signed documents are all purely administrative;-Translations handled with filing;-Amendments can be made and filed,but the amendments are constrained by the original text;-Why pay legal fees for this formality?National Phase Filing-Amendments can be made;-Substantive prosecution(optimized legal spend);-Minor revisions and amendments combined with substantive prosecution responses(best practice);-Leave the real work to the experts;-Other post-filing admin tasks already outsourced;e.g.,annuities,form generation,etc.Post FilingCopyright 2024 Questel All rights reserved 6-Application subject matter set in stone once non-provisional is filed;-Key dates for protection are fixed;-Localization of application is possible,although at what cost?-With final version of application,filing internationally is entirely administrative.Priority Application-Entering the national phase is a task ready for commoditization;-Filling out forms,paying fees,and submitting signed documents are all purely administrative;-Translations handled with filing;-Localization must be done before filing.Questel can coordinate and manage this.Filing-Amendments can be made;-Substantive prosecution(optimized legal spend);-Minor revisions and amendments combined with substantive prosecution responses(best practice);-Leave the real work to the experts;-Other post-filing admin tasks already outsourced;e.g.,annuities,form generation,etc.Post FilingFigure 2:Paris Convention filing as an administrative task.Copyright 2024 Questel All rights reserved 7How Does This Look in Practice?Questels comprehensive translation,filing,and cost management solution enables clients and legal teams to focus on added-value legal advice,while Questel provides cost-effective technical and administrative support.Depending on your specific needs,you can centralize the whole translation and filing process with us or choose only specific services.We provide our IP cost management services as part of our filing bundle to ensure you realize the benefits of whichever approach you take(see Figure 3,below).Legal workAgents focus on added-value legal advice:Drafting,PCT,national prosecution:Client“new”set up with QuestelAdministrative and technical workQuestel provides cost-effective technical and administrative support:Foreign agentsLocal agentsCorporationOne point of contactSearch servicesRenewal servicesTranslation servicesFiling(incl.validation)formalitiesCost ManagementFee Schedule,ComplianceFigure 3:How Questels solution works in practice.Copyright 2024 Questel All rights reserved 8Our filing services reduce the time burden on in-house teams,eliminate local attorney fees,apply a uniform filing process for all jurisdictions,and save money on foreign attorney filing fees.You can also choose to maintain relationships with existing attorneys while benefiting from our invoice audit and compliance monitoring service,if you prefer(see Figure 4,below).Filing by Questel AgentProsecution by Client AgentQuestel Filing ServicesClientInstructs via:-Portal-Email-Bulk-IPMSQuestelPre-files:-Review file-Prepare documents-Translate,as applicable-Instruct agentsQuestel agent Files:-Uniform filing process across all jurisdictionsQuestelPost-files:-Report filing-Transfer application to client agent for prosecutionFigure 4:Questel filing process with preferred agents.Copyright 2024 Questel All rights reserved 9STEP 3:Set Your Operational ObjectivesCost savings may provide the original impetus for change,but modernizing and digitalizing your international patent filing and prosecution process can help you meet additional operational needs.From maximizing internal resources to building consistency across business entities,rethinking your international filing processes can help prepare your organization and IP to thrive in the years to come.Here are six operational objectives to consider when selecting solutions and service providers:-Better Use of Internal Resources:By outsourcing menial but essential IP admin tasks,you can free up internal teams to concentrate on higher-value tasks.-Build and Empower In-House IP Teams:A reliable,proactive,and quality-driven external IP admin partner will enable you to bring strategic work and knowledge back in-house.-Centralize and Bring Consistency Across Organizations:By choosing a single partner,you can consolidate the entire international patent filing and prosecution process to achieve consistency,oversight,and cost control.-Modernize/Digitalize Existing Processes and Tools:Your chosen partner should not only support you with tech-driven solutions that reduce email correspondence,manual data entry,and duplication of effort but also enable you to centralize and automate IP docketing data and workflows in your preferred IP management system.-Create Immediate and Significant Cost Savings:Through economies of scale,transparent service charges,and proactive cost control,your chosen solution should deliver immediate and significant cost savings for your business.-Set Yourself Up for Future Success:Modernize and digitalize your processes today,and you will be ready to integrate and optimize future developments in technology and service delivery.Copyright 2024 Questel All rights reserved 10Why Select an End-to-End Partner for Foreign Filing and Prosecution?Switching processes,suppliers,and technology should bring measurable outcomes,including but not limited to cost savings.By choosing a single partner,you can centralize the entire international patent filing and prosecution process,saving you time and budget and delivering customer service,process,and risk mitigation benefits:Customer service-Single project manager per client supported by patent admin team;-SLAs for response time,orderconfirmations,filing reports;-Feedback is reviewed monthlyfor continuous improvement.Robust process-Flexible and adaptable internal client workflow;-Repeatability,consistency,efficiency;-Purpose-built docket with 20 datapoints per filing.Risk mitigation-Three-eye policy for each filinginstruction;-Continuous docket monitoring(by automation and team members);-Data verification and controlled processto verify filingandpayment acceptance.Copyright 2024 Questel All rights reserved 11-96%client retention rate for Questels centralized model;-30%cost saving,typically,on translation and foreign filings.-No.1 foreign filer in the world;-50,000 foreign filings/year;-15 of the top 25 PCT filers use Questel;-10%of US priority filings by us;-50%of top US PCT filers use us;-80%of clients are Fortune 500.-No.1 patent translator globally;-100,000 patents translated/year;-1 billion words translated over the last three years alone;-WIPO translator provider;-ISO certified.Reasons to Partner With QuestelQuestel is a global leader in patent translation and foreign filing and a partner to the worlds top applicants and IP law firms.Copyright 2024 Questel All rights reserved 12STEP 4:Overcome Common Obstacles to ChangeChanging processes,suppliers,and technology can seem a challenging prospect to busy in-house teams.Thats why its so vital to work with a partner who can facilitate and support you through the transition and onboarding process.We commonly see three main obstacles to change when working with clients:-Complexity:Global operations are complex,so its only natural to be risk-averse when changing the tools or suppliers you use to administer your valuable and sensitive IP rights.By taking the time upfront to select the right solution and service provider for your needs,you can be confident of a smooth and secure transition that enhances,rather than risks,your ability to efficiently manage your IP portfolio.-Fear of Change:Clients may be dissatisfied with existing relationships/technology yet still rely on them to manage their day-to-day work.While it may feel tempting to put up with a familiar but far-from-ideal situation rather than risking the unknown of a new start,sticking to old-fashioned tools,processes,and suppliers will only damage productivity and performance in the longer term.-Time Concerns:Busy IP departments and law firms may justifiably feel they dont have the time or resources to rethink or upgrade their international filing and prosecution processes.Antiquated and administration-heavy tools,processes,and suppliers can ravage available resources,leaving little time or appetite to onboard a new solution.However,this situation will never change if the root cause of administrative overload is not addressed.Copyright 2024 Questel All rights reserved 13Questels ApproachQuestel works with organizations like yours to help them overcome these and other challenges.We will support you in assessing your current operations,identifying potential hurdles in advance,and providing details on how to manage them effectively:-Complexity:With a long history of servicing demanding global patent departments,we understand the challenges of international patent management and will design a process for you that works to reduce this complexity while minimizing risk.-Fear of Change:This fear is valid in an industry where the loss of a patent right can have significant consequences.We can support you in administering the transition period in stages to reduce hesitation.-Time Concerns:The onboarding process is critical for managing this specific challenge.By including a discovery phase of your internal processes,you can ensure that your chosen service provider fits in with minimal or no disruption to your day-to-day operations.Copyright 2024 Questel All rights reserved 14STEP 5:Ensuring the Right Outcomes for Your OrganizationFrom opportunities to make better use of internal resources to immediate and significant cost savings,global companies can realize substantial benefits by focusing on efficient resource allocation and proactive cost management.Here are some of the key outcomes and benefits we provide to our international filing and prosecution clients:-1.Substantial Cost Savings and Greater Cost Control:Questels cost containment initiatives for international patent filing and prosecution have resulted in 20-30%cost savings for some clients without negatively impacting portfolio quality or existing agent relationships.-2.Consistency Through Centralization:Whether you consolidate the entire international patent filing process with Questel or specific services,such as patent translation,we help clients realize measurable consistency gains.Whichever partner you choose,make sure they help you to:-Achieve consistent quality,rates,and service levels;-Improve transparency,visibility,and tracking of expenditure;-Reclaim decision-making control and oversight;-Benefit from economies of scale;and-Make significant cost savings.We routinely save our large,multinational clients 20% in annual patent translation fees while maintaining patent translation quality at the same level.A Smooth,Secure Process“Questel talked to me about foreign filings,how they could help me implement a worldwide flat fee schedule,and how they could audit once those fee schedules were in place.These were tasks I wasnt equipped to do myself,so I signed up!General Counsel,IP OperationsCopyright 2024 Questel All rights reserved 15-3.Operational Efficiencies:Our clients have realized major efficiency gains(and savings)by opting for Questels comprehensive translation,filing,and cost management solution.By modernizing and digitalizing the entire workflow,internal teams can spend less time on administrative tasks,with team efficiency improved,in some cases,by a multiple of four.Choose a Flexible Partner Who Will Design a Solution for YouWhile modernizing and digitalizing your international filing and prosecution process will enable you to review and rethink your current workflows,you shouldnt have to adopt an off-the-shelf solution without room for customization.The right partner should service your specific requirementsincluding integrating your preferred workflows,invoice formats/timings,and existing agent network securely into its processeswhile still providing a single point of contact for translations and filing instructions.Look out for an IP administrative specialist with change management experience,a dedicated client support team,and demonstrable experience coordinating international filing services to simplify and unlock added value for organizations.Questel provides a complete range of IP services via a single point of contact in your time zone to streamline processes,optimize delivery,and improve quality and efficiency.Thanks to our size and range of services,we can onboard large corporations and IP volumes,offer and integrate complementary services to our delivery model,and tailor-make solutions just for you.Contact us to find out moreContact us to find out more Ease of OnboardingOnboarding was easy,with the introduction phase of the new process pretty smooth.The Questel team is highly skilled and very well structured to configure the transfer and provide ongoing support.Copyright 2024 Questel All rights reserved 16A Case Study in Process Optimization and Cost ControlDiscover how Questels IP Cost Management solution enabled one client to save 500,000 in foreign patent filing and prosecution fees.Global technology group Heraeus previously used external patent law firms to manage most of the international filing process for its sophisticated global patent portfolio.As bringing responsibility for foreign filing management back in-house was not a viable option for the company,it began to seek a different model that would enable it to control costs without increasing headcount or the demands on its internal team.Solution:Efficient Resource Allocation and Proactive Cost ManagementQuestel tailored our comprehensive international filing services and proactive IP cost management solution for prosecution to enable Heraeus to achieve its objectives of efficient resource allocation and proactive cost management.We created a one-stop-shop for formal filing so internal teams could focus on additional substantive work and supported cost-effective delivery through a multi-pronged cost management approach:100%in-house steering&foreign filing via QuestelExternal attorneySupport only on demandClient(Hereaus)Translation&CoordinationFormal FilingLocal patent officePatent prosecution until grantHandoverForeign representative Legal requirementForeign patent offices 1234Questel manages all subsequent filingsCopyright 2024 Questel All rights reserved 17-Structured/standardized Fee Schedule to provide cost consistency across various jurisdictions,while seamlessly integrating with Heraeuss existing law firm relationships.-Automated Invoice Review Management to simplify the in-house invoice process,so that IP Counsel only need to review half the number of invoices as before.-Invoice Audit and Compliance Monitoring to ensure accuracy and ongoing adherence to fee schedules.-Data Reporting and Benchmarking to improve budget management and deliver a comprehensive understanding of IP-related expenditures.Result:Significant Cost and Time SavingsHeraeus was able to save 500,000 in annual foreign patent prosecution costs,including translations,by outsourcing its international patent filing program to Questel.This included saving 200,000 a year by successfully transitioning from full external representation without increasing headcount.A Model for the Future That Was Over a Decade in the MakingThe Heraeus-Questel collaboration offers companies a glimpse into an effective alternative to costly and resource-heavy approaches to international filing and prosecution that Questel has fine-tuned for over a decade.Through strategic planning and the application of innovative solutions,Heraeus not only realized significant cost savings but also improved its operational efficiency when managing international patent filings.Find out more:Discover more about Heraeuss journey to cost transparency by:Reading the case study in full,orWatching our joint presentation at IP Service World 2023.Copyright 2024 Questel All rights reserved 18STEP 6:Schedule a Call with a Subject Matter ExpertFind out how Questels integrated IP Cost Management and International Patent Filing&Prosecution solution could also save you time and money.Here are some of the key outcomes and benefits we provide to our international filing and prosecution clients:-Read more about our IP Cost Management and International Patent Filing Support services.-Speak to a Questel Subject Matter Expert about how to achieve substantial cost reductions for your own organization while maintaining superior patent quality.Questel is an end-to-end IP solutions provider to more than 20,000 clients and 1.5 million users across 30 countries.Alongside our comprehensive software suite for searching,analyzing,and managing inventions,patents,designs,trademarks,and domain names,Questel also provides services supporting the IP lifecycle,including searching,watching,international filing,translation,renewals,and recordals.These solutions,when combined with our IP cost management platform,deliver clients an average savings of 30-60ross the entire prosecution Copyright 2024 Questel All rights reserved

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  • Gartner:2024边缘分发平台市场指南报告(英文版)(24页).pdf

    Gartner,Inc.|G00795049Page 1 of 20Market Guide for Edge Distribution PlatformsPublished 29 April 2024-ID G00795049-21 min readBy Analyst(s):Amol Nerlekar,Brandon Medford,Peter KjeldsenInitiatives:Communications Industry Technology Insights;I&O PlatformsConverging CDN,web security and edge compute capabilities haveevolved the market for edge distribution platform offerings.Thisresearch helps CIOs select an edge distribution platform providerto support their global requirements for security,web performance,edge and streaming workloads.OverviewKey FindingsRecommendationsCIOs responsible for selecting edge distribution platforms must:Most edge distribution platform providers offer enhanced features such asserverless functions to enable code execution closer to the end users.However,adoption of edge distribution platforms for edge computing use cases remainsrelatively lower compared to web/app performance and security services.Cost optimization remains an important criterion for CIOs when adopting webperformance and security services and evaluating edge distribution platformproviders.The adoption of edge distribution platforms varies between organizations.Edgecomputing is predominantly adopted by organizations with higher digital maturity,but web/app performance and security remain the most widely adopted services inother organizations.Develop an edge distribution platform strategy and a roadmap that harmonizes theexisting and upcoming enterprise business and digital technology initiatives withoverall organizational objectives.Gartner,Inc.|G00795049Page 2 of 20Market DefinitionEdge Distribution Platform(EDP)is a highly distributed,edge-based,integrated networkand cloud delivery infrastructure.It provides as-a-service functionalities such as edgecompute and storage,web application and perimeter security,content and APIacceleration,and data and analytics and AI applications.Edge distribution platformproviders offer these functionalities by deploying network,compute,storage and cachingnodes across geographically distributed self-owned or third party data center locations.Figure 1 shows the functionalities and potential offerings provided from an edgedistribution platformFigure 1:EDP Functionalities and Potential OfferingsThe must-have capabilities for this market include:Develop an estimate of the bandwidth and other network requirements and securityfeatures necessary over the next two to three years.Evaluate the edge distributionplatform vendors.Also consider whether each vendor includes a zero overage pricingmodel at no additional cost or commitments.Ensure the edge distribution platform providers are able to meet your requirementsfor performance and security by considering factors such as providers points ofpresence(POPs)in the required geography,data sovereignty compliance,availability,routing optimization and security capabilities.Content delivery networks(CDNs)Web application and API protection(WAAP)Gartner,Inc.|G00795049Page 3 of 20The standard capabilities for this market are:The optional capabilities for this market are:Market DescriptionCDN providers,which traditionally offered networks for optimized delivery of content,haveevolved their networks into edge distribution platforms(EDP)that also offer compute,storage and developer tools enterprises can use to deploy edge-native applications.Theevolution helps EDP providers to meet the needs of enterprise customers beyond contentdelivery.Enterprises adopt EDP for three major use cases:In addition to enhanced security,these use cases help enterprise customers to:Edge-based cloud platforms with compute and storage capabilitiesSupporting video streaming workflowData and analytics and AI applicationsEnhancing performance by utilizing caching,route optimization,load balancing andfront-end optimization.Enhancing application security by utilizing web application firewall(WAF),distributed denial of service(DDoS)protection,bot mitigation and API protection(see Assessing CDNs for Improving Performance and Security in Web Applications).Allowing organizations to execute code closer to users by utilizing edge computeservices such as serverless functions.Lower the total cost of ownership versus owning and managing multiple edge-basedcomputing assetsEnable faster deployment of applicationsEnhance customer experience,application scalability and reliabilityProvide wider geographical reach while ensuring local data sovereignty requirementsare metImprove near-real-time automation and intelligence at the edgeGartner,Inc.|G00795049Page 4 of 20Figure 2:Benefits of EDP for OrganizationsEDP providers should provide must-have and standard capabilities in the followingcategories to meet current and future needs of the customers:Content delivery networks(CDNs):To improve web performance by deliveringdynamic and static web optimization,DNS optimization,origin shields,front-endoptimization,Secure Sockets Layer(SSL)and Transport Layer Security(TLS)certifications,Hypertext Transfer Protocol Version 3,and QUIC UDP internetconnections support.Web application/API protection:To enable protection at the perimeter with a focuson web application firewalls(WAFs),distributed denial of service(DDoS),botmitigation,TLS,enterprise app access,and security information and eventmanagement integration.Gartner,Inc.|G00795049Page 5 of 20In addition,EDP providers may support following optional capabilities:Market DirectionSegments Within EDP Market Show Varied Rates of GrowthDue to current economic headwinds,enterprises have increasingly become costconscious,even when there are needs to improve performance further and securing digitalassets is a top priority.Also,the edge compute segment of the EDP market,which allowsexecuting code closer to the users,has some overlap with other edge markets(see MarketGuide for Edge Computing).Typically,EDP providers offer compute capabilities such asserverless functions at the edge,either to perform lightweight activities such as executingJavaScript or to perform heavyweight compute-intensive activities such as Node.js,Python and Java runtimes.Enterprises planning to utilize edge infrastructure for runningtheir workloads may consider the following when evaluating use cases for edgedeployment:Edge/serverless:To offer compute and storage capabilities such as functionplatform as a service(PaaS),web developer platforms,key-value stores,objectstorage,and other cloud services for distributed workloads.These enable local andglobal edge code execution that automates the placement and ongoing operationsof latency and location-sensitive workloads closer to users and devices to enablecloud-out edge computing.Video streaming workflow:To support scalable and low-latency stream delivery,video ingest optimization,digital rights management,video encoding,CDN switchingand dynamic ad insertion for both on-demand and live video playout.Data and analytics and AI applications:To support data collection and deploymentof AI applications and inference models on the EDP infrastructure.There may be a need to process the data as close as possible to the data source torealize value.For lightweight compute activities,usually the data to be processed at the edge isephemeral in nature(less likely to be stored for months or years)and is most likelystored in key-value data stores.For heavyweight compute activities,usually an external database would be neededto store the data.Therefore,the overall stack for data processing,storage andretrieval should be optimized to meet the latency requirement for the workload.Gartner,Inc.|G00795049Page 6 of 20Across the different segments of the EDP market,Gartner expects the following evolutionsover the next year:EDP Providers Continue to Offer New and Enhanced CapabilitiesEDP providers continue to develop capabilities and enhance features in segments such assecurity,edge compute and storage.In addition to core compute cloud-like capabilities,some EDP providers also offer GPUs for executing AI-and generative AI-related workloadsand industry-specific solutions such as video optimization.EDP providers offer theseenhanced features to meet evolving demands from clients and address new industry-specific use cases.Market AnalysisWeb/API performance and security services that securely enhance end-user experienceand extend geographical reach continue to remain dominant use cases or segments formany enterprises to utilize an EDP.The edge compute segment,which is the newest offering from the EDP providers,is stillnot as widely adopted as the other two segments of EDP.According to the 2024 GartnerCIO and Technology Executive Survey,only 19%of respondents have already deployededge computing,and an additional 32%expect to deploy it by 2026(see Predicts 2024:Edge Computing Technologies Are Gaining Traction and Maturity).Reasons for the relatively lower adoption of edge compute segment among enterprisesinclude:Web/API performance:Offerings will continue to mature while price becomesincreasingly commoditized.The majority of growth of this segment is likely to becontributed by new customers or new workloads from existing customers.Web app/API security:Providers offer advanced security solutions.Adoption of suchsolutions will continue to increase due to the evolving nature of the threats thatenterprises need to protect their assets from.Edge/serverless:Adoption of compute and storage for production workloads at theedge will continue to grow as enterprises continue on their digital transformationjourney and modernize their legacy applications.Lower digital maturity of the specific vertical or industryGartner,Inc.|G00795049Page 7 of 20The adoption of edge computing is expected to grow as:The vendors in the EDP landscape typically fall under the categories of traditional CDNproviders or public cloud providers.Most of the EDP providers in both categories have ageographical reach across multiple continents,either through their own data center PoPsor through partners:Some of the factors that EDP providers use to differentiate their offerings are:Shortage of necessary skills and nascency of developer tools required to developand implement the industry-or vertical-specific edge applicationsLack of clear understanding of edge computings role in enterprise digitaltransformation,resulting in a siloed deployment of use cases instead of anenterprisewide edge compute strategyLack of a strong,flexible ecosystem in which partners offer solutions to addressdiverse use cases for an industry or a verticalDistributed application architecture becomes more pervasiveEdge applications maturePartner ecosystems evolveSuccess stories for edge computing deployments from other organizations becomeapparentEdge computing becomes a part of digital transformation initiative for organizationsTraditional CDN providers have enhanced their offerings from providing webapplication performance and security capabilities to providing cloud-like computeand storage capabilities.Public cloud providers have expanded their offerings to include features like webapplication security and edge compute capabilities.Comprehensive product offeringsPartnershipsPresence across different geographiesGartner,Inc.|G00795049Page 8 of 20In addition to needs for security,performance and compute capabilities,enterprises canconsider the above factors when selecting an EDP provider.Representative VendorsThe vendors listed in this Market Guide do not imply an exhaustive list.This section isintended to provide more understanding of the market and its offerings.Vendor SelectionGartner sizes the market at about 25 vendors that provide EDP solutions as outlined inthis guide.The vendors profiled in Table 1 were selected as representatives of the EDPmarket based on their product portfolios,market coverage and competitiveness as seenby the competitors,and progress in the past year.The offerings listed for individualvendors are the official products listed on the vendors webpages.Please note that thenumber of products/services is not necessarily indicative of all the capabilities of aspecific vendor in this market because each vendor uses different nomenclature orcategorization for features and products/services offered.Customized solutionsEase of onboardingPackaging/bundling to meet diverse buying needsSupport servicesGartner,Inc.|G00795049Page 9 of 20Table 1:Representative Vendors in Edge Distribution Platforms(Enlarged table in Appendix)Gartner,Inc.|G00795049Page 10 of 20Vendor ProfilesAkamaiAkamai,headquartered in Cambridge,MA,U.S.,is a publicly owned edge and cloudservices provider founded in 1998 that offers solutions for cloud,content delivery,securityand edge compute and storage.Akamais offering in the edge distribution platform market is the Akamai Connected Cloud,a globally distributed edge and cloud platform that businesses can leverage to develop,deliver and secure edge-native applications.The Akamai Connected Cloud includes cloud,security and delivery capabilities.Specific offerings include:Akamai has a global presence with clients in North America,Latin America,Europe,Eurasia,Greater China,Asia/Pacific,Middle East and North Africa,and Sub-SaharanAfrica.Alibaba CloudAlibaba Cloud is a subsidiary of Alibaba Group,a public company founded in 2009 andheadquartered in Hangzhou,China.It is a provider of cloud computing and AI-relatedservices.Alibaba Clouds offerings in the edge distribution platform market include:Ion,API Acceleration,Adaptive Media DeliveryAPI Security,App&API Protector,Edge DNS,Bot Manager,Cloud Firewall,DDoSProtectionEdgeWorkers,Dedicated CPU,Linode Kubernetes EngineBlock Storage,Object Storage,BackupsContent Delivery Network(CDN),Dynamic Content Delivery Network(DCDN)Cloud security productsEdge Node Service(ENS)Cloud storageGartner,Inc.|G00795049Page 11 of 20Although Alibaba Cloud operates globally,the majority of its business is done in theAsia/Pacific region,and China in particular.Amazon Web ServicesAmazon,headquartered in Seattle,Washington,is a publicly owned,multifacetedbusiness.Its cloud subsidiary,Amazon Web Services(AWS),offers a broad andcomprehensive range of services which includes solutions for content delivery,security,and edge compute and storage.AWSs offerings in the edge distribution platform market include:Amazon Web Services has a global presence,with clients in North America,Latin America,Europe,Eurasia,Greater China,Asia/Pacific,Middle East and North Africa,and Sub-Saharan Africa.AzionAzion is a privately owned edge network and solutions provider founded in 2011 andheadquartered in Palo Alto,U.S.Azion offers services related to edge and cloudcomputing,network,and security.Azions offerings in the edge distribution platform market include:CloudFront,AWS Global AcceleratorAWS Shield,AWS Web Application FirewallCloudFront Functions,CloudFront KeyValueStore,LambdaEdgeEdge Application,Edge Cache,Application AcceleratorEdge Functions,Image Processor,Load BalancerEdge Storage,Edge SQL,Edge KVEdge Firewall,DDoS Protection,Network Layer Protection,Web Application FirewallEdge DNS,Edge OrchestratorData Stream,Real-Time Metrics,Real-Time Events,Edge PulseGartner,Inc.|G00795049Page 12 of 20Azion operates globally,but has the majority of its business with North American clients.Baishan CloudBaishan Cloud,headquartered in Guiyang City,China,is a privately owned edge and cloudservice provider that was founded in 2015.Baishan Cloud offers services related to edgeand cloud computing,network and security.Baishan Clouds offerings in the EDP market include:Baishan Cloud has a global presence,with clients across North America,Greater China,Asia/Pacific,EMEA and North Africa.CloudflareCloudflare is a public edge and cloud services provider founded in 2010 andheadquartered in San Francisco,U.S.Cloudflare,a connectivity cloud company,offers anedge cloud platform that helps developers to develop,secure,run and deliver websites andapplications.Cloudflares offerings in the edge distribution platform market include:Edge Network for Wholesite Acceleration,Edge Download Delivery Network,EdgeStreaming Media Delivery Network,Global Application Acceleration at the Edge,Full-Link Edge AccelerationCloud WAF,Anti-DDoS,Edge Security Acceleration,Advanced Threat Detection(ATD),Bot Protection,API Security,Zero Trust Security Access,Secure Internet Gateway,Secure Intelligent Networking,Cloud Security Center(CSA)Edge Bare Metal Cloud,Edge Cloud Server,Serverless,Orchsym Hybrid IntegrationPlatform(iPaaS)CDNWorkers,Workers AI,Pages,R2,Images,StreamSingle-Vendor SASE,Security Services Edge(SSE),Zero Trust Network Access(ZTNA),Gateway,Cloudflare CASB,Cloudflare DLP,Remote Browser Isolation(RBI),Cloud Email SecurityGartner,Inc.|G00795049Page 13 of 20Cloudflare has a global presence,with clients in North America,Latin America,Europe,Eurasia,Greater China,Asia/Pacific,Middle East and North Africa,and Sub-SaharanAfrica.Conversant SolutionsConversant Solutions,headquartered in Singapore,is a privately owned edge network andsolutions provider that was founded in 2002.Conversant offers services related tonetwork,edge performance and security.Conversants offerings in the edge distribution platform market include:Conversants global edge network infrastructure spreads across 54 countries,with astrong focus in Southeast Asia.Conversant has clients across Europe,Eurasia,GreaterChina,Asia/Pacific,Middle East and North Africa.EdgenextEdgenext,headquartered in Singapore,is a privately owned edge network and solutionsprovider that was founded in 2022.Edgenext is an edge cloud service provider offeringproducts and services for networks,security and computing.EdgeNexts offerings in the edge distribution platform market include:Cloudflare WAF,Cloudflare Bot Management,Cloudflare Turnstile,DDoS protection,Page Shield,SSL/TLS EncryptionCache Reserve,Argo Smart Routing,API Gateway,Rate Limiting,Load BalancingSwiftServe Content Delivery Network(CDN),Low Latency Delivery Network,MediaServices,StorageBare Metal Server&ColocationWeb Application&API Protection(WAF,API security,bot management,DDoSmitigation).CDN,Live Streaming,Security CDNBare Metal Server,Virtual Private ServerAnti-DDoS,DNS SecurityGartner,Inc.|G00795049Page 14 of 20Edgenext has a presence in multiple countries,with clients across EMEA,Asia/Pacific,Greater China,North Africa and the Americas.EdgioEdgio,headquartered in Phoenix,U.S.,is a public company that provides edge networkservices for content delivery,security and web development.Following the acquisition ofEdgecast in 2022,Limelight Networks was rebranded as Edgio.Edgios offerings in the edge distribution platform market include:Edgio has a presence in multiple countries,with clients across EMEA,Asia/Pacific,GreaterChina,Africa and the Americas.FastlyFastly,Inc.,headquartered in San Francisco,U.S.,is a public company that was founded in2011.Fastly offers a globally distributed edge cloud platform that enables businesses toimprove site performance,enhance security and innovate by leveraging edge compute,delivery,security and observability offerings.Fastlys offerings in the edge distribution platform market include:Edgio Delivery,Edgio Open EdgeEdgio UplynkEdgio Performance,Edgio SitesEdgio SecurityContent Delivery Network(for delivery and streaming),On-the-Fly Packager,ImageOptimization,Media ShieldCompute,Key Value Store,FanoutReal-time Logging,Domain Inspector,Origin Inspector,Edge Observer,AlertsNext-Gen WAF,DDoS mitigation,Bot Managment,TLS Encryption,CertainlyLoad Balancer,Dedicated IP addresses,Origin ConnectGartner,Inc.|G00795049Page 15 of 20Fastly has a presence in multiple countries,with clients across EMEA,Asia/Pacific,Sub-Saharan Africa and the Americas.GcoreGcore did not respond to requests to review the draft contents of this research.Gartnersanalysis is based on publicly available information from other credible sources,includingGcores official webpages.Gcore,founded in 2014,is a provider of cloud and edge computing,content delivery,hosting and security solutions,with its headquarters in Luxembourg.Gcores offerings in the edge distribution platform market include:Gcore has a global presence,with connectivity in different countries in North America,Latin America,EMEA,Africa and Asia/Pacific.Google CloudGoogle Cloud,headquartered in Mountain View,U.S.,is a public provider of consumer andenterprise technologies.It offers solutions for content delivery,security,distributed cloud,and edge compute and storage.Google Clouds offerings in the edge distribution platform market include:Google Cloud has a global presence,with clients in North America,Latin America,Europe,Eurasia,Greater China,Asia/Pacific,Middle East and North Africa,and Sub-SaharanAfrica.Edge NetworkCloud Edge ServicesCloud CDN,Media CDNCloud ArmorCloud FunctionsGartner,Inc.|G00795049Page 16 of 20Huawei CloudHuawei Cloud,headquartered in Guian,China,is a technology company with services inareas ranging from infrastructure and communications to cloud services and enterprisesoftware.Huawei Clouds offerings in the edge distribution platform market include:Huawei Cloud has a presence in multiple countries,with its business largely concentratedin the Greater China and Asia/Pacific regions and operations primarily in South America,Europe,the Middle East and Africa.Kingsoft CloudKingsoft Cloud,headquartered in Beijing,China,is a cloud service provider in China.Kingsoft Cloud offers cloud computing services with solutions across different industries.Kingsoft Cloulds offerings in the EDP market include:Kingsoft Cloud has a presence in China and is executing its strategy to offer cloudcomputing services in different geographical regions.MicrosoftMicrosoft,headquartered in Redmond,U.S.,is a public provider of technology servicesspanning a wide range of capabilities from cloud infrastructure to end user software.Microsofts offerings in the edge distribution platform market include:Content Delivery Network,Global AcceleratorEdge Security(EdgeSec)Content Delivery NetworkServer Load Balancing,Cloud Container Instance,Cloud Serverless KubernetesWeb Application FirewallAzure Front Door(CDN)App Service,Azure FunctionsGartner,Inc.|G00795049Page 17 of 20Microsoft has a global presence,with clients in North America,Latin America,Europe,Eurasia,Greater China,Asia/Pacific,Middle East and North Africa,and Sub-SaharanAfrica.Tencent CloudTencent is a listed company,headquartered in Shenzhen,China.Tencent Cloud is asubsidiary of Tencent and offers technology and cloud services to enterprises.Tencent Clouds offerings in the edge distribution market include:Tencent Clouds international presence includes clients in Asia/Pacific,North America,Europe,and Middle East and Africa.Wangsu(CDNetworks)Wangsu(CDNetworks),headquartered in Singapore,is a privately owned company thatwas founded in 2000.In 2017,Wangsu,offering edge and cloud computing and services,acquired CDNetworks.CDNetworks and Wangsu together provide CDN,edge,cloudcompute and security services.Wangsu-CDNetworks offerings in the edge distribution platform market include:Wangsu(CDNetworks)has a presence in multiple countries,with clients acrossAsia/Pacific,Greater China,Europe,North America,Latin America,Middle East and NorthAfrica,and Eurasia.Web Application Firewall,Application GatewayTencent Cloud EdgeOne supporting features such as static content acceleration,dynamic content acceleration,global acceleration,smart web protection,rate-limitingadaptive Challenge Collapsar(CC)identification,DDoS protection,bot behavioranalysis,advanced access control,rules engine,edge serverless,rich monitoringmetrics and reports.Content Acceleration,Dynamic Web Acceleration,E-Connect,High-Speed DataTransmissionEdge Container Platform,Edge Computing Hosting,Object StorageGartner,Inc.|G00795049Page 18 of 20ZenlayerZenlayer is a privately owned company headquartered in Diamond Bar,U.S.Zenlayer wasfounded in 2014 and is a provider of edge cloud services.Zenlayers offerings in the EDP market include:Zenlayer has a global presence,with clients in all regions,but with the majority of clientsin North America and Asia/Pacific.Market RecommendationsCDN,Global AcceleratorEdge Data Center Services,Bare Metal Cloud,Virtual MachinesCloud Connect(for on-demand cloud connectivity),Cloud Router(for Layer 3 privateconnectivity),Private Connect(for Layer 2 point-to-point connectivity),Virtual Edge(for building private network),IP TransitIdentify opportunities to build differentiation or advance digital initiatives whereedge-based cloud compute can be leveraged across different business processes.Partner with business unit leaders to align current and future computing workloadsto your edge distribution platform strategy and build the necessary processes,skillsand support required to implement these workloads.Utilize the estimate of the bandwidth,other network requirements and securityfeatures necessary over the next two to three years to compare the pricing plansamong different vendors and shortlist them.Choose an EDP provider to ensure that its services are aligned to current futurebusiness transformational requirements.Dont lock in to a provider that cannotmatch your growth trajectory and evolving requirements.Gartner,Inc.|G00795049Page 19 of 20Evidence2024 Gartner CIO and Technology Executive Survey.This survey was conducted onlinefrom 2 May through 27 June 2023 to help CIOs determine how to distribute digitalleadership across the enterprise and to identify technology adoption and functionalperformance trends.Ninety-seven percent of respondents led an information technologyfunction.In total,2,457 CIOs and technology executives participated,with representationfrom all geographies,revenue bands,and industry sectors(public and private).Disclaimer:The results of this survey do not represent global findings or the market as a whole,butreflect the sentiments of the respondents and companies surveyed.Note 1:Gartners Initial Market CoverageThis Market Guide provides Gartners initial coverage of the market and focuses on themarket definition,rationale for the market and market dynamics.Document Revision HistoryMarket Guide for Global CDN-8 November 2021Market Guide for Global CDN-18 June 2020Market Guide for CDN Services-27 June 2019Market Guide for CDN Services-18 January 2018Recommended by the AuthorsSome documents may not be available as part of your current Gartner subscription.Market Guide for Edge ComputingPredicts 2024:Edge Computing Technologies Are Gaining Traction and MaturityCool Vendors in Edge ComputingMarket Guide for Cloud Web Application and API ProtectionGartner,Inc.|G00795049Page 20 of 20 2024 Gartner,Inc.and/or its affiliates.All rights reserved.Gartner is a registered trademark ofGartner,Inc.and its affiliates.This publication may not be reproduced or distributed in any formwithout Gartners prior written permission.It consists of the opinions of Gartners researchorganization,which should not be construed as statements of fact.While the information contained inthis publication has been obtained from sources believed to be reliable,Gartner disclaims all warrantiesas to the accuracy,completeness or adequacy of such information.Although Gartner research mayaddress legal and financial issues,Gartner does not provide legal or investment advice and its researchshould not be construed or used as such.Your access and use of this publication are governed byGartners Usage Policy.Gartner prides itself on its reputation for independence and objectivity.Itsresearch is produced independently by its research organization without input or influence from anythird party.For further information,see Guiding Principles on Independence and Objectivity.Gartnerresearch may not be used as input into or for the training or development of generative artificialintelligence,machine learning,algorithms,software,or related technologies.Gartner,Inc.|G00795049Page 1A of 4ATable 1:Representative Vendors in Edge Distribution PlatformsVendorHeadquartersIndicative OfferingsAkamaiCambridge,U.S.Ion,API Acceleration,Adaptive Media Delivery,APISecurity,App&API Protector,Cloud Firewall,DDoSProtection,Edge DNS,Bot Manager,EdgeWorkers,Dedicated CPU,Linode Kubernetes Engine,BlockStorage,Object Storage,Backups.Alibaba CloudHangzhou,ChinaCDN,Dynamic CDN(DCDN),cloud securityproducts,Edge Node Service(ENS),cloud storageAmazonSeattle,U.S.Amazon CloudFront,AWS Shield,AWS WAF,CloudFront Functions,CloudFront KeyValueStore,LambdaEdge,AWS Global AcceleratorAzionPalo Alto,U.S.Edge Application,Edge Cache,ApplicationAccelerator,Edge Functions,Image Processor,Load Balancer,Edge Storage,Edge SQL,Edge KV,Edge Firewall,DDoS Protection,Network LayerProtection,Web Application Firewall,Edge DNS,Edge Orchestrator,Data Stream,Real-TimeMetrics,Real-Time Events,Edge PulseBaishan CloudGuiyang City,ChinaEdge Network for Wholesite Acceleration,EdgeDownload Delivery Network,Edge Streaming MediaDelivery Network,Global Application Accelerationat the Edge,Full Link Edge Acceleration,CloudGartner,Inc.|G00795049Page 2A of 4AWAF,Anti-DDoS,Edge Security Acceleration,Advanced Threat Detection(ATD),Bot Protection,API Security,Zero Trust Security Access,SecureInternet Gateway,Secure Intelligent Networking,Cloud Security Center(CSA),Edge Bare MetalCloud(BMC),Edge Cloud Server,Serverless,Orchsym Hybrid Integration Platform(iPaaS)CloudflareSan Francisco,U.S.CDN,Workers,Workers AI,Pages,R2,Images,Stream,Single-Vendor SASE,Security ServicesEdge(SSE),Zero Trust Network Access(ZTNA),Gateway,Cloudflare CASB,Cloudflare DLP,RemoteBrowser Isolation(RBI),Cloud Email Security,DDoSprotection,Cloudflare WAF,Cloudflare BotManagement,Cloudflare Turnstile,Page Shield,SSL/TLS,Cache Reserve,Load Balancing,ArgoSmart Routing,API Gateway,Rate LimitingConversant SolutionsSingaporeSwiftServe Content Delivery Network(CDN),LowLatency Delivery Network,Media Services,Storage,Bare Metal Server&Colocation,Web Application&API Protection(WAF,API security,botmanagement,DDoS mitigation)EdgeNextSingaporeCDN,Live Streaming,Security CDN,Bare MetalServer,Virtual Private Server,Anti-DDoS,DNSSecurityEdgioPhoenix,U.S.Edgio Delivery,Edgio Open Edge,Edgio Uplynk,Edgio Security,Edgio Performance,Edgio SitesGartner,Inc.|G00795049Page 3A of 4AFastlySan Francisco,U.S.Content Delivery Network(for delivery andstreaming),On-the-Fly Packager,ImageOptimization,Media Shield,Compute,Key ValueStore,Fanout,Real-time Logging,DomainInspector,Origin Inspector,Edge Observer,Alerts,Next-Gen WAF,DDoS mitigation,Bot Management,TLS Encryption,Certainly,Load Balancer,Dedicated IP addresses,Origin ConnectGcoreLuxembourgEdge Network,Cloud Edge ServicesGoogle CloudMountain View,U.S.Cloud CDN,Media CDN,Cloud Armor,CloudFunctionsHuawei CloudGuian,ChinaContent Delivery Network,Global Accelerator,EdgeSecurity(EdgeSec)Kingsoft CloudBeijing,ChinaContent Delivery Network,Server Load Balancing,Cloud Container Instance,Cloud ServerlessKubernetes,Web Application Firewall,Cloud LiveService,Cloud Class,Cloud Image EnhancementMicrosoftRedmond,U.S.Azure Front Door(CDN),App Service,AzureFunctions,Web Application Firewall,ApplicationGatewayTencent CloudShenzhen,ChinaTencent Cloud EdgeOneWangsu(CDNetworks)SingaporeContent Acceleration,Dynamic Web Acceleration,E-Connect,High-Speed Data Transmission,EdgeGartner,Inc.|G00795049Page 4A of 4ASource:Gartner(April 2024)Container Platform,Edge Computing Hosting,Object StorageZenlayerDiamond Bar,U.S.CDN,Global Accelerator,Edge Data CenterServices,Bare Metal Cloud,Virtual Machines,CloudConnect(for on-demand cloud connectivity),CloudRouter(for Layer 3 private connectivity),PrivateConnect(for Layer 2 point-to-point connectivity),Virtual Edge(for building private network),IPTransit

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    Securities and Corporate Finance-2023 Year in Review and Future TrendsGrow|Protect|Operate|Finance2023 saw continued volatility in the global capital markets,persistent inflation,central banks continuing to raise interest rates,the specter of a global recession,and geopolitical turbulence,including the ongoing conflicts in Ukraine and the Middle East.As a result,Canadian capital markets generally saw a year-over-year decline in market performance,although equity and debt underwriting activities picked up as compared to 2022.Private equity,mergers and acquisitions and venture capital financings were all muted in 2023.In terms of industry areas,technology,particularly generative AI,gained increasing focus.In addition,energy,mining and power sectors lead the way in new equity raises.Set against this context,we present our 2023 Year in Review and Future Trends publication,where we take a look back at key legal developments impacting the securities and corporate finance landscape in Canada and provide our outlook on anticipated trends for 2024.Contents4.No need to withhold your vote:The CSA exempts CBCA-incorporated reporting issuers from director election form of proxy requirement5.Dentons 2023 Proxy Season Guide6.Canadian securities regulators publish detailed data for 8th annual review of representation of women on boards in Canada7.Everything you need to know about clawback policies8.Continued focus on diversity:What you need to know about the CSAs proposed amendments9.The Canadian Securities Administrators clarify the meaning of LIFE 11.Canadian securities regulators extended the comment period on proposed changes to corporate governance disclosure practices and guidelines12.A renewed focus on emerging trends and key drivers of change:Ontario Securities Commissions 2023 2024 Statement of Priorities13.Canadian Securities Administrators provide a statement on proposed climate-related disclosure requirements 14.Five things you need to know when a Canadian securities commission requests information in connection with an investigation15.SEDAR goes live16.Ontario Court of Appeal clarifies the meaning of“material change”and discussed disclosure obligations in context of securities class actions17.Are you in conflict?18.Well-known and here to stay:The CSA proposes a permanent WKSI regime in Canada19.The Ontario Securities Commission reviews use and regulation of artificial intelligence in capital markets20.Overview of SEDAR since July launch21.2024 securities and corporate finance trends ahead 23.Key contactsNo need to withhold your vote:The CSA exempts CBCA-incorporated reporting issuers from director election form of proxy requirementThe Amendments created a potential inconsistency with National Instrument 51-102 Continuous Disclosure Obligations(NI 51-102),which required that proxies provide security holders with the option to vote“for”or“withhold”for the election of each director,but did not provide a vote“against”as an option.In response to the Amendments,Dentons previously commented that,in light of this potential inconsistency,CBCA companies should consider:Preparing proxies for the election of directors that comply with both regimes,by including either three options(“for,”“against”and“withhold”)or a hybrid approach with two options(“for”and“against/withhold”);and Adopting a majority voting policy that mirrors the requirements of the CBCA,but which specifies that a director is only elected if the number of“for”votes exceeds the aggregate of“against”and“withhold”votes.On January 31,2023,the Canadian Securities Administrators(CSA)published Blanket Order 51-930 Exemption From the Director Election Form of Proxy Requirement(Order)which immediately came into effect.The Order exempts public companies governed by the CBCA from the requirement to include a“withhold”option on proxies when voting for directors if such election is conducted pursuant to the requirements of the CBCA.As the Order clarified the potential inconsistency regarding voting options,public companies governed by the CBCA may now comfortably table proxies with only“for”and“against”options in an uncontested election of directors.Similarly,such companies will likely no longer require a standalone majority voting policy as the CBCA regime governs the requirements for director elections.The Toronto Stock Exchange(TSX)mandates that TSX-listed companies adopt majority voting policies unless its majority voting requirement is otherwise satisfied by statute.The TSX has indicated that the Amendments satisfy its majority voting requirement,but has noted that a company should still include disclosure in its annual proxy circular specifying that the company abides by the requisite CBCA majority voting requirements.The Order is only effective until the earlier of:(a)July 31,2024,unless extended by the Canadian securities commissions;and(b)the effective date of an amendment to NI 51-102 that addresses substantially the same subject matter as the Order.We remain hopeful that the CSA will amend NI 51-102 before July 31,2024,to codify the content of the Order.Amendments to the Canada Business Corporations Act(CBCA)came into force in August 2022(Amendments)which require public companies governed by the CBCA to provide security holders with options to vote“for”or“against”the election of directors.Subject to certain exceptions,the Amendments require that each director in an uncontested election(where the number of nominees equals the number of positions to be filled)must receive more votes“for”than“against”to be elected.4 Securities and Corporate Finance-2023 Year in Review and Future TrendsDentons 2023 Proxy Season Guidei.New developments Bill C-25:Amendments to the Canada Business Corporations Act;and Proxy advisory firm updates:Institutional Shareholder Services and Glass,Lewis&Co.ii.Continuing developments Diversity developments;Environmental,social and governance(ESG)developments;Ontarios Capital Markets Act;New self-regulatory organization replaces the Mutual Fund Dealers Association of Canada and the Investment Industry Regulatory Organization of Canada;and Virtual shareholder meetings.iii.Upcoming developments SEDAR ;and Changes to climate disclosure.iv.Possible developments Recommendations from the Capital Markets Modernization Taskforce Final Report;Access equals delivery;and Changes to National Instrument 43-101 Standards of Disclosure for Mineral Projects Consultation exercise underway.In February 2023,the Dentons Securities and Corporate Finance group published the 2023 proxy season guide,with reminders about continuing developments and future matters.The guide covered the following topics:5 Securities and Corporate Finance-2023 Year in Review and Future TrendsCanadian securities regulators publish detailed data for 8th annual review of representation of women on boards in CanadaThe CSA collected data based on a review sample of 625 issuers(out of the 792 issuers subject to the related disclosure requirements)with year-ends between December 31,2021,and March 31,2022,and who filed their information circulars or annual information forms by July 31,2022.From the data collected by the CSA in this sample,it appeared that the total number of board seats occupied by women continued to increase year-over-year,from 11%in year one to 24%in year eight.In this years report,CSA noted that 24%of board seats were held by women,an increase from 22%recorded in the last report and 7%of the chairs of boards were women,up from 6%in the prior year.Perhaps more notable is that 45%of the vacated board seats were filled by women,a significant improvement from 35%in the prior year.With respect to senior management positions,19%of issuers had a woman CFO,up from 17%recorded in the last report,while 70%of issuers had at least one woman in an executive position,up from 67%in the prior year.The percentage of women CEOs remained unchanged at 5%.The number of women on boards and in executive positions also varied by industry.Manufacturing,real estate and utilities industries had the highest percentage of issuers,with one or more women on their boards,while mining,oil and gas and biotech industries had the lowest percentage of women on boards.For women in executive positions,utilities,manufacturing and retail industries had the highest percentage of issuers with one or more women in executive positions,while mining,technology and oil and gas industries had the lowest percentage of issuers with one or more women in executive positions.The CSA observed that issuers who set targets for the representation of women on their boards had a greater proportion of board seats held by women.On average,issuers that adopted board targets had 30%of their board seats held by women,compared to 20%for issuers without targets.However,only 39%of issuers adopted targets for the representation of women on their board,and only 4%of issuers adopted targets for the representation of women in executive officer positions.The CSA noted that one of the key objectives of the disclosure requirement,for women on boards and in executive officer positions,is to“increase transparency for investors and other stakeholders regarding the representation of women on boards and in executive officer positions,and the approach that issuers take in respect of such representation.”The CSA also noted that,although its review of the disclosure was completed primarily to identify key trends,rather than to perform a qualitative assessment of compliance with requirements,issuers generally provide their disclosure in different ways,and the format and content may vary from issuer to issuer.The CSA reported a modest uptick,as compared to its prior years report,in the overall percentage of women on boards and in executive positions.However,in light of the ever-increasing focus on ESG factors,there appears to be an opportunity for more significant growth for issuers that actively plan to address this particular factor,as well as the potential for practical consequences for an issuer that fails to adequately address any lack of gender diversity on its board or within its management.6 Securities and Corporate Finance-2023 Year in Review and Future TrendsEverything you need to know about clawback policiesA clawback policy allows an employer to reclaim compensation previously paid to certain executives.Clawback policies typically relate to compensation paid under incentive-based plans and provide for recovery of compensation paid based on fraudulent or inaccurate financial measures.Generally,these policies are used by public companies as a risk mitigation tool to promote the integrity and accountability of their executives.The purpose of a clawback policy is typically to enable a company to recoup incentive-based compensation paid to an executive based on certain financial metrics,when it later turns out that the financial statements containing such metrics were flawed,resulting in an overpayment.We note that the new SEC rules require recovery(absent limited circumstances)in the event of a restatement of financial statements regardless of any misconduct.While issuers on US stock exchanges are required to have clawback policies for certain executives,there are currently no such requirements in Canada.Under Canadian securities legislation,issuers are required to disclose any policies and decisions related to recovery of compensation in their information circular.A similar requirement has been contemplated for companies governed by the CBCA.In June 2019,Federal Parliament adopted amendments to the CBCA,which will require a company to disclose prescribed information about the“recovery of incentive benefits or other benefits”paid to directors and employees who are“members of senior management.”However,these amendments have not yet been proclaimed in force,nor have the regulations been published.The Innovation,Science and Economic Development(ISED)department proposed that the prescribed information should follow a“disclose or explain”approach where companies indicate whether or not they have a clawback policy,and if not,the reasons why they have not adopted one.If the company does have a policy,it will be required to disclose the policys objectives and key provisions.Although clawback policies are not currently required in Canada,they are supported by the proxy advisory firms Glass,Lewis&Co.and Institutional Shareholder Services.Clawback policies are becoming more common among Canadian public companies and with clawback rules in effect in other jurisdictions,support for clawback policies from proxy advisory firms and proposed amendments to clawback disclosure requirements under the CBCA,the adoption of clawback policies in Canada may be further accelerated.Companies with clawback policies should consider all laws applicable to them and tailor their policies and practices accordingly to ensure requisite compliance while still maintaining good governance practices.The US Securities and Exchange Commission(SEC)adopted new and amended rules,effective January 27,2023,governing the recovery or clawback of certain awarded incentive-based compensation from current and former executive officers.Additionally,amendments have been proposed to the CBCA relating to the disclosure of clawback policies.As more companies adopt clawback policies,it is important to consider what a clawback policy is,the purpose of such policy,requirements to adopt a clawback policy,legal restrictions related to clawing back of compensation and best practices.7 Securities and Corporate Finance-2023 Year in Review and Future TrendsContinued focus on diversity:What you need to know about the CSAs proposed amendmentsThe primary objectives of the Proposed Amendments are to:(i)increase transparency concerning diversity,including diversity beyond women,on boards and in executive officer positions,(ii)provide enhanced,decision-useful information to investors to enable them to better understand how diversity connects to an issuers strategic decisions and(iii)provide guidance to issuers on corporate governance practices related to board nominations,renewal and diversity.The Proposed Amendments are based on two different approaches towards diversity disclosure,“Form A”and“Form B.”Generally,both forms are aligned with respect to disclosure requirements for board nominations and board renewal;however,they each reflect different approaches to disclosing diversity-related disclosure.While the CSA is considering adapting the Proposed Amendments for venture issuers,as of the date of this publication the forms would only to be applicable to non-venture issuers.The key difference between the two forms is that Form B mandates disclosure on historically underrepresented groups,whereas Form A mandates disclosure only on womens representation and is based on a view that securities regulators should not select categories of diversity;it instead defers to an issuer to determine what additional categories or aspects of diversity they wish to implement,based on the companys business strategy.Form B takes a similar approach to the CBCA by mandating disclosure on specific“historically underrepresented groups,”while Form A follows a less prescriptive approach.At this time,securities regulatory authorities in British Columbia,Alberta,Saskatchewan and the Northwest Territories support Form A,while the Ontario Securities Commission supports Form B.The remaining securities regulatory authorities have not currently expressed a preference on the public record for either of the proposed alternatives.The proposed changes to NP 58201 would provide enhanced guidelines for all issuers related to board nominations and would introduce guidelines on board renewal and board diversity,which complement the diversity disclosure requirements contained in Form 58101 F1.The proposed NP 58201 would address the following:The responsibilities of the nominating committee;The adoption of a written policy respecting the director nomination process;The use of a composition matrix;Effective succession planning and the mechanisms of board renewal,including term limits;The adoption of a written diversity policy;and Setting targets for achieving diversity on the board and in executive officer positions.Similar to the approach of two forms,the CSA has proposed two versions of NP 58201 for comment,“Policy A”and“Policy B.”The guidelines pertaining to board nominations and board renewal are harmonized in both Policy A and Policy B,but in regards to board diversity,the guidelines differ to match the corresponding versions of Form 58101F1 for the diversity-related disclosure requirements.In April 2023,the CSA published a notice and request for comment on proposed amendments to Form 58101 Corporate Governance Disclosure(Form 58101F1)and National Policy 58201Corporate Governance Guidelines(NP 58201)pertaining to diversity,board renewal and board nominations(Proposed Amendments).The comment period for the Proposed Amendments was originally scheduled to close in July 2023.In response to stakeholder feedback indicating that it would be beneficial to have additional time to review the proposals and prepare comments,the CSA extended the comment period to September 29,2023,and extended it further in October 2023 with no published proposed date for the final format of the Proposed Amendments.8 Securities and Corporate Finance-2023 Year in Review and Future TrendsThe Canadian Securities Administrators clarify the meaning of LIFE The Exemption permits established reporting issuers with equity securities listed on a Canadian stock exchange to issue free trading securities without filing a prospectus.Subject to certain limitations,the Exemption allows issuers to raise up to the greater of CA$5 million and 10%of its market capitalization (up to a maximum of CA$10 million)in a 12-month period.The Staff Notice clarified that an issuer must be listed on a recognized Canadian stock exchange at the time of the distribution in order to qualify for the Exemption-it is not sufficient to be listed either concurrently with or following the proposed offering.An issuer cannot be in default of any Canadian securities legislation requirements when relying on the Exemption.In particular,an issuer cannot qualify for the Exemption if it:Is on a list of defaulting issuers in Canada;Has been advised by staff at the securities regulators that the issuer must refile a non-compliant disclosure document as part of a prospectus or continuous disclosure review;or Has otherwise defaulted on its requirements under applicable Canadian securities laws.The CSA also confirmed that subscription agreements are not required in connection with an offering completed under the Exemption.To rely on the Exemption,an issuer must reasonably expect to possess the funds necessary to operate its business for the 12 months following the completion of the offering.Consequently,issuers are required to have a minimum offering amount that is sufficient for it to continue its operations and achieve its objectives for 12 months.In order to determine the funding requirements,an issuer must consider the costs of each business milestone,projected operating cash flow,offering costs,its working capital or deficiency and any committed sources of additional funding.The Staff Notice confirmed an issuer can close an offering using the Exemption in multiple tranches,however,the amount raised by the issuer upon closing of the first tranche must be sufficient to meet its business objectives and liquidity requirements for 12 months.In addition,an issuer must complete the final tranche of the offering no later than 45 days after announcing the offering.The issuance of flow-through shares is permissible under the Exemption(including the newly expanded“super flow-through”critical mineral exploration tax credits).Charitable flow-through shares are also permissible,provided all of the conditions of the Exemption are satisfied and the end purchaser is named in the report of the exempt distribution filed subsequent to the closing of the offering.The Staff Notice confirmed that the Exemption does not apply to the distribution of brokers warrants as they are not a listed equity security.Underwriters may continue to receive brokers warrants but will need to do so under a separate exemption that may be subject to applicable hold periods.On June 1,2023,the CSA issued Staff Notice 45-330:Frequently Asked Questions about the Listed Issuer Financing Exemption(the Staff Notice).The Staff Notice provided clarity on certain questions from issuers and market participants with respect to the recently introduced listed issuer financing exemption under National Instrument 45-106 Prospectus Exemptions(the Exemption).The Staff Notice addressed,among other things,the ambiguity surrounding qualification requirements for the Exemption,as well as the types of securities and permissible offering methods.9 Securities and Corporate Finance-2023 Year in Review and Future TrendsThe CSA is of the view that the Exemption does not apply to the distribution of securities to satisfy outstanding debt since one of the conditions of the Exemption is that the issuer cannot solicit an offer to purchase before issuing and filing a news release announcing the offering and the issuer will not be able to satisfy this condition if it already has bona fide debt outstanding with the intended“purchaser.”The Staff Notice clarified that,while the Exemption may be utilized for bought deal offerings,it raises potential concerns for securities regulators with respect to:Who the purchaser is and whether the purchaser receives all of the rights available under the Exemption;What happens when the underwriter has to purchase leftover securities;and Underwriters soliciting purchasers before the filing of a news release and prescribed offering document required under the Exemption.In order to comply with the requirements of the Exemption,the CSA expects that the bought deal offering must be completed in such a way that the actual purchaser maintains all the rights contemplated under the Exemption and will be named in the exempt distribution report filed subsequent to closing of the offering.If the underwriter is required to purchase any leftover securities under the bought deal offering,then the CSA expects that such securities would be acquired by the underwriter under a separate prospectus exemption.Furthermore,the bought deal offering must be marketed in such a way that the offering complies with the requirements of the Exemption which prohibits any solicitation prior to the issuance of the news release and prescribed offering document.The Staff Notice confirmed that an issuer may use the Exemption concurrently with other prospectus exemptions,such as the accredited investor exemption.However,the Exemption cannot be used in Qubec concurrently with a prospectus offering in another province due to the potential of avoiding the translation requirements for the prospectus and continuous disclosure documents in Qubec.Under the Exemption,the offering,combined with all other distributions made by the issuer under this same exemption during the 12 months immediately before the date of the issuance of the news release announcing the offering,cannot result in an increase of more than 50%in the issuers outstanding listed equity securities,as of the date that is 12 months before the date of the news release(not as of the date of the news release-this may limit the use of the Exemption for an issuer that recently completed a reverse takeover).The Staff Notice confirmed that any listed securities issuable on the exercise of warrants distributed in the offering are included when calculating this 50%limit.However,the exercise price of such warrants is not included in the maximum dollar amount calculation.10 Securities and Corporate Finance-2023 Year in Review and Future TrendsCanadian securities regulators extended the comment period on proposed changes to corporate governance disclosure practices and guidelinesHowever,on October 3,2023,the CSA provided an update,delaying the proposed amendments path to adoption(CSA Update).The CSA Update provided that the goals of the proposed amendments in streamlining disclosure requirements and reducing regulatory burden while maintaining strong investor protection will be“best achieved when combined with a model for electronic access to information.”As a result of comments received on the access equals delivery model,the CSA“anticipates publishing a revised access model for continuous disclosure in due course”and advised that the proposed amendments will not be implemented until an access model is chosen.The CSA Update did not specify whether the proposed amendments will be subjected to further revisions and publication for additional comments,nor when the proposed amendments are proposed to take effect.However,the CSA advised that they“will ensure reporting issuers are provided with sufficient time to transition to any new forms and requirements.”The proposed amendments to Form 58-101F1 Corporate Governance Disclosure of National Instrument 58-101 Disclosure of Corporate Governance Practices and proposed changes to National Policy 58-201 Corporate Governance Guidelines were published on April 13,2023,and the comment period was originally scheduled to close on July 12,2023.In response to stakeholder feedback indicating that it would be beneficial to have additional time to review the proposals and prepare comments,the CSA further extended the comment period to September 29,2023.11 Securities and Corporate Finance-2023 Year in Review and Future TrendsA renewed focus on emerging trends and key drivers of change:Ontario Securities Commissions 2023 2024 Statement of PrioritiesPromoting confidence in Ontarios capital markets among market participants and investors is a core mandate of the OSC,and it is committed to carrying this mandate through a balanced policy framework,access to information to make informed investment decisions,exercising effective compliance oversight and pursuing timely and vigorous enforcement.The initiatives that the OSC indicated it will prioritize in 2023-2024 include:Advance work on ESG disclosures for reporting issuers;Consider broader diversity on boards and in executive roles for reporting issuers;Incorporate Indigenous Peoples issues and perspectives into CSA policy work;Complete the development of the over-the-counter derivatives regulatory framework;and Strengthen investor safeguards.The OSC continues to modernize its regulatory framework to respond to developing trends and changing business models and practices and anticipate changing market conditions and investor needs.The OSC stated it plans to balance investor protection while reducing undue barriers to innovation and capital formation through some of the following initiatives:Additional oversight and enforcement in the crypto asset sector;Streamline periodic disclosure requirements for corporate finance and investment fund reporting issuers;Complete the transition to SEDAR ;and Enable the OSC to deliver effective regulation.The Ontario Securities Commission(OSC)published its Statement of Priorities(Statement)for the fiscal year ending March 31,2024.The Statement set out four strategic goals the OSC is intending to focus on,above and beyond its fundamental core regulatory operations,providing stability,transparency and continuity in the regulation of Ontarios capital markets.12 Securities and Corporate Finance-2023 Year in Review and Future TrendsCanadian Securities Administrators provide a statement on proposed climate-related disclosure requirements CSA members are responsible for developing climate-related disclosure requirements for reporting issuers in Canada.CSA staff noted that they intend to conduct further consultations to adopt disclosure standards based on ISSB Standards,with modifications considered necessary and appropriate in the Canadian context.A further market update from the CSA will follow in the coming months ahead.The ISSB Standards are intended to provide a global baseline for sustainability disclosures.The ISSB Standards are voluntary but are expected to have a significant impact on the development of mandatory sustainability and climate disclosure regimes in Canada and abroad.We note that the CSA have indicated they are supportive of a global baseline for sustainability disclosures,while advocating that the standards should phase in and scale disclosure requirements to accommodate smaller issuers.See our Insight on 10 key aspects of the standards at:https:/ CSA welcomed the publication on June 26,2023,of the International Sustainability Standards Board(ISSB)s first two sustainability disclosure standards:IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures(together,the ISSB Standards).In their statement,the CSA commended the ISSB“for developing a global framework for investor-focused disclosure that is responsive to market demand for more consistent and comparable disclosures.”The CSA stated they are encouraged by the ISSBs proposed capacity building efforts to support adoption of the ISSB Standards.The CSA also highlighted the June announcement by the Canadian Sustainability Standards Board(CSSB)that it is now operational,having appointed a quorum of members.The CSA stated that it“looks forward to engaging and collaborating with the CSSB with respect to the ISSB Standards.”13 Securities and Corporate Finance-2023 Year in Review and Future TrendsFive things you need to know when a Canadian securities commission requests information in connection with an investigationi.What is the nature of the request?ii.What action needs to be taken immediately?iii.What is the extent of the required disclosure?iv.Will the disclosure be used in other proceedings?v.What can I learn from the investigation?While responding to a securities investigation can be stressful and disruptive,it also provides companies with an opportunity to assess their operations and identify any areas for improvement or further examination.Parties should review not only the issues that are the subject of the investigation,but also ancillary or underlying processes,procedures and controls that might have contributed to those issues.Proactive steps to thoroughly review the circumstances that resulted in the investigation will almost certainly result in a stronger organization emerging at the conclusion of the investigation.For publicly listed companies in Canada,there may come a day when you receive a request for information from a provincial securities commission in connection with a securities investigation.Below are five important considerations to keep in mind as you navigate and respond to any information request from your securities commission.14 Securities and Corporate Finance-2023 Year in Review and Future TrendsSEDAR goes liveAs the result of the Transition Period,the CSA issued a blanket order to exempt a person or company from filing or delivering certain documents through SEDAR (the SEDAR Exemption)during the Transition Period.The SEDAR Exemption issued by the CSA stipulated that persons or companies may delay the filing or delivery of documents no later than two days after the earlier of the launch of the date on which SEDAR becomes available for filing,or July 28,2023.The CSAs view is that SEDAR became available for filing on July 25 despite reported technical issues.Through to July 31,2023,the CSA removed late filing fee charges.The System for Electronic Data Analysis and Retrieval (SEDAR )launched on July 25,2023,replacing the previous filing system known as the System for Electronic Data Analysis and Retrieval(SEDAR).There was an approximate five-day period(the Transition Period)in which SEDAR was closed for filing and SEDAR came online,beginning at 11 p.m.ET on July 20,2023,and ending at 7 a.m.ET on July 25,2023.15 Securities and Corporate Finance-2023 Year in Review and Future TrendsOntario Court of Appeal clarifies the meaning of“material change”and discussed disclosure obligations in context of securities class actionsUnder section 1(1)of the Securities Act(Ontario),a“material change”is“a change in the business,operations or capital of the issuer that would reasonably be expected to have a significant effect on the market price or value of any securities of the issuer.”In contrast,a“material fact”is“a fact that would reasonably be expected to have a significant effect on the market price or value of the securities.”Pursuant to section 75 of the Securities Act(Ontario),a material change must be disclosed as soon as practicable,but a material fact does not need to be disclosed forthwith.The Court of Appeal explained that the distinction between“material fact”and“material change”does not relate to the magnitude of the change but,rather,depends on whether the change was external to the company as opposed to whether the change was in the business,operations or capital of the company.The Court of Appeal held that changes in the business,operations or capital of a company do not include external factors outside of the companys control or changes in quarterly results on their own.Further,a“material change”does not need to rise to the level of effecting a companys ability to conduct its business,as the motion judge erroneously held.Rather,losing the ability to conduct operations is a circumstance,among other potential circumstances,that constitutes a change in the operations of an issuer.The expansive definition of“change”adopted by the Court of Appeal has the potential to increase liability for a failure to disclose“material changes”pursuant to the Securities Act(Ontario).A change does not need to rise to the level of physical impairment of operations before it must be disclosed.Rather,reporting issuers should consider whether any change to a companys business,operations or capital that is not external or outside of the companys control should be disclosed immediately to protect against potential shareholder claims.Markowich illustrates that even if there is an external influence upon the companys business,operations or capital,if it affects production and results in an internal decision to adjust operations,such a decision may fall within the definition of change and if material,the information must be disclosed.In contrast,Peters illustrates that while a change in risk may constitute a change within the meaning of the Securities Act(Ontario),if a reporting issuers risk has not changed after an event has occurred,it may not fall within the definition of change and thus,will not need to be disclosed forthwith.Nonetheless,it is prudent to consider the expansive and generous approach to the meaning of change when considering whether to make disclosure.In recent decisions in Markowich v.Lundin Mining Corporation(Markowich)and Peters v.SNC-Lavalin Group Inc.(Peters),the Court of Appeal for Ontario provided guidance on the requirement to disclose a“material change”under Canadian securities legislation in the context of motions for leave to proceed with proposed securities class actions.16 Securities and Corporate Finance-2023 Year in Review and Future TrendsAre you in conflict?The main areas of focus of the CFR include:Conflict of interest-Registrants must address material conflicts of interest in the best interest of the client.This includes identifying existing and reasonably foreseeable conflicts and having policies to address them.Know Your Client(KYC)-Enhancements to KYC obligations ensure that registrants gather complete and current information about their clients.This includes understanding the clients investment needs,financial circumstances,risk tolerance,time horizon,and investment objectives.Know Your Product(KYP)-Registrants must understand the securities they recommend.Suitability-Registrants must ensure that any investment action taken on behalf of a client is suitable for the client,based on KYC and KYP principles.Relationship disclosure-Clients must be provided with easy to understand and complete information about fees,charges,and other key aspects of their relationship with the registrant.Restrictions on referral arrangements-There are new requirements and restrictions related to referral arrangements to ensure that they are in the best interest of the client.Enhanced training-The reforms require that registrants have sufficient training to understand and comply with their new regulatory obligations.In July 2023,the CSA and the CIRO published joint Staff Notice 31-363 Client Focused Reforms:Review of Registrants Conflicts of Interest Practices and Additional Guidance(31-363 Notice).The 31-363 Notice summarized the findings of the CSA and CIROs review of conflicts of interest practices at 172 firms across various registration categories.It provided additional staff guidance to registrants including suggested practices to comply with the conflicts of interest requirements under the CFR.Deficiencies noted in the review included failure to identify one or more material conflicts of interest,inadequate controls to address certain material conflicts of interest and inadequate or outdated written policies and procedures relating to conflicts of interest.The CSA and CIRO advised that they will conduct additional reviews through the remainder of 2023 to assess registrants compliance with other obligations under the CFR,including the KYC,KYP and suitability requirements.The CSA along with the Canadian Investment Regulatory Organization(CIRO)introduced Client Focused Reforms(CFR)in October 2019,which came into force in December 2021,with the goal of improving the client-registrant relationship.The CFR amendments were introduced to help align the interests of security advisers,dealers and representatives(registrants)with the interests of their clients,improve outcomes for clients and clarify the nature and characteristics of the client-registrant relationship.17 Securities and Corporate Finance-2023 Year in Review and Future TrendsWell-known and here to stay:The CSA proposes a permanent WKSI regime in CanadaA WKSI is an issuer that,among other criteria,has either(1)outstanding listed equity securities that have qualifying public equity of CA$500 million or(2)at least CA$1 billion aggregate amount of non-convertible securities,other than equity securities,distributed under a prospectus in primary offerings for cash,not exchange,in the last three years.Under the regime,WKSIs that satisfy the qualification criteria and conditions are exempt from certain base shelf prospectus filing requirements,including the requirement to file a preliminary base shelf prospectus and having such prospectus undergo a regulatory review(WKSI Framework).WKSIs are also permitted to omit certain disclosure from the base shelf prospectus(e.g.,aggregate dollar amount of securities that may be raised under the prospectus)and under the WKSI Proposed Amendments,will benefit from an automatic prospectus receipt effective for a period of 37 months after its deemed issuance,subject to an annual confirmation.The WKSI Proposed Amendments will enhance,and make permanent,the temporary local blanket orders(the WKSI Temporary Orders)adopted by the Canadian provinces and territories on January 4,2022.As of December 15,2023,47 issuers have utilized the WKSI Framework.This relatively low adoption rate may be due to the state of the Canadian capital markets since the adoption of the WKSI Temporary Orders and is not necessarily indicative of issuers appetite for using the WKSI regime.We expect that the improvements to the WKSI Framework under the WKSI Proposed Amendments will be particularly attractive for dual-listed issuers and ultimately increase the use of the framework.The WKSI Proposed Amendments enhance the WKSI Framework by providing transaction certainty for issuers because prospectus receipts are deemed to be automatically issued.This change reduces the regulatory burden for WKSIs as well as certain transaction risks associated with the traditional base shelf prospectus,enabling WKSIs to respond quickly to changing market conditions.For high market-cap companies,this means taking advantage of favourable market conditions or narrow market openings.The lengthening of the seasoning period for issuers to qualify as a WKSI from 12 to 36 months may reduce the number of eligible issuers.This more stringent qualification adds further protection for the public by providing investors with a lengthier period of disclosure documentation and in turn may justify the greater period that a base shelf prospective may stay active(from 25 to 37 months).The WKSI Proposed Amendments also contain an annual confirmation requirement,but this does not appear to be an onerous undertaking for any WKSI if simply incorporated to an issuers annual information form.The WKSI Proposed Amendments are currently subject to a 90-day comment period and stakeholders were invited to provide comments in writing on or before December 20,2023.The CSA proposed amendments to National Instrument 44-102 Shelf Distributions,Companion Policy 44-102CP and National Policy 11-202 Process for Prospectus Reviews in Multiple Jurisdictions(WKSI Proposed Amendments)which,if implemented,would provide an expedited shelf prospectus regime to well-known seasoned issuers(WKSIs).18 Securities and Corporate Finance-2023 Year in Review and Future TrendsThe Ontario Securities Commission reviews use and regulation of artificial intelligence in capital marketsThe Ontario Securities Commission(OSC)published Artificial Intelligence in Capital Markets:Exploring Use Cases in Ontario(the Report),which explores the use of artificial intelligence(AI)in Ontarios capital markets.The Report was jointly developed by the OSC and Ernst&Young LLP and highlights current AI use cases,benefits and challenges,and aims to raise awareness of both the opportunities and risks associated with the use of AI in capital markets.19 Securities and Corporate Finance-2023 Year in Review and Future TrendsOverview of SEDAR since July launchIn the first months after launch,users encountered a number of performance issues,technical difficulties and search function challenges.The number of transition related inquiries to the CSA service desk were very high.Extended maintenance periods were initially disruptive.However,with constructive feedback provided by users,continued system maintenance and expanded service hours,enhancements have been made to the initial functionality of the SEDAR system.Currently SEDAR is stable and since early August has been operating 24 hours a day,seven days a week with limited planned maintenance windows.The CSA has advised that quarterly updates,enhancements to existing functionality and the addition of new features will further improve the user experience for capital market participants.Since the initial launch of SEDAR in late July,the CSA,issuers and other stakeholders have been adapting to the transition from SEDAR.20 Securities and Corporate Finance-2023 Year in Review and Future Trends2024 securities and corporate finance trends aheadGenerative AI and technology advances in 2024The rapidly evolving application and development of generative AI will continue to affect business in many areas.The adoption and advancements of this technology are accelerating significantly.Focus on governance and regulatory guardrails alongside the rapid growth of this technology is expected to continue in 2024.We anticipate that new and expanded technology offerings will continue to attract significant investment in the capital markets and will be a key factor affecting businesses and the securities and corporate finance industry.Down-rounds in private equityAlthough the venture capital market has been one of the more resilient areas in 2023,raising capital in the current market conditions has generally proven challenging.Increased borrowing costs and continued rising interest rates have resulted in down-round equity financings.We anticipate that as high interest rate conditions persist,the down-round trend will continue as a necessary means for venture capital financing.Higher for longer funding costs and financial distress in the broader marketUpdated predictions from economists in Canada continue to see weaknesses in the countrys economy through 2024.Further interest rate hikes may occur,although many predict interest rates will stabilize in 2024.That said,market experts expect inflation to stubbornly persist throughout 2024.We anticipate that the effects of the higher interest rate environment will continue to affect deal structures and strategies in 2024.ESGESG factors will continue to represent a variety of risks and opportunities for Canadian companies in 2024.We anticipate ongoing and expanding focus on each of the aspects comprising ESG for public company disclosure,governance and compliance.One key piece of legislation that took effect January 1,2024 is the Act to enact the Fighting Against Forced Labour and Child Labour in Supply Chains Act and to amend the Customs Tariff(the Modern Slavery Act).The first set of reports are due May 31,2024.In addition to ESG considerations on supply chains and human rights,legal obligations surrounding supply chain and human rights appear to be here to stay and will play an increasing role in compliance requirements for Canadian companies alongside existing ESG considerations outlined by the CSA and stock exchanges.Shareholder activismShareholder activism has become a reality of the modern corporate landscape.Corporate activists now include hedge funds,which often combine efforts in a coordinated manner,social action groups,institutional investors and sometimes competitors or adversaries in litigation.We anticipate ongoing activist measures-including board seat battles,say-on-pay proposals and opposition to proposed transactions will continue to be a feature of the capital markets in 2024.In addition,activist swarming has become increasingly evident,with multiple activists making uncoordinated but public demands on boards or company leadership to affect various changes,a phenomenon we expect to continue in 2024.21 Securities and Corporate Finance-2023 Year in Review and Future TrendsClimate-related disclosureDevelopment of the CSAs proposed climate disclosure regulation,National Instrument 51-107 Disclosure of Climate-related Matters(NI 51-107)(the Climate Disclosure Proposals)has been paused since 2022.The Climate Disclosure Proposals require disclosure based on recommendations of the Task Force on Climate Related Financial Disclosures(TCFD),which was established by the Financial Stability Board of the G20 group of countries to improve the effectiveness of climate disclosures.The Climate Disclosure Proposals will require issuers to make disclosure in the following areas:Governance:Describe the boards oversight of climate-related risks and opportunities,and managements role in assessing and managing climate-related risks and opportunities;Strategy:Describe any climate-related risks and opportunities identified over the short,medium and long term and describe the impact of these risks and opportunities on its business,strategy and financial planning;Risk management:Describe its processes for identifying,assessing and managing climate-related risks and how these processes are integrated into overall risk management;and Metrics and targets:Describe its metrics used to assess climate-related risks and opportunities and targets used to manage these risks and opportunities.As with ESG,Dentons anticipates that continued and increased focus will be placed on climate disclosure and compliance with the evolving standards.Diversity disclosureAs noted above,regulatory amendments have been proposed by the CSA to address diversity disclosure.Companies should prepare for the changes ahead with respect to the proposed amendments,in whatever form they may ultimately be,Form A or Form B(for non-venture issuers),or Policy A or Policy B(for all issuers).While issuers have started to address diversity,there is an opportunity for significant changes,as well as the potential for consequences to issuers who fail to adequately address any lack of diversity on their boards or within their management.Continued rise of private marketsWe expect private capital(including private equity,venture capital,private wealth and crowdfunding)will continue to play a more significant role in the Canadian capital markets in 2024.As more companies will seek to exit the public markets and the number of IPOs decrease during ongoing economic uncertainty,we believe that private capital will be a strong source of viable financing alternatives.Strategic buyers and restructuringsWhile companies with strong financials and proven track records will attract capital investment,we anticipate that the increasingly difficult market conditions,coupled with investment focus on generative AI technology,will ultimately result in restructuring and insolvency for certain companies.We anticipate that strategic buyers will be able to take advantage of these challenging conditions in 2024.Regulation of crypto assets and trading will continue to be in the spotlightCryptocurrency regulation has been an area of increased focus.The CSA initially published a basic framework for the regulation of crypto assets in Canada in 2023,and we believe that regulation and legislative focus on crypto assets and trading will continue in 2024.Cybersecurity risks and regulations on incident reporting The Securities and Exchange Commission(SEC)published new cybersecurity breach reporting regulations in 2023 for SEC listed issuers.The SEC final rules are intended to enhance and standardize disclosure regarding cybersecurity risk management,strategy,governance and incident reporting by public companies that are subject to the reporting requirements of the Securities Exchange Act of 1934(including foreign private issuers).Specifically,the SECs amendments require current reporting of material cybersecurity incidents and annual reporting of company processes for identifying,assessing and managing material risks from cybersecurity threats;managements role in assessing and managing the companys material cybersecurity risks;and the boards oversight of cybersecurity risks.We anticipate that the SEC regulations may provide a roadmap for reporting regulations for the CSA.Currently,Canadian-listed issuers must provide timely reporting of any material changes by issuing a press release.Given the significant increase in regulator and investor scrutiny of timely and decision-useful information about cybersecurity incidents,we believe that Canadian issuers should take proactive steps to help ensure that they are meeting applicable legal requirements and the expectations of capital markets participants.Critical mineralsDemand for minerals and metals continues to grow and we anticipate that there will be increased focus on what are referred to as“critical minerals,”those which are essential components in industries such as aerospace,defence,telecommunications,computing and an array of clean technologies such as solar panels and electric car batteries.More than just rare earth elements,critical minerals encompass several minerals and metals critical new technology,including cobalt,copper,precious metals,nickel,uranium,lithium,magnesium and many others.Canadian mining companies will continue to play a key role in the development and extraction of such critical minerals.22 Securities and Corporate Finance-2023 Year in Review and Future TrendsKey contactsJulien Bourgeois Eric Lung Danny Wakeling Franois BBennett WOra W23 Securities and Corporate Finance-2023 Year in Review and Future TrendsABOUT DENTONSAcross over 80 countries,Dentons helps you grow,protect,operate and finance your organization by providing uniquely global and deeply local legal solutions.Polycentric,purpose-driven and committed to inclusion,diversity,equity and sustainability,we focus on what matters most to 2024 Dentons.Dentons is a global legal practice providing client services worldwide through its member firms and affiliates.This publication is not designed to provide legal or other advice and you should not take,or refrain from taking,action based on its content.Please see for Legal Notices.CSBrand-132869-Securities and Corporate Finance-2023 Year in Review and Future Trend-06 25/01/2024

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  • Resonance Consultancy:2024年世界最佳城市报告(英文版)(59页).pdf

    Worlds Best Cities Report 2024The 100 Global Cities Shaping Tomorrow:The definitive power rankingsWORLDSBESTCITIES.COMEmpowering PResonance creates transformative strategies,brands and campaigns that empower destinations,cities and communities to realize their full potential.DESTINATION DEVELOPMENT ECONOMIC DEVELOPMENT URBAN DEVELOPMENTWorlds Best Cities Report20243Chris FairPresident&CEO Resonance Consultancy Welcome to the Worlds Best Cities in 2024As leading advisors in destination,economic and urban development for almost two decades,our team at Resonance has conducted extensive research on the rise of cities,the key trends propelling their growth and the factors that shape our perception of urban centers as desirable places to live,visit and invest.We are excited to apply our trusted ranking methodology to global cities with metropolitan populations of 1 million ,for the ninth consecutive year.Over that time,weve been cited by hundreds of trusted global experts and media outlets,with Bloomberg calling our city rankings“the most comprehensive study of its kind;it identifies cities that are most desirable for locals,visitors,and businesspeople alike,rather than simply looking at livability or tourism appeal.”A review of global city performance has never been more important.As our cities leave the pandemic behind,they walk forward with lessons forged in lockdowns and outdoor safe spaces fresh on their minds.Our urban centers and their citizens,current and future,are completely rethinking what they consider desirable in a place to live,work or play.But in that tumult,we at Resonance are seeing growing alignment and patterns in the way citizens,corporations and travelers choose cities to visit,live or invest in today.From shockingly high(and persistent)downtown office vacancies,to record urban heat in dozens of metropolises this past summer,cities will never be the same again.And neither will our Best Cities rankings.This year,weve regrouped our previous six categories(Place,Promotion,Product,etc.)into three larger pillars that we utilize in our work with clientsLivability,Lovability,and Prosperityto define each citys relative Place Power Score.Our rankings are still built from 24 subcategories that we analyze to measure the performance of each city:globally,like in this report,but also in U.S.and European sub-rankings that can be found at WorldsBestC.The criteria we select to rank these cities are limited to those that have historically shown positive correlations with attracting employment,investment and/or visitors.Yes,those include“livability”stalwarts like walkability and outdoor green spaces,but also increasingly coveted talent magnets and prosperity drivers like nightlife,restaurants and posts on Instagram.These factors shape a citys“lovability,”and our research indicates that they tend to drive investment and local prosperity more than,say,local school quality or a citys safety,which are more influential in choosing what neighborhood to live in within a city.As we emerge from the depths of the pandemic,theres never been a bigger opportunity for cities to act on their ambitions and to do right by their citizenscurrent and future.The data we collect to produce these rankings all year and across multiple regions will continue to track and monitor this pivotal transformation every step of the way,identifying the Best Cities to live in,work in and visit,now and in the years to come.If you would like to learn how your city,region or community can leverage our deep insights and analysis to attract more visitors,talent and investment and improve the livability,lovability and prosperity of your city please let us know.Wed love to talk about how to empower your place together.Resonance Consultancy is building the most comprehensive global and regional city rankings on the planet.Heres why this matters now more than ever as the world accelerates into a new post-pandemic reality.20244Cover Image:Seoul,ranked#10Contents050855Our Methodology:How we ranked the worlds best cities in 2024The worlds Top 100 cities,in detailRanking cities Place Power Score,by categoryWorlds Best Cities Report20245Our MethodologyHow we ranked the worlds best cities in 2024Every year,Resonance analyzes 270 global cities(principal cities of metropolitan areas with populations of more than one million)to determine the Top 100 by using a combination of core statistics and qualitative evaluations and recommendations by locals and visitors in digital channels such as Tripadvisor,Google,Facebook and Instagram.While many factors shape our perception of cities as desirable places to live,work or visit,the Best Cities rankings focus on factors that demonstrate moderate to strong correlations with attracting talent,visitors and/or businesses to urban areas based on our extensive analysis of a wide range of data sources.While factors such as time to commute to work,crime or housing affordability do indeed shape our perception of cities when it comes to choosing a location to live within a city,our analysis shows that these factors have little to no relationship with the performance of an urban area overall when it comes to attracting talent,tourism or investment at least not in the short term.So what are the current factors influencing the performance of cities in attracting visitors,talent and/or companies?Based on our extensive analysis,its an eclectic mix that ranges from the number of Fortune 500 companies and airport connectivity,to the number of nightlife and outdoor recreation experiences,to the volume of check-ins on Facebook and mentions on Instagram.These factors can change and evolve over time,and we have continually updated our methodology to reflect these shifts.Case in point:we have added factors like Walk Score and Biking to this years index and removed inputs like Weather and Safety to more accurately represent the latest verified drivers of talent,investment and tourism to a city.This year,weve regrouped our previous six categories(Place,Promotion,Product,Programming,People,Prosperity)into three larger pillars that we utilize in our work with clientsLivability,Lovability and Prosperityto define each citys relative Place Power Score.Worlds Best Cities Report20246Our methodology is a combination of core statistics from 400 global cities and user-generated ratings and reviews.Resonance interprets this data through the lens of three key factorsLivability,Lovability and Prosperityto define each citys Place Power Score.Place Power ScoreLivabilityLovabilityProsperityWorlds Best Cities Report20247 LivabilityOur most layered overarching category quantifies a citys physical sense of place.To score a city within our Livability category,we evaluate the perceived quality of its natural and built environments.This includes how walkable and bike-friendly it is to how many quality parks,sights,neighborhoods and landmarks are recommended online by locals and visitors.We also look at key infrastructure and institutions such as the ranking of the citys best university and the relative connectivity of its airport to other citiesfactors that not only attract talent,but companies as well.Walk Score A citys walkability score on Walk Score(W)Biking A citys number of mapped bike routes per 1000,000 residents(Bikemap)Sights&Landmarks Number of quality points of interest,neighborhoods and landmarks recommended by locals and visitors(T)Parks&Recreation Number of quality parks and outdoor activities recommended by locals and visitors(T)Airport Connectivity Number of direct destinations served by the citys airports(FlightsF)Museums Number of quality museums and arts institutions recommended by locals and visitors(T)Higher Education Score of the top local university(QS Rankings)LovabilityLovability speaks to the relative vibrancy and quality of place of a city relative to its competitive set.Our research has shown for some time that the more vibrant the city is in terms of its culture,sports,dining and nightlife,the more visitors,young professionals and large corporations it attracts.A citys lovability also inspires residents,businesses and visitors to promote a city to the world more than city marketers or chambers of commerce can ever hope to achieve.Resonance ranks a citys performance in each of these areas based on the number of stories,references and recommendations shared online about that city in key user-generated digital channels.Culture Number of quality performing arts and cultural experiences recommended by locals and visitors(T)Nightlife Number of quality nightlife experiences recommended by locals and visitors(T)Restaurants Number of quality restaurants and culinary experiences recommended by locals and visitors(T)Shopping Number of quality shopping experiences recommended by locals and visitors(T)Attractions Number of quality family-friendly activities recommended by locals and visitors(T)Facebook Check-ins Number of Facebook check-ins(F)Google Search Number of Google search results(G)Tripadvisor Reviews Number of Tripadvisor reviews(T)Instagram Hashtags Number of Instagram hashtags(I)Google Trends Popularity on Google Trends in the past 12 months(Trends.G)ProsperityHuman capital is becoming a citys most valuable resource when it comes to generating wealth and prosperity,and,for many cities,it is increasingly in short supply.To evaluate the relative strength of human capital from one city to the next,Resonance measures both the educational attainment level of the citys population and the percentage of people participating in the labor force.We not only include obvious indicators of prosperity such as GDP per capita,but also the poverty rate to evaluate how well that wealth is distributed among a citys population.Wealth and prosperity are also shaped by core statistics like business infrastructure(such as convention centers)and the presence or absence of large,recognizable corporationsdespite the fact that start-ups and innovation increasingly drive a citys development and economic growth.(We measure those,too.)Educational Attainment Percentage of the population with a bachelors degree or higher(OECD/UNESCO Institute of Statistics/U.S.Census,American Community Survey 2021)Labor Force Participation Percentage of the economys active workforce(World Bank/OECD/Statistics Canada/U.S.Census,American Community Survey 2021)GDP per Capita Value of goods and services produced per resident in the economy(McKinsey Global Institute)Poverty Rate Percentage of the population living below the national poverty line(World Bank/Eurostat/UNICEF/OECD)Fortune Global 500 Companies Number of Fortune Global 500 corporate headquarters(F of Start-ups Number of registered start-ups in a city(StartupBlink)Convention Center Size Size of the largest convention center in a city()Worlds Best Cities Report20248The worlds Top 100 cities,in detailThe worlds urban centers are the engines of their regional and national economies and,importantly,the global economy.For centuries,theyve been badges of human ingenuity.Yes,theyve been hobbled this decade,exposing the long-ignored foundational and institutional problems that manifested on their streets and in their hospitals.But theyre also leadinglike they always havethe recovery and future-defining next stages of innovation,livability and sustainability.Given the new rules of post-pandemic migration,the rise of remote work and the never-ending search for housing affordability,more cities are catching the imagination of global talent more frequently,with urban wealth and vibrancy created in more places than ever before.This means new centers of economic potentialnot just in reinvigorated secondary and tertiary cities(think Gothenburg and Bilbao)but also suburbs that offer better affordability and space while still allowing vital physical connections to large principal cities that are foundational to regional prosperity.And with government initiatives that prioritize reshoring and energy and food security multiplying with every passing quarter,it is citiesfrom Austin to Zrichthat are forging the resilient,future-focused economies we need.After way too long in isolation,citizens of the worlds cities are gathering again,once more colliding and creating the culture,wealth and energy that define the zeitgeist and path forward for their country,continent and the planet.The 100 cities that we profile over the next 50 pages are,in each of their distinct ways,at the heart of this renewal for the balance of this decade and beyond.Worlds Best Cities Report2024901 LondonUnited KingdomLondon still reigns over all global cities.Despite crippling COVID lockdowns and economic devastation.Despite Brexit.Despite a war in Europe.The city is more indomitable and part of the global discourse than ever.From the Queens death,to last autumns chaotic drama at 10 Downing Street that finally calmed down with Rishi Sunak becoming prime minister,only to take heavy local election losses this spring,London is rarely quiet these days.No wonder that,through all this tumult,the eyes of the world were fixed here more than on any other citysave for maybe Kyivreminding everyone that London is spectacular and its been a really long while since they visited.Not that the citys promotion engine was waning.London tops both our overall Livability and Lovability indices,leading all global cities in the Instagram Hashtags,Facebook Check-ins and Tripadvisor Reviews subcategories that in part comprise the latter.Battersea Power Station resonates once again after a decade-long renovation.Indeed the city is almost back to pre-pandemic capacity,if the Tube is any indication.The London Underground Night Tube reopened more than a year ago,with the citys other lines mostly up and running as they were before COVID.There are even new metro stops as part of the transformational Elizabeth line buildout,with trains now running directly from Reading and Heathrow to Abbey Wood and from Shenfield to Paddington.The brand-new Bond Street Elizabeth line station,at the heart of Londons West End,also opened late last year.Returning transit aficionados wont believe the direct journeys now possible across the city.Just as well,given the need to accommodate all the tourists:London ranked third on the planet(and first in Europe)for cities with the biggest international traveler spend in 2022,with$16.07 billion,almost tied for second with Doha.(Dubai was the runaway winner.)Pedestrians are also excited by the 2025 opening of the Camden Highline,the nearly mile-long greenway just north of Central As the“capital of capitals”deftly negotiates the uncharted,perilous terrain of a post-Brexit and pandemic world,it does so atop our ranking for the ninth straight year.PLACE POWER SCOREPLACE POWER HIGHLIGHTSPOPULATIONMetro 12,434,823#1 Culture#1 Educational AttainmentLivabilityLovabilityProsperity113Worlds Best Cities Report202410London that will transform an unused train track into an elevated path similar to the famous urban landmark in New York.And speaking of attracting people,the hand-wringing about the flight of talent and capital due to the pall of Brexit(and the follow-up specter of an airborne pandemic),while warranted,now seems excessive.Londons resilience has been buoyed by a sinking currency that has attracted investment and,of course,previously priced-out tourists.And new residents.New wealthy residents who can now afford to check off a big item on the multi-millionaire bucket list:property in the planets most coveted city.(London also topped Resonance Consultancys Europes Best Cities earlier this year.)According to the Financial Times and estate agency Savills,2022 sales of luxury homes in the city were torrid,with 605 properties selling for 5 million($6.3 million)or more in 2022,the most since at least 2006.The party did slow in 2023,with inflation,persistent high interest rates and flat equity market performance all cited as causes(to say nothing of the potential of the Labour Party forming the next government).“The number of properties sold in prime central London in the first quarter of 2023 was 29%lower than the same period last year,according to LonRes,which tracks the citys high-end market,”reported the FT.“At the same time,buyer demand has fallen in nearly every part of prime London since last summer,says the data company PropCast.”The highest-profile new residents span the globally super-rich,from Middle Eastern buying activity hitting a four-year high in the second half of 2022 to the arrival of tech royalty,although aggressive tech-sector cost-cutting has brought the deep tech investment seen earlier this decade to a halt.Instagram CEO Adam Mosseri,who arrived seeking the most educated citizenry on the planetavailable at a relative discount to Silicon Valley or New Yorkreturned to the U.S.earlier this year.While the city remains Metas largest global engineering base outside of the U.S.,its two offices in Londons Kings Cross neighborhood,opened in early 2022 after a three-year build(and designed by Bennetts Associates with interiors by TP Bennett based on a concept design by Gehry Partners),are pretty sparse these days.While Google is still planning to open its 11-story,969,000-square-foot London HQ in 2024 between Kings Cross station and the Kings Boulevard,the 4,000 anticipated employees wont be brought on for a while.The office slowdown across the city has spotlighted the office vacancy crisis at Canary Wharf,Londons 128-acre banking district,with its 17%(and rising)vacancy rate,which is the highest in the city.As a result,owners Canary Wharf Group are planning to invest their way out by building a“Canary Wharf 3.0”in the area,focused on residential,entertainment and a 750,000-square-foot life-sciences center,which it says will be the largest commercial lab in Europe.Despite these recent economic clouds,London is still hot globally.According to fDi Markets,the Financial Times foreign investment tracker,London has pulled in the most foreign direct investments into tech from international companies since 2018,ahead of New York,Singapore and Dubai.Tower BridgeWorlds Best Cities Report202411Of course none of this happens without the sustained facilitation of London&Partners,Londons official publicity arm and the economic development organization that works to offer financial perks for all that relocation.Recent tax incentives have included the lowest corporate tax rate among G7 countries and a cornucopia of research and development tax credits.“Grow London,delivered by London&Partners,continues to support high growth companies from around the world to choose London for their international expansion,connect into our communities and meet their peers,”says Janet Coyle,managing director of business growth at London&Partners.“From Andreessen Horowitz picking London for its first office outside the U.S.to the Atlanta-based carbon credit fintech platform Cloverly expanding to London to support Mayor Sadiq Khans ambitious climate goals to become a zero-carbon,zero-pollution city by 2030 and a zero-waste city by 2050,London is one of the best places to scale a business.”All those newcomers will need to fuel up,and this is the right place,especially these days,when the culinary industry is being reborn after dozens of the citys most iconic restaurants shuttered over the pandemic.The city with a Top 5 restaurant scene globally is buzzing again with big-name openings like Dubai-based izakaya-style restaurant Kinoya in Harrods.Hundreds of other rooms are soon to join this increasingly daring culinary destination servingand welcomingthe world once more.Fortunately for them,dozens of newly opened and equally daring hotels await,none more exciting than the urban reimagining of the Artotel,with its 164 art-inspired rooms on the top levels of the recently reopened Battersea Power Station,a mid-1900s husk that today is stuffed with shops,restaurants,cinemas and a theater.Or the OWO Raffles in the Old War Office Building in Whitehallits the first time the neo-Baroque building,used by the Ministry of Defence until the 1960s,will open to the public.The highest-profile new residents span the globally super-rich,from Middle Eastern buying activity hitting a four-year high in the second half of 2022 to the arrival of tech royalty,although aggressive tech-sector cost-cutting has brought the deep tech investment seen earlier this decade to a halt.St.Pauls CathedralWorlds Best Cities Report20241202ParisFranceA lot of city leaders talk about learning from the pandemic,but La Ville-Lumire is actually walking the walk,going all-in on those hard lessons and their applications to molecular urban change.While the face of Pariss pandemic evolution is Mayor Anne Hidalgo and her aggressive empowerment of self-propelled mobilityfrom a city-wide speed limit of 18 miles per hour introduced in 2021 to the promise of 435 miles of bike paths across most arrondissements by 2026its the citizenrys embrace of this boldness that is changing the citys fabric for good.While the city is future-proofing itself with visionary sustainability and investment attraction(much more on that in a bit),its battling monumental social and economic challenges,perhaps unlike any other capital city.Paris has been wracked by unemployment and economic calamity since 2020 and ranks#158 in our Poverty Rate subcategory,which Swimming in the Seine.tracks residents living under the national poverty line.Despite its#2 overall global ranking for 2024,the city ranks#14 in our top-line Prosperity index and the systemic inequality is a powder keg in and around the city.This summer,the city(and country)exploded after the fatal,point-blank shooting of French teenager Nahel Merzouk by Florian Menesplier,a police officer,in the Paris suburb of Nanterre.Given the 17-year-olds Algerian and Moroccan descent,racism was alleged in the killing.After a week of protests across the country,which caused an estimated billion dollars in damage,city life has gotten back to normal as investigations into systemic racism in the regional police force and the murder trial proceed.Even with the unrest,this summer looks to be one of the most lucrative ever by tourism Paris attacked the pandemic not only with its doctors and health-care workers but also with its urban planners.Just in time to welcome the world for the 2024 Summer Olympics.But first,whos up for a dip in the Seine?PLACE POWER SCOREPLACE POWER HIGHLIGHTSPOPULATIONMetro 13,115,000#1 Sights&Landmarks#1 Walk Score(tie)LivabilityLovabilityProsperity2314Worlds Best Cities Report202413spend.Of course,being able to enjoy a city ranked best in the world in our Sights&Landmarks subcategory,as well as#3 in Museums(the city has well over 100),has a tendency to distract one from the perils of the modern world.Almost three years without Paris is certainly driving the voraciousness,but so is the euro being near par with the U.S.dollar of late.The city remains the most visited on the planet,with 44 million visitors last year,yet still 13low 2019 levels.Paris was also recently crowned the worlds most powerful urban tourist destination for 2022 by the World Travel&Tourism Council,with the citys hospitality industry worth$35.6 billion last year.And its projected to grow to$49 billion by 2032.Good thing Paris Charles de Gaulle Airport used the past three years of lower volume to invest 250 million into a renovation of Terminal 1.Reopened this year,it now has a colossal junction building and a central lobby full of the latest tech to improve the traveler experience.Rail access and infrastructure are also unprecedented.A seven-hour direct Berlin-to-Paris TGV line launches next year,with more ambitious directs like the Venice-to-Paris Midnight Trains coming in 2025.No matter how they arrive,what Paris visitors new and returning will find is a city that has codified pedestrianism and alfresco living.To ensure that cars didnt take back control of Paris streets as pandemic urban pilot projects wanedas was the case in many other citiesMayor Hidalgo legislated that the 60,000 parking spots loaned to restaurants for outdoor seating simply remained as outdoor seating.The same went for closing off lesser-driven streets entirely for public walking and seating for local businesses in need of additional outdoor space.And nowhere is the transformation more dramatic than along the Seine,in the heart of Pariss tourist district,near Notre-Dame Cathedral and city hall itself.With the reduced car traffic,this is now Pariss town square(in a city with dozens of historic spots worthy of the honor).The riverside promenade hosts thousands night after night,even after Pariss Right Bank summer event wrapped up.The Paris Plages urban beach initiative welcomes picnicking and other low-cost access to a city long criticized as pricey and exclusive.Speaking of Notre-Dame,its reopening in 2024 after its devastating fire aligns with what will be a vital year for Paris,and for France,when the city also hosts the Olympic Summer Games,with many events integrated right into the revered urban fabric.And nothing would go further to demonstrate the citys efficacy in achieving a cleaner,healthier Paris than being able to host swimming events for athletes and the general public post-Games.After wild Atlantic salmon first returned to the Seine 14 years ago,the river is today home to more than 30 species of fish,like trout,perch and eel.Considering Pariss plan to hold the 2024 opening ceremonies not in a stadium but on floating outdoor stages,nursing this sacred river back to health would be incredibly poetic,even in a town that invented poetic gestures.Strolling the Fondation Louis Vuitton.Worlds Best Cities Report202414Those Paris heatwaves certainly became more tolerable this past summer,when public swimming was allowed on select days for the first time in a century.The plan is for regular swimming spots by 2025 at the Bras Marie,Bras Grenelle and Simone de Beauvoir footbridge in Bercy.The Champs-lyses is next on the city leaderships list,set to be transformed for the Games into a massive garden,with vehicle access cut in half and millions of euros invested in pedestrian-focused amenities.The flood of new and renovated hotels in the city is also doubling down on coveted,elevated perches from which to meditate on the iconic views.The new Kimpton St Honor and Htel Rochechouart are both topped by outdoor terraces,while the just-opened and Philippe Starck-designed Too Htel that soars above the city higher than any other is crowned with a giant,3,750-square-foot glass cube with a bar and restaurant that serves up a view worthy of this enchanting cit.Local economic development teams are also back at full speed,especially with the obvious inequality that sends citizens out into the streets every few months.Initiatives range from subsidized rents for shops in underserved hoods(the city has purchased 650 abandoned spaces for this very purpose)to national talent attraction with direct local benefit.In 2021,President Macron committed 30 billion to the France 2030 plan:an effort to create“high-tech champions of the future”that is expected to yield 100 French tech unicorns by the end of the decade.There are 26 today,with 20 of these in Paris and quickly establishing the city as a start-up hotbed,with the State of European Tech noting that France has seen the strongest growth in tech-focused job searches of any European country.And where do you think all that talent will pick as their new home base?Nothing would go further to demonstrate the citys efficacy in achieving a cleaner,healthier Paris than being able to host swimming events for athletes and the general public post-Games.After wild Atlantic salmon first returned to the Seine 14 years ago,the river is today home to more than 30 species of fish,like trout,perch and eel.The timeless Eiffel Tower.Worlds Best Cities Report20241503New York City United StatesNYC between 2020 and 2022 was a ghastly reminder of the vulnerability of even the colossal and seemingly all-powerful;we saw here what awaited other cities across the U.S.and globally,first in its hospitals,then in its all-hands-on-deck recovery efforts.Today,NYC is also the urban recovery writ large.Sniping haters who declared that the big,vibrant,cheek-by-jowl city experiment was finally over as the urban exodus intensified in 2020 and vacancy in the citys coveted real estate hit double digits were quickly silenced by the rebound.The mid-pandemic 50%drop in real estate sales shot up to the highest-ever median rents in Manhattan two years later(currently registering at a new all-time high of the mid-$5,000s per month).Tourism,the accelerant for so many of the citys amenities,was a priority for a sustainable recovery,and city leaders are doing everything Dancing in the streets during the annual South Side United Block Party in Brooklyn.in their power to bring back not only those apprehensive New Yorkers whose hunger for regular bites of the Big Apple is finally being sated,but also the nearly 70 million people who visited in 2019 and spent$46 billion across its expansive quilt of Sights&Landmarks(ranked#13 globally).The city has no other choice:office occupancy remains about 50%of pre-pandemic levels,according to local numbers.For example,Bloomberg examined data from eight major Manhattan office buildings and discovered that“foot traffic is down about 52%on Fridays and 45%on Mondays compared with pre-COVID.”The domino effect is perilous:an estimated 40%drop in office market value as office towers sit partially empty could cost$5 billion in lost tax revenue(an astonishing 5%of the citys annual budget).Subway ridership is equally concerning,resulting in service cuts.The greatest city in America is urban recovery writ large,with a dizzying roster of new shows,hotels and parksand record real estate prices.But the Big Apple is always worth the price of admission,especially in these glory days.PLACE POWER SCOREPLACE POWER HIGHLIGHTSPOPULATIONMetro 19,768,458#1 Google Trends#2 CultureLovabilityLivabilityProsperity2612Worlds Best Cities Report202416Fortunately,tourism numbers have had a breathtaking return,from 33 million visitors in 2021(less than half of 2019s total)to 56 million last yearand onward to a projected 61 million in 2023.First order of business:getting those not already here to town.The suspension of travel for more than a year expedited the long-planned transformations of New Yorks international gateways.LaGuardia Airport,Newark Liberty International Airport and John F.Kennedy International Airport all have new terminals,with the new Terminal B at LaGuardia alone boasting 35 gates(to say nothing of the FAO Schwarz on site).The new Terminal C also came online last year.Newark Liberty Internationals updated Terminal A has opened with 33 new gates and construction has started on a new,congestion-easing 2.5-mile elevated guideway train system.JFK just unveiled 130,000 square feet of new and renovated space,and the New Terminal One opens later this decade.Back on the ground,Moynihan Train Hall is a new 17-track expansion of Penn Station that,if you squint,could pass for a Northern European transit hub from the future.With so many expected arrivals,NYC is certainly making sure everyone has a place to stay.Almost 10,000 new or renovated hotel rooms opened in 2022 alone,including the headline-grabbing Aman New York,an“urban sanctuary”on Fifth Avenue.Also open is the year-old Ritz-Carlton New York,NoMadnamed for its hoodwhich features Jose Andres Nubeluz lounge on the 50th floor and plenty of massive windows from which to watch the street action.Better yet,soak in the 360-degree city panorama on the rooftop patio.The buildout stretches across the city,with a newly opened Thompson in Midtown,and new Renaissance Hotels properties in Harlem and Flushing.Moxy Hotels is also opening multiple locations in the Lower East Side and Williamsburg.At street level,the citys firehose turns cultural,with massive museums(ranking#6 globally)going all-in on expansions and new openings.The Louis Armstrong House Museum in Corona,Queens,is undergoing a physical and programmatic expansion for a new cultural center that includes an interactive exhibit,archival collections,a 68-seat jazz club and a store.It should be open by the time you read this.The Bronx Childrens Museum also just reopened after moving to a new home in Mill Pond Park.Dia Chelsea is a new contemporary installation space,and the Frick Madison(the temporary home of the Frick Collection)has opened in the Breuer on Madison Avenuea building formerly used by the Met.Speaking of the Met,New Yorks 153-year-old cultural institution(housing 1.5 million objects and hosting seven million visitors in a non-pandemic year)announced a$500-million reno of its modern and contemporary wing.Not as storied but equally New York is the new Museum of Broadway,the first permanent museum dedicated to the famed heartland of the stage,which opened in Times Square with a behind-the-scenes look at the creation of major theater productions.Also:Broadway shows are back!Two more very NYC reasons to experience the city now:2023 marked the 50th anniversary of the birth of hip hop music,founded in the Bronx on August 11,1973,when Clive Campbellbetter known as DJ Kool Hercspun records at his sisters birthday party.Dozens Little Island is drawing big crowds to Hudson River Park.Worlds Best Cities Report202417of local celebrations,exhibits and workshops will extend into 2024.Its also the 100-year anniversary of the underrated Museum of the City of New York,which celebrates and documents 750,000 objects,including photographs,prints,costumes,paintings and more,to allow NYC-philes to obsess over this place like nowhere else.For those who prefer their immersion outdoors,classics like the High Line and Central Park are joined by the citys newest green space,Little Island2.4 acres floating on the Hudson near the Meatpacking District on the site of an old pier.Like most things here,you have to see it to believe it.When its your turn to return to Americas best city,do yourself a favor and make time to see the phoenix rise from above:there are the classics,like the Empire State Building and the Top of the Rock,but there are also spectacular new perches,like SUMMIT One Vanderbilt and its all-glass exterior elevators,called Ascent.Go up,look down and breathe out.This city is back.For those who prefer their immersion outdoors,classics like the High Line and Central Park are joined by the citys newest green space,Little Island2.4 acres floating on the Hudson near the Meatpacking District on the site of an old pier.Like most things here,you have to see itto believe it.The High Line Park,ManhattanWorlds Best Cities Report20241804 TokyoJapanDespite earthquakes,tsunamis and typhoons,Tokyo has long held on to its top spot as one of the most livable metropolises on the planet(quantified by its Top 3 global ranking this year).Young kids playing and walking to school unattendeda pre-pandemic mind-bender for visitors to the worlds largest cityis a common sight once more after three-plus years of lockdowns and intermittent school closures.The disastrous 2021 Summer Olympics may be mercifully in the rear view,although the tens of billions spent on infrastructure to welcome the world that stayed away will saddle the region for years.If theres a silver lining,its that the citys 2,000 hotels,inns and guest houses that opened during the pandemic(to say nothing of the dozens of shopping complexes and other tourist developments)are as ready for returning visitors as any destination on earth.The Japanese government remains steadfast,keeping its target of 60 million visitors and$136 billion in tourism revenue by 2030.Its not as delusional as it sounds:the country enjoyed record tourism for seven straight years and can now accommodate even more,with the expansion of the international terminal at Haneda,the citys main airport(ranked#38 globally),and a planned 18-minute rail link from arrivals to downtown by 2031.Tokyo holds on to its#1 spot for Shopping,helped by retail icons like Ginzas luxury department stores,newly enhanced with the art-bedecked and sharply designed Ginza Six shopping center.The newly renovated Miyashita Park boasts 90 boutique shops and restaurants,plus a new hotel with a view of the famed Shibuya district,complete with volleyball courts and a skatepark sprawling over 2.5 acres.Just opened is the retail-centric office development of Toranomon Hills and the larger Azabudai Hills,which will accommodate more than 20,000 workers in what is envisioned as a vertical city within a city.The futuristic metropolis is tapping its ancient feudal roots by investing in street-level livability and resident well-beingin the wake of the Olympics.Tokyo street life.PLACE POWER SCOREPLACE POWER HIGHLIGHTSPOPULATIONMetro 37,732,000#1 Restaurants#1 ShoppingLivabilityLovabilityProsperity3411Worlds Best Cities Report20241905SingaporeSingaporeEmerging from its origins as a free-spirited trading port,Singapore has undergone a remarkable transformation to emerge as one of Asias most modern,well-organized and captivating urban centers.Tourists in Singapore can immerse themselves in two favored local pastimes:shopping,which ranks#11 globally,and,of course,eating.The retail choices are staggering,from haute couture to electronics,from the countless shops adorning Orchard Road to the 24-hour,six-story Mustafa Centre.The culinary landscape lives up to its#14 Restaurants ranking,buoyed by the popularity of the beloved spicy white pepper crab and the sweet,refreshing Singapore Sling.Capturing a photograph from the colossal rooftop infinity pool of Marina Bay Sands(poised to expand further with an additional 1,000-room hotel tower and a live entertainment arena)has become a symbolic ritual.On the opposite shoreline,Merlion Park,with its metallic,surfboard-like head,offers an even more iconic perspective.In the coming years,Singapore will focus on boosting prosperity(currently sitting pretty at#2),creating more green areas and building vibrant developments for work,education and play.The existing Changi Aviation Park will be expanded with the development of Changi East Industrial Zone,and a mega port in Tuas is set to be the worlds largest fully automated terminal when completed.Closer to the city,a new waterfront district is being explored just south of the airport,called the Great Southern Waterfront,which is slated to build 9,000 housing units along Singapores southern coast.Locals are also buzzing about the forthcoming NS Square,a future outdoor multipurpose venue in the Downtown Core area of Marina Bay that will replace the popular Marina Bay floating platform.The Lion City whets travelers appetites with remarkable dining and shopping.The citys Changi Airport.PLACE POWER SCOREPLACE POWER HIGHLIGHTSPOPULATIONMetro 5,983,000#9 Biking#11 ShoppingProsperityLovabilityLivability21417Worlds Best Cities Report20242006 DubaiUnited Arab EmiratesTo a large part of the worlds population,Dubai is“The Vegas of Arabia,”a place that takes pride in turning every notion previously held about the Middle East on its head.Famed for outlandish developments like Palm Jumeirah,home to Atlantis,the Palm and the made-famous-by-Tom-Cruise Burj Khalifathe tallest building in the worldthe city has,over the years,made breaking world records a national pastime:tallest,longest,fastest,largest.Think of it,and the citys probably done it.No wonder it ranks#8 in our Attractions subcategory,crammed with never-ending malls,aquariums,indoor ski parks,dancing fountains,fantasy theme parks and Disneyfied water playgrounds that pay homage to Hollywood,Bollywood,Marvel and Legoas well as innumerable family-friendly resorts.Catering to all these visitors is no small feat,which is why Dubai will soon have more hotel rooms than larger cities like London or New York,according to Zoom Property Insights.Leading the charge is Burj Al Arab,one of the citys most iconic landmarks,renowned for its(self-presented)“seven-star status.”And now,with the number of rooms in the city soaring beyond 150,000 and many more new hotels and resorts in the pipeline,Dubais hotel and hospitality sector is poised for greatness.This will,in turn,create more and more jobs,and boost the citys already high overall Prosperity ranking of#4.The focus now is on the citys 2040 Urban Masterplanas set out by Sheikh Mohammed bin Rashid,vice president and ruler of Dubaiwhich calls for developing a“20-minute city”allowing residents access to 80%of their daily needs and destinations within 20 minutes by foot or bike,making the global city feel more like a home town.Lavish,luxurious and lively in equal measure,Dubai continues its epic ascent on the world stage.Sunset in Dubai.PLACE POWER SCOREPLACE POWER HIGHLIGHTSPOPULATIONMetro 6,404,000#2 Outdoors#5 Instagram HashtagsProsperityLovabilityLivability4535Worlds Best Cities Report20242107San FranciscoUnited StatesDespite San Franciscos meticulously documented challenges,job opportunities and infrastructure buildout pave the way as the world continues to rush in like it always has.Its#5 ranking in our overall Prosperity index is driven by high salaries that draw global workers who rank the sixth most educated on the planet.No wonder San Francisco ranks#33 for Global 500 Companies.In fact,the Bay Area remains the number one place for start-up innovation,powered by venture capital kept interested in the citys famed“ecosystem”for talent,for research and for universities.In Henley&Partners and New World Wealths“Worlds Wealthiest Cities Report 2023,”San Francisco ranked third,tied with London and after New York and Tokyo,with 285,000 residing here in 2022.Still,the city is in a crisis not seen in decades.Population decline was the worst among large U.S.counties between July 2020 and July 2022(although its slowed recently).Equally terrifying,the citys office vacancy fluctuates at around 30%.Even the proudest locals wring their hands as companies leave for Austin and Florida.And then tweet about how you should,too.Undeterred,local leaders are rolling out the most daring bike and pedestrian infrastructure in America and the protected bike network now boasts 464 miles of bikeways,including 50 miles of new car-free/car-light streets in the past year alone.The aggressive pursuit of outdoor public spacesfrom downtowns new Salesforce Park,70 feet above street level atop the roof of the Salesforce Transit Center,to the half-dozen parks,tunnels and spaces opened last year in the Presidio alone(including Presidio Tunnel Tops,a 14-acre park built over the Presidio Parkway highway tunnels)was a clinic in city-building opportunism that will pay dividends for decades.The golden city has been deeply wounded economically by the pandemic,the lack of affordable housing and violence unimaginable a few years ago.Soaking in the Golden Gate Bridge.PLACE POWER SCOREPLACE POWER HIGHLIGHTSPOPULATIONMetro 4,623,264#1 Number of Start-ups#3 UniversityProsperityLivabilityLovability52028Worlds Best Cities Report20242208 BarcelonaSpainBarcelona threads the needle as one of the worlds rare cities that ranks Top 10 in both our overall Livability(#10)and Lovability(#7)indices.It has near-perfect weather year-round,more than three miles of golden sandy beaches within city limits,iconic parks,striking architecture and diverse,era-spanning neighborhoods that are destinations at all hours,many fueled by the citys Top 3 nightlife ranking.Can you blame the 12 million annual tourists who flocked here pre-pandemic,more than doubling the citys population?Barcelona responded with some of the strictest vacation rental rules anywhere,aimed at controlling the effects of runaway tourismlike real estate investors who snatch up apartments only to rent them on Airbnb,depleting an already limited supply.The city also elected Mayor Ada Colau,the first woman to hold the role,on a Barcelona-for-citizens platform.Ultimately the pandemic took care of“the tourist problem,”with devastating results.But even as the tide of tourists once again washes over the city,what they find is a more citizen-focused place,increasingly self-propelled and non-vehicular,with more than 150 miles of new bike lanes and daring initiatives like Eixos Verds(Green Axis),a network of quieter roads that share space equally between cars,bikes and pedestrians,and are dotted with benches and community squares.The inspiration germinated from a local pilot project that,unsurprisingly,improved citizen mental health.The city is also no longer content with digital nomads,and is aggressively securing massive foreign investment,ranging from Lufthansa Group,the largest airline group in Europe,which is opening its first southern European digital hub here any day now,to U.S.real estate developer Panattoni,which will invest$300 million to build the largest data center in the region.The defiant Catalan capital is as coveted as ever.The difference post-pandemic?It has taken a breath and is welcoming the world on its own terms.The Museu Nacional dArt de Catalunya is always worth a stop.PLACE POWER SCOREPLACE POWER HIGHLIGHTSPOPULATIONMetro 5,111,749#3 Nightlife#5 Tripadvisor ReviewsLovabilityLivabilityProsperity71048Worlds Best Cities Report20242309AmsterdamNetherlandsMayor Halsemas administration is showing a practical stewardship of a place(and citizens)once abandoned to the tourist euro thats co-authoring a future of accountability by everyone who calls the magnetic Dutch capital home.Take last years approach to a refugee accommodation crisis that led to hundreds of unhoused migrants,many fleeing Russias invasion of Ukraine,sleeping outside the citys overflowing resource centers:accommodate more than 1,000 on a moored cruise ship for six months,buying vital time to find other arrangements.Not surprisingly,this care for others and willingness for locals to do the work is represented by the citys Top 5 ranking in our overall Livability index.The sometimes out-of-control nightlife(ranked#10 globally)that the city was known and often marketed fordespite the attendant human traffickingwas another opportunity to right long-time local complaints,with local leaders going so far as to move the red-light district out of the famed De Wallen neighborhood to a suburban Erotic Center while banning non-residents from cannabis cafs and ditching tours that glorify the citys baser side.Things escalated this spring,when smoking pot in public was banned outright and the city launched a“stay away”campaign targeting party tourism.Restaurants and bars will be asked to close by 2 a.m.on Fridays and Saturdays and the city will not allow new visitors into the old city district after 1 a.m.Stepping in for vice are tours and programs focusing on the citys enviable livability and Dutch history.And getting tourists(who numbered 22 million in 2019)away from the city center and out to the#8-ranked shopping and#11-ranked museums that pepper the city.Oh,and this past summer,city council also banned cruise ships from the city center as part of its clean-air efforts.The smallest city in our Top 10 is taking back its streets,led by visionary Mayor Femke Halsema(literally visionary:shes also a filmmaker),the first non-interim female mayor in Amsterdams history.Amsterdam scores Top 5 for its biking in our ranking.PLACE POWER SCOREPLACE POWER HIGHLIGHTSPOPULATIONMetro 2,891,907#4 Labor Force Participation#5 BikingLivabilityLovabilityProsperity52224Worlds Best Cities Report20242410 SeoulSouth KoreaIn the land of kimchi,K-pop,K-dramas and K-beauty,Seoul is at the forefront of modern culture with many distinctionshome to BTS,the biggest-selling band in the world;the place that spawned Parasite,the genre-bending best-picture Oscar-winner;the city anchored by Gwangjang Market,featured on Netflix,frequented by Gordon Ramsay and a favorite of U.S.politicos.In an astonishingly short span,South Koreas capital has 180ed from war-ravaged city to high-tech hub.Its e-governance system and Fourth Industrial Revolution are thriving,creating a digitally interconnected city on 5G and 6G networks.The citys ascent is boosted by our eighth-lowest Poverty Rate ranking,sixth-most Global 500 firms located in town,and a growing start-up ecosystem waiting its turn to disrupt the incumbents.All that innovation is sated by the 176 Michelin-rated venues that have earned Seoul a#3 ranking in our Restaurants subcategory.Start at Mukja Golmok,literally“Lets Eat Alley”;move on to the vegetable-centric temple cuisine at Dooreyoo,Michelin-starred chef Tony Yoos oasis;then head to Gwangjang Market,where you can eat everything from a soup of rice cakes and kimchi-tofu dumplings to squirmy live octopus(really).Seouls popularity as a travel destination is ascendant post-pandemic,too.In 2022,it ranked as the fourth-most searched destination on Airbnb globally,and in 2023,the government is investing millions in international conferences by expediting three MICE clusters within the city.As the Korean wave continues to crest and break in distant lands,this charismatic city is creating a new paradigm for culture and commerce,which in turn has thousands flocking to its shores.Riding the Hallyu wave,Seoul has firmly established itself as a global pop culture powerhouse.The Imprint at Seouls Paradise City complex.PLACE POWER SCOREPLACE POWER HIGHLIGHTSPOPULATIONMetro 23,016,000#8 Museums#3 RestaurantsProsperityLivabilityLovability82631Worlds Best Cities Report20242512 PragueCzechia11 RomeItaly13 MadridSpainPLACE POWER HIGHLIGHTSPLACE POWER HIGHLIGHTSPLACE POWER HIGHLIGHTS#2 Tripadvisor Reviews#4 Sights&Landmarks#3 Attractions#4 Nightlife#5 Nightlife#8 CultureThe Eternal City has always been coveted.These days,the bounty is an immersive step back in time.Few cities serve up the ability to walk Western history like Roma.Heck,Palatine Hill alone invites you into two millennias worth if youve got an hour.And thats just the stuff you can see.In recent months,construction projects have unearthed everything from a rare fourth-century golden glass depiction of Romathe goddess personifying the cityto a life-sized marble statue of a Roman emperor dressed as Hercules.“The millennial history of our city never ceases to amaze and enchant the world,”tweeted Roberto Gualtieri,mayor of Rome,after a recent find.Mix in underrated parks and greenways(Rome ranks#28 in our Outdoors subcategory)and its thousands of portals back in time(Sights&Landmarks rank#4 globally)and its easy to see how Rome remains an urban treasure,drawing record post-pandemic tourists despite historic heat waves that exceeded 107 degrees Fahrenheit in July.Declarations of love for the city have multiplied with social media channels,of course,and Rome trails only London in our global Tripadvisor Reviews subcategory.The city is reopening fast,with new restaurants like Pulejo,Don Pasquale and Roman,and properties like the countrys first Six Senses resort.Bold reclamations focused on resident needs created a more accessible city while tourists werent looking.Pandemic lockdowns derailed tourism in Prague,and over the past year the city made long-lasting decisions to ensure that its#4-ranked Museums(ahead of places like Rome and Berlin)and#3-ranked Attractions(trailing only London and Tokyo)remain accessible to the citizens who supported local when tourism didnt.Places like the apadlo embankment on the Vltava River have become open-air stages and galleries reminiscent of Paris.Nplavka,with its former ice-storage spaces ensconced in the rivers retaining walls,was reborn as a vibrant urban market and series of pop-up bars.Pragues compact,fairy-tale walkability enchants in centuries-old cobbled streets and the(publicly accessible)hilltop Prague Castle,which has emerged from lockdown alongside Salm Palacehome to National Gallery exhibition spacesfully renovated.The Baroque Clam-Gallas Palace in Old Town is also newly reopened and eager to be admired.The citys four universities,relative affordability and#4 Nightlife ranking have inspired young talent and billions in foreign investment to pour infrom real estate developers to long-established firms like Microsoft,Cisco and Oracle doubling down on a good thing.Spains kinetic capital is applying its pandemic lessons to a people-powered,planet-saving rebirth.Madrids sustainability-driven investment in its bounteous(but long-dormant)infrastructure and public assets is a wonder to watch unfold in real time.It starts,not surprisingly,with reuse and the conviction that everything old can be new again.Take the new Santander Park,an instant citizen and visitor destination that used to be a golf course.A 47-mile urban forest network with nearly half a million new trees will connect the citys existing forest masses and reuse derelict sites between roads and buildings.Upon completion,this“green wall”is projected to help absorb 175,000 tons of carbon dioxide annually and mitigate the citys worsening urban heat.The investment in the citys outdoor realm will improve Madrids#65 ranking in our Outdoors subcategory,especially combined with how safe the city has become,along with its tied top spot for Walk Score globally.Madrids electric bus network trails only Berlin in Europe and new charging stations and bike lanes are everywhere.But the biggest news is this years full approval of Madrid Nuevo Norte,the largest current urban regeneration project in Europe,in the citys underused northern rail district:more than 550 acres dedicated to the Madrid of the future.POPULATIONPOPULATIONPOPULATIONMetro 4,304,000Metro 2,260,000Metro 7,005,000Worlds Best Cities Report20242614 BerlinGermany15 Los AngelesUnited States16 ChicagoUnited StatesPLACE POWER HIGHLIGHTSPLACE POWER HIGHLIGHTSPLACE POWER HIGHLIGHTS#5 Museums#6 Nightlife#4 Google Search#6 University#1 Walk Score#7 Airport ConnectivityNo German city embodies the countrys sentiments of tolerance and cultural ambition quite like its capital.Berlin is a city where remnants of a fragile history mingle with a present in which being whatever you want simply comes with residency.Today,waves of Ukrainians fleeing Russias invasion are joining North Africans,Afghanis and dozens of other groups seeking a new life.Its a big reason why the city ranks#23 in our Start-ups subcategory,and#29 in Labor Force Participation.Its#50 ranking for Educational Attainment among residents will only climb with ambitious new citizens.The city is as culturally devoted as it is welcoming.This is the home of Museum Island,after all,and the citys Top 5 ranking globally in our Museums subcategory will also ascend with recent and upcoming openings.Two major museums have moved into the new Humboldt Forum in the heart of the city:the Ethnological Museum and the Museum of Asian Art.A dozen more will open,dedicated to everything from samurai to video games.Another exciting 2023 development is the ongoing cultural and creative evolution of Berlins Tempelhof Airport,Europes largest historic monument,with the curve of the building stretching 3/4 of a mile.In 2026,the anticipated Museum of the 20th Century will launch as one of Europes finest.The planets city of stories is telling a few of its own this year.Over drinks,over dinner and on the train ride home.Centennial milestones were all the rage in 2023 Los Angeles,and the chance to experience the celebrations will stretch into 2024 and improve the citys impressive#11 Attractions ranking globally.The biggie:the Hollywood Sign.In a recent study commissioned by Los Angeles Tourism,nearly 80%of respondents affirmed it as L.A.s most iconic landmark.Also celebrating a century are Warner Bros.Studios and the Los Angeles Memorial Coliseum,as hallowed an American ground as youll find and home to both the first Super Bowl in 1967 and multiple Olympic Games(including the upcoming 2028 Summer Games,when L.A.will become the first place in the U.S.to host the event three times).The world is curious(indicated by the#4 ranking for global Google searches,which powers a#13 finish in our overall Lovability index).The next two years are equally frenzied for the citys arts and culture scene.Both the Los Angeles County Museum of Art and the Natural History Museums NHM Commons open in 2024,followed by the Lucas Museum of Narrative Art,founded by philanthropist and filmmaker George Lucas and his wife Mellody Hobson,co-CEO and president of Ariel Investments.Americas great Midwest metropolis pulses with infrastructure and affordability that eludes many other iconic global cities.Three years of pandemic decimation and spiking inflation only meant the Windy City was spring-loaded for a breakout 2023,powered by a fully operational OHare International,ranked#7 globally.Meetings and conventions are also back,pouring into McCormick Place and its stunning Lake Michigan perch,ranked#38 in our Convention Center subcategory.The citys quiet productivity is humming again,leaner and more efficient than ever,with the 19th-most Global 500 headquarters on the planet.Even amid the post-pandemic headlines of emptying city cores,Chicago was named the top U.S.metro area for corporate investment for an astonishing 10th consecutive year by Site Selection,a magazine that tracks urban real estate and corporate development.The reason?“The metro area continues to attract companies and the talent those companies covet.”The local food scene(#31)is also ascendant,powered by daring new openings and recently immortalized by FX series The Bear.In 2024,all eyes will be on South Chicagos Jackson Park.Its$500-million Obama Presidential Center opens the following year as a museum and public gathering space looking to welcome 700,000 annual visitors and generate a long-term economic impact of$3 billion.POPULATIONPOPULATIONPOPULATIONMetro 4,980,000Metro 12,997,000Metro 9,510,000Worlds Best Cities Report20242717 Washington,D.C.United States18 BeijingChina19 IstanbulTrkiyePLACE POWER HIGHLIGHTSPLACE POWER HIGHLIGHTSPLACE POWER HIGHLIGHTS#1 Google Search#5 Educational Attainment#10 Google Search#13 University#3 Airport Connectivity#3 Instagram HashtagsAmericas intriguing capital city has the worlds attentionand is working to keep it.The ubiquity of D.C.in dramas on screens small and large,combined with the shocking events of recent years,means were all thinking about Washington.Want proof?It once again topped not only all U.S.cities for searches on Google in the past year,but globally as well.Given its omnipresence,there are few cities so poised to build on their exposure.“There is currently$9.6 billion in development underway and the city has added new hotels,museums,rooftops,Michelin-rated dining and more for travelers to explore,”says Elliott Ferguson,president and CEO of Destination DC.Those 2023 openings include the launch of the 274-room Royal Sonesta Capitol Hill,joining new properties like the AC Hotel Washington DC Capitol Hill Navy Yard and the Pendry Washington DC The Wharf.And speaking of The Wharf,phase two of the massive Southwest Waterfront development just opened,creating yet another destination neighborhood in a city packed with them.New and reopening museums include the 32,000-square-foot Rubell Museum DC in a historically Black public school,and the National Museum of Women in the Arts,the worlds only major art museum solely dedicated to championing female artists.One of Chinas“Four Ancient Capitals,”Beijing walks a fine line between progress and politics.Enigmatic hutongs whisper tales of emperors and concubines;next to them,towering skyscrapers reflect Beijings rapid global ascent.The citys 3,000-year-old history comes alive across seven UNESCO World Heritage sites,punctuated by the modern Birds Nest Olympic stadium and the Guardian Art Centerthe worlds first custom-built auction house.No longer does“Peking”observe world affairs from the sidelines;todays Beijing is keen to solidify Chinas position as the worlds second-largest economy.President Xi Jinping speaks of Beijings commitment to peace and democracya stark contrast to allegations of using the Beijing 2022 Olympics to“sportwash”perceptions of human rights.This may be the reason the city scores high on our Livability and Prosperity indices(#11 and#16,respectively)but has a long way to go on Lovability(#78)something the government is aware of,and is seemingly taking steps to address.With the Global Security and Global Development initiatives externalizing internal policiesas seen at Beijing Daxing Airports new innovation center,which facilitates entry of foreign enterprises into the Chinese marketBeijing aims to create an environment that supports sovereignty,security and development,meaning the“Forbidden City”would be forbidden no more.The planets only major city straddling two continents is going all in to capitalize on its strategic location.The ancient collision between Europe and Asia radiates in Trkiyes kinetic capital.Its why the city is among the most beguiling for its sense of place,inside and out.Its Top 10 Sights&Landmarks ranking,as well as its#18 spot in our Outdoors subcategory,will both improve after extensive renovations for the Turkish Republics centennial in October 2023.The devastating February 2023 earthquakes that killed tens of thousands in the countrys southeast and in Syria(and that flooded the capital with survivors)have sounded the alarms about Istanbuls own preparation for an inevitable destructive quake.The tragedy has cast a pall around new openings like Galataport,Istanbuls reinvigorated historic harbor.Extending a mile along the Bosporus Strait near the citys long-coveted Karaky district,the$1.7-billion project boasts the worlds first-ever underground cruise terminal.More recently,the luxury Peninsula Istanbul opened in February,capping a blazing year for hotel openings that includes the seafront luxury resort JW Marriott Marmara Sea and a dozen others.The citys#10-ranked museums also get a boost from the Galataport investment,with the Istanbul Modern,the citys first contemporary art museum(designed by Renzo Piano),returning to its Karaky roots.POPULATIONPOPULATIONPOPULATIONMetro 6,359,000Metro 18,522,000Metro 15,636,000Worlds Best Cities Report20242820 DublinIreland21 ViennaAustria22 MilanItalyPLACE POWER HIGHLIGHTSPLACE POWER HIGHLIGHTSPLACE POWER HIGHLIGHTS#6 GDP per Capita#13 Educational Attainment#3 Biking#11 Google Search#1 Walk Score#4 BikingThe storied capital is made for flneurs and entrepreneurs.Safe,gregarious and increasingly wealthy,the Celtic Tiger has never been fiercer,ranking#6 globally in our GDP per Capita subcategory and Top 25 for Global 500 firms that call the city home.The magnetism is obvious in places like the Docklands area,known as Silicon Docks,home to big tech and digital players including Google,Meta,Amazon,eBay,Apple and Airbnb.They come for some of the worlds lowest corporate taxes and stay for homegrown economic development initiatives like Irelands Local Enterprise Office,which supports international companies with mentoring,training and financial grants.Several internationally renowned universities(Trinity College Dublin,University College Dublin and Dublin City University)help the city attract start-ups looking for a smaller,more affordable capital center.U.S.software firm Workday opened its new European headquarters last year,as did Kara Connect,an employee well-being platform from Iceland.It helps to be able to offer eager young employees something to do outside of work,which Dublins famousthough increasingly costlypub-centric nightlife(ranked#16)does,along with an abundance of concerts,shows and events(Culture ranks#21).Of course,being among the safest capitals on the planet helps,too.Where modernism was born,the future is doing just fine.Is there another city today that resonates as the global benchmark for urban livability,sustainability and equity more than the Austrian capital?Yes,it ranks Top 3 in our Walk Score and Biking subcategories,but it also excels in housing:in an era of prohibitive global urban rents,60%of the citys population resides in subsidized apartments and 25%of homes are owned by the city.And its tackling the climate emergency:last year,city leaders announced carbon neutrality by 2040,besting the Paris Agreement by a decade.Food security commitments yield over 5,000 acres of fields,vineyards and gardens within city limits.That gives Viennas current#56 spot in our Restaurants subcategory room to ascend with authentic localism,especially thriving vegetarian spots like Tian,winner of a Michelin Green Star for sustainable gastronomy in 2022.Also helping this green journey are the new,fully automated X-Wagen trains connecting the citys U-Bahn stations,with buildout happening throughout the decade.The best part?The trains are built almost exclusively at the Siemens factory in town.Equally exciting is the massive new Aspern Seestadt urban development that insists residents walk,bike and use public transit on local streets(that arefinally!named after women).A no-nonsense devotion to the finer things makes Italys northern power a culture and fashion vanguard increasingly sought by a wealthy global class.The birthplace of Armani,Versace and dozens of other megawatt icons is no longer content with its crown as Europes fashion and design center.Or even as Italys financial heart.Milan is driven,as always,by its entrepreneurial hunger and is increasingly fueled by wealthy newcomers lured to the famed good life by government tax breaks(like capping income tax on money made abroad at 100,000 annually).The result is an influx of Brexit(and Russian)capital seeking a home,and the flurry of luxury real estate,hotels and social clubs that such capital inspires.The Ferragamo-owned Lungarno Collection unveiled the Portrait Milano in one of Europes oldest seminaries,complete with a massive piazza.U.S.networking broker Core Club is opening in a nearby palazzo,its first outside of San Francisco and New York City.This strategic proximity to other European capitals and alpine resorts pulling in the global elite also won the city the 2026 Olympic Winter Games and a rush of development.Residents and visitors keep fit via the citys shared#1 spot globally for Walk Score ranking,and#4 spot in our Biking subcategory.POPULATIONPOPULATIONPOPULATIONMetro 544,000Metro 1,890,000Metro 4,962,000Worlds Best Cities Report20242923 TorontoCanada24 BostonUnited States25 Abu DhabiUnited Arab EmiratesPLACE POWER HIGHLIGHTSPLACE POWER HIGHLIGHTSPLACE POWER HIGHLIGHTS#10 University#11 Global 500 Companies#1 University#8 GDP per Capita#39 Facebook Check-ins#48 Instagram HashtagsEconomic growth,fueled by immigration and global investment,has Canadas largest city poised for big things.All the buzz youre hearing about North Americas second-largest financial center doesnt even come close to doing justice to whats going on in Toronto right now.The city is the welcoming front door to a country on the hunt for new skilled immigrants.Already,half of Torontos population was born outside of Canada,and the city will blow past 7 million by the time you read this,on its way to trailing only Mexico City and New York in North American populations by the 2070s.Today,its 238 cranes more than quadruple second-place Seattles count of 51.All that construction is optimizing and streamlining an emergent global destination city,from the reopening of its century-old Massey Hall to the massive new Renzo Piano-designed Ontario Court of Justice that combined six older buildings under one roof.Much-needed downtown green space has been added with Love Park,featuring a heart-shaped pond and built on the site of a former Gardiner Expressway off-ramp with access to the citys lakefront.Coming up,the St.Lawrence Centre for the Arts is getting a$400-million facelift and will be Canadas first carbon-neutral theater upon reopening in 2028.Americas oldest big city has never been more a part of the national future.A hub of higher education and home to the 14th-most educated workforce on the planet,Beantown produces a steady stream of new talent to help attract start-ups and established companies alike.Future talent gravitates to Harvard,of coursethe top-ranked university in the worldas well as to Bostons density of other world-class universities and colleges.The region bursts with lecture halls,labs and classrooms for the more than 75 institutions of higher learning,energized by the estimated 200,000 postsecondary students creating stories,ideas,solutions and technologies with global influence.No wonder the city ranks#8 globally for GDP per Capita.The buildout of Americas newest(oldest)urban destination,buoyed by billions in federal stimulus funds,is also afoot.Hotel inventory is projected to grow by 5,000 new rooms by 2030,fueled by the 1,055-room Omni Boston Hotel at the Seaport on the South Boston Waterfront near the Boston Convention&Exhibition Center,and the first Raffles property in North America.The citys cultural clout is also ascendant courtesy of the Fenway Sports Group and Live Nations new MGM Music Hall at Fenway,a 5,000-seat concert hall that extends the iconic ballpark.Less glitzy than Dubai but equally ambitious in its influence,this is the new cultural capital of the UAE.Sandstone walls tell tales of Arabian nights,the Sheikh Zayed Grand Mosque sings a symphony of white marble and Islamic motifs,the enigmatic Louvre Abu Dhabi rises proudly on Saadiyat Islandall against the backdrop of opulent hotels,megamalls and ATMs that quite literally dispense bars of gold.From a pearl diving port that housed mangroves and gazelles to an oil-and-gas superpower to a global arts and culture destination,Abu Dhabi has,time and again,reinvented itself in ways bigand bigger.The emirate tops our overall Prosperity index,but its Livability ranking is on the other end of the spectrum(#236)which means theres a lot of work to do.As part of its growth roadmap for 2023,the emirate aims to invest upwards of$12 billion into culture and tourism,helping diversify the economy away from oil and drawing in more visitors.This puts Saadiyat Island in the limelightas host to performances and exhibitions at Manarat Al Saadiyat and Berklee Abu Dhabi,and future home of the Natural History Museum Abu Dhabi,the new local Guggenheim,Zayed National Museum and teamLab Phenomena Abu Dhabi.POPULATIONPOPULATIONPOPULATIONMetro 6,771,000Metro 4,900,000Metro 1,374,000Worlds Best Cities Report20243026 BudapestHungary27 So PauloBrazil28 RiyadhSaudi ArabiaPLACE POWER HIGHLIGHTSPLACE POWER HIGHLIGHTSPLACE POWER HIGHLIGHTS#9 Attractions#15 Nightlife#5 Culture#6 Restaurants#1 Poverty Rate#3 GDP per CapitaThe Old World beguiles in the Hungarian capital.Budapest is a buzzy European capital post-pandemic,beloved by digital nomads seeking freedom from more conservative metropolises(and coaxed here with the new White Card remote worker visa).The city,split by the expansive bend of the Danube River,delivers.On the west bank is medieval Buda,hilly and historic;on the east is Pest,modern and bohemian,with its recently revamped City Park surrounded by the bounty of its 29th-ranked Sights&Landmarks.The city celebrated the 150th anniversary of its unification this year with the reopening of the Szchenyi Chain Bridge.The year-long party and investment will improve the already impressive#9 Attractions and#21 Museums rankings,which include the must-see Museum of Fine Arts along with a dozen others,from the Szamos Chocolate Museum to new music and ethnography museums.At night,Budapests Communist-era urbanity blooms as“ruin bars”a distinctly Eastern European approach to nightlife(ranked#15 globally).Luxury has also flowered,with the new Matild Palacethe citys first Luxury Collection hotelopening inside a UNESCO landmark last year,joining newcomer Prisi Udvar Hotel and the Anantara New York Palace reopening in an ornate 1894 stunner.Known for its open-air museums and open-hearted communities,Sampa is on a roller-coaster ride toward urbanization.Lina Bo Bardis epoch-defining So Paulo Museum of Art and architect Rino Levis pyramidal FIESP Cultural Center are just two eye-catching icons of So Paulobut Brazils largest city,home to more than 23 million“Paulistanos,”draws its cultural identity from global influences as diverse as Japan,Italy,Lebanon and France.This amalgamation creates a day-to-day that is among the most vibrant and multifaceted on earth.Over the years,So Paulo has extended its borders beyond its historical core and into middle-class neighborhoods,growth thats been labeled as gentrification and is drawing attention to fault lines within Brazilian society,rooted in race,class,gender and sexuality.This is a city of the people,as evidenced by its#9 ranking in our overall Lovability index.While Livability is lower,at#27,Prosperity is a distant#161 globally.However,despite facing challenges,the Brazilian economy maintains its resilience.Notably,the first quarter witnessed robust real GDP growth,largely attributed to impressive crop yields.Inflation is on a rapid descent,which is poised to prompt interest rate reductions by Brazils central bankmeaning brighter days ahead for Sampa.The Kingdom of Saudi Arabias capital is beginning to pave the way for tourism.and into the global urban conversation.Seeing the continued success of tourism in neighboring Dubai,Abu Dhabi and Oman,and keen on moving the economy away from fossil fuels,the Kingdom of Saudi Arabia started issuing tourist visas in April 2018 for the first time in eight years.The gateway is Saudis conservative capital,where anything qualifying as entertainment is discouraged and where a rigid focus is kept on businessmostly around extractive industriesresulting in the third-highest GDP per Capita ranking globally.Not surprisingly,Riyadh also has the lowest poverty rate on the planet.Still,events like Noor Riyadh,a new outdoor lights and art festival(along with Saudis recent purchase of cultural and sports icons and franchises),offer hope of some freedom of expression.The#76-ranked airport will rise with the 2025 launch of Riyadh Air and plans for$150 billion in transportation infrastructure by 2030,as well as(potentially)a new airport in the city.This summer,King Khalid International Airport became the MENA regions first to obtain the Welcome Chinese Certification from the Xi regime.Still,Saudi Arabias ultraconservative leanings present a threat to the countrys plans for international tourism,as does its reputation for murdering journalists and outspoken critics.POPULATIONPOPULATIONPOPULATIONMetro 3,003,000Metro 23,086,000Metro 7,237,000Worlds Best Cities Report20243129 StockholmSweden30 MunichGermany31 MelbourneAustraliaPLACE POWER HIGHLIGHTSPLACE POWER HIGHLIGHTSPLACE POWER HIGHLIGHTS#2 Labor Force Participation#9 Educational Attainment#7 Biking#8 Convention Center#15 University#15 Google SearchAmbitious tech and transit investment activate an enterprising and educated citizenry.No other Scandinavian city serves up a sensory feast like Stockholm,blending rustic,traditional and New Nordic cuisine,geography(the city center was built on 14 islands),and salt and fresh-water outdoor swimming areas within a bounty of public green space,the cobblestones of Gamla Stan and its 1700s architecture and daring modern design.Throw in a multicultural population(powered by the ninth-most educated citizens of any city)and an epic summer season with near-constant daylight and youve got a coveted hometown.Stockholm built the worlds largest open-fiber network in the 1990s,followed a decade or so later by the launch of global hits like Skype,Spotify and Minecraftearning the city the moniker of“The Unicorn Factory.”More billion-dollar start-ups have launched here than in any place outside of Silicon Valley.A wander through the recently gentrified Sdermalm neighborhood,the birthplace of many tech giants,reveals why the city ranks second globally in our Labor Force Participation subcategory this year,with educated,calm citizens creatively solving the worlds problems and chasing the payoffs that come with doing so.It ranks Top 20 in our overall Prosperity index as a result.Bavarias party capital is also a business behemotheven more so post-pandemic.Yes,theres Oktoberfest every autumn,but Germanys third-largest city works as hard as it plays,becoming one of Europes hottest destinations for new residents seeking this elusive balance.The pandemic only highlighted the productivity of understated Bavarian innovation,especially given all the“temporary”initiativesfrom outdoor seating to a reimagined concrete factorythat have become permanent and made this merry city even more fun.But this is Germany after all and theres productivity to think about.Munich boasts the eighth-best convention center on the planetand its airport is ranked#18(soon to improve after a$550-million reno wraps up by early 2024),ensuring regional and global access to all that Bavarian ingenuity.The Technical University of Munich,which brands itself“the Entrepreneurial University,”impressively ranks in the Top 25 globally.With all that citizen-focused infrastructure and entrepreneurship,Munich ranks#22 in our overall Livability index,and#40 for Prosperity,including#19 for Global 500 headquarters(made up primarily of automakers,media and manufacturing,but being quickly joined by biotech and IT giants).Next year,Apple plans to invest an additional billion dollars into its local operations in the city.Street art and scenic trails are just the tip of the ice coffee for Australias second-largest city.The weather may not always seem promising and there may not be an iconic bridge in sight,but what Melbourne lacks in weather and landmarks it more than makes up for with its foodand coffeeculture,art scene(look out for graffitied laneways like Hosier Lane)and quirky offerings like the Brighton Bathing Boxes and the tiny,adorable St.Kilda penguins.Melbourne is also quintessentially“wine country”its home to 21 remarkable wine regions,including the prestigious Yarra Valley,the charming Mornington Peninsula and the rugged Grampians.The city is home to the Australian Open,which draws in hundreds of thousands of tennis enthusiasts to Melbourne Park and its arenasin 2023,attendance reached a record-breaking 839,192 fans over a two-week stretch.Melbourne is held in high regard by visitors and proud locals(ranking#37 in our overall Lovability index)and is livable,too(#34)and it is also taking steps to ascend the ranks on the prosperity of its citizens(although#53 globally is already quite commendable).Thats where Plan Melbourne 2017-2050 comes ina response to the challenges of population growth,it drives economic prosperity and livability while protecting Melbournes environment and heritage.POPULATIONPOPULATIONPOPULATIONMetro 2,308,000Metro 3,017,000Metro 4,721,000Worlds Best Cities Report20243232 LisbonPortugal33 ZrichSwitzerland34 SeattleUnited StatesPLACE POWER HIGHLIGHTSPLACE POWER HIGHLIGHTSPLACE POWER HIGHLIGHTS#11 Sights&Landmarks#15 Tripadvisor Reviews#8 Labor Force Participation#11 Global 500 Companies#4 University#10 GDP per CapitaThe once-sleepy ancient capital on the continents western edge is today one of Europes hottest destinations.Youre not imagining it:all of your friends are moving to Lisbon.But its only partially for the 2,799 annual hours of sunshinethe most of any European capital.Theres also the famed public transit,walkability and the 125 miles of bike paths that opened last year(with more on the way)that will improve its#13 global ranking for Biking.To immerse yourself in Lisbons#16 ranking in our overall Livability index,scale any of the seven hills that provide perches to watch Atlantic sunsets,especially Castelo de So Jorge,up winding ancient alleys in one of Europes oldest neighborhoodslike,1,500 years old.Such spots rank Lisbon#19 in our Outdoors subcategory.Newcomers continue to pour in,buoying the ascendant house prices with new remote work visas(the latest requires a monthly salary of$2,750)while ending overly generous foreign residencies.Temporary bans on Airbnb licenses are attempting to keep the city accessible for residents whose minimum wage is well under$1,000 per month.Still,new allures like the citys most recent Michelin-starred,Japanese-influenced Kabuki and Kanazawa keep the newcomers flowing in.Go there instead of the new Lisbon Earthquake Experience.Often ranked among the worlds most livable cities,Zrich is exactly the kind of place youd want to call home:efficient,clean,educated and safe.Switzerlands financial center(even after the failure of Credit Suisse)and largest metropolis is a magnet for foreigners who,along with multilingual Swiss nationals,enjoy one of the worlds highest standards of living.The city ranks 21st globally in our overall Prosperity index,powered by industrious citizenry that ranks#8 for Labor Force Participation and#11 for Global 500 headquarters,with major European players like Migros and UBS AG based here.The citys population is also the largest its been since the halcyon days of the early 1960s.Zrich is statistically lauded like few others these days,ranking third globallyand first in Europein Insead Business Schools latest Global City Talent Competitiveness Index.ETH Zrich(or Swiss Federal Institute of Technology)ranks#17 in our University subcategory and acts as a vital and reliable pipeline for the citys and nations envied economic development advantage.All that talent is getting on corporate site selector radars,as evidenced by Microsofts opening of a new technology center at the Zrich Airport to“deliver immersive industry experiences and deep technical engagement focused on business outcomes to customers,”according to the company.Americas growing tech hub is playing the long game,focusing on inclusive prosperity and urban vibrancy to win the war for talent.You wont find Seattle among the panicky headlines chronicling the decline of U.S.west coast metropolises.Sure,the Emerald City is battling a burst housing bubble,a homelessness crisis and 20%commercial vacancy rates.But its also growing by 1%annually,fueled by talent seeking(literally)greener pastures and pulled by the influential titans of industry in town,from Amazon to Starbucks to Zillow.Heat waves in the American South will only accelerate immigration.Q1 2023 employment grew by 4%,powered by a Top 10 global GDP per Capita ranking and a talent pipeline stocked by the omnipresent UDubthe University of Washingtonone of the worlds top public research universities(ranking#4 in our University subcategory).And that talent benefits from all manner of livability here,from start-up incubation to festivals to urban waterfront restoration.With its#26 ranking for Educational Attainment,is it any wonder Seattle is Top 25 globally for both Global 500 firms that call it home and for the number or start-ups?Its 51 construction cranes top the U.S.,indicative of the big plans here and the expansion of everything from homegrown icons like Amazon and Microsoft to global brands like Korean luxury hospitality group Lotte Hotels.POPULATIONPOPULATIONPOPULATIONMetro 3,013,000Metro 1,937,000Metro 4,012,000Worlds Best Cities Report20243335 SydneyAustralia36 DohaQatar37 BrusselsBelgiumPLACE POWER HIGHLIGHTSPLACE POWER HIGHLIGHTSPLACE POWER HIGHLIGHTS#16 University#17 Outdoors#33 Airport Connectivity#54 Biking#1 Walk Score(tie)#14 Airport ConnectivitySydneysiders have a lot to be proud ofand even more to share with the world.Sydney unveils a dazzling narrative punctuated by the luminous Opera House,the iconic Harbour Bridgecolloquially known as the“coat hanger”and sun-drenched beaches,from Bondi to Balmoral and beyond.Here,long,laidback summers melt into mild,mellow wintersthe perfect backdrop to explore Sydneys remarkable blend of vintage and modern,from the colonial-era sandstone buildings of The Rocks to new icons like the Sydney Tower.Todays Sydney finds itself at a pivotal juncture that looks to infuse renewed vitality into the central business district.The City of Sydney has earmarked millions to breathe life into creative precincts and public events.Simultaneously,the New South Wales government introduced its“24-Hour Economy Strategy,”igniting the resurgence of inner-city vibrancynightlife,dining and culture.The city is beloved by Sydneysiders actual and wannabeevident from its Lovability rank of#29and its focusing on giving more people even more reasons to fall in love with it.The cityscape has blossomed with hundreds of permanent al fresco licenses,events like the acclaimed Laneway Festival are luring people back to the citys core and grand-scale urban renewal ventures,such as the birth of Tech Central,all promise a radiant future for Sydneys bustling heart.The next Dubai?No,this city is one-of-a-kind in every way.Qatars epic makeover from obscurity to global hot spot is a story for the ageswhat began as a fishing and pearl-diving settlement has transformed into a gleaming(and sometimes improbable)vision of the future.High-rises,hotels and malls have replaced desert terrain.Markets like Souq Waqif are now rewriting history,and museums of every genre(including the 18-year labor of love that is the National Museum of Qatar)call out to culture vultures.All of these reflect the bold“Qatar National Vision 2030,”which aims to transform the country into a knowledge-based economy.But this sheen is dulled by reminders of a harrowing human rights record,and investigations into labor conditions and restrictions on civil liberties.As a result,while Dohas Prosperity ranking is in the Top 10 globally(#9),its Livability and Lovability rankings are nowhere close.Now,in a post-FIFA era,Doha is gearing up to host a six-month expo that will welcome almost three million visitors.No other city in the Middle East is hurtling toward its audacious goals at such breakneck speed.and Doha is only just getting started.Belgiums capital and the de facto home of the European Union is a city with plenty of surprises up its tailored sleeve.Understated Brussels boasts breathtaking architecture(especially for Art Nouveau aficionados).Take the Grand Placesurely among the most beautiful squares in the world.The city has invested in public spaces,like the Tour&Taxis Food Market under the glass roofs of the former Gare Maritime,and the Grand Hospice:a repurposed neoclassical complex with beautiful colonnades and an interior park.(But also in the mix are state-commissioned buildings so ugly that entire social feeds hate on them.)Despite being the EUs administrative center,one of the citys most famous landmarks is Manneken Pis,a statue of a naked boy peeing into a fountaina symbol of locals contempt for authority.The wit emanates from vibrant,educated,multiethnic citizenry(Brussels ranks#27 for Educational Attainment).Get local in the Congolese Matonge quarters flea markets and street art.Or at the new Working From_ co-working space at the Hoxton Hotel.The city is a gathering spot for conferences and summits of all kinds,which explains its Top 10 spot for Facebook Check-ins,and its Midi station is also the hub for a country with some of the worlds densest rail networks that is poised to expand inter-city and overnight connections in 2024.POPULATIONPOPULATIONPOPULATIONMetro 4,712,000Metro 1,886,000Metro 3,331,000Worlds Best Cities Report20243438 San JoseUnited States39 BangkokThailand40 WarsawPolandPLACE POWER HIGHLIGHTSPLACE POWER HIGHLIGHTSPLACE POWER HIGHLIGHTS#1 Number of Start-ups(tie)#2 University#5 Shopping#16 Restaurants#12 Educational Attainment#20 GDP per CapitaTalent,smarts and money are a potent mix that has insulated San Jose from economic uncertainty while empowering its citizens to be bold with recovery.As the global heart of innovation and the urban center of Silicon Valley,San Jose trails only San Francisco in our overall Prosperity index in North America,and ranks#6 globally.Leading economically vital subcategories like Number of Start-ups(tied for#1)and Educational Attainment(#4)will have that effect.Its all astonishing,and possible because of San Joses moat:2,500 high-tech companies in and around city limits.Its why San Jose doesnt intend to lose its peopleor jobsfor any sustained period of time.Theres just too much global support to keep a good thing going.The institutional prosperity in the city is perhaps most obvious in the bounty of universities that are performance drivers all their own(including Stanford,trailing only Bostons Harvard in our University category),creating symbiotic integrations with local tech companies and offering access to funding and innovation like few others.Given the optimal conditions of a lauded,coveted school and the on-ramp it provides to jobs in the city,San Jose will continue to stock its talent pipeline for decades.The prospect of high-speed rail links to San Francisco and throughout California will mean improved access to talent.From stag-party hot spot to Russian haven,Thailands capital has flipped the script on its global perception.Everything most of us know about Bangkok has to do with exotic food,illicit massage parlors,beautiful beaches or thrift shopping.Parodied in films like The Hangover 2 and unjustly reduced to stereotypes,this“City of Angels”is a unique metropolis where spirituality and hedonism coexist.Today,every corner of this city is abuzz with activitythanks to a surge in visitors from Russia,en route to Phuket.Thousands have come to the city(Thailand has notably not barred inbound flights from Russia),hoping to avoid conscription to fight in Ukraine or just fleeing Russias self-inflicted misery.All this,against Thailands own volatile political scenario,like the recent barring of Pita Limjaroenrat from running for prime minister,which led to crippling street demonstrations.That hasnt stopped the city from rising up the ranks,with a global#12 position in our overall Lovability index thanks to its#5 ranking for Shopping and#13 spot for Attractions.The city is also catering to a growing tourist basea multi-floor cannabis complex will soon open in Chinatown,and 40-plus hotels will open across the capital by 2027.One things for surethe sensory overload that Bangkok has been known for will never cease.Polands capital city is an ascendant economic and entrepreneurial hotbed with plenty of reasons to leave work early.Its been a decade of steady growth for Poland,today a European economic powerhouse.But Russias and Nazi Germanys Second World War invasions remain indelible,which is why Warsaw has welcomed more than 250,000 Ukrainian refugees fleeing Russias latest invasion,swelling its population by almost 20%.Ukrainians who remain post-war will join a population ranked#12 globally for Educational Attainment and#20 for GDP per Capita.With that kind of talent,the city is busy with its long-planned ambitious projectsfrom the rebuild of the 17th-century Saski Palace destroyed by the Nazis to new museums and Michelin-starred restaurants to the recently opened 1,017-foot Foster Partners-designed Varso Tower,the EUs tallest building.Warsaw also leads the largest infrastructure project in the Baltics in a century.The Rail Baltica high-speed railway should open in 2026,connecting Estonia,Latvia and Lithuania to Poland and the rest of Europe:a 540-mile link from Tallinn to Warsaw with a top speed of 145 miles per hour.Tourism is booming,too,with the citys Attractions ranking#23 and a 4.4%rise in tourism contributing to its GDP in 2022 versus 2019,according to the World Travel&Tourism Council.POPULATIONPOPULATIONPOPULATIONMetro 2,025,000Metro 18,007,000Metro 3,190,000Worlds Best Cities Report20243541 CopenhagenDenmark42 TaipeiTaiwan43 AustinUnited StatesPLACE POWER HIGHLIGHTSPLACE POWER HIGHLIGHTSPLACE POWER HIGHLIGHTS#22 University#25 Labor Force Participation#9 Restaurants#12 Shopping#6 Google Search#23 UniversityOne of Europes most buzzed-about capitals gets real.Copenhagens compact,park-filled urban grid,connected by serpentine bike lanes that end at clean,city-sanctioned(finally!)urban swimming spots,earned the worlds locked-down attention during the pandemic.Its Top 25-ranked Labor Force Participation on top of all that urban bounty is also impressive.Global attention returned this year,by way of a UNESCO Capital of Architecture designation.Events are going on until 2026,at formal venues like the Danish Architecture Center,but also at places like the waterfront Opera Park,an urban green space designed for climate resilience.Copenhagens commitment to sustainability is nothing new,of course.It has long invested in its cycling infrastructure,attempting to make 50%of all work and school commutes on bicycles by 2025,as well as helping Denmark reach overall carbon neutrality by 2050.Transit buildout is everywhere,connecting more affordable districts on the citys outskirts,most notably the much-needed Sydhavn connector next year.An international transit link to Malm,Sweden,is also planned.But nothing will be as daring as the building of Lynetteholm,a 675-acre artificial island off the citys coast,housing 35,000 people while protecting the harbor from rising water.Or so we hope.From an urban jungle to an actual real-life jungle,Taipeis dual landscape reveals a trove of tasty treasures.Nestled on the distant western fringe of the Pacific Ocean,Taiwan perceives itself as an independent nation,yet its status as such is not acknowledged by Beijing.The birthplace of beloved boba,Mongolian BBQ and Din Tai Fungs Michelin-starred soup dumplings,Taipei reveals a dynamic culinary scene across markets like Shida,traditional rechaos like Baxian Grill and gourmet restaurants like RAW and Mumeall of which help Taipeis restaurants rank#9 globally.Its also where Acer and Asus have their HQs,making it synonymous with affordable electronic goods(validating the citys#12 Shopping rank).Any visit to the city is incomplete without a wander through the Taipei Technology District.Scoring well for both Lovability and Livability in equal measure(#52),Taipei has the distinction of being the first country in Asia to legalize same-sex marriage,and continues to be an inclusive haven for people from more conservative cities.Its also committed to bringing about urban transformations in every aspect of its citizens lives through the New Taipei Citys Climate Action Plan,which focuses on greener buildings,smarter transportations,cleaner energy and more efficient natural resource allocation in its globally coveted semiconductor industries.The American dream has a new hometown.The rebellious Texas cityforged by can-do persistence cut with a university towns progressive livabilityis now a well-oiled talent-attraction machine.Talk to any entrepreneur leaving Silicon Valley,NYC or Seattle and chances are theyve considered Austin.They come for the 24th-most educated citizenry on the planet thats already here,and,given that Austin ranks#6 globally in our Google Search subcategory,they are soon on their way.Since the pandemic,Austin has secured headquarters for giants like Oracle,Tesla,BAE Systems and dozens more,joining incumbents like Samsung USA,which itself is mulling a$40-billion local investment into 11 manufacturing plants here.Dozens of ambitious tech firms(especially EV and superconductor manufacturers)are moving in monthly.New high-rises like the Waterline(the tallest building in Texas when it opens in 2026),along with Wilson Tower(the largest planned U.S.residential high-rise outside of NYC)will be just two of the biggest trophies on the citys expanding skyline.The#23-ranked University of Texas at Austin is also a talent magnet,focusing on research and a growing skills pipeline to the symbiotic private sector.The local music scene is pretty good,too.POPULATIONPOPULATIONPOPULATIONMetro 1,929,000Metro 9,079,000Metro 2,352,000Worlds Best Cities Report20243644 OsloNorway45 OsakaJapan46 Hong KongChina:Hong Kong SARPLACE POWER HIGHLIGHTSPLACE POWER HIGHLIGHTSPLACE POWER HIGHLIGHTS#6 Labor Force Participation#8 Biking#2 Restaurants#24 Google Trends#12 Restaurants#13 OutdoorsSmart,practical and increasingly keen to share its idiosyncrasies with the world,Oslo is an economic force with swagger(as much as Norwegians swagger).No longer overshadowed by Stockholm and Copenhagen,Oslo is proving itself a worthy destination all its own.Its#52 Museums ranking will improve with the recent opening of Munch,a waterfront museum dedicated to the Expressionist painter of The Scream.It,along with new districts like Srenga,comprise the recently unveiled eastern waterfront that makes the entire harbor walkable via a six-mile trail network.Newer still is the downtown National Museum,which replaced several cultural buildings,including the National Gallery.It houses classical and contemporary art and architecture studies and it just became the largest art exhibition space in Scandinavia.Above the city,Rose Castle unveiled a permanent installation of paintings and sculptures that tell the story of Oslos resilience during the Second World War.No wonder its citizens rank#6 globally for Labor Force Participation,supported by 50-plus start-up hubs helping make Oslo one of Europes fastest-growing cities.The dozen floating saunas downtown do their part,too.Much-needed housing is aggressively being built in places like Fjord City on industrial port lands.As more prospective residents discover the drivers of Oslos#33 spot in our overall Livability index,its lore will only grow.From street-eats to side-splitting laughter,Osaka serves up a menu of entertaining delights.Japans third-largest city and an economic engine,Osaka has a long history of feeding its millions of inhabitants well,earning the city its motto:kuidaore,or“eat till you drop.”Affectionately known as tenka no daidokorothe countrys kitchenOsaka is Japans street food capital,home of takoyaki and okonomiyaki(as well as the birthplace of the infamous sushi conveyor belt).But the city also tickles many a funny bone with an abundance of comedy clubs specializing in manzai,a sillier take on the“straight man and wacky guy”comedy routine.A direct result of that beloved foodie culture and those must-see experiences is a decent showing in our Lovability and Prosperity indices,at#40 and#45 respectivelynumbers that are poised to rise in the coming years.And,recently,the government cemented Osakas place as a hub of entertainment by approving a controversial plan for the countrys first casino.To be built on the citys artificial island of Yumeshima,it will be part of a$12.8-billion resort due to be completed in 2029.And with Octobers Tourism EXPO Japan Osaka Kansai set to welcome 150,000 visitors,the city aims to captivate the imagination of travelers through a kaleidoscope of sensory and savory experiences.If there ever was a place that embodies the phrase“East meets West,”Hong Kong is it.On any given day in Hong Kong,you could head to a fishing village less than an hour from downtown,lie on a beach,go shopping at a kinetic mall or timeless back-alley market,wind down at a memorable restaurant and then head out to spend the evening among the endless cafs and bars.Whats not to like?Well,plenty,if you ask the locals.Hong Kong is a special administrative region of the Peoples Republic of China that was,until recently,free to manage its own affairs.But over the past couple of decades,Beijing has chipped away at Hong Kongs freedomssparking mass protests in the process.Its what makes the city rank only#49 for its once-enviable Livability,but the pride and passion of the locals for their home makes it all the more lovable(at#19),despite the fraught politics.Still,Hong Kong moves onwards and upwards:Swire Properties,New World Development,Kerry Properties and Hongkong Land all increased their investments,delivering as many as 119 new private housing projects as early as 2024,with a total of 40,000 units.Hong Kong International Airport has also emba

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  • 万宝盛华:2024年全球游戏产业洞察报告(英文版)(10页).pdf

    1Gaming World of Work 2024 Outlook 56%OF EMPLOYERS CONSIDER CANDIDATE GAMING SKILLSGlobal InsightsOF WORKERS SAY THEY FEEL COMFORTABLE WITH VR TRAINING46p%OF EMPLOYERS BELIEVE AI WILL HAVE A POSITIVE IMPACT ON UPSKILLINGManpower|Experis|Talent Solutions2ContentsForward Looking Statements This report contains forward-looking statements,including statements regarding labor demand in the technology industry and use of emerging technologies.Actual events or results may differ materially from those contained in the forward-looking statements due to risks,uncertainties,and assumptions.These factors include those found in the Companys reports filed with the SEC,including the information under the heading“Risk Factors”in its Annual Report on Form 10-K for the year ended December 31,2023,which information is incorporated herein by reference.ManpowerGroup disclaims any obligation to update any forward-looking or other statements in this report,except as required by law.INTRODUCTIONCONCLUSIONA New Reality for Work and PlayTREND THREEAchievement Unlocked:Skill Adjacencies Gained from GamingTREND FIVEPixels to Progress:Gamings Growing Business InfluenceTREND ONENPCs:Leveraging AI to Augment the Gaming WorkforceTREND TWOGamification of WorkTREND FOUR3For thousands of years,games,such as the Royal Game of Ur,Senet,Warri,Mahjong,and chess,have been a source of play,connection and an opportunity to hone strategic and problem-solving skills.With the advent of the personal computer(PC),it was only natural that games expanded across this new medium and beyond.Unlike board games,however,skills acquired and developed through video games now encompass much of the current technology while paving the way for future advancements.Currently,more than 80%of internet users worldwide play video games on various devices.From mobile to PC and PS5 to Steam Decks,people are playing games more than ever and learning these new tools and systems at an increasingly rapid pace.As the gaming industry propels forward with state-of-the-art technological breakthroughs,organizations aspiring to expand their digital transformation initiatives can turn to this sector to identify the tech skills crucial for tomorrow,and to discover the talented individuals already acquiring those skills today.In this ManpowerGroup Global Insights report,we explore five key global gaming trends which will influence the future of work.Which technologies are expected to have the greatest impact on other industries?How will they influence the way we work and best practices for employers?What are the potential impacts of these trends on the global workforce?How do they influence digital transformation during a time of global talent scarcity?INTRODUCTIONTREND ONETREND TWOTREND THREETREND FOURTREND FIVECONCLUSION4Pixels to Progress:Gamings Growing Business InfluenceThe gaming industrys emphasis on real-time graphics,artificial intelligence(AI)and interactive storytelling has pushed the boundaries of computing power and performance.This drive for technological excellence has spurred the development of high-performance computing systems,graphics processing units(GPUs)and innovative software solutions.As these technologies have become more widely adopted by all industries,they are poised to reshape workforce trends by creating new opportunities and challenges.Not Playing Around Anymore:Nvidia,which began as a graphics card manufacturer focused on gaming,has capitalized on the growing use of their technology for applications such as AI,autonomous vehicles and cryptocurrency.Nvidias market capitalization recently surpassed$2 trillion,making it Wall Streets third most valuable company behind Microsoft and Apple,at$3.09 trillion and$2.77 trillion,respectively.1 Picking Up Steam:Originally launched as a small startup by the Valve Corporation 20 years ago,today,there are more than 73,000 games and 33 million active users in the Steam video game marketplace.2 Advertisers Take Note:Total gaming revenue is expected to rise from$227 billion in 2023 to$312 billion in 2027,representing a 7.9%compound annual growth rate(CAGR).With confidence in the gaming sector rising,advertising revenue is projected to nearly double between 2022 and 20273 and will reach$100 billion in 2025.ADVERTISING WITHIN GAMES WILL DOUBLE FROM 2022 LEVELS BY 2027.Workforce Implications:As advertisers increasingly target the growing global community of gamers,employers should consider how to incorporate this channel in their recruitment marketing.The meteoric growth of brands,such as Nvidia,illustrates the gaming industrys role as an early influencer of business and workforce trends.Gamers represent a growing share of the workforce.Looking to the gaming industry for best practices to engage gamers is an important opportunity for employers.1.Reuters 2.Statista 3.PwCINTRODUCTIONTREND ONETREND TWOTREND THREETREND FOURTREND FIVECONCLUSION5NPCs:Leveraging AI to Augment the Gaming WorkforceThe gaming industry is also poised to lead the way in the use of AI technology.Growing applications include creating more interaction with non-player characters(NPCs),automated content generation and dynamic storytelling.These AI-driven experiences in gaming are pushing the boundaries of virtual environments,creating immersive experiences that demand problem-solving,strategic thinking and even soft skills.AI Training:Most employers(70%)believe immersive technology,including AI,will have a positive impact on their employee training and upskilling1 programs in the next two years.DevOps&QA Automation:Gaming industry leaders see growing potential to automate more aspects of game development and quality assurance(QA)operations.Since gaming is an early adopter,best practices are likely to spread to other applications and industries over time.2 Workers Have Mixed Feelings:When workers in multiple countries were recently asked how they feel about the growing use of AI,they said they felt Intrigued(29%),Nervous(20%)and Confident(16%).3 More Workforce Training Needed:Due to the growing use and attention of AI,most HR leaders(63%)say additional AI training for employees will be critical.4Workforce Implications:Global talent scarcity and AI adoption will grow simultaneously.Those that do not focus on upskilling their workforce to use these new tools will miss the opportunity to fully leverage their human capital.Gaming will be on the cutting edge of AI adoption and require an even more highly skilled workforce.Other industries can also learn from gamings more rapid deployment of these tools.The automation of repetitive tasks and processes has the potential to improve the job satisfaction of gaming industry workers while also boosting their productivity.OF EMPLOYERS BELIEVE AI WILL HAVE A POSITIVE IMPACT ON TRAINING AND UPSKILLING.1.ManpowerGroup Employment Outlook Survey,Q3 2023 2.Bloomberg 3.ManpowerGroup Worker Survey,October 2023 4.Talent LMS70%INTRODUCTIONTREND ONETREND TWOTREND THREETREND FOURTREND FIVECONCLUSION6A New Reality for Work and PlayThe demand for increasingly immersive gaming experiences has fueled increasing interest in the metaverse,virtual reality(VR)and augmented reality(AR)technologies.These innovations are not only transforming the way games are developed and played but are also finding applications in various fields such as education,healthcare and corporate training.As industries leverage VR and AR for training simulations,remote collaboration and enhanced visualization,the demand for professionals skilled in these technologies is growing.Creating an Experience:By 2030,the metaverse could reach up to$900 billion and 65%of activities will focus on virtual experiences.Gaming,immersive fitness and entertainment will lead in the near term.However,enterprise use cases for collaboration,productivity,digital marketing,employee training,education and healthcare are expected to follow.1 Gaming Executives Bullish on Use Cases:2 Nearly all industry executives(97%)agree gaming is at the center of metaverse innovation today.They also expect many business benefits that are applicable to all industries.Workers are Open-Minded:Workers are open to trying more virtual experiences in the workplace.Nearly half(46%)say they would be comfortable receiving virtual training or coaching.A majority(51%)also say they would feel comfortable participating in a VR interview.3 Employers are Experimenting:A significant number of employers(18%)say they are currently using VR in their recruiting process and an additional 35%are planning to incorporate the technology within the next three years.4Workforce Implications:Immersive experiences pioneered in gaming create new opportunities for employers to connect with their employees and clients.Workers are open to virtual training and research estimates training can be completed 4x faster in a virtual environment than a traditional classroom.5 Workers are also open-minded about incorporating virtual experiences into the hiring process,creating a significant opportunity for employers to differentiate themselves with candidates.1.Bain&Company 2.EY 3.Experis 2023 Immersive Tech Report 4.ManpowerGroup Employment Outlook Survey,Q3 2023 5.PwCBenefits of Playing in the Metaverse4842)%Creating opportunitiesfor new businessmodelsBuilding closer relationships between brand and customerIncreasing revenue and profitsEstablishingour brand as aninnovation leaderCreating new,valuablepartnerships withorganizations inmy industryINTRODUCTIONTREND ONETREND TWOTREND THREETREND FOURTREND FIVECONCLUSION7Gamification of Work While gamification has become a widely used buzzword in recent years,it is still very relevant to the gaming industry and the future of work.Gamification is demystified when it is properly defined as the use of game mechanics and experience design to digitally engage and motivate people to achieve their goals.Looking at it through this lens,gamification creates opportunities throughout the world of work to increase engagement and improve business outcomes.Playing to Win:In games,everyone enjoys the recognition of winning,but unfortunately,many Gen Z and Millennial workers feel there is no way to win at work.In a recent study,50%said they feel management does not recognize strong job performance.Most(79%)also said an increase in recognition or rewards would make them more loyal to their current employer.1 Gamification of Assessment:A traditional hiring process with a structured interview process has a 50%chance of finding the right candidate.However,integrating gamified assessments keeps candidates engaged and can increase this figure to 80%.2 Workers are Game:Employees say gamification makes them feel more productive(89%)and happy(88%)at work.Workers who receive gamified training say they feel motivated and productive(83%),while those who receive non-gamified training(61%)say they feel bored and unproductive.3Workforce Implications:The business case for gamification as a tool to improve employee engagement is clear and can help reduce the high cost of employee turnover($18,591 per employee).4 Gamification is an easy opportunity to increase employee training completion rates,knowledge retention and employee satisfaction with training or upskilling programs.Employers looking for inspiration can look to the ever-growing number of games and the gaming community within their own workforce for ideas.GAMIFICATION MAKES WORKERS FEEL HAPPIER(88%)AND MORE PRODUCTIVE (89%)AT WORK.1.SHRM 2.ManpowerGroup 3.Talent LMS 4.GartnerINTRODUCTIONTREND ONETREND TWOTREND THREETREND FOURTREND FIVECONCLUSION8Achievement Unlocked:Skill Adjacencies Gained from GamingGaming cultivates not only technical skills but also soft skills that are increasingly valuable as automation and machines perform more routine tasks.Gamers bring improved skills,such as critical thinking,creativity,emotional intelligence and complex problem-solving,to the table.Games can even teach players how to communicate feedback more effectively.These soft skills are increasingly difficult to find as employers struggle with global talent scarcity.Choose Your Character:More than half of employers(56%)say they would consider candidate gaming skills during the hiring process.An even larger group(65%)say they plan to consider candidate gaming skills in the future.1 Level Up Skills:Two-thirds(66%)of U.S.adults believe skills developed through gaming and e-sports will be useful in the working world now or in future.2 Motivate New Players:Eight out of 10 Gen Z and Millennials think e-sports skills are a game changer.2 Workforce Implications:Consideration of gaming skills can help employers attract new communities of talent and find skills which may have otherwise gone unrecognized.Recognition of these skills also allows employers to more meaningfully engage gamers within their own workforce as well as the growing global community of 3 billion gamers.Identifying adjacent skills which have already been developed through gaming can also help control upskilling/reskilling expenses by avoiding redundant training.1.ManpowerGroup Employment Outlook Survey,Q3 2023 2.ManpowerGroup U.S.Worker Survey,March 202366%OF WORKERS BELIEVE SKILLS DEVELOPED THROUGH GAMING OR E-SPORTS ARE RELEVANT AT WORK.2INTRODUCTIONTREND ONETREND TWOTREND THREETREND FOURTREND FIVECONCLUSION9Top Workforce Opportunities in GamingDont Sleep on Gaming:As the gaming industry continues to lead in tech innovation,particularly more immersive user experiences,employers in all industries would be wise to keep their(browser)tabs open to opportunities to apply them to digital twins and other simulation applications.Keep Your(A)I on the Prize:We are still in the early days of AI adoption,but the increasing complexity of games will mean early adoption these tools within the gaming industry.Gaming employers will need to stay ahead of the curve on recruiting,retention,and training to win in an increasingly competitive market.Reimagine Your Reality:The gaming industry will lead in innovation of VR,AR&the metaverse.It would be a missed opportunity if employers dont leverage this technology to engage their own workforce and find opportunities to empower employers to leverage this technology in other industries.Level Up Learning&Retention:Its no secret that businesses need to continue evolving to thrive,even survive.To do this effectively,continuous learning and upskilling needs to become front and center for employers and employees alike.Gamification can help businesses to maximize their short-and long-term upskilling investments.The Multiplayer World of Work:In gaming and tech in general,the discussion often focuses on talent scarcity and hard skills gaps.As employers seek to form increasingly agile and global teams,they should not forget about the importance of closing soft skills gaps.The same concepts that connect players in Massive Multiplayer Online(MMO)games could be tapped to help scale soft-skill upskilling efforts.INTRODUCTIONTREND ONETREND TWOTREND THREETREND FOURTREND FIVECONCLUSIONAbout Us ManpowerGroup(NYSE:MAN),the leading global workforce solutions company,helps organizations transform in a fast-changing world of work by sourcing,assessing,developing,and managing the talent that enables them to win.We develop innovative solutions for hundreds of thousands of organizations every year,providing them with skilled talent while finding meaningful,sustainable employment for millions of people across a wide range of industries and skills.Our expert family of brands Manpower,Experis,and Talent Solutions creates substantially more value for candidates and clients across more than 70 countries and territories and has done so for more than 75 years.We are recognized consistently for our diversity as a best place to work for Women,Inclusion,Equality,and Disability,and in 2024 ManpowerGroup was named one of the Worlds Most Ethical Companies for the 15th time all confirming our position as the brand of choice for in-demand talent.Career TransitionCareer ManagementTalent ResourcingWorkforce ManagementWorkforce Consulting&AnalyticsTop Talent AttractionGlobal Workforce Solutions for Gaming

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  • 美白宫科技政策办公室:2024国家微电子研究战略报告(英文版)(61页).pdf

    NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH A Report by the SUBCOMMITTEE ON MICROELECTRONICS LEADERSHIP COMMITTEE ON HOMELAND AND NATIONAL SECURITY of the NATIONAL SCIENCE AND TECHNOLOGY COUNCIL March 2024NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH About the Office of Science and Technology Policy The Office of Science and Technology Policy(OSTP)was established by the National Science and Technology Policy,Organization,and Priorities Act of 1976 to provide the President and others within the Executive Office of the President with advice on the scientific,engineering,and technological aspects of the economy,national security,homeland security,health,foreign relations,the environment,and the technological recovery and use of resources,among other topics.OSTP leads interagency science and technology policy coordination efforts,assists the Office of Management and Budget(OMB)with an annual review and analysis of federal research and development in budgets,and serves as a source of scientific and technological analysis and judgment for the President with respect to major policies,plans,and programs of the federal government.More information is available at www.whitehouse.gov/ostp/nstc.About the National Science and Technology Council The National Science and Technology Council(NSTC)is the principal means by which the Executive Branch coordinates science and technology policy across the diverse entities that make up the federal research and development enterprise.A primary objective of the NSTC is to ensure that science and technology policy decisions are consistent with the Presidents stated goals.The NSTC prepares research and development strategies that are coordinated across federal agencies aimed at accomplishing multiple national goals.The work of the NSTC is organized under committees that oversee subcommittees and working groups focused on different aspects of science and technology.More information is available at www.whitehouse.gov/ostp/nstc.About the Subcommittee on Microelectronics Leadership The Subcommittee on Microelectronics Leadership(SML)of the NSTC was established pursuant to Section 9906 of the William M.(Mac)Thornberry National Defense Authorization Act for Fiscal Year 2021(Public Law 116-283),Title XCIX.SML coordinates activities across the Executive Branch of the federal government related to U.S.leadership and competitiveness in microelectronics technology and innovation.SML is also helping to coordinate Executive Branch implementation of the CHIPS Act of 2022(Division A of Public Law 117-167)with the broader whole-of-government effort to grow the nations semiconductor manufacturing base and accelerate microelectronics research and development(R&D),including activities by agencies not funded specifically to perform additional semiconductor/microelectronics R&D under the CHIPS Act of 2022(e.g.,the National Science Foundation,the Department of Energy,and the Defense Advanced Research Projects Agency).About this document This document is the National Strategy on Microelectronics Research called for in Section 9906 of Public Law(P.L.)116-283,Title XCIX.This strategy identifies four goals to guide agency efforts in microelectronics research to(a)accelerate the domestic development and production of microelectronics and strengthen the domestic microelectronics workforce;and(b)ensure that the United States remains a global leader in the field of microelectronics R&D.In addition to input from the many agencies represented on SML,it reflects extensive consultation with the Industrial Advisory Committee established under P.L.116-283 as well as other stakeholders from industry,non-governmental organizations,and academia.Disclaimer Reference in this report to any product,service,enterprise,or individual,including any written works(i.e.,books,articles,papers)is not an endorsement and does not imply official U.S.government sanction or endorsement of those entities or their views.Links to non-U.S.government websites do not constitute or imply official U.S.government or OSTP endorsement of or responsibility for the opinions,ideas,data,or products presented at those locations,or guarantee the validity of the information provided.Copyright information This document is a work of the United States government and is in the public domain(see 17 USC 105).Subject to stipulations below,it may be distributed and copied,with acknowledgement to OSTP.Copyrights to graphics included in this document are reserved by original copyright holders or their assignees and are used here under the governments license and by permission.Requests to use any images must be made to the provider identified in the image credits,or to OSTP if no provider is identified.Published in the United States of America,2024.NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH i NATIONAL SCIENCE AND TECHNOLOGY COUNCIL Chair:Arati Prabhakar,Assistant to the President for Science and Technology;Director,White House Office of Science and Technology Policy Acting Executive Director:Kei Koizumi,Principal Deputy Director for Policy,Office of Science and Technology PolicySUBCOMMITTEE ON MICROELECTRONICS LEADERSHIP(SML)SML Co-Chairs:Jason Boehm,DOC Lisa Friedersdorf,OSTP Carl McCants,DOD SML Executive Secretary:Corey Stambaugh,NIST SUBCOMMITTEE ON MICROELECTRONICS LEADERSHIP PARTICIPANTS Office of Science and Technology Policy(OSTP)Lisa Friedersdorf Dana Weinstein National Economic Council(NEC)Peter Devine National Security Council(NSC)Nikita Lalwani Office of Management and Budget(OMB)Nancy Kenly William McNavage Office of the U.S.Trade Representative(USTR)Rebecca Gudicello National Coordination Office for Networking and Information Technology R&D(NITRD)Craig Schlenoff National Nanotechnology Coordination Office(NNCO)Branden Brough Quinn Spadola National Quantum Coordination Office(NQCO)Charles Tahan Department of Commerce(DOC)International Trade Administration(ITA)Paul Litwin Luke Myers National Institute of Standards and Technology(NIST)Jason Boehm Richard-Duane Chambers David Gundlach J.Alexander Liddle Eric Lin Robert Rudnitsky Department of Defense(DOD)Carl McCants Alison Smith Devanand Shenoy Department of Energy(DOE)Hal Finkel Andrew Schwartz Department of Health and Human Services(HHS)National Institutes of Health(NIH)David Rampulla Department of Homeland Security(DHS)Jalal Mapar Pauline Paki NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH ii Department of State(State)Kakoli Ray Michael Masuda Elizabeth Melenbrink Scott Sellars National Science Foundation(NSF)Dilma Da Silva Erwin Gianchandani Germano Iannacchione Barry Johnson Anthony A.Maciejewski Office of the Director of National Intelligence(ODNI)John Beieler Eric Cheng Donald Parrish NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH iii Table of Contents Abbreviations and Acronyms.v Executive Summary.vi Introduction.1 The Microelectronics Innovation Ecosystem.7 A Whole-of-Government Approach.10 Goal 1.Enable and Accelerate Research Advances for Future Generations of Microelectronics.11 1.1:Accelerate the research and development of materials that provide new capabilities or functional enhancements.15 1.2:Increase the capabilities of circuit design,simulation,and emulation tools.16 1.3:Develop a diverse array of robust processing architectures and associated hardware needed for future systems.16 1.4:Develop processes and metrology for advanced packaging and heterogeneous integration.17 1.5:Prioritize hardware integrity and security as an element in co-design strategies across the stack.18 1.6:Invest in R&D for manufacturing tools and processes needed to support transition of innovations into production-worthy fabrication processes.19 Goal 2.Support,Build,and Bridge Microelectronics Infrastructure from Research to Manufacturing.21 2.1:Support federated networks of device-scale R&D fabrication and characterization user facilities.22 2.2:Improve access for the academic and small-business research community to flexible design tools and wafer-scale fabrication resources.24 2.3:Facilitate research access to key functional materials.25 2.4:Expand access to advanced cyberinfrastructure for modeling and simulation.25 2.5:Support advanced research,development,and prototyping to bridge the lab-to-fab gap.26 2.6:Support advanced assembly,packaging,and testing.29 Goal 3.Grow and Sustain the Technical Workforce for the Microelectronics R&D to Manufacturing Ecosystem.30 3.1:Support learners and educators in and across science and technology disciplines relevant to microelectronics.32 3.2:Foster meaningful public engagement in microelectronics and raise awareness of career opportunities in the semiconductor industry.34 3.3:Prepare an inclusive current and future microelectronics workforce.35 3.4:Build and drive microelectronics research and innovation capacity.37 NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH iv Goal 4.Create a Vibrant Microelectronics Innovation Ecosystem to Accelerate the Transition of R&D to U.S.Industry.39 4.1:Support,build,and bridge centers,public private partnerships,and consortia to deepen collaboration among various stakeholders in the microelectronics ecosystem.40 4.2:Engage with and leverage the CHIPS Industrial Advisory Committee.44 4.3:Motivate and align the microelectronics community on key technical challenges with R&D roadmaps and grand challenges.45 4.4:Facilitate academic,government,and industrial exchange to broaden understanding of needs and opportunities.46 4.5:Support entrepreneurship,start-ups,and early-stage businesses through targeted programs and investments.46 Advancing Research and Development to Support Manufacturing and Supply Chain Security.49 International Collaboration and the Role of Trade and Diplomacy.49 Future Directions.51 NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH v Abbreviations and Acronyms1 2D two-dimensional 3D three-dimensional 3DHI 3D heterogeneous integration ADK assembly design kit AI artificial intelligence CHIPS Creating Helpful Incentives to Produce Semiconductors(abbreviation for P.L.116-283,Title XCIX,and Division A of P.L.117-167)CMOS complementary metal-oxide-semiconductor DARPA Defense Advanced Research Projects Agency DTCO design-technology co-optimization EDA electronic design automation ENIAC Electronic Numerical Integrator and Computer FFRDC Federally Funded Research and Development Center FLOPS floating-point operations per second HBCU(s)Historically Black Colleges and Universities IP intellectual property KSAs knowledge,skills,and abilities MEMS microelectromechanical systems MGI Materials Genome Initiative ML machine learning MSI minority-serving institution NASA National Aeronautics and Space Administration NGMM Next-Generation Microsystems Manufacturing(DARPA program)nm nanometer NNCI National Nanotechnology Coordinated Infrastructure(NSF program)NNI National Nanotechnology Initiative NSTC National Semiconductor Technology Center(also,National Science and Technology Council)OECD Organisation for Economic Co-operation and Development OSTP Office of Science and Technology Policy PDK process design kit RFI Request for Information R&D research and development Si silicon STCO system technology co-optimization STEM science,technology,engineering,and mathematics TCCU Tribally Controlled Colleges and Universities 1 See the Subcommittee on Microelectronics Leadership roster(pp.i-ii)for spelling out of acronyms of participating agency names.NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH vi Executive Summary Decades ago,American innovation sparked the research advances that led to the semiconductor industry of today.This industry is global,underpins everything from health to communications,and is essential for the economy and security of the United States.The significant investments made possible by the bipartisan CHIPS Acts provide opportunities to reinvigorate domestic manufacturing in this critical sector,and strengthen the microelectronics research and development(R&D)innovation ecosystem that can advance the American competitive position for the future.This National Strategy on Microelectronics Research presents goals,key needs,and actions required over the next five years to realize these opportunities.This strategy provides the framework for federal departments and agencies,academia,industry,nonprofits,and international allies and partners to address key needs and build out the microelectronics research and development infrastructure to support the future advances that will shape the semiconductor field.As highlighted throughout this report,the significant CHIPS R&D investments underway must be fully leveraged and coordinated with the broad portfolio of ongoing programs,activities,and resources that contribute to microelectronics research and development.Over the next five years,the White House and federal departments and agencies will work together to advance four interconnected goals:Enable and Accelerate Research Advances for Future Generations of Microelectronics Support,Build,and Bridge Microelectronics Infrastructure from Research to Manufacturing Grow and Sustain the Technical Workforce for the Microelectronics Research and Development to Manufacturing Ecosystem Create a Vibrant Microelectronics Innovation Ecosystem to Accelerate the Transition of Research and Development to U.S.Industry The first goal focuses on key research needs in several areas that are required to accelerate the advances required for future generations of microelectronic systems.Research areas include materials that can provide new capabilities;circuit design,simulation,and emulation tools;new architectures and associated hardware designs;processes and metrology for advanced packaging and heterogeneous integration;hardware integrity and security;and manufacturing tools and processes to enable transition of new innovations into production.These research areas require access to specialized tools and equipment.The second goal is focused on supporting,expanding,and connecting the research infrastructure from small-scale material and device-level fabrication and characterization through prototyping,large-scale fabrication,and advanced assembly,packaging,and testing.The required tools include both software(including design tools)and commercial-scale production and metrology hardware.Expansion of the domestic semiconductor industry will also expand opportunities for good-paying jobs across the country.Goal three identifies efforts to support learners and educators in the development of the technical workforce required from research through manufacturing.Finally,goal four is focused on the entire R&D landscape and presents strategies and actions to create a vibrant microelectronics innovation ecosystem to accelerate the transition of new advances into commercial applications.Key efforts not only support actions at each stage of the microelectronics technology development pathway,but also connect the various networks and activities to build a virtuous cycle of microelectronics innovation.NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH vii These four goals will be pursued in the context of the global nature of the semiconductor industry.As is the case with the semiconductor manufacturing supply chain,research facilities and talent that support the microelectronics innovation ecosystem are located all over the world.International collaboration,trade,and diplomacy are important tools to leverage efforts and resources,promote talent flow and research collaboration,and ensure secure supply chains.Implementation of this strategy will result in a vibrant innovation ecosystem that accelerates new research breakthroughs,supports the transition of these advances to manufacturing,and provides good-paying jobs to people all across America.A fully built-out and well-connected microelectronics research infrastructure will provide the foundation for researchers to advance their breakthroughs and lead to a virtuous innovation cycle.Nurturing and supporting microelectronics innovation will help secure future leadership in the semiconductor industry for the security and prosperity of the United States and its allies and partners.NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH 1 Introduction The microelectronics2 revolution has transformed society.Nearly all aspects of modern life are now dependent on semiconductor technology,including communications,computing,entertainment,health care,energy,and transportation.As a result,microelectronics are essential to the economic and national security of the United States.Rapid innovation in the semiconductor industry has been fueled for decades by research and development(R&D)investments in hardware and software by the federal government and the private sector.3 The intense race to continually increase the performance and functionality of microelectronics,while maintaining or reducing cost and power requirements,has driven the fabrication of ever smaller and more densely integrated microelectronic components.This miniaturization has required continuous breakthroughs in materials,tools,and design that have enabled key structures within the components to have dimensions as small as a few atoms in size.While reductions in feature size have led to dramatic increases in digital information storage and processing capacity,there have also been many significant advances in analog and non-silicon technologies that are critical for communications,power,and sensing.The required advances in manufacturing have been enabled by significant investments not only in R&D,but also in developing the manufacturing and metrology equipment and the associated fabrication(“fabs”)and packaging facilities required to make advanced integrated circuits and components.The complexity and cost of manufacturing at this scaleestablishing a leading-edge4 silicon fab complex now costs tens of billions of dollars5has contributed to significant consolidation in the industry.Today,only three corporations in the world are competing to manufacture the latest generations of advanced logic devices.6 In June 2021,the White House released Building Resilient Supply Chains,Revitalizing American Manufacturing,and Fostering Broad-Based Growth,a report on critical supply chains,including the semiconductor manufacturing and advanced packaging supply chain.7 The report noted that although U.S.-headquartered semiconductor companies accounted for nearly half of worldwide revenue,the share of global semiconductor manufacturing conducted domestically had dropped from 37%in 1990 to 12%,and the U.S.share of packaging had fallen to 3%.8 As discussed in the report,modern 2 Microelectronics in this context refers to integrated electronic devices and systems generally manufactured using semiconductor-based materials and related processing(i.e.,in a semiconductor fabrication manufacturing facility,or“fab”).Such devices and systems include analog and digital electronics,power electronics,optics and photonics,and micromechanics for memory,processing,sensing,and communications applications.3 The semiconductor industry refers to the manufacturing sector including design and production of products consisting of semiconductor-based electronic devices and integrated circuits,along with advanced packaging and power electronics.4 “Leading-edge”refers to the most miniaturized or“scaled”digital computing and memory technologycurrently denoted the“3 nm node”with new,smaller nodes being produced every two to three years.5 For example,see,TSMC looks to double down on U.S.chip factories as talks in Europe falter,https:/ Intel:Upcoming U.S.Fab Will Be a Small City,to Cost$60 to$120 Billion,https:/ See,The Semiconductor Supply Chain:Assessing National Competitiveness,https:/cset.georgetown.edu/wp-content/uploads/The-Semiconductor-Supply-Chain-Issue-Brief.pdf.7 Building Resilient Supply Chains,Revitalizing American Manufacturing,and Fostering Broad-Based Growth,The White House,2021,https:/www.whitehouse.gov/wp-content/uploads/2021/06/100-day-supply-chain-review-report.pdf.Note:This initial report did not include power electronics or other specialized semiconductors for clean energy applications such as photovoltaics(PVs),which were addressed in follow-on reports:https:/www.energy.gov/policy/securing-americas-clean-energy-supply-chain.8 The U.S.share of global assembly,test,and packaging is now estimated to be less than 2%:https:/www.bis.doc.gov/index.php/documents/technology-evaluation/3402-section-9904-report-final-20231221/file.NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH 2 microelectronics manufacturing is an incredibly complex and global process,involving hundreds of steps completed over several months,with many components using international expertise and facilities as they traverse the world several times.The report concluded that the public and private sectors need to act to increase domestic manufacturing capacity for critical goods,recruit and train a domestic workforce,invest in R&D,and work with Americas allies and partners to collectively strengthen supply chain resilience.National Strategy on Microelectronics ResearchGoals and Objectives Goal 1.Enable and Accelerate Research Advances for Future Generations of Microelectronics 1.1:Accelerate the research and development of materials that provide new capabilities or functional enhancements.1.2:Increase the capabilities of circuit design,simulation,and emulation tools.1.3:Develop a diverse array of robust processing architectures and associated hardware needed for future systems.1.4:Develop processes and metrology for advanced packaging and heterogeneous integration.1.5:Prioritize hardware integrity and security as an element in co-design strategies across the stack.1.6:Invest in R&D for manufacturing tools and processes needed to support transition of innovations into production-worthy fabrication processes.Goal 2.Support,Build,and Bridge Microelectronics Infrastructure from Research to Manufacturing 2.1:Support federated networks of device-scale R&D fabrication and characterization user facilities.2.2:Improve access for the academic and small-business research community to flexible design tools and wafer-scale fabrication resources.2.3:Facilitate research access to key functional materials.2.4:Expand access to advanced cyberinfrastructure for modeling and simulation.2.5:Support advanced research,development,and prototyping to bridge the lab-to-fab gap.2.6:Support advanced assembly,packaging,and testing.Goal 3.Grow and Sustain the Technical Workforce for the Microelectronics R&D to Manufacturing Ecosystem 3.1:Support learners and educators in and across science and technology disciplines relevant to microelectronics.3.2:Foster meaningful public engagement in microelectronics and raise awareness of career opportunities in the semiconductor industry.3.3:Prepare an inclusive current and future microelectronics workforce.3.4:Build and drive microelectronics research and innovation capacity.Goal 4.Create a Vibrant Microelectronics Innovation Ecosystem to Accelerate the Transition of R&D to U.S.Industry 4.1:Support,build,and bridge centers,public private partnerships,and consortia to deepen collaboration among various stakeholders in the microelectronics ecosystem.4.2:Engage with and leverage the CHIPS Industrial Advisory Committee.4.3:Motivate and align the microelectronics community on key technical challenges with R&D roadmaps and grand challenges.4.4:Facilitate academic,government,and industrial exchange to broaden understanding of needs and opportunities.4.5:Support entrepreneurship,start-ups,and early-stage businesses through targeted programs and investments.NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH 3 Microelectronics have become essential for many aspects of everyday life.Semiconductors are critical to U.S.economic and national security and have become essential to many aspects of everyday life.Examples depicted here include automotive,health care,aerospace,virtual reality,financial systems,e-commerce,space satellites,defense,energy,computing,agriculture,and telecommunications.As microelectronic devices have become pervasive,their key performance requirements have become increasingly diverse,necessitating a divergence from the traditional scaling in feature size exemplified by Moores Law.For example,the requirements for satellite applications include proven technologies that are radiation hardened,supercomputers maximize performance and speed,but devices on the edge such as sensors may prioritize low power.These application-specific requirements are driving an increased diversification of microelectronics,which will be enabled and advanced by approaches such as heterogeneous integration and chiplets.Image credits:Adobe istock.The White House supply chain report emphasized the importance of the semiconductor industry to the U.S.economy,which ranked fifth overall in U.S.export sales in 2022.9 The federal government is also an important consumer of microelectronics,and it is critical that it has access to trusted and assured microelectronics for essential functions such as communications,navigation,sensing,critical infrastructure,public health,and national security.Microelectronics underpin a wide range of emerging technologies including quantum information sciences,artificial intelligence,advanced wireless networks(6G and beyond),safe and secure health care technologies,and clean-energy and energy-efficient technologies needed to address the climate crisis.10 9 State of the U.S.Semiconductor Industry,Semiconductor Industry Association,2023,https:/www.semiconductors.org/wp-content/uploads/2023/07/SIA_State-of-Industry-Report_2023_Final_072723.pdf,p.23 10 Climate change widespread,rapid,and intensifying,IPCC,https:/www.ipcc.ch/2021/08/09/ar6-wg1-20210809-pr NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH 4 ENIAC on a chip To illustrate the significant changes in size and scale of computing technologies,students designed and built“ENIAC-on-a-chip”to celebrate the 50th anniversary of the first programmable,electronic,general-purpose digital computer called the Electronic Numerical Integrator and Computer(ENIAC).11 ENIAC was designed under a U.S.Army R&D program and was completed in 1945.ENIAC contained over 18,000 vacuum tubes and was approximately 8 feet tall,3 feet deep,100 feet long,and weighed more than 30 tons.ENIAC was programmed by hand using cables and switches,as illustrated in the figure on the left.The image on the right depicts a chip that recreated ENIAC using 0.5 m complementary metal-oxide-semiconductor(CMOS)technology in 1995,replacing the vacuum tubes with transistors.Using todays technology,the chip would be approximately 1,000 times smaller.With respect to performance,ENIAC could do about 500 floating-point operations per second(FLOPS)while the Frontier supercomputer at Oak Ridge National Laboratory can now do more than one quintillion(1,000,000,000,000,000,000)FLOPS.Image credits:LeftAlamy Stock Photo;RightTrustees of the University of Pennsylvania,all rights reserved,1998(photo by Felice Macera).It is because of the importance of this industry to the nations economy and security that the bipartisan CHIPS Act of 2022(Division A of the CHIPS and Science Act of 202212)was enacted and appropriated more than$52 billion to grow the nations semiconductor manufacturing base and accelerate microelectronics R&D.Moreover,several recent reports have emphasized the importance of the industry.For example,in a 2018 assessment,the Department of Defense(DOD)identified threats to the microelectronics supply chain as well as related R&D and manufacturing issues for multiple critical defense sectors.13 In 20202023,the Congressional Research Service(CRS)examined the technical challenges facing the semiconductor industry,domestic and global supply chains,secure and trusted production of semiconductors for national security,and associated federal policies and research investments,along with possible legislation to address these challenges.14 The Final Report of the 11 https:/www.seas.upenn.edu/jan/eniacproj.html 12 CHIPS Act of 2022(Division A of Public Law 117-167),https:/www.congress.gov/bill/117th-congress/house-bill/4346/text:https:/www.congress.gov/bill/117th-congress/house-bill/4346 13 Assessing and Strengthening the Manufacturing and Defense Industrial Base and Supply Chain Resiliency of the United States,DOD,2018,https:/media.defense.gov/2018/oct/05/2002048904/-1/-1/1/assessing-and-strengthening-the-manufacturing-and defense-industrial-base-and-supply-chain-resiliency.pdf 14 See:Semiconductors:U.S.Industry,Global Competition,and Federal Policy,Congressional Research Service,2020,https:/crsreports.congress.gov/product/pdf/R/R46581;Semiconductors,CHIPS for America,and Appropriations in the U.S.Innovation and Competition Act(S.1260),Congressional Research Service,2022,https:/crsreports.congress.gov/product/pdf/IF/IF12016;Semiconductors and the Semiconductor Industry,https:/crsreports.congress.gov/product/pdf/R/R47508;Frequently Asked Questions:CHIPS Act of 2022 Provisions and NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH 5 National Security Commission on Artificial Intelligence(AI)identified domestically-located semiconductor fabs as a requirement to maintain the nations leadership in AI.15 Semiconductors and microelectronics were also identified as areas of particular importance to the national security of the United States in the updated Critical and Emerging Technologies List.16 Just how small is a transistor?The following images show the size of transistors compared to an ant.The diameter of the circle around the picture of the ant depicts 2 millimeters(mm),or 0.002 meters.The next image is a picture taken in a scanning electron microscope(SEM)of an ants eye,about 150 micrometers(m),or 0.00015 meters in diameter.The third image is a picture of a hair on the ants eye.The circle is 20 m across.The fourth picture is a close-up SEM image of the hair,showing grooves on the hair.The diameter is 1 m(or one thousand nanometers nm).A cross-section of integrated circuit transistors is shown in the top electron microscope image,illustrating modern integrated circuit transistors fit into a groove of the hair on an ants eye.The diameter of this image is just 50 nm.Image credits:Bottom imagesNational Institute of Standards and Technology(NIST);Upper right imagereprint courtesy of IBM Corporation.Microelectronics R&D is essential to continue advancing technology and systems,and to realize the long-term goal of strengthening domestic manufacturing and mitigating supply chain risks.Additionally,input from federal Requests for Information(RFIs),17 recommendations from the Implementation,https:/crsreports.congress.gov/product/pdf/R/R47523;Semiconductors and the CHIPS Act:The Global Context,Congressional Research Service,2023,https:/crsreports.congress.gov/product/pdf/R/R47558.15 See Chapter 13 of Final Report,National Security Commission on Artificial Intelligence,2021,https:/www.nscai.gov/wp-content/uploads/2021/03/Full-Report-Digital-1.pdf.16 https:/www.whitehouse.gov/wp-content/uploads/2022/02/02-2022-Critical-and-Emerging-Technologies-List-Update.pdf 17 Relevant RFIs include Current and Future Workforce Needs to Support a Strong Domestic Semiconductor Industry,NIST,DOC,2018,https:/www.federalregister.gov/documents/2018/07/16/2018-15077/current-and-future-workforce-needs-to-support-a-strong-domestic-semiconductor-industry;National Nanotechnology Initiative Strategic Planning,OSTP,2020,https:/www.federalregister.gov/documents/2020/10/13/2020-22556/request-for-information-national-nanotechnology-initiative-strategic-planning;Microelectronics R&D Facility Capabilities for Prototyping,DOD,2020,https:/sam.gov/opp/eaf0eb36b54542b28c6ee88252e9f4b0/view;Basic Research Initiative for Microelectronics,Office of Science,DOE,2019,https:/www.federalregister.gov/documents/2019/07/12/2019-14869/request-for-information-basic-2 mm2,000,000 nm20 m20,000 nm150 m150,000 nm1 m1,000 nmTransistors fit in groove of hair on ants eyeAntAnts eyeHair on ants eyeGroove on hair on ants eye50 nmNATIONAL STRATEGY ON MICROELECTRONICS RESEARCH 6 stakeholder community,and multiple other reports from the public and private sectors,18,19 make it clear that a strong,innovative domestic R&D effort is vital to future U.S.competitiveness and security.Taken all together,a set of key R&D trends and opportunities emerge from these resources:The diversity of devices and their applications continues to grow beyond conventional processors and memory,requiring innovation throughout the generation,communication,storage,and processing of data across many scales and types of information systems.Microelectronics technology is critical to fields beyond information technology,with tremendous growth expected in areas such as power management,medical devices,and sensing.A comprehensive approach to R&D across the“full stack”provides an opportunity to achieve performance,reliability,and security improvements in devices and systems.Although much attention is focused on the design and scaling of foundational devices,there are also major challenges ahead for fabrication,metrology,testing,verification and validation,heterogeneous integration,and advanced packaging.Moreover,challenges are not limited to hardware:advances in devices,design and manufacturing,circuits,and systems integration require concomitant innovations across the computer architecture,software,and application layers.Integrated design offers an approach to accelerate innovation.In addition,it can ensure that critical system attributes are captured from the start and considered throughout the development cycle,including performance,reliability,energy efficiency,and security.The U.S.microelectronics research ecosystem continues to excel at basic and early-stage applied research,but additional investment in domestic infrastructure,a renewed emphasis on manufacturing science and engineering,and an agile workforce are needed to efficiently transition innovations to industry.Affordable and rapid access to design and prototyping capabilities will increasingly enable domestic innovations to transition more rapidly from R&D into manufacturing.research-initiative-for-microelectronics;and Draft National Strategy on Microelectronics Research,OSTP,2022,https:/www.federalregister.gov/documents/2022/09/15/2022-19935/request-for-information-draft-national-strategy-on-microelectronics-research.18 Public sector reports include Basic Research Needs for Microelectronics,DOE,2018,https:/www.osti.gov/biblio/1545772;Semiconductor Foundry Access by U.S.Academic Researchers in Micro-and Nano-Circuits and Systems,NSF,2021,https:/nsfedaworkshop.nd.edu/assets/429148/nsf20_foundry_meeting_report.pdf;and Report of the first DOEAMO Workshop on Semiconductor RDD&D for Energy Efficiency,DOE,2021,https:/www.energy.gov/eere/amo/articles/amo-semiconductor-workshop-integrated-sensor-systems-report.In addition,summaries of other AMO workshops in this series can be found at https:/www.energy.gov/eere/ammto/resource-library.19 Private sector reports include,for example,Semiconductor Research Opportunities:An Industry Vision and Guide,Semiconductor Industry Association(SIA),2017,https:/www.semiconductors.org/wp-content/uploads/2018/06/SIA-SRC-Vision-Report-3.30.17.pdf;Chipping In:,SIA,2021,https:/www.semiconductors.org/wp-content/uploads/2021/05/SIA-Impact_May2021-FINAL-May-19-2021_2.pdf;The Decadal Plan for Semiconductors,Semiconductor Research Corporation,2021,https:/www.src.org/about/decadal-plan,and An Analysis of the North American Semiconductor and Advanced Packaging Ecosystem,IPC,2021,https:/emails.ipc.org/links/IPCadvpack-ecosystem-report-final.pdf.What is“the stack”?Throughout this report,the“stack”or“full stack”refers to the full range of science and technology elements required to make up a complete microelectronics system shown in the figure at right,from the most basic levels of hardware(e.g.,materials and circuits)all the way through the high-level software and the applications where it will be used.(Background image is a cross section of a state-of-the-art chip.Image credit:NIST.)NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH 7 Capabilities are needed from the device scale to the wafer scale,both near or at leading-edge process nodes,as well as at the more mature nodes important for analog and non-silicon technologies.Students and researchers need access to these capabilities for experiential workforce training.Access to well-prepared talent is a significant challenge across the entire value chain and will require both short-term and long-term solutions.Welcoming pathways are needed to make the United States a magnet for outstanding foreign talent in high-demand fields.Improvements in both curriculum and outreach are needed to develop and expand the equitable,inclusive,and diverse domestic science,technology,engineering,and mathematics(STEM)talent pool to support microelectronics R&D and the semiconductor industry.Strong engagement with allies and partners is required to ensure the success of the entire innovation ecosystem.The semiconductor industry is global;no nation can bring together the technology,supply chains,and expertise to support leading-edge R&D and manufacturing alone.Tech diplomacy will be an important tool to engage allies and partners.Improving the energy efficiency of microelectronics is increasingly essential for sustainability.Rapid growth in microelectronics use and the simultaneous slowing of energy efficiency improvements are creating new economic and environmental risks.To reduce these risks,microelectronics R&D investments must include a focus on energy efficiency and on full-life-cycle sustainability,including reducing the use of materials that are scarce or hazardous to the environment.Safeguarding intellectual property is essential to ensure that U.S.industry captures economic benefit to sustain private R&D investments.Key intellectual property developed by and within the United States must be protected,while also improving the ability to appropriately share information among collaborative efforts.Applied research is intended to provide technical discriminators giving microelectronics manufacturers a strategic advantage in the marketplace.Safeguards(i.e.,cybersecurity,intellectual property enforcement,etc.)must be implemented and effectively enforced to ensure that key innovations are not inadvertently or inappropriately infringed upon.These trends and opportunities have informed the goals,needs,and strategies presented in this document to accelerate the pace of innovation and translation through collaborative research,access to advanced infrastructure,and a culture of co-design across the microelectronics R&D enterprise.Attention must focus on developing and sustaining a vibrant and connected microelectronics ecosystem to ensure U.S.leadership in this important area.The Microelectronics Innovation Ecosystem The microelectronics innovation ecosystem is complex and extremely capital-,knowledge-,and R&D-intensive.20 Industry consolidation has imposed limits on the associated R&D ecosystem.With worldwide manufacturing of leading-edge microelectronics now dependent on only a handful of companies,the opportunity for researchers to exploit advanced processes is limited.Researchers in academia,government,and industry who do not require high-volume production have limited access to the capabilities needed for advancing the R&D frontier,significantly constraining their ability to develop and transition innovations to leading-edge manufacturing.Limited access to leading-edge 20 For example,see Measuring distortions in international markets:The semiconductor value chain,OECD,2019,https:/www.oecd-ilibrary.org/trade/measuring-distortions-in-international-markets_8fe4491d-en;and Strengthening the Global Semiconductor Supply Chain in an Uncertain Era,Boston Consulting Group and the Semiconductor Industry Association,2021,https:/www.semiconductors.org/strengthening-the-global-semiconductor-supply-chain-in-an-uncertain-era.NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH 8 capabilities also restricts opportunities to provide experiential training for workforce development.CHIPS Act investments aim to address these issues.Beyond the leading edge of current CMOS technology,the microelectronics industry is facing profound changes associated with the accelerated pace of innovation and an explosion in the diversity of technologies emerging from academia,Department of Energy(DOE)National Laboratories and other Federally Funded Research and Development Centers(FFRDCs),nonprofit laboratories,government facilities,and companies small and large.Effective pathways for transitioning new research advances into applications need to be established and strengthened to ensure that the United States captures the benefits from R&D investments and that key intellectual property(IP)is available for domestic manufacturing.Additionally,as new challenges are identified in manufacturing,these technical needs must be communicated back to the research community.As part of the national R&D ecosystem,over 20 federal agencies fund R&D,with the nature of the activities determined by the mission of each agency.21 The Department of Commerce(DOC),National Aeronautics and Space Administration(NASA),National Science Foundation(NSF),Department of Homeland Security(DHS),Department of Health and Human Services(HHS),DOD,DOE,and other federal agencies support both intramural R&D(conducted within government facilities and DOE National Laboratories)and extramural R&D(conducted by academia,industry,and other organizations through grants,contracts,and other agreements).The wide span of R&D activities supported by federal research funding requires that IP developed is protected from unintentional,forced,or coerced technology transfer.Agencies also support workforce development across all educational levels through a variety of mechanisms,including support for formal and informal learning,internships,and fellowships;curriculum development;and coordinated efforts to broaden participation in STEM.While each agency has mission-oriented priorities determining the focus of its microelectronics-related research,as discussed below and throughout this strategy,there are multiple interagency mechanisms in place to coordinate R&D priorities and programs and to ensure that the outcomes of research are shared for mutual benefit.Within the microelectronics innovation ecosystem,an important element of federal funding is support for infrastructure along the technology development pathway.For early-stage research,many facilities exist in academic institutions,government facilities,and DOE National Laboratories and other FFRDCs,particularly for the fabrication and characterization of materials and devices.Another area of federal investment is in cyber infrastructure,including modeling,simulation,and data.Several user facility networks connected to the National Nanotechnology Initiative(NNI)22 provide researchers from academia,industry,and government with access to suites of tools and scientific expertise that support microelectronics R&D.These facilities have vastly broadened participation of researchers from small businesses and institutions that would not be able to purchase the equipment on their own.This has helped democratize innovation that requires specialized facilities and equipment,especially for semiconductor R&D and fabrication.Once proofs of concepts at the device level are achieved,innovation often becomes hindered in the current U.S.ecosystem by a lack of access to the necessary advanced development capabilities.Investments in domestic materials supply,design,fabrication,and packaging capabilities are required to address this laboratory-to-fabrication(lab-to-fab)gap.Investments are required to enable and sustain advanced prototyping and scale-up of new devices and architectures,along with the associated manufacturing and metrology instrumentation,and in concert with the required design of software and 21 See Research and Development chapter of Analytical Perspectives:Budget of the U.S.Government,Fiscal Year 2024:https:/www.whitehouse.gov/wp-content/uploads/2023/03/ap_6_research_fy2024.pdf.22 https:/www.nano.gov/userfacilities NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH 9 applications.Moreover,access to these capabilities by both researchers and students will provide hands-on experiential training to expand the domestic microelectronics workforce.The CHIPS for America Act of 202123 authorized multiple programs to help bridge this lab-to-fab gap,while the CHIPS Act of 202224 appropriated funding for the programs.Section 9903 of the CHIPS for America Act of 2021 authorizes DOD to establish a National Network for Microelectronics Research and Development to enable the lab-to-fab transition of microelectronics innovations in the United States.Section 9906 directs DOC to establish a National Semiconductor Technology Center to conduct research and prototyping of advanced semiconductor technologies;a microelectronics research program at NIST to conduct semiconductor metrology research and development;a National Advanced Packaging Manufacturing Program to strengthen semiconductor advanced test,assembly,and packaging capabilities;and up to three Manufacturing USA institutes focused on semiconductor manufacturing.Within the broader U.S.R&D ecosystem,there are many regional innovation hubs around the country composed of industry clusters complemented by federally supported academic centers,often focused on specific technologies and/or local research strengths.These local hubs are valuable national resources,and ensuring that they are well coupled to other elements of the overall R&D ecosystem,including microelectronics,will strengthen the national innovation base.The U.S.semiconductor industry invests heavily in R&D efforts,estimated to be nearly$60 billion in 2022.25 To maintain their world-leading expenditures on R&D,U.S.companies must have access to foreign markets where they can compete and win based on superior technology.Trade policy must protect U.S.companies from discrimination in global markets.Collaboration and alignment with allies and partners will help address national security concerns and help U.S.companies hold their ground in the intense global competition for technology leadership.The White House and federal departments and agencies recognize that openness is a foundation for R&D leadership and that international talent flow is critical to the success of the global enterprise.26,27 However,as made clear in Guidance for Implementing National Security Presidential Memorandum 33(NSPM-33),28 the U.S.government and its partners must strengthen protections of R&D against foreign government interference and exploitation,diligently safeguarding intellectual capital and property.Protections may include improved,risk-based processes for evaluating research partnerships and proposed foreign investments;active participation of U.S.experts in international standards organizations;closer coordination with international partners on research security;and a campaign of outreach and education on the importance of this topic across the microelectronics R&D community.29 23 William M.(Mac)Thornberry National Defense Authorization Act for Fiscal Year 2021,(Public Law 116-283),Title XCIX(“Creating Helpful Incentives to Produce Semiconductors(CHIPS)for America”)(herein“CHIPS for America Act of 2021”)24 CHIPS Act of 2022(Division A of Public Law 117-167),https:/www.congress.gov/bill/117th-congress/house-bill/4346/text:https:/www.congress.gov/bill/117th-congress/house-bill/4346 25 State of the U.S.Semiconductor Industry,Semiconductor Industry Association,2023,https:/www.semiconductors.org/wp-content/uploads/2023/07/SIA_State-of-Industry-Report_2023_Final_072723.pdf,p.21 26 https:/www.quantum.gov/wp-content/uploads/2021/10/2021_NSTC_ESIX_INTL_TALENT_QIS.pdf 27 https:/www.whitehouse.gov/briefing-room/statements-releases/2022/01/21/fact-sheet-biden-harris-administration-actions-to-attract-stem-talent-and-strengthen-our-economy-and-competitiveness/.28 Guidance For Implementing National Security Presidential Memorandum 33(NSPM-33)On National Security Strategy For United States Government-Supported Research And Development,https:/www.whitehouse.gov/wp-content/uploads/2022/01/010422-NSPM-33-Implementation-Guidance.pdf 29 United States Government National Standards Strategy for Critical and Emerging Technology,White House,2023,https:/www.whitehouse.gov/wp-content/uploads/2023/05/US-Gov-National-Standards-Strategy-2023.pdf NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH 10 A Whole-of-Government Approach Recognizing the critical role of microelectronics to our health,environment,economy,and national security,a whole-of-government effort is underway to sustain and advance global leadership by the United States and its allies in this important field.On August 25,2022,President Biden released an Executive Order on the Implementation of the CHIPS Act of 2022 that identified implementation priorities and established the CHIPS Implementation Steering Council to coordinate policy development to ensure the effective implementation of the Act within the Executive Branch.30 Co-chaired by the directors of the White House Office of Science and Technology Policy(OSTP),National Security Council(NSC),and National Economic Council(NEC),the steering council includes secretaries from the departments of State,Treasury,Defense,Commerce,Labor,and Energy;the Director of the Office of Management and Budget(OMB);the Administrator of the Small Business Administration;the Director of National Intelligence;the Assistant to the President for Domestic Policy;the Chair of the Council of Economic Advisers;the National Cyber Director;the Director of the National Science Foundation,and the Director of the National Institute of Standards and Technology.This council ensures awareness of ongoing efforts and investments across the government and coordinates policy development at the Cabinet level.In accordance with Section 9906(a)of the William Mac Thornberry National Defense Authorization Act for Fiscal Year 2021,OSTP established the Subcommittee on Microelectronics Leadership(SML)under the National Science and Technology Council.The Subcommittee membership includes the Department of Commerce,the Department of Defense,the Department of Energy,the Department of Health and Human Services,the National Science Foundation,the State Department,the Department of Homeland Security,and the Office of the Director for National Intelligence.White House components represented include OSTP,OMB,NEC,NSC,and the Office of the U.S.Trade Representative.Also pursuant to Section 9906(a),the Subcommittee is responsible for developing this National Strategy on Microelectronics Research;for coordinating microelectronics-related research,development,manufacturing,and supply chain security activities and budgets of federal agencies;and for ensuring that such activities are consistent with the strategy.As the body responsible for coordinating microelectronics efforts for the next decade,the SML is developing the structural framework and activities to best serve this role,including the establishment of working groups focused on education and workforce development,and on international engagement.The participating agencies are utilizing their respective authorities to advance R&D and promote policies to support U.S.industry,protect intellectual property,and ensure domestic access to secure microelectronics.Agencies are also collaboratively supporting activities to improve STEM education and increase participation in STEM fields,and to train and expand the microelectronics workforce at all levels.The federal government is engaging and collaborating with allies and partners to strengthen the global microelectronics innovation ecosystem and secure supply chains.Coordinated through the White House,these efforts will not only fuel new research advances to drive microelectronics innovation,but will also help these advances transition to manufacturing and provide good-paying jobs to people across all of America.As detailed in the sections below,the White House and federal departments and agencies will work together and with academia,industry,nonprofits,and international allies and partners to fuel research advances for future generations of microelectronics;establish best practices to ensure efficient,30 https:/www.whitehouse.gov/briefing-room/presidential-actions/2022/08/25/executive-order-on-the-implementation-of-the-chips-act-of-2022/NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH 11 accountable R&D execution;support and connect the microelectronics research infrastructure;expand,train,and support a diverse workforce;and facilitate the rapid transition of R&D to industry.31 Goal 1.Enable and Accelerate Research Advances for Future Generations of Microelectronics R&D supported by the federal government has been instrumental in laying the foundation for advances in microelectronics and in educating the research and skilled technical workforce needed for design,manufacturing,and application development.The increasing diversity of microelectronics technology and pace of innovation,combined with the growing risks to the global manufacturing and supply chain,requires a renewed federal focus on R&D investment in ways that will alter these trajectories and ensure the future health,economic leadership,and security of the nation.Success requires strategies that engage all sectors of the R&D ecosystem and leverage education,workforce,manufacturing,trade,and regional economic development efforts and policies.Federal agencies,in collaboration with industry,academia,and partners and allies,must work together to accelerate the pace of innovation and translation through collaborative research,access to advanced infrastructure,and a culture of co-design across the microelectronics R&D enterprise.The past six decades have seen incredible progress in computational power and energy efficiency,enabled in part by continued miniaturization(supported by concomitant advances in materials,design,metrology,and manufacturing).However,this trend in transistor scaling cannot continue indefinitely as the smallest device feature sizes approach the atomic scale.Furthermore,there are emerging applications that will require heterogeneous devices and materials.The semiconductor industry has therefore entered a period of rapid and profound change,and one in which performance advances can no longer be sustained solely by continued miniaturization of silicon-based devices.For example:The explosion of data and the emergence of artificial intelligence enabled by machine learning(ML)is driving the development of“compute-in-memory”and other novel memory-intensive and memory-centric architectures that promise to overcome the“von Neumann bottleneck”the energy inefficiency and high latency caused by shuttling data back and forth between separate memory and compute elements.As intrachip and interchip data rates have increased,photonic interconnects,previously only used in long-haul links over optical fiber,are being integrated with electronics in advanced packaging to move data efficiently.Advances in materials and devices are enabling ultra-high-frequency free-space communication using mm-wave and THz systems.Advanced photonics are poised to deliver dedicated artificial intelligence/machine learning(AI/ML)hardware that operates at low power and extraordinary speed.31 Many aspects of microelectronics R&D intersect with other initiatives and Biden-Harris Administration priorities,including the National Nanotechnology Initiative,the Future Advanced Computing Ecosystem(formerly the National Strategic Computing Initiative),the National Quantum Initiative,and the Networking and Information Technology Research and Development(NITRD)Program.SML is working with all of these efforts to ensure synergy and coordination.NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH 12 Dramatic progress in scaling of microelectronic devices since the first digital computers This graph illustrates the change in the number of components on an integrated circuit,or chip,over time,along with some of the technological innovations that enabled the different waves of progress.For reference,the first programmable,electronic,general-purpose digital computer,ENIAC,built using vacuum tubes,is the first point in 1945.(See more about ENIAC in the call-out on p.4.)The first transistor,made from germanium,was invented in 1947 and was approximately 1 cm long.The first silicon transistor came a few years later.The first silicon integrated circuit was demonstrated in late 1959.With the invention of the first metal-oxide-semiconductor field effect transistor(MOSFET)integrated circuit in the early 1960s,the number of components began to increase exponentially.Each time progress slowed,advances in manufacturing science,materials,and device design re-energized the field.In the first wave,shrinking the size of the transistor,the basic building block of these chips,led directly to dramatic increases in the number of components on a chip and dramatic reductions in the cost per transistorthe observation that formed the basis for Moores Law.The original planar integrated circuit went from small-scale integration(SSI)to medium-scale integration(MSI)to large-scale integration(LSI)to very large-scale integration(VLSI).During the second wave,the introduction of new materials,including the transition from aluminum to copper interconnects,resulted in better speed,power,and reliability,and enabled further reduction in transistor size.The third wave began with the transition from planar to three dimensional(3D)transistors using fin field-effect transistors(FinFETs),resulting in additional performance gains and continued miniaturization.As the technologies for shrinking the size of the transistors,which are now only a few atoms across,reach their physical limits,new strategies are required.We are at the start of the“4th wave of microelectronics,”leaving behind device scaling and entering into an age where higher performance will be driven by innovations in the integration of heterogeneous technologies and 3D devices.While efforts continue to decrease transistor size,new tools,manufacturing methods,and circuit architectures must be developed to deliver continued progress.Image credit:Defense Advanced Research Projects Agency(DARPA).NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH 13 A revolution is underway in electronic design automation(EDA),including the application of AI/ML,cloud-based platforms,and design-technology co-optimization(DTCO)that will make it feasible for designers to create ever-more-complex integrated circuits,optimized for almost every conceivable application,faster and more reliably.These circuits will deliver tremendous gains in speed and efficiency and affect the performance of every information technology sector,from data centers to edge computing and the internet of things(IoT).Heterogeneous and domain-specific computing architectures that optimize performance for specific applications are being deployed to accelerate time-to-solution.Microelectromechanical systems(MEMS)are becoming increasingly sophisticated and powerful as they are integrated with processing and intelligence.Progress is being made in integrating semiconductor systems with biomolecular,biological,neuromorphic,and bio-inspired systems that may one day deliver unprecedented improvements in energy efficiency and other unique capabilities in computation,AI,robotics,sensing,and health care beyond the potential of either domain on its own.As the demands for different applications diverge,extreme reliability and operation at cryogenic temperatures,high temperatures,or low power will modify the standard metrics of power,performance,area,and cost driving the development of new devices,architectures,and algorithms.As electronics move towards more heterogeneous architectures,performance metrics become more complex.Heterogeneous integrationthe science and technology of bringing disparate materials,devices,and circuits together to create highly functional,high-performance systemsis key to enabling continued progress.However,as more and more diverse components are integrated,the physical,electronic,optical,and software challenges of making them operate seamlessly together become more complex.Dramatic increases in system heterogeneity and complexity also call for R&D attention on design flows that prioritize security and reliability,and that integrate both formal and empirical verification and validation throughout the full design,fabrication,and manufacturing process.As referenced in the introduction,there are calls to not only support the underlying science and engineering that shape and drive microelectronics,including computer science,computing architectures,physics,chemistry,and materials science,but also to widely embrace the principles of integrated design where these different aspects of research inform and guide each other synergistically,and with sustainable development in mind.Open communication between all levels of the stack is essential to ensure that end-use capabilities and requirements inform research,and that research breakthroughs are rapidly incorporated into development efforts.Such an integrated approach is the only way to guarantee that critical system attributes such as security,reliability,and radiation-hardness32 are designed in from the start and considered throughout the development cycle.Lastly,with the projected increase in resources needed to produce,operate,and eventually recycle microelectronics systems,a comprehensive approach to estimating total lifetime energy consumption and cost will need input and expertise from across the entire supply chain to identify opportunities to develop more efficient architectures and processes.32 Some space,energy,and defense applications require electronics that must function when subjected to a range of radiation sources,including cosmic rays.Radiation-hardened microelectronics perform critical sensing and computational functions so that these devices work as intended in harsh environments.NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH 14 Integrated design Integrated design refers to a constant bidirectional flow of information from the top to the bottom of the stack driven by applications.Linking end-user needs to R&D is essential for rapid,focused technological development and deployment of research and development to the market.The figure at right illustrates this bidirectional flow of information among the various levels of the stack:material-to-circuit physical models;materials and processes;architectures,devices,and circuits;heterogeneous integration and packaging;algorithms and software;and communications and networks.Future leadership in microelectronics requires industry to overcome significant challenges in device physics and fabrication.Deep innovation is therefore needed to identify and transition novel materials and devices from lab-to-fab to enable continued advances in functionality and performance.Successful establishment of a lab-to-fab pathway will require renewed focus on the intersection between fundamental science and manufacturing technologies.Satisfying the ever-increasing demand for storage,bandwidth,and processing power in information and computing technology(ICT)systems,along with the expected growth in the spectrum of applications beyond ICT,requires research and development from devices to systems,and from design to process technology.Central to this strategy is the need for access to design and fabrication facilities,including those equipped to incorporate unconventional materials and/or processes,often in heterogeneous combination with silicon(Si)-CMOS technologies.Innovations across all levels of the stack need to be fully exploited to enable further progress with complex scalable designs in leading-edge Si-CMOS.Advances in characterization tools and techniques will also be needed to enable detailed and comprehensive investigations of new materials and designs,and to do so with unprecedented spatial resolution,sensitivity,bandwidth,and throughput.The increasing complexity of circuits and systems,including those operating with signals in and interacting across multiple physical domains,will require complementary,multimodal metrology tools as well as new modeling and simulation capabilities to measure performance and provide the data necessary to support EDA,DTCO,and system technology co-optimization(STCO).As the sophistication of these models grows,they will increasingly inform the development of manufacturing process improvements.In addition to coordination across the hardware-software stack,coordination is required across the R&D community through synergistic flow of research results to achieve the best outcomes.University and small-business researchers must have access to design tools,fabrication facilities,and related infrastructure in which to test their ideas.Commercial fabrication facilities will benefit from working with early-stage testers of novel technology approaches.Likewise,industry R&D will benefit from the training of an advanced research workforce skilled in these areas and graduating from U.S.universities to join their corporate R&D efforts.An important aspect of this collaboration must be to establish and maintain effective research security measures to prevent R&D activities from creating unintended technology transfer.Over the next five years,U.S.government R&D efforts will focus on the following objectives:Material-to-Circuit Physical ModelsArchitectures,Devices&CircuitsMaterials&ProcessesHeterogeneous Integration&PackagingAlgorithms&SoftwareCommunications&NetworksApplicationsImage credit:NIST.NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH 15 1.1:Accelerate the research and development of materials that provide new capabilities or functional enhancements.Materials R&D is central to meeting emerging needs across all sectors and application areas.New and improved materials are required to meet goals in energy efficiency,information speed and bandwidth,novel computing architecture,and sustainable development.For example,emerging substrate materials such as silicon carbide(SiC),indium phosphide(InP),aluminum nitride(AlN),or diamond are under development.There are many promising new wide-bandgap,and ultra-wide-bandgap materials for applications in power electronics and radio-frequency electronics(6G and beyond),and while available,thin-film silicon nitride(SiN)and lithium niobate(LiNbO3)materials need to be improved to advance photonic applications and next-generation wireless communication.New multiferroic and memristive materials are expanding the range of functions that nanoelectronic devices can provide.However,despite these many exciting breakthroughs,the introduction of new materials into complex microelectronics process flows typically takes decades of effort and billions of dollars to go from proof-of-concept to manufacturing.To enable novel and emerging materials to fulfil their potential,new approaches are needed to dramatically reduce the time and cost to deployment.Coordination among entities in the semiconductor materials and associated research ecosystem,including national labs,private sector companies,and consortia,will provide pathways to deployment of advanced materials for devices,interconnects,circuits,and systems.Frameworks like the Materials Innovation Infrastructure developed as part of the Materials Genome Initiative(MGI)33 can play an important role in organizing the materials community around grand challenges in developing new capabilities or functional enhancements for microelectronics.Elements of advanced materials R&D needed to support new capabilities include:Focused research on emerging organic and inorganic materials including two-dimensional(2D)materials;materials exhibiting quantum effects/properties;wide-bandgap and ultra-wide-bandgap materials for energy-efficient electronics and use in extreme environments;materials optimized for high-bandwidth interconnects;materials for ultra-high-frequency operation(optical,electrical,and electromechanical);materials that enable non-von Neumann architectures;and biotic-abiotic hybrid systems.Exploration of materials that can be seamlessly integrated into existing process flows,and that can,for example,add functionality into the back-end-of-line(BEOL)to improve performance and allow for greater 3D integration.Increased efforts to improve existing bulk substrate materials and to accelerate the development and deployment of new ones.Unified semiconductor materials data infrastructure to facilitate knowledge sharing and accelerate innovation.New modeling,characterization,and metrology methods to allow the rapid,precise,and accurate determination of all of the parameters relevant to real-world applications.R&D efforts to accelerate the development of manufacturable synthesis processes and production-worthy tools for new and emerging materials.New measurements and standards to ensure purity,physical properties,and provenance to accelerate materials research and development.34 33 NSTC Materials Genome Initiative Strategic Plan,2021,https:/www.mgi.gov/sites/default/files/documents/MGI-2021-Strategic-Plan.pdf 34 Strategic Opportunities for U.S.Semiconductor Manufacturing,NIST,2022,https:/nvlpubs.nist.gov/nistpubs/CHIPS/NIST.CHIPS.1000.pdf,p.6 NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH 16 Research to improve sustainability and circularity(reuse,recycling)in processing,fabrication,and supply chains through the full lifecycle,including more eco-friendly materials and extraction processes,and wider use of earth-abundant elements that reduce supply-chain vulnerabilities.Access to fabrication facilities equipped to incorporate unconventional materials and/or processes,possibly in heterogeneous combination with Si-CMOS technologies.Creation of new focused facilities to prove out and scale up processes for novel and unconventional materials.1.2:Increase the capabilities of circuit design,simulation,and emulation tools.Circuit design,simulation,and emulation tools applicable to new materials,devices,circuits,and architectures are essential to continued innovation and device scaling.Strategic approaches to improve capabilities of digital tools include efforts to:Create,develop,and make widely available tools that can facilitate the design,modeling,simulation,and exploration of new forms of computing architectures and computing processorsboth digital and analog/mixed signal;support designs using advanced packaging;and incorporate objectives including size,weight,power,cost,safety,and security.Further the integration of AI and ML,together with physics-based methods,in EDA tools to support the design and development of innovative circuit and system architectures.35 Develop high-level synthesis tools and EDA systems and flows,integrated with simulation and optimization capabilities,with shorter learning curves to lower barriers to entry for integrated circuit designers.Improve materials and device validation methods and advance measurements of material,component,and circuit properties,in order to generate robust,statistical parameters needed to increase the fidelity of EDA tools.Improve DTCO and STCO methodologies and platforms to enable full-stack co-optimization.Advance the development of formal and end-to-end validation methods,including device-relevant materials data and input information,to overcome bottlenecks in circuit and system design and simulation to manage increasingly complex and heterogeneous systems.1.3:Develop a diverse array of robust processing architectures and associated hardware needed for future systems.The rapid growth and utilization of advanced computing resources for machine learning,augmented reality/virtual reality(AR/VR),image/signal processing,etc.,have created performance and energy demands that are pushing the boundaries of state-of-the-art Si-CMOS designs.Non-von Neumann computing architectures,such as neuromorphic,memory-centric,deep learning,asynchronous 35 NSF Workshop on Micro/Nano Circuits and Systems Design and Design Automation:Challenges and Opportunities,University of Notre Dame,2021,https:/nsfedaworkshop.nd.edu/assets/432289/nsf20_eda_workshop_report.pdf Silicon wafers being loaded into a low-pressure chemical vapor deposition(LPCVD)furnace.Image credit:NIST.NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH 17 computing,hybrid,and designs harnessing quantum effects,will be increasingly useful in a wide range of commercial and national security applications.In addition to systems based on standard Si-CMOS,new approaches employing cryogenic CMOS,analog/mixed-signal technologies,photonics,spintronics,and quantum devices are rapidly emerging.Making the most of this diverse array of processing architectures and device types requires innovations across the entire stack.Key research and development needs include development of:Increased understanding of the algorithms,programming models,and compilers required for optimal performance of these architectures.Hardware,software,and standards-focused efforts to enhance device programmability and programmability abstraction.Manufacturing and design capabilities optimized to produce these novel processing architectures.Novel architectures in addition to new integrated circuit designs that enable the optimal integration of non-von Neumann components with traditional computing architectures.AI and ML approaches to address the challenges associated with the expected high data rates and large data volumes generated by heterogeneously integrated logic-memory devices.Quantum information science research,including quantum computing,quantum networking,and quantum sensing,which will demand a wide range of new systems design approaches in addition to advanced fabrication capabilities and exotic materials.36 Quantum support technologies,such as cryogenic electronics and photonics,to interface with quantum systems.Energy-efficient processing architectures for large networks of sensors to extract and distill information,including sensor technologies,analog processing architectures,and extreme distributed edge computing using both classical and bio-inspired approaches.Design flows and architectures for sensing,signal processing,and computing applications in extreme environments.Circuit innovations beyond high-performance computing to address needs in energy,health care,transportation,and communications.1.4:Develop processes and metrology for advanced packaging and heterogeneous integration.Heterogeneous integration,which includes the integration of several distinct technologies(e.g.,Si-CMOS,MEMS,III-V mixed signal,and photonics)that are themselves the result of integrating multiple systems,will be a critical driver of future innovation in microelectronics.Examples can include integration on single chips,multiple chips,or chiplets37 on substrates,using a variety of approaches,such as 2.5D and 3D stacking,high-density redistribution,optical packaging and test,fan-out,hybrid bonding,advanced interposers,high-density solder bumps,copper interconnects,and vias.Success in heterogeneous integration leads to better yields,lower costs,greater functionality,re-use of IP enabling accelerated design iterations and customization,and improved energy efficiency.Integration is critical across application spaces that range from high-performance computing to health care to positioning,navigation,and timing.Heterogeneous integration and the advanced packaging technologies that make it possible are now growing faster than traditional packaging.This growth 36 Coordinated under the National Quantum Initiative,see https:/www.quantum.gov.37 The term“chiplet”refers to an integrated circuit unit with a specific purpose or function that can be combined with other units(chiplets)in a modular approach to design systems.NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH 18 presents the United States with a rare opportunity to establish a lead in a critical area,despite the dominance of overseas assembly and test facilities in conventional packaging.Successfully securing U.S.leadership in advanced packaging and reaping the benefits of heterogeneous integration will require addressing many interlinked research challenges,including materials,manufacturing processes,energy,cost,yield,and validated modeling.Key research challenges include:New materials for substrates,encapsulation/molding,and die-to-die interconnects to expand the available design space,and for which collaboration and partnerships with materials suppliers will be essential.Advances in areas such as mechatronics,machine vision,and robotics to support the development of cost-effective,automated,agile systems for both high-volume and high-mix packaging and assembly.Innovative interconnect technologies to increase energy efficiency and density.New,high-speed methods to inspect components prior to assembly and to monitor interfaces during assembly to reduce defective components or defects in interfaces between components.Enhanced tool metrology and inspection capabilities,including novel optical sources and high-speed detectors over wavelengths from infrared to x-ray.New metrology that spans multiple length scales(2D and 3D)and physical properties to address unique measurement challenges imposed by emerging heterogeneous integration and advanced packaging processes and technologies.Improved physics-based modeling of the thermal,mechanical,and electromagnetic behavior of the complete system and development of new,high-resolution methods to measure these behaviors to validate model accuracy and system performance.Integrated design tools and methods to ensure that circuits,architectures,and packages are co-designed to maximize system performance and IP re-use.1.5:Prioritize hardware integrity and security as an element in co-design strategies across the stack.In the face of threats from nation-state and criminal adversaries,the potential for the insertion of malicious alterations into components ranging from circuits to software,combined with the need to prepare for encryption and data security in a post-quantum-computing world,make it essential that integrity and cybersecurity be a foundational component of system design.38,39 There are many attack 38 Cybersecurity R&D challenges and goals for hardware and software are described in Federal Cybersecurity Research and Development Strategic Plan,OSTP,2023,https:/www.whitehouse.gov/ostp/news-updates/2023/12/31/federal-cybersecurity-research-and-development-strategic-plan/.39 https:/www.whitehouse.gov/briefing-room/statements-releases/2022/05/04/national-security-memorandum-on-promoting-united-states-leadership-in-quantum-computing-while-mitigating-risks-to-vulnerable-cryptographic-systems/Integrated photonic devices in a probe station undergoing simultaneous optical and electronic measurement.Image credit:NIST.NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH 19 vectors that must be mitigated,including side-channel,reverse-engineering,malicious hardware,and supply-chain manipulation.In recent years,cybersecurity threats have evolved from attacks focused high in the software stack to progressively lower levels of the computational hierarchy,down to the chip level.In addition to improving security,advances are needed across the stack to support enhanced privacythe ability of individuals and organizations to control who has access to and control over their data and to what extent their data can be associated with them.Co-design of hardware with software is needed to meet these challenges in ways that provide maximum protection while minimizing the impact on system performance.40 The design process must allow for iteration between hardware,software,and security/privacy constraints.To meet economic and national security needs,as well as maintain privacy,security must be incorporated in co-design R&D as a constraint,and it must be assigned the same priority as power,performance,area,and cost.Research needs to improve hardware integrity and security include development of:Accurate threat models to support the analysis of the cost-benefit tradeoffs of different security approaches.High-level conceptual models of integrity and security(analogous to abstraction layers in computer science)to help the various disciplines in the co-design community communicate and collaborate more effectively.New automation and support structures to enable applications to be built on secure systems and to support the universal adoption of new applications.Co-design centers of excellence,in which security is a primary design constraint within each of the hardware focus areas.New methods to protect data and reduce the need to trust hardware,such as homomorphic encryption,encrypted memory systems,secure computation,sequestered encryption,and multi-party computation.Methods to ensure the provenance and integrity of integrated circuit IP.Standard test articles,methods,and analysis for evaluating and benchmarking measurement performance to promote measurement reproducibility between different organizations.41 High-throughput measurement and inspection systems to enable verification of circuit hardware.1.6:Invest in R&D for manufacturing tools and processes needed to support transition of innovations into production-worthy fabrication processes.As R&D delivers new materials and devices,research is required to also develop the manufacturing tools and processes to enable the mass production of these new technologies.While important manufacturing technology advances will continue at micrometer scales,much that is cutting edge is already and will continue to be at the nanometer scaleeven at the atomic scale for some features.To meet the demand for enhanced device performance and energy efficiency,the corresponding development of manufacturing processes,tools,and metrology with unprecedented precision is required.So-called“ultra-precision manufacturing”(UPM)is the next step in a long history of manufacturing at ever-smaller scales.42 The need for ultra-precision also presents an opportunity to take advantage of material properties that are unique to the nanometer scale,such as tunneling or 40 See,for example,D.Dangwai et al.,SoK:Opportunities for Software-Hardware-Security Codesign for Next Generation Secure Computing,2021,https:/arxiv.org/abs/2105.00378.41 5G Hardware Supply Chain Security Through Physical Measurements,NIST,2022,https:/doi.org/10.6028/NIST.SP.1278 42 See for example,N.Taniguchi,Current status in,and future trends of,ultraprecision machining and ultrafine materials processing,CIRP Annals,32(2)(1983):573582,https:/doi.org/10.1016/S0007-8506(07)60185-1.NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH 20 magnetic and spin interactions,to realize powerful new functionalities.Novel fabrication methods will be effective only if they can be scaled to achieve commercial volumes.Advanced manufacturing R&D to scale up processes and tools to meet the demands of manufacturing is therefore essential.43 Conversely,there are also opportunities to develop more agile manufacturing approaches that enable cost-effective,high-mix,low-volume production to support increasingly diverse commercial and defense needs.In addition,there are significant opportunities to advance manufacturing technology at larger feature sizes to improve yields,reduce process and device variation,and enable cost-competitive,resource-efficient domestic manufacturing.Key R&D needs for new tools and processes include:Ultra-precision characterization,advanced lithography,and metrology tools,alongside improved quality control,including accurate reference structures at the sub-10-nm scale.Novel approaches to patterning,both subtractive and additive,that support emerging needs such as 3D architectures,large-area substrates,and high-mix,low-volume manufacturing of circuits and packages.Improvements in processes such as area-selective atomic-layer deposition and etching to support reduced feature sizes and more complex device geometries.High-throughput experimentation and modelling methods,coupled with new capabilities in optical,electron,and scanning probe microscopy inspection tools to improve speed,throughput,yield,precision,and accuracy.Hybrid metrology methods that combine data from multiple measurement tools integrated with new ML methods to utilize the data and enable process optimization.Integrated AI/ML/physics-based models capable of digesting a fabs worth of real-time process data for advanced predictive analytics to measure and improve yield and enable fab virtualization in semiconductor and microelectronics manufacturing.Further development and use of in situ metrology to accelerate the integration of real-time process control and reduce process variabilitya key driver of costly ex situ metrology.Progress in this area requires advances in the integration of multimodal measurements,software integration,and tool development.Rapid,high-resolution,non-destructive techniques for characterizing defects and impurities and correlating them with performance and reliability.Physical properties characterization for surfaces,buried features,interfaces,and devices with increased resolution,sensitivity,accuracy,and throughput.Application of first-principles materials research with high-performance computing to develop accurate materials-process interaction models.Advances in the application of digital twins to enable the accurate modeling and rapid iteration and convergence of manufacturing process flows.Improvements in energy and resource efficiency,and use of environmentally benign chemistry44 in manufacturing processes.43 DOE Workshop report on Ultra-precise control for ultra-efficient devices:https:/www.energy.gov/sites/default/files/2022-02/AMO Semiconductor Workshop II Report FINAL_compliant_02-08-2022.pdf 44 https:/www.whitehouse.gov/wp-content/uploads/2023/08/NSTC-JCEIPH-SCST-Sustainable-Chemistry-Federal-Landscape-Report-to-Congress.pdf NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH 21 Goal 2.Support,Build,and Bridge Microelectronics Infrastructure from Research to Manufacturing As emphasized throughout this strategy,microelectronics R&D is extremely infrastructure-intensive,and access to the appropriate facilities and associated expertise is necessary at every development stagefrom early-stage research through manufacturing.Furthermore,the resources for each stage must be connected to ensure that new innovations can rapidly progress along the technology development pathway.Historically,the United States has not had centralized,open-access facilities for microelectronics R&D that are equipped with the design and fabrication tools,testing,and expertise relevant to a manufacturing environment for leading-edge technologies,limiting opportunities for researchers to advance their innovations.Recognizing this gap in the ecosystem,Congress authorized and appropriated resources for several programs in the CHIPS Acts to help establish facilities that support domestic research maturation and access to advanced prototyping capabilities using manufacturing-relevant equipment.Additionally,the continued diversification of microelectronics to best address specific use cases results in a complex set of needs across the various R&D stakeholders.Researchers require straightforward access to facilities in the United States equipped with fabrication tools,testing capabilities,and skilled technicians to maintain and operate them.This infrastructure support empowers researchers to demonstrate the potential of new devices,interconnects,circuits,systems,and fabrication processes in a leading-edge(or near-leading-edge)manufacturing environment.A well-coordinated constellation of facilities with state-of-the-art equipment,design tools,and skilled technicians will also be essential for advancing leadership in heterogeneous integration.The semiconductor R&D infrastructure exists across a continuum,supporting activities ranging from the exploration of new materials to the implementation of new system architectures.The incredible complexity of modern semiconductor and microelectronic systems is best managed by enabling each level in the stack to judiciously abstract and inform the key features of neighboring levels as part of a co-design approach with bidirectional information flows.Material characteristics are abstracted into device models,device behaviors are incorporated into circuit models,circuits into architectures,and so on up to applications.Likewise,application and software characteristics inform architectures,which guide circuit designs and so on down the stack.As the R&D focus moves up the stack,the infrastructure must be aligned to ensure a continuous path for scientific and technological developments made at each level to inform those at the next,and ultimately to feed into commercial design and manufacturing.At the lowest level of the stack,maximum flexibility is required of facilities to accelerate the research and development of new materials that will enable breakthrough performance.As these materials are identified,they must be made available to the research community to integrate into devices to determine whether the anticipated performance benefits can be realized.Further up the stack,facility flexibility is less important compared to the existence of reliable and robust fabrication processes that enable repeatable and reliable measurements of device performance.At the circuit level,access to documented and supported process design kit(PDK)modules and foundational circuit IP,e.g.,standard cell libraries,complemented by robust testing and characterization capabilities,are essential.At the package level,adaptable integration and characterization of monolithic and system-in-package designs,including advanced chiplet capabilities,are needed to support small-and medium-scale prototyping.Creating such a full-spectrum R&D ecosystem will require supporting and expanding cost-effective access to the infrastructure needed for innovation.This infrastructure comprises three critical components:hardware and software tools,data and data sharing infrastructure,and expertise to make NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH 22 the best use of the tools and data.Affordable and timely access to these tools and data is also an essential prerequisite for training and maintaining the expertise of the research and manufacturing workforce.The infrastructure needed to support the R&D continuum ranges from facilities for the early-stage development of materials,structures,devices,fabrication processes,and metrology and characterization tools,to access to leading-edge prototyping facilities using standardized processes.The CHIPS Acts investments are intended to bridge the gap between early-stage R&D and prototype,enabling experimentation with new materials,processes,and metrology.Collaboration mechanisms across departments and agencies are needed to facilitate the transition of work from one facility to the next as users technologies mature and capabilities evolve.It is important to note that while several programs are highlighted under the following objectives in support of the microelectronics research infrastructure(goal 2),they also play a critical role in advancing research to help secure technical leadership(goal 1),educating and training the future workforce(goal 3),and helping to connect the broader ecosystem(goal 4).Federal efforts over the next five years will address the following objectives:2.1:Support federated networks of device-scale R&D fabrication and characterization user facilities.The support of new concepts for electronic,photonic,and micromechanical devices that advance both“More-Moore”and“More-Than-Moore”solutions45 requires increasingly complex and costly characterization and fabrication tools and facilities.Semiconductor materials synthesis and characterization,and device fabrication and measurement,involve multiple steps using different tool sets.Researchers working in microelectronics need access to user facilities equipped with complete suites of fabrication and characterization tools that require constant capital investments to remain current.In addition to the instrumentation,effective user facilities require expert staff to maximize the operation of specialized tools,and to train new users,which helps lower the barrier to access and provides an important role in education and workforce development.Fortunately,the microelectronics R&D community can build upon the foundation of existing facilities,including the user facilities established as part of the NNI.46 User facilities and other shared research infrastructure located across the country provide access to advanced laboratories,equipment,and expertise to researchers from government,industry,and academia.Supported by multiple federal agencies,many of these infrastructure centers facilitate microelectronics-relevant R&D by providing access to clean rooms,characterization tools,materials science and synthesis laboratories,and modeling and simulation tools.In addition to providing access for research activities,these centers also serve as a powerful training and workforce development engine.For example,the NSF-funded National Nanotechnology Coordinated Infrastructure(NNCI)is a network of 16 sites across the country that involves 29 universities and other partner organizations and provides access to user facilities with fabrication and characterization tools.In addition to providing researchers from government,industry,and academia with access to over 2,200 individual tools in 71 distinct facilities,the NNCI network 45 More-Moore refers to advances in CMOS transistor scaling,and More-than-Moore refers to incorporating devices with functionality that does not necessarily scale like Moores Law,such as radio-frequency,photonic,and MEMS devices.46 These facilities include the NSF-funded National Nanotechnology Coordinated Infrastructure,based in universities across the country,the DOE Nanoscale Science Research Centers,co-located with other facilities in DOE National Laboratories,and the DOC/NIST Center for Nanoscale Science and Technology NanoFab and facilities being set up in support of the National Quantum Initiative,including the DOE National QIS Centers and NSF Q-AMASE program.NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH 23 supports expert staff to assist researchers,and a suite of education,training,and outreach efforts.As the fourth iteration of NSFs user facilities focused largely on nanoelectronics,these facilities have serviced tens of thousands of researchers and helped train generations of students.Furthermore,access to the costly specialized equipment necessary for microelectronics research provides opportunities for students,faculty,and researchers from institutions or small businesses unable to purchase and house similar facilities on site,broadening participation and expanding the research community.In addition to the NNCI and other major university centers,the U.S.government provides access to National Laboratory facilities through DOEs five Nanoscale Science Research Centers(NSRCs)and the NIST Center for Nanoscale Science and Technology(CNST)NanoFab.The five NSRCs are DOEs premier user centers for interdisciplinary research at the nanoscale,serving as the basis for a national program that encompasses new science,new tools,and new computing capabilities.These laboratories contain clean rooms,nanofabrication resources,one-of-a-kind signature instruments,and other instruments not generally available except at major user facilities.The NIST NanoFab provides access to an extensive commercial,state-of-the-art tool set,including advanced capabilities for lithography,thin-film deposition,and nanostructure characterization,and a full-time technical support staff.Finally,other shared infrastructure such as characterization laboratories,computational and modeling resources,light and neutron sources,and manufacturing institutes have a role to play in developing future materials,processes,designs,standards,and workforce.Key needs for the R&D fabrication and characterization facilities include:A gap analysis of current facilities followed by efforts to address capability gaps within existing facilities and establish new capabilities where needed to comprehensively address the needs of different areas and levels in the stack.A regularly updated searchable public registry of shared research resources that enables researchers to easily identify the programs and centers that best align with their needs.Support for advanced manufacturing technologies capable of incorporating emerging low-dimensional nanomaterials and nanodevices and other“More-Than-Moore”solutions into designs,along with circuits manufactured using mature and state-of-the-art techniques for both small-and medium-scale prototyping.Agreements with international entities in allied and partner countries as necessary to provide U.S.-based researchers with access to cutting-edge manufacturing facilities to bridge current domestic gaps.Funding models,using impact metrics primarily focused on meeting the needs of a broad and diverse user base,that enable facilities to acquire sufficient state-of-the-art tools to build critical mass in their focus area(s),support expert facility technical staff to guide and assist users,and afford ongoing recapitalization as needed to maintain both state-of-the-art and state-of-the-practice capabilities.Success metrics and funding mechanisms that incentivize training and education,including support for travel to centers for researchers who are in geographically disadvantaged locations.Reduced barriers to facility access including through outreach to the research community,affordable operating costs/fees,and simple,equitable access models,including improved Researchers using an electron microscope.Image credit:NIST.NATIONAL STRATEGY ON MICROELECTRONICS RESEARCH 24 implementation of remote operation technologies to further extend the geographic reach of every facility and promote equity of access.FAIR(findable,accessible,interoperable,and reusable)data management systems to maximize access by the research community to information generated in the facilities.2.2:Improve access for the academic and small-business research community to flexible design tools and wafer-scale fabrication resources.Currently,the costs of design tools,notably PDKs,assembly design kits(ADKs),and EDA,combined with the costs of foundry fabrication runs,can be prohibitive for small-business and academic research communities,as well as for efforts at government facilities,DOE National Laboratories and other FFRDCs,and nonprofit laboratories.In addition,there is no well-established pathway for a wafer fabricated at a foundry,particularly at mid-flow,to be further processed in a more flexible research facility.The CHIPS Acts investments will help address this domestic gap between device-scale R&D and advanced prototyping,through investments in infrastructure complemented by new public-private partnerships.These efforts aim to provide efficient,affordable access to a network of shared resources for wafer-scale R&D,and to develop a chiplet R&D ecosystem.Key needs to improve access to design tools and fabrication resources include:Flexible and affordable models,including potential open-sourcing capabilities for mature nodes,that expand the availability of advanced PDKs,standard cell libraries,and certain IP(i.e.,memory controllers,cores,etc.)for domestic researchers w

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  • 湖南大学:非洲数字经济发展指数与中非数字经济合作报告(2024)(英文版)(120页).pdf

    China-Africa Economic&Trade Research Institute Add.:No.2,Zhuyuan,Hunan University,Yuelu District,Changsha,Hunan Province,China Zip code:410012 Tel.: 86-(0)731 88684856 E-mail: Official website:http:/ Official Account:China-Africa Economic&Trade Research Institute The China-Africa Economic&Trade Research Institute reserves the right of final interpretation of the Report on Africas Digital Economy Development Index and China-Africa Cooperation in Digital Economy(2024).Any findings,interpretations,or conclusions in this Report do not necessarily reflect the views of the Government of the Peoples Republic of China.This Report is subject to refinement and we welcome comments and corrections.This Report is made available for citation,download,and reproduction for personal use in articles,blogs,websites,or other materials,provided that the China-Africa Economic&Trade Research Institute is duly acknowledged as the source.Contents Abbreviations.1 Summary.2 Chapter I African Digital Economy Development Index.6 1.1 The History and Background of Africas Digital Economy Development.6 1.1.1 Establish a Digital Connection:The Origin and Early Challenges of Africas Digital Economy Development.6 1.1.2 Accelerate the Integration of Digital and Real Economy:A Leapfrog Development of Digital Economy for Africa in the 21st Century.8 1.1.3 Respond to Challenges with Innovation:The Adaption and Innovation of Africas Digital Economy in the Post-COVID Era.9 1.1.4 Bridge the Digital Divide and Explore Inclusive Growth for the Digital Economy 11 1.2 The Evaluation System for Africas Digital Economy Development.13 1.2.1 A Statement of the Main Concepts.13 1.2.2 Our Thoughts on the Evaluation and the Design of the Evaluation System.16 1.2.3 Africas Digital Economy Comprehensive Evaluation Indicators System.20 1.2.4 Africas Digital Finance Evaluation Indicators System.22 1.2.5 Africas Digital Consumption Evaluation Indicators System.24 1.2.6 City-level Africas Digital Economy Development Evaluation System.27 1.3 The Method for Measuring the Development Level of Africas Digital Economy.28 1.3.1 Descriptions of the Samples and Data.28 1.3.2 The Method to Evaluate the Development of Digital Economy.29 1.3.3 The Evaluation Method for Digital Economy Development Coordination.30 1.3.4 The Measuring and Calculating Method of Digital Divide.32 1.4 The Evaluation Results of Africas Digital Economy Development Level.33 1.4.1 The Characteristics of Africas Digital Economy Comprehensive Development.33(1)There is a Huge Potential for Africas Overall Development,But Significant Differences in Development Exist Among the Regions.33(2)Africas Digital Economy Development is Undermined by the Buckets Effect and the Systematic Development Imbalance Should Raise Concern.35(3)A Severe“Digital Divide”with a Multi-layered Structure.36 1.4.2 The Characteristics of Africas Digital Finance Development.37(1)A Three-layer Pipeline Feature for Africas Digital Finance Development at the National Level with South Africa and Kenya Leading the Pack.37(2)There Is a Mismatch of Digital Finance Development in Various Dimensions in Some African Countries and Their Huge Potential Is Yet to be Tapped.38(3)Traditional Financial Service Lays the Foundation for Digital Finance and Fintech Is the Main Driver for the Transformation.39 1.4.3 The Characteristics of Africas Digital Consumption Development.40 (1)There is an Imbalance in Africas Digital Consumption Development and the Carrying Capacity of Digital Consumption Scenes is the Driver of Africas Digital Consumption Development.40(2)Coordination in digital consumption growth to be enhanced,and growth edges in some Africa countries to be released.43(3)Entertainment&gaming and social media apps as digital consumption darlings in Africa.43 1.4.4 Characteristics of digital economy development in African cities.46(1)Education apps as an emerging focus in African key cities,following communication and social media apps.46(2)Lagos and Cairo as pioneers in smart phone usage among key African cities.47(3)Mobile data is more popular than Wi-Fi in key African cities for Internet traffic consumption.49 1.5 Overall Development of the Digital Economy in Africa and Analysis of Key Cities by Country.49 1.5.1 Analysis of overall development.49 1.5.2 Analysis of key cities by country.52(1)Countries grouped into leading-coordination zone and their cities.52(2)Countries grouped into catch-up-coordination zone and their cities.55(3)Countries grouped into catch-up-adjustment zone and their cities.58 Chapter II China-Africa Cooperation in Digital Economy.61 2.1 Process of China-Africa cooperation in digital economy.61 2.2 The practical foundation for China-Africa cooperation in the digital economy.63 2.2.1 China has rich experience in the development of the digital economy.63 2.2.2 Africa has the basis and conditions for the development of the digital economy.65 2.3 The current status of China-Africa cooperation in the digital economy.66 2.3.1 Digital foundation.66 2.3.2 Digital application.68 2.3.3 Digital innovation.71 2.4 Cases of China-Africa cooperation in the digital economy.73 2.4.1 Digital foundation.73(1)China Mobile International:Build“Digital Africa”communication network system and share new opportunities presented by the digital Belt and Road.73(2)Hengtong Optoelectronics:develop digital infrastructure and support Africa in improving regional connectivity.74(3)China-Africa Development Fund:Ten billion yuan engine financial empowerment of China-Africa new cooperation in the digital economy.75 2.4.2 Digital application.76(1)China TransInfo Technology:Focus on the field of Internet of Things(IoT)to aid the digital and intelligent transformation of aviation hubs.76(2)Africa Star:Deepen China-Kenya cooperation and lead a new era of smart railways 78 2.4.3 Digital innovation.79 (1)Transsion Holdings:Driving Local Innovation and Promoting Technological Upgrades.79(2)Wenhua Online:Transcending distances to co-crafting the African e-education ecosystem.80(3)CloudNeedle:CloudNeedle OS,the magic needle that breaks through operating system barriers.82 Chapter III Kenyas Digital Economy and China-Kenya Cooperation in Digital Economy.84 3.1 Evolution of Kenyas digital economy.84 3.2 Basic characteristics of Kenyas digital economy development.85 3.2.1 A frontrunner in digital infrastructure in Africa.85 3.2.2 Market diversification in digital applications.86 3.2.3 Fintech-led digital innovation.89 3.3 Cases of China-Kenya Cooperation in Digital Economy.90 3.3.1 Ahadi supports the proliferation of digital services in Kenya.91 3.3.2 Kilimall,a Chinese e-commerce platform rooted in Africa.92 3.3.3 M-Pesa partnering with Huawei to advance Kenyas digital finance.93 3.3.4 Luban Workshop,focused on cultivating digital information technology talents.93 Chapter IV Suggestions for China-Africa Cooperation in Digital Economy.95 4.1.Macro-direction for China-Africa Cooperation in Digital Economy.95 4.1.1 Strengthening Top-level Design to Deepen the Scope of China-African Digital Economy Cooperation.95 4.1.2 Consolidating Cooperation in Digital Infrastructure to Improve the Conditions for Africas Digital Economy Development.96 4.1.3 Expanding Digital Applications to Promote the Transformation of Industrial Digitization and Digital Industrialization.96 4.1.4 Exploring Innovative Ecosystems to Enhance Africas Digital Economy Innovation Capacity.97 4.1.5 Bridging the Digital Divide to Create an Inclusive Digital Economy Development Environment.97 4.2.Key Areas of Cooperation and Action Suggestions.98 4.2.1 Suggestions for China-Africa Cooperation in Digital Economy of Countries Grouped into Leading-Coordination Zone.98 4.2.2 Suggestions for China-Africa Cooperation in Digital Economy of Countries Grouped into Catch-up-Coordination Zone.100 4.2.3 Suggestions for China-Africa Cooperation in Digital Economy of Countries Grouped into Catch-up-Adjustment Zone.102 Annex.104 a.Summary of the report in French.104 b.Summary of the report in Portuguese.107 Acknowledgments.112 Abbreviations AfCFTA-African Continental Free Trade Area AISI-African Information Society Initiative APP-Application EU-European Union G20-Group of Twenty GDP-Gross Domestic Product GSMA-GSM Association ICT-Information and Communication Technology ILO-International Labour Organization IMF-International Monetary Fund IPO-Initial Public Offering ITU-International Telecommunication Union LDCs-Least Developed Countries LLD-Landlocked Developing Countries NTIA-National Telecommunications and Information Administration OECD-Organisation for Economic Co-operation and Development PIDA-Programme for Infrastructure Development in Africa SIDS-Small Island Developing States UN-United Nations UNCTAD-United Nations Conference on Trade and Development UN-Habitat-United Nations Human Settlements Programme UPU-Universal Postal Union WB The World Bank WIPO-World Intellectual Property Organization -1-Summary The digital economy is becoming a key driver of global economic growth,playing an important role in spurring economic recovery,boosting labor productivity,cultivating new markets and new industrial growth areas,and pursuing inclusive and sustainable growth.Africa,known as the“youngest continent”,boasts tremendous potential for the development of the digital economy.Nowadays,African countries develop the digital economy as a key measure to achieve sustainable,diversified and inclusive economic and social development.However,due to geographical,social,cultural and other restraining factors,the use of and access to digital technology obviously vary among different regions and groups in Africa.Unbalanced development of the digital economy must not be overlooked,and it is urgent to narrow the digital development gap.China has made remarkable achievements in the development of the digital economy,ranking second in the world in terms of digital economy scale for many years.China has also amassed rich experience in bridging the digital divide,and promoting the digital transformation of industries,among others.General Secretary Xi Jinping has stated many times that China is ready to foster exchanges and cooperation with other countries in the digital field and share the development opportunities from the digital economy.The Belt and Road Initiative will promote digital connectivity as an important means to embrace digitalization and tap the tremendous of the digital economy in the implementation of the United Nations 2030 Agenda for Sustainable Development.In recent years,China and Africa have achieved notable results in conducting pragmatic cooperation in digital economy,bridging the North-South digital divide and eradicating“digital poverty”,which create new opportunities for both sides to achieve inclusive economic growth and digital transition.At the 8th Ministerial Conference of the Forum on China-Africa Cooperation(FOCAC)held in Dakar,Senegal,in November 2021,the“Digital Innovation Program”was included into the“Nine Programs”jointly implemented by China and Africa.During the 3rd Belt and Road Forum for International Cooperation held in October 2023,China,together with Kenya,Ethiopia and other developing countries,jointly issued the Beijing Initiative on the Belt and Road International Digital Economy Cooperation.Centering on the theme of“developing the digital economy and tapping new drivers of economic growth”,the participating countries reached consensus on 20 areas such as“increasing digital connectivity and building digital Silk Road”in terms of infrastructure,industrial transformation,digital capability,cooperation mechanisms and other areas.1 The digital economy has become an important area for win-win China-Africa cooperation.1 The High-level Forum on Digital Economy of the 3rd Belt and Road Forum for International Cooperation,Beijing Initiative on the Belt and Road International Digital Economy Cooperation,http:/lu.china- and objectives This report is jointly released by China-Africa Economic&Trade Research Institute and DataSparkle Big Data and AI Laboratory,supported by the Hunan Provincial Department of Commerce.The writers of this report are mainly from Hunan University.The aim is to study the characteristics and development status of development of Africas digital economy,analyze the key areas of China-Africa cooperation in digital economy,and put forward suggestions for cooperation at the national and enterprise levels,thereby promoting bilateral win-win results through the development of the digital economy.Content framework Centering on the theme of development of Africas digital economy and China-Africa digital economy cooperation,the African Digital Economy Development Index and China-Africa Digital Economy Cooperation Report(2024)systematically observed and analyzed the characteristics of development of Africas digital economy,and discussed the current status and path of China-Africa cooperation in the digital field.The report is divided into four chapters:Chapter I African Digital Economy Development Index A systematic evaluation framework featuring“space,multiple domains and time”is established for the digital economy.It comprehensively describes the characteristics of the development of Africas digital economy through an integrated index system and a system coordination degree model.Based on the results of mathematical analysis,this report analyzes the multi-level digital divide in Africa,the coordination of the evolution of Africas digital economy,the developments of digital finance and digital consumption markets in Africa,and the characteristics of the development of Africas city-level digital economy.Chapter II China-Africa Cooperation in Digital Economy On the basis of analyzing the history of China-Africa cooperation in the field of digital economy,it sums up the achievements and difficulties in China-Africa cooperation in the field of digital economy,and cites the cases of China-Africa Development Fund,Shenzhen Transsion Holdings Co.,Ltd.and other enterprises to demonstrate the depth and scope of China-Africa digital economy cooperation in various fields.Chapter III Development of Kenyas Digital Economy and China-Kenya Digital Economy Cooperation It summarizes the current development and characteristics of Kenyas digital economy,traces the history of China-Kenya cooperation in digital economy,and demonstrates the significant achievements of China-Kenya digital cooperation by summarizing the localization services of Changsha Kilimall Information Technology Co.,Ltd.(Kilimall)in Kenya,Huaweis cooperation with M-Pesa in aiding the development of inclusive finance in Africa and other cases.Chapter IV Suggestions for China-Africa Cooperation in Digital Economy-3-Based on the results of comprehensive evaluation of African countries digital economy,it classifies the development of African countries digital economy by characteristics,identifies the priorities of China-Africa digital economy cooperation,explores the overall direction of China-Africa digital economy cooperation at the national and enterprise levels,and recommends course of action.Paths and methods The writers of this report used literature analysis,comprehensive index evaluation and case analysis to draw relevant conclusions by gathering authoritative data and materials from multiple sources.The materials used for literature analysis include,but are not limited to,policy documents,research papers,and materials from industry participants,well-known institutions,multilateral and regional financial organizations.Macro data used for the construction of composite indices are obtained from official institutions such as the World Bank,the International Monetary Fund,and the International Labor Organization.The micro-data are obtained from the DataSparkle database.1 The information on enterprises included in the report is obtained mainly from the China-Africa Business Council,the China-Africa Development Fund and relevant public information,and most of the selected enterprises have reputation and are representative in the field of China-Africa digital economy cooperation.Views and conclusion Characteristics of the development of Africas digital economy Africas digital economy has broad potential,but its development varies significantly from region to region,and its systemic imbalance and“multi-level”digital divide should be worthy of attention.In terms of digital finance,African countries exhibit different levels of development,and some countries show a mismatch in development from different dimensions of digital finance,showing tremendous growth potential.Traditional finance is the foundation of digital finance development in Africa,while fintech is a key driver of transformation.In terms of digital consumption,the capacity of digital consumption scenarios becomes the primary driver of digital consumption in Africa.Entertainment,games and social media have become popular applications.As the cities embrace digitalization,Lagos and Cairo are the“bellwether”of major African cities for smartphone users.Educational mobile apps are gaining traction.Data traffic is still the most popular means for using mobile network compared to Wi-Fi.Based on the results of comprehensive evaluation of Africas digital economy,the sample countries stated in the report can be divided into“leading-coordination”countries,“catch-1 The platform is the first data insight platform focused on Africa.It systematically scopes the African market to help global enterprises,investors,and developers stay abreast of market trends,understand consumer feedback,identify and track opportunities,and devise promotional strategies to drive business growth.-4-up-coordination”countries,“catch-up-adjustment”countries and other categories.China-Africa cooperation in the digital economy China and Africa have carried out across-the-board cooperation in the fields of digital infrastructure,digital applications,digital technology innovation and other areas,and have achieved results in the current stage,demonstrating the tremendous potential and vitality of South-South cooperation.In the new stage of development,China should still place an emphasis on Africas ability to independently develop the digital economy,pay close attention to the needs of African countries in terms of digital economy development,and foster cooperation in the field of digital economy in a gradient manner on this basis.Policy proposal Based on the analysis of the development trend of Africas digital economy and the discussion of current China-Africa cooperation,the report explores China-Africa digital economy cooperation in terms of macro path and recommended course of action:In terms of overall path,it is suggested that China and Africa strengthen top-level planning,deepen cooperation in digital economy;foster cooperation in digital infrastructure and facilitate the development of Africas digital economy;expand digital applications and promote use of digital technologies for industries as well as digital industrialization;explore innovation ecosystems to enhance Africas innovation capabilities in digital economy;narrow the digital divide,and build an inclusive environment for the development of the digital economy.In terms of recommended course of action,cooperation with African“leading-coordination”countries in the digital economy should focus on digital infrastructure upgrading,smart cities,cooperation in technological innovation,digital consumption,innovation in financial business form as well as ecosystem building.Cooperation with“catch-up-coordination”countries should focus on improving the quality of digital infrastructure,the exchanges and training of digital professionals,digital consumption,financial markets and development of urban digital service scenarios.In the cooperation with“catch-up adjustment”countries,it is necessary to pay attention to the“weaknesses”in the evolution of their digital economic systems,focus on narrowing the digital divide,improve the effective supply of digital consumption and financial scenarios,and prize the inclusive value of the digital economy.-5-Chapter I African Digital Economy Development Index As global digital and information technology constantly make breakthroughs and industrial digitalisation keeps making new progress,digital economy has become a major force in promoting global economic development.Africa gradually realizes the importance of digital economy to optimize economic structure and achieve leapfrog development.In recent years,African countries have actively explored the fields of digital economy and made certain achievements in digital economy development,but there is a great disparity among them in digital economy due to population size and density,economic development environment,geographic location and other factors.This chapter details the history and background of Africas digital economy development,and evaluates digital economy development level of a number of African countries from multiple dimensions,such as space,industrial field and time,from which we analyze the development status of Africas digital economy.1.1 The History and Background of Africas Digital Economy Development 1.1.1 Establish a Digital Connection:The Origin and Early Challenges of Africas Digital Economy Development From a global perspective,digital economy is originated from the revolution of information technology from which the former is derived.It intertwines with all aspects of economic and social development from which a new technological and economic paradigm is generated and evolved.However,the development of Africas digital economy is different from this evolving process.Africa is the second largest continent in the world with the most developing countries,and 33 of them make the list of the Least Developed Countries released by the United Nations Conference on Trade and Development(UNCTAD).Apart from that,seven of them are small island developing countries and the remaining twelve countries are landlocked developing countries1.When the IT revolution of Africa started,the continent was deemed as a“borderland area”without economic value and political interest by information capitalism due to its weak economic foundation and lack of information resource supply.In 2005,the worlds average landline telephone ownership rate was 19.1%,but the figure in Africa was only 1.5%.In the same year,the worlds average internet penetration rate was 15.6%and the number in developed countries was 58%,but only 2%in Africa2.This phenomenon is called“digital divide”by some researchers to represent the disparity of individuals,families,enterprises and regions with different social and economic levels in seizing ICT opportunities and using ICT3.The early version of“digital division”mainly refers to the non-equivalence of information allocation among different groups and highlights the 1 ITU,“ICTs,LDCs and the SDGs,Achieving universal and affordable Internet in the least developed countries”,https:/www.itu.int/hub/publication/d-ldc-ictldc-2018/.2 ITUs global and regional ICT statistics,https:/www.itu.int/en/ITU-D/Statistics/Documents/facts/ITU_regional_global_Key_ICT_indicator_aggregates_Nov_2022_revised_15Feb2023.xlsx 3 Organization for Economic Co-operation and Development(OECD),“Understanding the digital divide”,http:/www.oecd.org/sti/ieconomy/understandingthedigitaldivide.htm-6-disparity of accessing digital device by different groups.The significant“digital divide”in Africa has caused extensive attention from the international community,and a series of international initiatives to promote ICT development in undeveloped countries and address global“digital divide”have been frequently released since then.For example,at the World Summit on the Information Society held in Tunisia in 2005,many representatives of developing countries clearly stated the importance of addressing the“digital bridge”,and asked giving more opportunities and approaches for the impoverished countries to access ICT and creating a“mutual-support digital fund”to bridge the digital divide.The early cooperation between China and Africa in the fields of digital economy also focused on the construction of the continents ICT infrastructure and addressing the digital divide.In the Forum on China-Africa Cooperation Beijing Action Plan(2007-2009)adopted at the Third Ministerial Conference of the Forum on China-Africa Cooperation in 2006,the essential role of infrastructure construction for Africas development was mentioned,and the infrastructure construction in communication,electricity and other fields were considered as the important areas of the bilateral cooperation.The competitive Chinese communication enterprises were encouraged to participate in the related infrastructure construction in the African countries,which significantly supports the efforts made by these countries in building an information society and bridging their digital divide1.Africa also recognized its dilemma of being gradually marginalized by the IT revolution during this period.The United Nations Economic Commission for Africa drafted the African Information Society Initiative(AISI)in 1995,which was adopted at the next years African ministerial meeting and accepted by the Organization of African Unity(the predecessor of African Union)summit.The core content of building“national information and communication infrastructure”was universally accepted by the first African Development Forum in 1999,which played an important role in setting priorities by different countries in formulating their domestic digital technology policy for a period since then2.The five major goals for addressing Africas digital divide were proposed at the Connect Africa Summit in 2007:building the broadband networks connecting the capital and major cities of the African countries to strengthen Africas connection with the rest of the world;enhancing the broadband network and information and communication service penetration in the rural areas;supporting the development of knowledge economy related to ICT;constructing ICT capability-building and training center3.The African Union adopted the Programme for Infrastructure Development in Africa(PIDA)in 2012 in which the construction of the infrastructure related to ICT was deemed as one of the important construction contents.114 ICT infrastructure projects were deemed as the flagship projects in the Agenda 2063 released by the African Union in 2015 in order to upgrade the key internet exchange points and build new broadband optical fiber infrastructure and improve the current optical fibre terrestrial backbone networks4.1 Forum on China-Africa Cooperation Beijing Action Plan(2007-2009),http:/www.focac.org/zywx/zywj/200909/t20090917_8044399.htm 2 Jiang Lu,Wu Yunong;Technology Promotes Development:The Development and International Cooperation of ICT in Africa,Fudan Public Administration Review,Vol 2,2021 3 ITU,https:/www.itu.int/en/ITU-D/Conferences/connect/Documents/Post Connect Africa Summit Report (English).pdf 4 African Union,“Goals&Priority Areas of Agenda 2063”,https:/au.int/agenda2063/goals-7-In recent years,thanks to the attention given by the African countries and the international organizations,Africas digital infrastructure has been greatly improved,and its digital connectivity has been enhanced.According to the data provided by the International Telecommunication Union,Africas internet penetration rate(by individuals)has improved from 2%in 2005 to 37.1%in 2023.The percentage of population covered by 3G network has improved from 22.2%in 2010 to 83.6%in 2023.According to the Africa Infrastructure Development Index released by the African Development Bank,the average information and communication infrastructure index of African countries has steadily risen from 15.7 in 2005 to 29.39 in 20221.At present,the African continent is gradually moving into the stage of 5G network deployment and market-oriented applications as many countries and regions have rolled out and updated their policy to support 5G-based service development.But it is worth noting that,compared to the rest of the world,there is still a large disparity in Africas digital connection.Expanding the affordability of digital infrastructure and increasing the overall digital service penetration rate are still the key points and difficulties in Africas digital infrastructure construction.1.1.2 Accelerate the Integration of Digital and Real Economy:A Leapfrog Development of Digital Economy for Africa in the 21st Century African countries have updated their ICT infrastructure,which lays a foundation for their digital economy development,but the existence of their“digital divide”not only represents the gap in internet connectivity between them and the rest of the world,but also indicates the disparity of the capabilities to develop digital economy.Since the beginning of the 21st century,the connotation of digital divide has changed from the inequity of digital service access to the differences in digital service usage and the capability of using such services2.As to the history of Africas digital economy development,the inherent social and economic foundation in Africa affects its digital economy development,and the continent still has major deficiencies in digital technology application and integration.For a long time,scientific and technological backwardness has been one of the important factors undermining Africas economic and social development.In 2005,the Africas Science and Technology Consolidated Plan of Action was passed at the second African Ministerial Conference on Science and Technology held in Dhaka,the capital of Senegal.The plan of action pointed out that ICT and space technology urgently needed to be introduced into Africas education,healthcare,meteorological service,communication,environmental resource management and other aspects,but the continent was a market almost entirely relying on imports in this sector.In this case,Africas computer science and ICT should be vigorously developed and local R&D capabilities should be improved.The plan of action builds a brand new platform for Africas scientific and technological development in the 21st century and is of great strategic guidance significance3.In 2013,at the call of Rwandan President Paul Kagame and UN ITU Secretary-General Hamadoun Tour,over 1,200 representatives from the African 1 African Development Bank Database,https:/infrastructureafrica.opendataforafrica.org 2 van Deursen A.J.A.M.,van Dijk,“The digital divide shifts to differences in usage”,New Media&Society,Vol.16,No.3,2014 3 Liu Hongwu,Zhang Yonghong,Africas Science and Technology Geared to the 21st Century-A Review on the Africas Science and Technology Consolidated Plan of Action;West Asia and Africa,Vol 2,2006-8-countries,international organizations,private sectors,the academic circle and other fields gathered at Kigali to attend the first Transform Africa Summit which passed the Smart Africa Manifesto,presented five principles,including putting ICT at the center of social and economic development in African countries,and established the execution framework of the Smart Africa Alliance.The manifesto was endorsed by the African Union in January next year whose supporters extended from the seven signatories to the entire African continent.In 2020,the Digital Transformation Strategy for Africa 2020-2030 set up an overall development goal of using digital technology to innovate and transform Africas society and economy,achieve poverty alleviation,address unemployment and other social problems and promote Africas social and economic development.The IT-based digital economy will have a positive effect in extensive fields for Africas social and economic development as it can better promote poverty alleviation,increase employment and support the sustainable transformation of Africas society and economy1.At present,the digital transformation in Africas agriculture,finance,consumption and other areas is picking up its speed,and the industrial digitalisation has expanded to more and more economic sectors.As to traditional industries,the number of start-ups in the agritech sector is on the rise across the African continent.By applying integrated digital technology in the traditional agricultural sectors,i.e.,achieving digital transformation for the traditional agricultural sectors,the African countries can quickly improve their productivity,enhance small farmers market connection,strengthen financial inclusion and accelerate agricultural transformation2.As to digital finance development,over 500 African companies are providing technological innovations in fintech.According to the report released by the Groupe Speciale Mobile Association(GSMA),there were 1 billion registered mobile payment accounts across the world,and over 400 million of them were in Sub-Saharan Africa,and about 70%of global mobile payment-backed transactions happened and 60%of the turnovers of such transactions were generated in Africa3.There are 469 million registered mobile payment accounts in Sub-Saharan Africa and 181 million of them are active accounts with a mobile-payment-backed transaction volume of US$456 billion4.As to digital consumption,the data supervision of the UNCTAD indicates that Africas online shopping users grew by 18%on average between 2014 and 2017 as one of the global regions experiencing the fastest growth.Now there are many influential e-commerce platforms established in Africa,such as Jumia,Kilimall,Zando,etc.Jumia,dubbed“Africas Alibaba”,was listed on the New York Stock Exchange in April 2019,providing online shopping service for 10 African countries,including Nigeria,Egypt and Morocco.1.1.3 Respond to Challenges with Innovation:The Adaption and Innovation of Africas Digital Economy in the Post-COVID Era The outbreak of COVID-19 pandemic has severely disrupted the worlds economic development and led to the mounting economic downturn risks.Africa,the continent with the 1 African Union,“The Digital Transformation Strategy for Africa(2020-2030)”,https:/au.int/sites/default/files/documents/38507-doc-dts-english.pdf 2 Piao Yingji,The Characteristics,Problems and Strategic Choices in Africas Industrial Digitalisation,West Asia and Africa,Vol 3,2022 3 GSMA,https:/ Statista database,https:/-9-most developing countries,is experiencing a significant economic recession.According to the IMF data,41 out of the 54 African countries had evident economic contraction in 2022,and Africas share of global GDP dropped to 4.33%,the lowest level since 2002.Africa cannot regain its share of pre-COVID global GDP in the foreseeable future(see Fig 1.1)1.The research conducted by the UNCTAD shows that global merchandise trade import-export volume reduced by approximately 7.5%in 2020,but the export and import volume of ICT products rose by 4%and 1.1%respectively,which suggested a great“rising-against-the-tide”resilience of digital transaction under the lockdown caused by the pandemic.However,Africas export and import volume of ICT products both took a nosedive2.The outbreak of the pandemic exposes some of Africas problems,such as single economic structure and high dependence on foreign supply;it also shows Africas weakness of failing to seize the opportunity provided by global digital economy development due to its own underdeveloped digital economy.Fig 1.1 Africas Share of Global GDP(calculated by purchasing power parity)Against this background,Africa is actively exploring the approaches to develop its digital economy.On February 8,2021,Kenyan President Uhuru Kenyatta,when attending the 34th Ordinary Session of the Assembly of the Heads of State and Government of the African Union,pointed out that when Kenyas“lockdown”policy was implemented to respond to the outbreak of the pandemic,the government and enterprises kept running(as usual)thanks to digital technology.40%of Kenyas private companies were engaging in e-commerce and 70%of the countrys e-commerce payment was settled through various e-currency payment platforms.He called for the establishment of a single digital economic market in Africa with digital technology3.In April 2021,South African President Cyril Ramaphosa published an open letter to all citizens in the country.He said in the letter that the pandemic has accelerated South Africas economic transformation,and when pushing for economic recovery and rebuilding during the post-COVID era,digital economy can bring more employment opportunities for the country4.In July 2020,at the online meeting under the theme of“How to Use ICT and E-gov to Respond to the COVID-19 Pandemic in an Innovative Way-Africas Solution”sponsored 1 IMF,https:/www.imf.org/en/Publications/WEO/weo-database/2021/October 2 UNCTAD,“E-Commerce and the Digital Economy in LDCs:At Breaking Point in COVID-19 Times”,https:/unctad.org/system/files/official-document/dtlstict2022d1_en.pdf 3 Bin Jiancheng,Xu Haoran,Wei Song;The Conditions,Challenges and Strategies to Develop Digital Economy in Africa during the COVID-19 Pandemic;Journal of Jiangsu Normal University Philosophy and Social Sciences Edition,Vol 3,2022 4 South African President:Digital Economy Brings More Employment Opportunities for the Country,Guangming Daily,https:/ United Nations Department of Economic and Social Affairs(UN DESA),Maria-Francesca Spatolisano,Assistant Secretary-General in the UN DESA,stressed that the crisis brought by the pandemic has forced Africa to review its current laws and regulations in order to promote the advancement of communication technology and the development of innovative e-gov ecosystem1.As to industrial development,many countries promote online education,telemedicine,digital payment and other services,and push for the development of e-commerce,logistics and other businesses.For example,speaking of digital healthcare,Africa Centres for Disease Control and Prevention worked with 20 international partners and funds to build a nonprofit African electronic platform,helping the African countries government purchase diagnostic,test and medical equipment from certified suppliers2.Kenya successfully conducted a telemedicine service with the M-PESA mobile payment platform to help patients avoid the risk of cross-inflection at a hospital.As to e-commerce and mobile payment,the Nigerian e-commerce platform Jumia enhanced its cooperation with the suppliers to provide faster delivery and better shopping experience when the supply chain was disrupted by the pandemic.According to the 2020 Banking Innovation Survey Report released by the Central Bank of Kenya on May 26,2021,the countrys e-banking development had been accelerated due to the pandemic,which pushed the banking financial institutions to actively conduct digital transformation.According to a survey done on 39 commercial banks and 14 small loan companies in the country,56%of the interviewees said promoting and using mobile and internet platforms and other channels was one of the development priorities for them during the outbreak of the pandemic in 20203.Moreover,the pandemic has also urged many enterprises and government organizations to speed up their digital transformation for their COVID-19 response.These endeavors have brought new thoughts and opportunities for Africas digital economy development.1.1.4 Bridge the Digital Divide and Explore Inclusive Growth for the Digital Economy As Africas digital infrastructure keeps improving and its digital technology undergoes a fast development,Africas digital economy has new growth opportunities.However,the problems of imbalanced development of Africas digital economy and the digital divide at different levels are also exposed.First,the gap between Africas digital infrastructure and digital applications is growing.For example,Sub-Sahara Africa is still the region with the largest disparity between digital service coverage and use rate.Its 3G internet penetration rate rose to 84.6%in 2022,and its 4G internet penetration rate grew to 65%from 27%in 2018,but only 25%of its population can access to mobile phone service and over half of the adults(18 and above)there do not have internet access4.Second,the dividend brought by digital economy has yet to be fully released.According to a survey report conducted by the World Bank in 2023,since the beginning of the outbreak of the COVID-19 pandemic,there has been a growing gap in mobile service usage 1 Digital Technology Improves Africas Response to the COVID-19 Pandemic and China Shares These Experiences,Xinhua News Agency App,https:/ 2 OECD(2021),“Africas Development Dynamics 2021”,https:/www.oecd-ilibrary.org/development/africa-s-development-dynamics-2021_0a5c9314-en 3 Central Bank of Kenya Reports:The COVID-19 Pandemic Accelerates E-Banking Development,Securities Times,https:/ 4 GSMA,“The State of Mobile Internet Connectivity 2023”,https:/ Africas large formal enterprises and small informal businesses,between companies owned by young men and companies owned by older women,and between wealthier,urban and better-educated families and poorer,rural and worse-educated families1.In recent years,Africa has taken proactive measures in the fields of digital economy to vigorously expand the scope of digital economy applications,lower the entry barrier to use digital technology,improve e-governance system and try to achieve inclusive growth and sustainability with digital transformation.For example,the African Union rolls out a series of digital strategies for education,agriculture,healthcare and other key areas.The Digital Education Strategy and Implementation Plan 2023-2028 provides a framework for the adoption of digital technologies aligned with the continents education strategy;the Digital Agriculture Strategy and Implementation Plan 2023-2027 is designed to support the Member States of the Africa Union to accelerate their agricultural growth and transformation with digital technology;the Digital Health Strategy supports the vision of“high life standard,high-quality life,health and wellbeing”stated in the Agenda 2063 and the objectives in the Africa Health Strategy,i.e.,“Healthy Life and Wellbeing for Each African”2.In addition,the African Union works with the African Development Bank Group to jointly explore how to achieve inclusive growth and sustainability in the continent.The goal of this joint research is to develop Africa into a prosperous land based on inclusive growth and sustainability from 2023 and 2063 with an annual growth rate between 7%and 10%.The role of digital technology to ensure fast and inclusive economic growth and create employment opportunities in Africa is highlighted3.In June 2022,the eighth World Telecommunication Development Conference was held at Kigali during which the Smart Africa Alliance and Digital Cooperation Organization signed a memorandum of understanding on cooperation.According to this MOU,the two organizations would pay attention to the digital empowerment of women,youth and entrepreneurs on the basis of strengthening cross-border data flow4.Throughout the history of Africas digital economy development,it has generally gone from ICT connectivity to strengthened market-oriented application of digital technology before gradually expanding to an attention given to the digital transformation of the whole society.In the post-COVID era,the African countries realize at a higher level that developing digital economy is an inevitable choice for economic recovery,so they need to put a great effort into building new types of digital infrastructure and innovating the modes of digital economy development.In recent years,the“digital divide”and the development coordination problems in digital economy have already caught the attention of the African countries,and they focus on promoting the inclusive growth and sustainability brought by digital economy.At present,with the construction and development of the digital Silk Road,more and more African countries have reached a consensus with China in digital economy development,which is just like Rahamtalla M.Osman,Permanent Representative of the African Union to China since 2018,1 The world bank,“Digital Africa:Technological Transformation for Jobs”,https:/www.worldbank.org/en/region/afr/publication/digital-africa 2 African Union,“Powering Africas Digital Future:AU Ministerial Meeting set to ignite Digital Transformation in Africa”,https:/au.int/en/pressreleases/20231121/powering-africas-digital-future-au-ministerial-meeting-set-ignite-digital 3“Digital technologies key to inclusive growth in Africa-African Union Commissioner”,African Development Bank Group,https:/www.afdb.org/en/news-and-events/digital-technologies-key-inclusive-growth-africa-african-union-commissioner-60818 4 Smart Africa Alliance Signs an MOU with Digital Cooperation Organization to Jointly Promote the Cooperation and Development of Africas Digital Economy,Ministry of Commerce of the PRC,http:/ in a video message for the 2021 International Forum on South-South Cooperation and Trade in Services that“south-south cooperation can build a more inclusive and sustainable digital economy1”.It can be foreseeable that Africa,with a large market and young population structure,will see its digital economy development reach new heights,and China-Africa cooperation will keep injecting impetus to the continents digital economy development.1.2 The Evaluation System for Africas Digital Economy Development 1.2.1 A Statement of the Main Concepts(1)Digital Economy Digital technology,with internet,software and information as the representatives,was booming in the developed countries at the end of the 20th century and caught the attention of the western economists first.The digital economy rises in response to the proper time and conditions.The productivity of digital technology was given priority and digital-technology-backed industries and their market-oriented applications were highlighted when defining the digital economy at early stage.As digital technology constantly makes breakthroughs and has extensive application in the economy and society,the definition of the connotation and scope of the digital economy has undergone some new changes,and the focus on the digital economy gradually shifts to how it disrupts production relations and integrates with other social sectors2.This is particularly important for the developing countries that are already affected by the digital economy in traditional sectors,such as agriculture,tourism,and transportation3.Currently,there is no consensus on the understanding of the digital economy by the researchers across the world,and the concepts of the digital economy can be roughly divided into an understanding in a narrow sense and one in a broad sense.In a narrow sense,the digital economy is deemed as an industrial economy,and the production,consumption and distribution of digitalized goods and services should be decoupled from the sectors which rely on traditional national economic activities in order to be developed into an independent and core industry of national economy,i.e.,the digital industry.However,we believe it is unscientific to evaluate the development of the digital economy in the African countries and other developing countries solely based on the development of the digitalized products and the digital industry.In this case,we fully consider the penetration features of digital technology and the role of data as a critical factor,and define the digital economy as a combination of a series of economic activities,including production,circulation and consumption,conducted with data,the critical production factor,at its core.We believe the digital economy should not only include the digital industry and transaction supported by the development of digital technology,but also cover the digital infrastructure which ensures smooth digital transaction,digital media,digital products,digital services and etc.1 Permanent Representative of the African Union to China:Carry out South-South Cooperation and Build a More Inclusive and Sustainable Digital Economy,C,http:/ 2 Chen Xiaohong,Li Yangyang,Song Lijie,Wang Yangjie,The Theoretical System of Digital Economy and Its Research Prospects,Management World,Vol 2,2022.3 UNCTD,“Digital Economy Report 2019”,https:/unctad.org/system/files/official-document/der2019_en.pdf.-13-(2)Digital Finance Finance is a collective name for currency circulation,credit activities and their related economic activities.As time goes by,traditional financial services constantly make progress worldwide,but it faces the problem of high cost and low efficiency and it can hardly penetrate the regions with relatively backward economy as it requires brick-and-mortar offices to serve the marginal population1.According to the interpretation given by the Peoples Bank of China,online finance is a new type of financial service mode as traditional financial institutions and internet enterprises use internet technology and ICT to provide accommodation of funds,payment,investment and information brokerage.The maturing of big data,cloud computing and other technologies leads to the fast development of digital financial industry,and fintech drives traditional financial institutions to constantly improve transaction efficiency,safety and transparency,providing more direct and targeted financial services with wider coverage2.Fintech companies investment,financing,mergers and acquisitions,IPOs and other financial activities grow year by year,and digital currency,digital payment and digital banking are borne at the right moment.The products and services of digital finance cover not only the businesses provided by banks and non-bank institutions through digital technology,such as e-currency,mobile financial services,online financial services and direct bank,but also checking personal financial information,statement of account and transaction details via digital devices3,which offers convenient and rapid financial operation for the consumers to meet their demands,such as borrowing money.Generally speaking,digital finance,with information technology development as its prerequisite,is a new financial business form that relies on cloud computing,big data,AI and other digital infrastructures to drive the digital transformation of traditional financial services,which can spawn a large number of fintech applications,including digital currency,digital payment and digital banking.Specifically,digital finance contains three aspects:the support of traditional financial services,the driving of information technology and the innovative applications of fintech.It can overcome the hurdle of traditional financial services that the main resources are deployed in the population-intensive regions and commercial hubs in order to meet the demands of small and micro businesses and low-income people,so it is more inclusive and convenient.(3)Digital Consumption The coupling of the digital economy and capital gives birth to digital consumption,innovates consumption forms and modes,breaks the time and space limitations of consumption and renews consumption concepts4.By empowering the supply side,the digital economy makes the modes and content of consumption digital and smart with digital and intelligent production.It also inspires consumption potential from the demand side,changes the consumption concepts 1 Guo Feng,Wang Jingyi,Wang Fang,Kong Tao,Zhang Xun,Cheng Zhiyun,The Measurement of Chinas Digital Financial Inclusion Development:Indicators Compilation and Spatial Characteristics,China Economic Quarterly,p1401-1418,2020,19(04).2 World Bank,“Digital Financial Services.World Bank,2020,https:/pubdocs.worldbank.org/en/230281588169110691/Digital-Financial-Services.pdf 3 Chen Xitong,Mao Zeqiang,The Risk Characteristics,Supervision Challenges,Targets and Instruments of Digital Financial Products and Services,Southwest Finance,p14-26,2020,(09).4 Chen Peng,Long Yueer,Digital Consumption Alienation:Its Nature and Implications and How to Respond to It,Consumer Economics,2023.-14-and habits of the residents,and constantly promotes digital consumption to become the new driver of economic development.The academic circle has yet to reach a consensus on the connotation of digital consumption,which can be roughly divided into three understandings.The first one considers digital consumption as consumption of digital products,which mainly refers to cell phone,communication products and modern digital products that are directly related to the information and communication industry1;the second one thinks digital consumption as the consumption of data elements,which mainly refers to the consumption of digital products and services2;the third one believes digital consumption is the consumption activities conducted with the support of digital technology,internet and other tools,and it interprets digital consumption as the coupling of digital technology and consumption.We believe that a single type of digital consumption cannot fully measure the development level of Africas digital consumption.In this case,we give a relatively broad definition for digital consumption,and we consider it as the consumption activities to meet peoples information-oriented,smart,personal and diverse consumption demands with internet and information networks as its main vehicle,data resources as its key production factors and the driving force of digital technology innovation as its engine3.It includes both the consumption of digital products and the consumption of digital services.(4)Digital Divide The concept of the digital divide was firstly stated in the series report of Falling Through the Net published by the National Telecommunications and Information Administration(NTIA)of the US between 1995 and 2000,which caused extensive attention as a basis for decision making.It raised concern from the academic circle and was discussed among them in the early 1990s.This concept is initially considered as a binary division between those who can access computer and internet and those who cant.The disparity between computer and internet access is later called“the first level of the digital divide”.As the research moves along,the researchers begin to explore the areas beyond this disparity.They discovered they had given a very narrow initial definition of the digital divide,so they expanded this concept.The cause of the digital divide is widely understood as a combination of many factors,including the availability of related content,the quality of internet access and users knowledge and skills.This theoretical shift makes the researchers focus extend to digital skills and the disparity of its usage,which is called“the second level of the digital divide”.Some researchers began to pay attention to users having unequal skills and know-how when using internet devices at that time,and they proposed the concept of“digital inequality”.Based on this recognition,the scope of the digital divide is further expanded,which not only focuses on technology access and use,but also pays attention to the consequences and results of these activities,and it is clearly pointed out that technology access and use does not necessarily deliver all the possible technical benefits to the users.The research perspective has shifted to the beneficial results of internet use,which is 1 Yang Ju,Peng Hao,The Regional Inclusion and the Interpretation from the Perspective of Political Economy of Chinas Digital Consumption,Consumer Economics,Vol 3,2022.2 Zhu Yan,Drive the Digital Transformation of the Industrial China with Consumption Upgrading,National Governance,Vol 24,2021.3 Chen Xiaohong,Li Yangyang,Song Lijie,Wang Yangjie,The Theoretic System of the Digital Economy and Its Research Prospects,Management World,Vol.2,2022.-15-defined as“the third level of the digital divide”.To sum up,the concept of the digital divide has undergone a series of evolutions,including the three dimensions of information and ICT access,use and application results,and it is gradually deemed as a dynamic and multi-dimensional phenomenon caused by a series of factors.1.2.2 Our Thoughts on the Evaluation and the Design of the Evaluation System(1)Our Thoughts on the Evaluation Domestic and foreign-related organizations and institutions have conducted many researches on digital economy development evaluation,but their evaluation results differ a lot due to the difference in their definition of digital economy content.The Digital Economy Report 2019 released by UNCTAD points out that“digital economy is estimated to account for 4.5%-15.5%of the worlds GDP based on their varied definitions1”.Therefore,based on the definition of the broad understanding of the digital economy,the Report argues that the evaluation of the digital economy necessitates the consideration of its systemic and developmental characteristics.Moreover,in order to have a more objective understanding of Africas digital divide,this report improves the evaluation system stated in the Africa Digital Economy Development Index and China-Africa Digital Economy Cooperation Report(2023)and includes the quantitative research results of the African countries digital divide.And finally,this report complies with the requirement on the operability,flexibility and forward-thinking of the evaluation system.On that basis,it established a multi-layered African digital economy development evaluation system including the analytical layers of space,multiple areas and time(Fig 1.2).Fig 1.2 Africa Digital Economy Development Evaluation Framework For the analytical layer of“space”,the digital economy development situation of cities reflects the progress in a countrys digital economic field2.The role that a city plays evolves from a business and trade hub to an industrial center and a sci-tech innovation powerhouse.The fast urbanization can effectively attract people to cities,produce the population aggregation effect 1 UNCTAD,“Digital Economy Report 2019”,https:/unctad.org/system/files/official-document/der2019_en.pdf 2 China Academy of Information and Communications Technology,Annual Report on Digital Economy Development of Chinas Cities 2021,http:/ bring out the need for city governance.The central cities(economic and political key cities)are the driver and growth pole of economic development as they gather a great number of businesses,financial institutions,manufacturing companies and service providers and introduce domestic and foreign investment and companies,which demands a more scientific and efficient city governance system.A digital transformation for a city is an“important updating”for its information system,installing a“smart operation system”for the city and promoting the“function-oriented”city life evolving into a“smart”one1.Moreover,as the African countries and cities governing systems differ from each other to a certain level,an evaluation of Africas digital economy development from the perspective of space should separate the country-level situation from the city-level situation.For the analytical layer of“multiple areas”,an evaluation of Africas digital economy should take into account the development situation of many related fields because digital economy is a multi-layered and comprehensive running system.As digital technology keeps penetrating the consumption fields,digital consumption becomes an important area of digital economy development.In the meantime,a solid foundation has been laid to unleash the potential of Africas consumption market with Africas younger demographic composition,changing payment trends,booming e-commerce and other factors.The digitalized products and services in the consumption area have been gradually integrated into African peoples daily life.Digital consumption is profoundly changing African peoples consumption habits and becoming a new consumption growth driver as an important constituent part of digital economy.Africas digital finance is also growing together with its digital consumption.Many African people have no access to convenient,safe and low-cost payment,money transfer,loan and other financial services due to exchange fluctuations and low penetration rate of bank account,and digital finance has become an alternative solution for this problem.At present,digital finance is not only experiencing a fast development in the African countries because of its huge market demand and potential,as well as the innovation of fintech,such as digital payment and e-banking,but also getting ready for a“corner overtaking”.In this case,this report considers Africas digital finance and digital consumption as important evaluation areas to support our observation of the characteristics of Africas digital economy development.For the analytical layer of“time”,digital economy has a strong evolution characteristic as the new economic growth paradigm after agricultural economy and industrial economy.It is of great significance to consider the current state and evolution tendency of Africas digital economy from the perspective of development for better conducting China-Africa development.In this case,besides a comprehensive evaluation of Africas digital economy development situation,Africas digital finance and digital consumption situation and city-level Africas digital economy development situation from a static viewpoint,this report also constructs a coordinated system development model to evaluate the coordinated evolution of digital economy.Africas digital divide is a problem generated by the continents digital economy development.This report illustrates the characteristics of Africas digital economy development 1 Digital Transformation:A New Round of Revolution of Urban Development History,the ,https:/ a dynamic viewpoint in combination with the quantitative researches on different layers of digital divide in the African countries.(2)The Design of the Overall Evaluation System This report adopts the synthetic index method to develop its indicators system for digital economy development evaluation.In order to ensure universal coverage for digital economy-related indicators and be consistent with the broad connotation of digital economy to take the generation of digital factors and the process of value realization as logic,this report defines“digital foundation”and“digital application”as the two basic layers in digital economy development,and develops the evaluation system in combination with the development characteristics in the fields of digital economy and the research results of domestic and foreign researchers in this field.Specifically speaking,as to digital economy comprehensive evaluation,we take reference from the World Banks DE4A Diagnostic Tool and Guideline for Task Teams(2020)1,the ICT and digital economy statistical indicators system released by Organization for Economic Cooperation and Development(OECD)in 2007 and 20142,the Digital Economy and Society Index(DESI)released by the EU since 20143,the digital economy accounting framework released by G20 in 2018 and 20204 and the ICT Development Index(IDI)released by ITU between 2007 and 20195.In order to better analyze the development potential of Africas digital economy,we include the dimension of“digital economy innovation”besides“digital economy foundation”and“application of digital economy”.We take reference from the Financial Development index released by the IMF regularly6 and the Peking University Digital Financial Inclusion Index of China7 when evaluating Africas digital finance,define“digital finance development level”and“digital infrastructure level”from the layer of“digital foundation”and define“fintech application level”from the layer of“digital application”.We take reference from the B2C E-commerce Index released by the UNCTAD regularly8 and the reports related to domestic digital economy fields when evaluating Africas digital consumption.The“digital consumption assurance capability”and“digital consumption payment capacity”are used as the evaluation dimensions for“digital foundation”,and the“digital consumption scene carrying capacity”is used as the evaluation dimensions for“digital application”.For city-level digital economy development,because the synthetic index method cannot be used due to the limited availability of African cities data,this report uses the descriptive statistics 1 The world bank,“Digital Economy for Africa Country Diagnostic Tool and Guidelines for Task Teams”,https:/thedocs.worldbank.org/en/doc/694441594319396632-0090022020/original/DE4ADiagnosticToolV2FINALJUNE24.pdf 2 OECD,“Measuring the Digital Economy:A New Perspective”,https:/read.oecd-ilibrary.org/science-and-technology/measuring-the-digital-economy_9789264221796-en 3 EU,https:/digital-strategy.ec.europa.eu/en/policies/desi 4 G20,“Tookit for measuring the digital economy”,http:/ 5 ITU,“Measuring the Information Society Report”,https:/www.itu.int/en/ITU-D/Statistics/Pages/IDI/Background.aspx 6 IMF Financial Development index database,https:/data.imf.org/?sk=f8032e80-b36c-43b1-ac26-493c5b1cd33b 7 Institute of Digital Finance Peking University,the Peking University Digital Financial Inclusion Index of China(2011-2020),http:/ 8 UNCTAD,“UNCTAD B2C E-COMMERCE INDEX 2019”,https:/unctad.org/system/files/official-document/tn_unctad_ict4d14_en.pdf-18-method,and takes reference from the Report on Chinese Cities Digital Economy Development issued by the China Academy of Information and Communications Technology in 20211 and World Cities Report 2022:Envisaging the Future of Cities issued by United Nations Human Settlements Programme(UN-Habitat)in 20222 to evaluate city-level Africas digital economy development from three dimensions:network facilities in African cities,network usage preferences and online consumption capacity.Table 1-1 An Introduction of Domestic and Foreign Major Reports or Projects Measuring Digital Economy Report/Project Brief Introduction Issuer and Issuing Time Tookit for measuring the digital economy Evaluate and compare digital economy of various countries from four dimensions:infrastructure,empowering society,innovation and technology application,employment and growth G20,2018 Roadmap Towards a Common Framework for Measuring the Digital Economy Propose the layered definition of digital economy and further improve the indicator system to evaluate digital economy,including four level-one indicators,employment,skill,growth,infrastructure,empowering society,innovation and technology application.G20,2020 Measuring the Digital Economy A New Perspective Evaluate digital economy from investing in smart infrastructure,empowering society,innovation capacity and ICT promoting economic growth and employment,use the comparison method and develop a digital economy indicators system covering 38 indicators with international comparability OECD,2014 Measuring the Information Society Report The report divides the evolution of information society into three stages:network infrastructure and ICT acquisition,the usage of ICT in society,efficient use of ICT and benefiting from it;on the basis of these three stages,the report develops three level-one indicators:ICT introduction,ICT application and ICT capability,and 11 level-two indicators.ITU,2019 The Digital Economy Initiative for Africa(DE4A)The project provides a comprehensive framework to evaluate the development environment and level of digital economy in the African countries,and develops an evaluation system from five level-one indicators:digital infrastructure,digital platform,digital financial service,digital entrepreneurship and digital capacity.The World Bank,2020 The Digital Economy and Society Index(DESI)The index is used to represent the progress made by digital economy of EU members;it is calculated based on 31 level-two indicators of five major areas in EU members:wind-band network access,human capital,internet application,digital technology application and digital public service.EU,2022 Financial Development Index Nine indicators are created from the complex multi-dimensional nature of financial development;the performance of financial institutions and financial markets in depth,coverage and efficiency is summarized,and they are compiled into the overall index of financial development.IMF,2020 Peking University Digital Financial Inclusion Index Based on the characteristics of digital financial inclusion,a digital financial inclusion indicators system is developed from three dimensions:digital finance coverage breadth,digital Research Team,Institute of Digital 1 China Academy of Information and Communications Technology,Report on Chinese Cities Digital Economy Development 2021,http:/ 2 UN-Habitat,“World Cities Report 2022:Envisaging the Future of Cities”-19-finance usage depth and digitalisation level of financial inclusion;a comprehensive illustration of banking,payment,investment,insurance,money fund,credit service and other business forms is conducted.Finance,Peking University,2021 UNCTAD B2C E-COMMERCE INDEX Four areas,the share of financial accounts,the share of internet users,post reliability index and the number of servers for safe internet,are used as the basic conditions to measure the economies to develop online shopping.UNCTAD,2019 World Cities Report 2022:Envisaging the Future of Cities It is designed to envisage the future of cities more clearly based on current trends,challenges and opportunities,including the valuable lessons learned from the COVID-19 pandemic;some suggestions are also given for cities to better respond to all kinds of challenges and find ways to transit to sustainable cities.UN-Habitat,2022 Report on Chinese Cities Digital Economy Development The report develops a digital economy competitiveness index,and reflects the potential of urban digital economy development from six dimensions:digital innovation factors,digital foundation devices,core digital industries,digital integrated application,digital economy demands and digital policy environment.On the basis of collecting,measuring and calculating related data,a quantitative analysis is conducted on the digital economy competitiveness of 52 key cities in China.China Academy of Information and Communications Technology,2021 1.2.3 Africas Digital Economy Comprehensive Evaluation Indicators System(1)Digital Economy Foundation Digital infrastructure construction is the premise of developing the digital economy and a key area for the African countries to give priority to presently.The connotation of digital infrastructure includes three layers:network communication layer,perception storage layer and application integration layer1.During the early state of digital economy development,ICT network construction is usually given the priority when building digital infrastructure and promoting the digitalisation process;as the digital industries keep making progress,the development of 5G,integrated circuit and AI gets better,and their supporting infrastructure is also improved.The African countries are still at the early stage of digital economy development,so the indicators selected by this report are also used to evaluate the development level of their ICT network.Following the reliability,accessibility and affordability championed by The Digital Transformation Strategy for Africa(2020-2030)2,this report selects infrastructure,network coverage and network performance as the second-level indicators to evaluate Africas digital economy foundation development situation,and chooses the number of servers for safe internet,the power supply coverage,logistic reliability score and other factors as the basis for the evaluation,among which mobile network charge and fixed network charge are negative indicators,and the rest indicators are positive ones.(2)Digital Economy Application Digital applications drive Africas digital economy development.Considering the penetration nature of digital technologies and their integration with every economic and social dimension,this section consists of three second-level indicators:social application,market-oriented 1 Zhang Yue,A Contrastive Analysis of China and Singapores Trade in Services and the Revelations,Business&Economy,Vol.1,2022 2 African Union,“The Digital Transformation Strategy for Africa(2020-2030)”,https:/au.int/sites/default/files/documents/38507-doc-dts-english.pdf-20-application and individual application.Eight measuring indicators for it are confirmed,including IPv4/24s ownership,e-government index and the share of ICT service export,and all of them are positive indicators.(3)Digital Economy Innovation Digital innovation is a process where the new combination of digital and physical components of product and service generates new products or provides new services.During the process of digital innovation,on one hand,the generated new products or provided new services can“help promote”the iteration of digital technology,but,on another hand,they are also constantly driven by digital technology.In this case,new combinations of these digital and physical components are generated continuously when producing these products and providing these services1,which inspires development potentials for digital economy.As digital economy industries differ a lot from traditional economic industries,the application of high-tech digital technologies,such as big data,AI and cloud computing,requires an enabled innovation and entrepreneurship environment established at a national level,and a large number of outstanding creative talents to provide guidance and blaze the trail.Considering most African countries have a relatively low digital innovation development degree,this section is consisted of two second-level indicators:innovation capability and innovation environment.Eight measuring indicators for it are confirmed,including papers published in sci-tech journals,the share of high-tech product export and global innovation index,among which the share of the service charge of setting up a startup is a negative indicator.Table 1-2 Africas Digital Economy Comprehensive Evaluation Indicators System First-level indicator Second-level indicator Evaluation indicator Unit P/N Data source Digital foundation Infrastructure the number of servers for safe internet Pcs/1 million people positive WB Power supply coverage%positive WB Logistic reliability score Level positive UPU Network coverage 3G network coverage%positive GSMA Mobile communication penetration rate%positive GSMA Network performance Internet connection speed Kbit/s positive ITU Mobile data cost USD negative ITU Broadband deals USD negative ITU Digital application Social application IPv4/24s ownership Pcs/100 people positive AFRINIC E-government index Level positive UN 1 Yu Jiang,Meng Qingshi,et al.;Digital Innovation:Finding New Perspectives for Innovation Research and Its Revelations;Studies in Science of Science,Vol 7,2017.-21-Market-oriented application Share of ICT service export%positive WB Share of ICT goods export%positive WB Individual application Internet subscription Subscribers/100 people positive WB Data plan subscription Subscribers/100 people positive WB Social media application ratio%positive IP Geolocation Digital-account-based application ratio Applications/1,000 adults positive IMF Digital innovation Innovation capability Papers published in sci-tech journals Million papers positive WB Share of high-tech product export%positive WB Global innovation index Level positive WIPO Innovation environment College admission rate%positive WB Working population participation rate%positive ILO Share of education spending%positive WB Amount of assistance for international technical cooperation USD positive WB Share of the cost of setting up a startup%negative WB 1.2.4 Africas Digital Finance Evaluation Indicators System(1)Degree of Financial Development The size of financial deals keeps growing because of financial development,financial efficiency also keeps improving as financial-service-guided economic development constantly makes progress,and the degree of financial development is designed to measure the foundation of the birth of digital finance.The size of financial system indicates the capability of financial system to pool and integrate financial resources and the scope of financial services provided by financial system,which should be considered comprehensively based on all the constituent parts of financial system;from the perspective of economics,efficiency reflects the relationship between input and output,and the efficiency of a financial system means the proportion of financial input factors to financial/national economy output,so a higher financial system efficiency comes from pooling and distributing financial funds to serve real economy with a lower cost;financial stability refers to the sustainability of pooling financial funds.In this section,the size,efficiency and stability of financial system are selected as the second-level indicators to evaluate the degree of financial development in Africa,and the evaluation bases include private credit from deposit banks and other financial institutions as a share of GDP,stock market capitalization as a share of GDP,bank operating expenses as a share of its total assets and bank Z-score,among which bank operating expenses as a share of its total assets,bank non-performing loan ratio and stock price volatility are negative indicators and the rest are positive indicators.-22-(2)Digital Infrastructure Level Digital infrastructure level is designed to measure the driving force transforming traditional financial services into the new business forms of digital finance.In this section,digital service facility coverage and accessibility are selected as the second-level indicators,and the evaluation bases include 3G network coverage,mobile communication penetration rate,internet connection speed and mobile data cost,among which mobile data cost and broadband deals are negative indicators and the rest are positive indicators.(3)Fintech Application Development Level Fintech application development level is designed to measure how well sci-tech means are applied in financial innovation.Financial Stability Board(FSB)defines fintech as promoting financial innovation with technological means in order to create business models,technological applications and innovative products that have a revolutionary impact on financial market,financial service and financial institutions1.Fintech application development level is measured by fintech application coverage and the degree of penetration of mobile fintech application.The evaluation bases include digital-account-based application rate,penetration rate of financial software installation and power-on times per person of financial software,and they are all positive indicators.Table 1-3 Africas Digital Finance Development Evaluation Indicators System First-level indicators Second-level indicators Evaluation indicators Unit P/N Data source Degree of financial development Size of financial system private credit as a share of GDP%Positive WB Deposit bank assets as a share of GDP%Positive WB Central bank assets as a share of GDP%Positive WB Stock market capitalization as a share of GDP%Positive WB Financial system efficiency Foreign exchange control intensity Level Negative Outbound Investment and Cooperation Instructions by Country(Region)Banking industry return on assets%Positive WB Bank non-interest income as a share of total income%Positive WB Bank operating expenses as a share of total assets%Negative WB Financial system stability Current liabilities as a share of GDP%Negative WB Proportion of current assets to deposits and short-term funds(%)%Positive WB 1 FSB,“(2019).FinTech and market structure in financial services:Market developments and potential financial stability implications”,https:/www.fsb.org/wp-content/uploads/P140219.pdf.-23-External debt stock as a percentage of GNI%Negative WB Bank Z-score Level Negative WB Digital infrastructure level Digital service facility coverage 3G network coverage%Positive GSMA Mobile communication penetration rate%Positive GSMA Digital service facility accessibility Internet connection speed Mbit/s Positive ITU Mobile data cost USD Negative ITU Broadband deals USD Negative ITU Fintech application development level Fintech application coverage Digital-account-based application rate%Positive IMF Target group index of financial apps%Positive DataSparkle Penetration rate of financial software installation%Positive DataSparkle Degree of penetration of mobile fintech application Usage time per person of financial software minutes Positive DataSparkle Power-on times per person of financial software Power-on times/person Positive DataSparkle 1.2.5 Africas Digital Consumption Evaluation Indicators System(1)Digital Consumption Support Capacity Digital consumption support capacity is the prerequisite and guarantee of digital consumption development,which can be interpreted as the capacity of driving consumption development under a certain economic and cultural environment with the popularization and application of internet in the society and its various fields by using basic digital resources and supported by ICT.In this case,digital infrastructure,network coverage,network performance and network application are selected by the researchers as the second-level indicators to measure digital consumption support capacity,and power supply coverage,mobile communication penetration rage and broadband subscription are used as the third-level indicators,among which mobile data cost and broadband deals are negative indicators.(2)Digital Consumption Payment Capacity Digital consumption payment capacity is the economic foundation to support digital consumption development as it includes the payment capacity in the economic environment of the African countries and their potential payment capacity in the future.This research measures the digital consumption payment capacity of the African countries from three dimensions:consumption environment,consumption potential and consumption group portrait,which specifically includes the GDP,per capita income and consumption level of these countries,their share of residents with a digital account,social support rate and etc.The inflation rate and social support rate are negative indicators,and the social support rate refers to non-working age population as a percentage of working age population.-24-(3)Digital Consumption Scene Carrying Capacity Digital consumption scene carrying capacity refers to the application scenarios of digital consumption,i.e.,digital consumption business forms.Based on the mobile app statistics for active users released by DataSparkle data platform,we choose the business forms with relatively high activity level in the statistics for our analysis,which cover food,clothing,housing,transportation and other aspects of our daily life,and specifically speaking,they include seven aspects:digital shopping,food and beverages,travel and transportation,mobile game,digital education,online sports and social media.Table 1-4 Africas Digital Consumption Development Evaluation Indicators System First-level indicators Second-level indicators Third-level indicators Unit P/N Data source Digital consumption support capacity Infrastructure Power supply coverage%Positive WB Logistics reliability score Level Positive UPU The number of servers for safe internet Servers/million people Positive WB Network coverage 3G network coverage%Positive GSMA Mobile communication penetration rate%Positive GSMA Network performance Internet connection speed Kbit/s Positive ITU Mobile data cost USD Negative ITU Broadband deals USD Negative ITU Network application Internet subscription Subscribers/hundred people Positive WB Data plan subscription Subscribers/hundred people Positive WB Digital consumption payment capacity Consumption environment GDP hundred million dollars Positive WB Per capita GDP USD Positive WB Net national income per capita USD Positive WB Household final consumption expenditure hundred million dollars Positive WB Per capita final consumption expenditure USD Positive WB Inflation rate%Negative WB Urbanization level%Positive WB Consumption potential Proportion of Internet users%Positive DataSparkle Proportion of digital account users%Positive IMF Smart phone users Persons Positive DataSparkle Consumption group portrait Proportion of population aged 15-64%Positive WB-25-Social support rate%Negative WB College admission rate%Positive WB Digital consumption scene carrying capacity Digital shopping App installation penetration rate%Positive DataSparkle Post-installation target group index%Positive DataSparkle Average usage time per person Minutes/year Positive DataSparkle Power-on times per person Power-on times/year Positive DataSparkle Food and beverages App installation penetration rate%Positive DataSparkle Post-installation target group index%Positive DataSparkle Average usage time per person Minutes/year Positive DataSparkle Power-on times per person Power-on times/year Positive DataSparkle Travel and transportation App installation penetration rate%Positive DataSparkle Post-installation target group index%Positive DataSparkle Average usage time per person Minutes/year Positive DataSparkle Power-on times per person Power-on times/year Positive DataSparkle Mobile game App installation penetration rate%Positive DataSparkle Post-installation target group index%Positive DataSparkle Average usage time per person Minutes/year Positive DataSparkle Power-on times per person Power-on times/year Positive DataSparkle Digital education App installation penetration rate%Positive DataSparkle Post-installation target group index%Positive DataSparkle Average usage time per person Minutes/year Positive DataSparkle Power-on times per person Power-on times/year Positive DataSparkle Social media App installation penetration rate%Positive DataSparkle Post-installation target group index%Positive DataSparkle-26-Average usage time per person Minutes/year Positive DataSparkle Power-on times per person Power-on times/year Positive DataSparkle 1.2.6 City-level Africas Digital Economy Development Evaluation System As currently Africas digital economy development is concentrated in certain key cities,the digital divide can be addressed and an important radiation effect can be produced from the key cities to their surrounding urban circles by developing reliable and affordable mobile and digital consumption and in the key cities and coordinating the available digital measures at the national and regional level.In this case,we select some key African countries capital and cities with special status for this analysis,and the smart phone users in these cities as a share of such users in the countries where these cities are located are shown in Figure 1.3.The proportion exceeds 10%for most of these cities,among which there are six cities,Libreville,Lome,Kinshasa,Harare,Freetown and Dakar,having a share exceeding 30%.The figure for Libreville and Lome even goes beyond 50%.Fig 1.3 The Smart Phone Users in Key Cities as a Share of Such Users in the Countries Where These Cities Locate As to the evaluation indicators,in order to understand the Internet preferences and online consumption capacity of the residents in the key African cities and the distribution of mobile data of current Africas digital economy market,and considering the fact that the continent is at the state of building the momentum of digital consumption,we select the related data of six types of app,including communication,social networking,shopping,education,travel and local tourism and news magazine.We also select the target group index and average usage time per person which represent app market share and potential user ratio,smart phone ownership,per capita WIFI traffic consumption and per capita mobile data consumption which reflect Africas consumers consumption capacity,and 4G and 3G network usage which reflects the distribution of mobile data of mobile economy market in the Africas key cities.29.52%6.64%1.59.83%3.56!.963.79%1.55!.10%2.24%2.43.75).54(.68.63e.43 .55.80%.25%8.78.08%8.80%4.28%8.46.44(.73.241.363.61T.40%0.04.03%5.38.44%.32%0 0Pp%KampalaKigaliDjiboutiDar-es-DodomaAddis AbabaHarareEmbuNairobiKissiKisumuMaputoLusakaTananariveKinshasa LibrevilleYaoundDoualaLuandaAlexandriaCairoCasablancaKhartoumCape TownJohannesburgConakryAccraDakarFreetownLomeOnitshaLagosAbujaCotonouBamakoThe smart phone users in key cities as a share of such users in the countries where these cities locate-27-1.3 The Method for Measuring the Development Level of Africas Digital Economy 1.3.1 Descriptions of the Samples and Data According to the data released by the UN,there are 54 Member States in Africa.China has established diplomatic ties with 53 of them till June 30,2022,except for Eswatini in Southern Africa1.These 53 countries are also the participants of the Eighth Ministerial Conference of the Forum on China-Africa Cooperation in 2021.In this case,we collect and sort out the related data of these 53 countries.The macro data are provided by the UN,World Bank,ITU,IMF and other authoritative reports and organizations,and the data related to regional development in Africa are provided by African Development Bank,African Network Information Centre and other institutions.Moreover,city-level Africas digital economy development data and the data related to Africas mobile apps are provided by DataSparkle data platform.However,as we could only get very limited data from certain African countries,we ultimately selected the sample data from 32 African countries during 2014 and 2023 for Africas digital economy development comprehensive evaluation,Africas digital economy development coordination evaluation and Africas digital divide evaluation;we select the sample data from 31 African countries in recent years for Africas digital consumption index;we select the sample data from 35 cities in 26 African countries in 2023 to write the Report on the Development of Africas City-level Digital Economy.Table 1-5 Table of the Distribution of the Sample Data Used in the Report2 Evaluation details Eastern Africa Western Africa Southern Africa Northern Africa Central Africa Africas digital economy development comprehensive evaluation,Africas digital economy development coordination evaluation and Africas digital divide evaluation Ethiopia,Kenya,Rwanda,Tanzania,Uganda,Burundi Benin,Burkina Faso,Cote dIvoire,Ghana,Guinea,Mali,Niger,Nigeria,Senegal,Togo Botswana,Eswatini,Lesotho,Namibia,South Africa,Zimbabwe,Zambia,Malawi,Mozambique,Madagascar Algeria,Egypt,Morocco,Tunisia Angola,Cameroon Africas digital finance development evaluation Ethiopia,Kenya,Rwanda,Tanzania,Uganda,Benin,Burkina Faso,Cote dIvoire,Ghana,Mali,Nigeria,Botswana,Lesotho,South Africa,Eswatini,Madagascar,Zambia,Algeria,Egypt,Morocco,Tunisia Angola,Cameroon 1 The official website of the Ministry of Foreign Affairs of the PRC,https:/ 2 We take reference from the division of the member states in various African communities,https:/au.int/en/organs/recs and the geographic area division of countries provided by United Nations Statistical Office,https:/unstats.un.org/unsd/methodology/m49/overview/-28-Senegal,Niger,Senegal,Togo Mozambique,Zimbabwe,Malawi Africas digital consumption development evaluation Uganda,Rwanda,Tanzania,Ethiopia,Kenya,Burundi Guinea,Ghana,Senegal,Togo,Nigeria,Niger,Gambia South Africa,Botswana,Namibia,Lesotho,Madagascar,Zimbabwe,Mozambique,Zambia Algeria,Egypt,Morocco,Tunisia,Sudan Angola,Chad,Congo,Gabon,Cameroon City-level Africas digital economy development evaluation Kampala,Djibouti,Dar es Salaam,Dodoma,Addis Ababa,Embu,Nairobi,Kissi,Kisumu Conakry,Accra,Dakar,Freetown,Lome,Onitsha,Lagos,Abuja,Cotonou,Bamako Johannesburg,Cape Town,Harare,Maputo,Lusaka,Antananarivo Alexandria,Cairo,Casablanca,Khartoum Kigali,Kinshasa,Libreville,Yaounde,Douala,Luanda 1.3.2 The Method to Evaluate the Development of Digital Economy(1)Regularization Approach As the indicators are used to measure different layers of data,their values dimension and order of magnitude have a significant difference.In this case,these indicators can only be compared with each other and used to ensure the accuracy of the estimated final index after being normalized.During their normalization,the implications of indicator size on the whole system must be distinguished.If the bigger a single economic indicator value is,the better it is for the development of the economic system,then the positive indicator calculation method shall be applied:!#!=!#However,if the smaller a single economic indicator value is,the better it is for the development of the economic system,then the negative indicator calculation method shall be applied,which is:!#!=!#In the equation above,=1,2,represent the African countries,=1,2,represent the indicators,=1,2,represent the years,and!and!refers to the biggest and smallest value of the indicators in these years respectively.When the indicators are normalized,some of the results might be 0.In this case,the normalized data will be shifted,and the equation of!#=!#! 0.0001 applies.The!#is the value of the normalized indicator.(2)How to Decide the Weight We adopt the objective weighting method,and entropy weight method,to decide the indicator weight.The size of the information provided by the entropy of each indicator is used by the-29-entropy weight method to decide each indicators weight.The bigger the data information is,the lower the uncertainty is and the the smaller the dispersion degree is and the bigger the weight of the corresponding indicator is.The interference of human factors in deciding the weight of the evaluation indicators can be prevented,and the evaluation result can be more objective and geared to practical situations when using the entropy weight method to give weight to the indicators.First of all,we need to calculate the weight of indicator in year of each country,and we use!#to represent it,!#=$!#$!#$!%&#%&.We define the information entropy of indicator as!=&(() )!# ,&)#,&!#.The redundancy rate of the information entropy should be calculated as this:=1 .And based on the redundancy rate of the information entropy,the weight of indicator can be calculated as below:!=!)!,&(3)Comprehensive Evaluation Model After getting the weight of each indicator in the overall score,the score of each indicator in year can be calculated by multiplying its weight!and the normalized value of indicator,and the score of indicator of country in year is as follows:!#=!#After getting the score of each indicator of each country in each year,the overall score of each country in a single year can be calculated by summing.Lets say#is the evaluation score of the digital economy development indicators of the th country under evaluation in year,the final score based on the linear weighting comprehensive evaluation formula would be:#=!#(!,&1.3.3 The Evaluation Method for Digital Economy Development Coordination(1)Measure and Calculate the Degree of Order of the Indicators According to the definition of digital economy,we conduct a dynamic evaluation for the evolution of Africas digital economy system based on the coordination theory.First,we define the digital economy system as =&,-,.,among which&is the digital foundation sub-system,-is the digital application sub-system,and.is the digital innovation sub-system.-30-Each of these sub-system is consisted of various basic factors.The coordination degree of systems refers to the degree of harmonious co-existing among inter-system and intra-system factors during the development,and it reflects the tendency of the systems are move from disordered state to ordered.The variables which play a decisive role in the evolution of the system are named order parameters and represented by/!,and reflects the three sub-systems forming digital economy;=1,2,reflect the order parameters of a certain sub-system,the value of the order parameters is:/!=(/!&,/!-,/!#),and t represents time.Lets say/!and/!reflect the lower and upper bound of the value of parameter/!respectively.If/!is a positive indicator,the bigger the value of the indicator is,the greater the degree of order of the system is;if/!is a negative indicator,the bigger the value of the indicator is,the smaller the order degree of the system is.Using the concepts of subordinate degree of fuzzy mathematics,we get the degree of order of each component/!#of certain order parameter/!in the sub-system/with the following equation.$#.$#0=$#$(R%&ispositiveindicator)$#$(R%&isnegativeindicator)(2)Measure and Calculate the Degree of Order of the System In general,the contribution of the sub-system/to the system at time can be calculated by$#*$#,i.e.,the degree of order of the sub-system,which can be represented by/#.We use the geometric mean method for its calculation,and the formula is as follows:$#=GH$#.$#0(),=1,2,(3)Measure and Calculate the Coordination of the System We construct a system coordination model of two-period changes,and we believe the changes of the ordered state of each sub-system on the time dimension decide the coordination of the compound system.Lets say at the time 0,the degree of order of sub-system/is/1,and when the compound system evolves to time&,the degree of order of sub-system/is/&,so the coordination degree of the compound system at time&would be:=GOH.$)$*0 $()O#In the equation above =1$%$&4 51$%$&456.In this case,we know 1,1.The bigger its value is,the higher the coordination of the compound system is,otherwise the coordination would be lower.The necessary and sufficient condition for coordination to be positive is that the degree of order of the three sub-systems at time&is greater than the value at time 0,which means the compound system is at the state of coordinated evolving.For the degree of order of the three sub-systems at time&,if at least one of them is smaller than the-31-value at time 0,it will make coordination negative,which means the compound system is at the state of non-coordinated evolution.Moreover,if the increase of the degree of order of one sub-system is dramatic and at least the increase of the degree of order of one of the other two sub-systems is modest,it means the coordinated development degree of the compound system is at a low level despite the fact the coordination of the compound system is positive with a very small value.We ultimately divide system coordination into six coordination levels according to the measured and calculated value of the coordination(see Table 1-6).Table 1-6 Division of System Coordination Level Coordination Coordination level Coordination Coordination level ,.)Highly non-synergistic ,.)Mildly synergistic .,.)Moderately non-synergistic .,.)Moderately synergistic .,)Mildly non-synergistic .,Highly synergistic 1.3.4 The Measuring and Calculating Method of Digital Divide We take reference from the research result of Brookings Institution and the Development Policy Research Unit,University of Cape Town(DPRU)1 and measure and calculate the comprehensive digital development divide,digital foundation divide,digital application divide and digital innovation divide of Africa and the African countries.The specific methods are as follows:First,we take the worlds average level as the critical value to decide the degree of Africas digital divide.We calculate the difference between the positive indicators of Africas digital economy development and the world average with the equation:!#=(x,-./0 x10)2345#R.We calculate the difference between the negative indicators of Africas digital economy development and the world average with the equation:!#=(x10 x,-./0)2345#R.If the

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  • 罗兰贝格:全球医疗器械报告2024(英文版)(20页).pdf

    Future of MedTech 2024REPORTFrom growth to profit:A new era for MedTech Voice of industry The Roland Berger study Future of MedTech 2024 draws on a survey of 600 executives in C-level and senior leadership positions from a representative selection of MedTech companies,ranging from hidden champions to global leaders.The study aims to understand the strategic priorities of MedTech executives,identify value chain improvement levers and pinpoint technologies that could unlock potential improvements.Our previous study(Global MedTech 2023-Stem the tide)revealed a decline in profitability in the MedTech industry in 2022 and 2023,primarily due to increased energy and raw material costs,wage inflation and global supply chain disruptions.This years study data indicates a strategic shift from the historic prioritization of top-line growth(as the main driver of value creation)to a focus on profit maximization.In line with this,executives highlight the outstanding importance of a general simplification via portfolio streamlining and a concentration on core markets to navigate the growing market complexity resulting from regulatory pressure(e.g.through ESG requirements,MDR)as well as supply chain and operations challenges.The participants of the study ranked sales,sourcing/procurement and the supply chain as the most important areas for performance improvement initiatives along the entire value chain.However,the importance of a lever is not always considered to be fully in line with the expected margin improvement potential,indicating the relevance of other factors,such as risk assessment and realization probability.While the popular value chain areas of sales(5.0 percentage points margin potential)and manufacturing(4.8 percentage points margin potential)are also among the value chain areas with highest margin potential,the third prioritized area,sourcing/procurement(2.9 percentage points margin potential),records the second to lowest margin potential.Conversely,R&D(6.3 percentage points margin potential)and support/aftersales (5.7 percentage points margin potential)are considered to hold the highest margin potential despite a comparatively low overall importance ranking as a profitability lever.When it comes to achieving profitability improvement targets,technology and innovation have been identified as key factors especially AI and machine learning to manage supply chains,robotic process automation(RPA)in manufacturing,as well as digital remote collaboration in sales,customer support and services.Cover:shapecharge/Getty ImagesManagement summary2 Roland Berger|Future of MedTech 2024Contents 1 2 3 4 The turning tide-Industry is shifting its strategic priorities from top-line growth to profit optimizationFinding the right profitability lever 2.1/Sales2.2/Sourcing/procurement2.3/Supply chain(inbound&outbound)2.4/Manufacturing2.5/R&D2.6/Overhead2.7/Support/aftersales2.8/General profitability improvement potentialThe power of technology How MedTech executives can turn the tide4888999910101217Page3 Roland Berger|Future of MedTech 20241The turning tide Industry is shifting its strategic priorities from top-line growth to profit optimization The MedTech industry,with its strong focus on product innovation,clinical outcome and state-of-the-art manufacturing technologies,has saved millions of lives around the world and improved quality of life for millions more.However,in recent years,the historically high-margin MedTech industry has faced unprecedented margin pressure and seen a decline in performance.As we discuss in our Global MedTech Study 2023,this has mainly been due to the challenging macroeconomic climate,marked by high inflation,constrained capital markets,uncertain supply and rising geopolitical tensions.In this years study,we wanted to find out how executives are managing to stay competitive in todays challenging business environment and how they are addressing the erosion of their profitability.With this in mind,we asked 600 executives in C-level and senior leadership positions in the MedTech industry how they perceived the changing environment and what solutions they had found to improve performance.This meant taking a close look at the entire value chain and identifying where the industry expects to see the highest profitability improvement potential,and which measures might help them achieve that.We also wanted to better understand which technologies could be used to unlock this potential.The first finding of our study is that the MedTech industry is making a strategic shift from growing(top-line)revenues to boosting(bottom-line)profitability.In our survey,around 65 percent of companies were planning to prioritize EBITDA/profit maximization over the next three to five years an increase of around three-quarters compared to previous years.This shift was most marked among lower-profitability MedTech players,with 72 percent of respondents from companies with EBITDA margins below 15 percent saying that in the coming years they would be focusing more on returns on revenues and less on increasing revenues themselves.By contrast,just 31 percent of companies said they would be targeting top-line growth as their main strategic priority rather than EBITDA/profit maximization or others in the coming years,roughly half the proportion that did so in previous years.This shows that MedTechs are resolutely moving away from their traditional focus on growing revenues by launching new products and entering new markets often a cost-intensive strategy involving large(people-centric)sales teams,which used to be particularly popular among the more profitable players.Instead,most companies are now intending to stabilize their core business by ensuring sustainable and efficient operations,commercialization and business models.A From a strategic point of view,companies aim to achieve this profit maximization by focusing on their core business.Their preferred strategy here is to streamline the product portfolio and focus on core markets.Thus,on a scale of 1(very low importance)to 5(very high importance),respondents rated portfolio streamlining 3.7 and focusing on core markets 3.6.Based on our discussions with MedTech executives,these answers can be viewed in light of the growing complexity caused by regulatory pressure,e.g.through ESG requirements,MDR and supply chain and operations challenges of serving smaller markets.MedTech companies with EBITDA margins above 15 percent expressed a preference for pruning product lines,while lower-profitability players showed a clear preference for concentrating on core markets.4 Roland Berger|Future of MedTech 2024B Portfolio streamlining and concentration on core markets are key strategies for improving profitability How important are the following strategies for profitability?averageTotal0-15ITDA margin15ITDA marginTotal0-15ITDA margin15ITDA marginImportance of strategies for profitabilityHighest value by strategy1Portfolio streamlining3.72Concentration on core markets3.63Vertical integration/extraction3.14Horizontal integration/extraction3.0Segmented by EBITDA margin3. strategic priority in the last 3-5 yearsOverarching strategic priority in the next 3-5 yearsTop-line growthEBITDA/profitability maximizationOther579%4HD%8e5%0%Top-line growthEBITDA/profitability maximizationOther65r1 BX%4%8%0%A Shifting focus from prioritizing top-line growth to boosting EBITDA/profitability,especially for low-profit MedTech What was your overarching strategic priority in the last 3-5 years and in the next 3-5 years?percentageSource:Roland Berger5 Roland Berger|Future of MedTech 2024In the ranking of strategies,concentrating on core operations also beats both vertical integration and horizontal integration.In this context,a strategy of integration can be executed organically(e.g.through developing capabilities internally)or inorganically(for example,through M&A)in the latter case,the comparatively low ranking is also likely to result from rising capital costs and intense M&A activities in past years.MedTech companies with EBITDA margins historically above 15 percent express much more interest in horizontal integration than their lower-margin counterparts.B In conclusion,the data thus reveals a shift of strategic focus from increasing the companys share of existing markets and entering new ones to concentrating on core market positions and capabilities.Instead of pursuing revenue growth and accepting the cost increases involved,MedTech companies are typically now focusing on reinforcing their presence in markets where they already have a foothold and trying to digitalize their go-to-market to increase profitability.This means striving for operational excellence along the value chain as we discuss in the following chapter.Over the past decades,we have continuously expanded our product portfolio,with the result that our margins have eroded in recent years.The COVID-19 pandemic led to supply-chain shortages and higher input prices,as well as putting huge cost pressure on the customer side due to the drop in the number of health procedures performed.This made a thorough review of our product portfolio necessary.As a result,we decided to exit some of our businesses:Margins were continuously decreasing and no turnaround was in view.CEO of a surgical instruments and appliances company6 Roland Berger|Future of MedTech 2024Finding the right profitability lever Besides examining MedTech companies strategic priorities,we also wanted to find out where along the value chain MedTechs thought they could best improve profitability in other words,what the most promising profitability levers were.Our respondents ranked the following three areas as the most important:sales,sourcing/procurement and supply chain.By contrast,they consider the administrative overhead and support/aftersales much less important areas for potentially enhancing profitability.The results also suggest that higher-margin companies pursue a less strong prioritization of single levers,rather focusing on multiple different levers at the same time.Conversely,less profitable players tend to focus on single levers.The strong contrast likely results not only from highly profitable companies being able to address multiple dimensions at the same time,but also from the fact that they are not able to realize comparable profitability potentials from just one single lever,given their already high efficiency.C2C Sales,sourcing/procurement and supply chain are considered to be the most important areas to improve profitability Which area of the value chain do you consider most important to improve profitability?averageRanking of profitability lever along the value chain4.9Sales14.6Sourcing/procurement24.2Supply chain (inbound&outbound)34.1Manufacturing43.9R&D53.3Overhead63.1Support/aftersales7Lowestimportance(1)Highestimportance(5)Source:Roland Berger7 Roland Berger|Future of MedTech 20242.1/SalesMedTech executives rated the sales departments as the most important area to raise profitability.Specifically,they considered reorienting the sales concept towards a less people-centric approach the most important lever to improve profitability(average ranking of 3.3 on a scale of 0 to 5).This was followed in the ranking by fostering automation(2.7).Sales expenditures as a proportion of sales in MedTech are among the highest of all industries.After a sudden change from in-person sales to virtual selling during the COVID-19 pandemic,the sector has again slackened its efforts here.Our survey reflects the fact that companies are now increasingly adopting remote and hybrid remote/in-person sales and support models.This offers very high potential for improving profitability in the medium to long term,but our discussions suggest that the majority of MedTech companies are struggling to implement effective omnichannel concepts tailored to the customer journey.2.2/Sourcing/procurementRespondents ranked sourcing/procurement second in terms of importance as an area for efficiency measures,but only sixth in terms of its profitability improvement potential,with an average estimated margin contribution of 2.9 percentage points.Respondents selected streamlining the supplier landscape and bundling sourced components as the most important area for optimization(average ranking of 3.5 on a scale of 0 to 5).Reviewing the quality of required product components was ranked second(3.4).These results reveal MedTech executives eagerness to optimize this area of the value chain.Many companies had to deal with sourcing issues during the pandemic and were forced to apply a multi-supplier strategy to ensure supply security.But this also compounded the cost pressure that was already being felt as a result of higher energy prices,increasing raw material costs and,more generally,inflation.As a result,executives are now putting supplier streamlining back at the top of the agenda.To avoid a return to past supply chain weaknesses,MedTech companies need to adopt robust risk assessment measures,especially with a view to securing the supply of critical raw materials from high-priority suppliers.The industry must also reassess its quality first culture,differentiating between components:Those that do not significantly contribute to the products competitive edge should be sourced with greater focus on cost and margin improvement potential.Performance in our sales department is currently our top priority.During the pandemic,we were forced to find new ways to interact with our customers.We boosted our digital omnichannel engagement,with positive results for productivity.We are now facing a trend back to the traditional commercial model.Thats why weve initiated a performance program that is fostering digital interaction.We want to provide the best customer experience,so were experimenting with technologies like virtual reality also replacing formerly essential in-person interactions as part of product demonstrations and product training.Vice-President Sales,at a medical aids and devices company8 Roland Berger|Future of MedTech 20242.3/Supply chain(inbound&outbound)The MedTech executives ranked the supply chain as the third most important target area.But they considered it the least attractive area for raising profitability,with an average estimated margin contribution of only 2.7 percentage points.In terms of specific areas for optimization,automation(average rating of 3.8 on a scale of 0 to 5)and warehouse outsourcing,including alternative models with guaranteed supply volumes,scored well.This shows how keen MedTechs are to ensure supply chain security after the disruptions of COVID-19.2.4/ManufacturingManufacturing ranked fourth in terms of both its importance as an area of the value chain for efficiency measures and its potential for improving profitability.Respondents estimated that it could boost profit margins by an average of 4.8 percentage points.They considered automation the most important technological innovation for improving profitability(3.6 on a scale of 0 to 5).This is in line with the findings of the Global MedTech Study 2023,which revealed that European MedTechs in particular have to master efficient operations,including a high degree of automation in production,due to increasing inflationary pressure and energy costs.Outsourcing(2.5)and offshoring(2.1),on the other hand,are considered to hold considerably less importance.Although manufacturing is a major margin contributor,MedTechs appear to be reluctant to outsource or offshore production due to the corresponding complexity.2.5/R&DRespondents ranked research and development(R&D)fifth in terms of its importance,but estimated that it could boost profitability by a survey-topping 6.3 percentage points on average.Product development was identified as the key optimization lever for realizing this improvement potential(with an average ranking of 4.1 on a scale of 0 to 5),followed by improvements in product approval(3.5).In discussions,MedTech executives pointed out that R&D also offers other possibilities for improvements,such as outsourcing and alliance management.Innovation and particularly implementing a stringent design-to-cost logic in product development appears to be crucial for longer-term margin gains.As R&D excellence is essential for the MedTech industry,companies need to conduct a strict cost-benefit analysis before launching any process changes,making sure to include parameters such as reimbursement potential,evaluation of clinical research and product approval.2.6/OverheadAdministrative overhead incurred by corporate functions was rated second from bottom in terms of its importance a somewhat surprising result given the number of MedTechs working on this area.Overhead also scored low in terms of profitability potential,with respondents on average estimating that productivity gains here could add 3.0 percentage points to overall margins.Finance and human resources departments were most often named as the key areas for optimizing productivity:automating the finance department,9 Roland Berger|Future of MedTech 2024for instance,holds high potential for increasing efficiency and reducing costs.To make strategic and non-strategic costs more transparent,we recommend benchmarking companies overhead against industry peers.2.7/Support/aftersalesCustomer support and aftersales ranked last in terms of their importance for productivity measures.However,they came second in terms of profit-boosting potential,with executives estimating that measures in this area could boost the bottom line by 5.7 percentage points on average.Commercializing service bundles via pay per use or service subscriptions was identified as the key optimization lever for securing the improvement potential.These findings indicate a moderate need for companies to digitalize their support and aftersales functions,with the aim of cutting costs and increasing efficiency.Technologies such as virtual reality allow companies to boost the efficiency of technical service functions while at the same time increasing customer satisfaction.Developing digital applications for use in customer interactions,such as chatbots,can be quick wins.In practice,however,we find that MedTech companies tend to focus more on primary areas of the value chain,such as sales,sourcing/procurement and supply chain.2.8/General profitability improvement potentialIn summary,the results indicate that the highest potential is expected in R&D,with a weighted profitability improvement potential of 6.3 percentage points,followed by support/aftersales(5.7 percentage points)and sales(5.0 percentage points).The areas of sourcing/procurement(2.9 percentage points)and supply chain(2.7 percentage points)were expected to have the lowest potential.DInterestingly,respondents ranking of areas of the value chain in terms of importance does not completely match their ranking of them in terms of potential improvement in profitability.For example,respondents express a clear preference for taking action in the area of sales but only rank this area third in terms of expected improvement potential in profitability.Even more notably,they rank R&D and support/aftersales lowest in terms of importance but consider the potential improvement in profitability here second only to overhead.This apparent contradiction suggests that factors other than expected profitability improvement also play a vital role factors such as risk assessment or probability of realization.E10 Roland Berger|Future of MedTech 2024D The greatest profitability improvement potential is expected in research and development,with a weighted potential of 6.3 percentage pointsE There is a mismatch between the expected profitability improvement potential and the prioritization of the value chain areasR&D01D%6%Support/aftersales10%0%00%Sales577%5%Manufacturing966%9%9%Overhead0g3%0%0%Sourcing/procurement12Y$%6%0%Supply chain2388%0%0% points taking the lower limits of improvement potential to calculate the weighted average of the expected profitability improvementX1)Taking the lower limits of improvement potential to calculate the average of the expected profitability improvementSalesSourcing/procurementSupply chainManufacturingR&DOverheadSupport/aftersales4. scoreExpected profitability improvement potential-percentage points1)Clusters of expected profitability improvement potentialUnder 2%2%-5%5%-10%-15%Over 15%Source:Roland Berger11 Roland Berger|Future of MedTech 20243The power of technology As mentioned at the outset,MedTech companies have faced unprecedented margin pressures in recent years due to factors such as increased geopolitical tension,high inflation and constrained capital markets.To remain competitive in todays difficult business environment,corporates need to turn to innovation,especially new technologies.These are a critical driver of success and can mean the difference between being a winner and being an underperformer.With this in mind,we asked respondents how important they consider new technologies to be.Overall,38 percent rated their importance as high and a further 40 percent even as very high.However,there were significant differences between companies with historically higher EBITDA margins and those with lower EBITDA margins:Companies with higher EBITDA margins rate the importance of new technologies higher than their less profitable Source:Roland BergerF How important is the adoption of new technologies for your company to stay competitive in the market?percentageImportance of tech adoption for market competitivenessCompanies with 0-15ITDA marginCompanies with 15ITDA marginOverallLevel of importance0%Very low7%Low16%Neutral38%High40%Very highLevel of importanceVery lowLowNeutralHighVery high0%0%0C3)P Roland Berger|Future of MedTech 2024Source:Roland Bergercompetitors.Thus,more than 50 percent of companies with EBITDA margins of over 15 percent considered adopting new technologies to maintain competitiveness to be of very high importance,compared to just 29 percent of those with EBITDA margins of 15 percent or less.Even in the latter group,however,43 percent still considered new technologies to be of high importance.F The results also show that 40 percent of firms overall say they are willing to invest five to ten percent of their annual revenues in new technologies.Again,breaking down the figures by company profitability paints a more varied picture:Around 50 percent of companies with historically higher EBITDA margins were willing to invest such sums,compared to just 29 percent of companies with historically lower EBITDA margins.This suggests that companies with higher profitability are more likely to have the awareness or capability to invest in new technologies.Conversely,firms with lower EBITDA margins appear to face more constraints or have fewer resources available for such investments.GG What share of your revenue do you expect to be invested in new technologies p.a.in the next 5 years?percentageInvestments in new technologiesCompanies with 0-15ITDA marginCompanies with 15ITDA marginOverallShare of annual revenue20%Share of annual revenue208%8)P)!%0%5%8 Roland Berger|Future of MedTech 2024We also asked respondents about their objectives when implementing new technologies.The most popular response reflected the MedTech industrys traditional focus on product innovation.In second place came improved automation and efficiency,indicating that executives see a strong connection between achieving operational excellence and the use of new technologies.As companies grow bigger and their products become more complex,achieving operational efficiency by making more use of new technologies becomes crucial.HWe also asked respondents which particular types of technology they considered the most important for boosting profitability.They ranked AI and machine learning as the technology with the highest potential for boosting profitability,followed by robotic process automation(RPA),digital remote collaborative working,the Internet of Things,virtual/augmented reality(VR/AR),3D printing and then digital twin.Respondents ranked AI and machine learning as the most important technology in four areas R&D,supply chain,support/aftersales and overhead and the second most important in the area of sales.ISource:Roland BergerObjectives when implementing technological innovation4.4Create new products14.2Improve automation/efficiency23.6Improve quality33.4Improve collaboration43.3Improve resilience52.1Reach ESG goals6Lowestimportance(1)Highestimportance(6)H Creating new products and enhancing automation/efficiency are the main objectives for implementing technological innovations What is your objective when implementing technological innovations?average14 Roland Berger|Future of MedTech 2024Ranking of technological innovation to materialize profitability improvement potentials along the value chain averageI AI and machine learning are considered to be the most important levers to realize profitability improvements*From very low(1)to very high(5)Average*R&DSourcing/procure-mentManu-facturingSalesSupplychainSupport/after-salesOverheadAI and machine learning3. process automation(RPA) remote collaborative working2. of Things(IoT) reality/augmented reality2. printing2. twin2. value by technological innovationSource:Roland Berger15 Roland Berger|Future of MedTech 2024Use cases for AI in the area of R&D include AI support for software development an area where companies are often confronted with operational challenges such as regulatory demands,complex verifications and a lack of standards to develop software code paired with strategic challenges such as costly development and a lack of capable talent.AI can also boost R&D productivity by using advanced analytics to tap into unexploited opportunities,for example,with AI models simulating and validating potential product designs faster than was possible by traditional means in the past.In the supply chain,AI can be used to predict future demand for products and services,thereby reducing the level of errors,lost sales and warehousing costs.Respondents viewed robotic process automation(RPA)as the most important technology for manufacturing,sourcing and procurement.They saw the biggest benefits coming from its application in high-volume processes,such as dealing with purchase orders and invoices,and also in high-risk and data validation processes.In manufacturing,for instance,automating not just individual processes but also entire factories can help manufacturers meet the strict quality requirements mandated by government agencies such as the US Food and Drug Administration(FDA).Digital remote collaborative working technologies were considered the most important technology in the area of sales.These technologies can help provide customers with an omnichannel experience and unleash the potential of hybrid sales.For example,end-to-end remote selling models,in which all aspects of the sale are handled by a remote team,can be an efficient way to contact smaller customers such as medical practices consisting of just a few physicians or companies in underserved rural areas.To summarize,a variety of tools are now available for maximizing profits and driving growth at MedTech companies.Investing in these technologies can help businesses capitalize on opportunities,enhance their productivity and stay ahead of the competition in todays marketplace.However,through discussions with industry players,we have identified many challenges in successfully implementing technology-driven use cases.In the ever-evolving MedTech landscape,the use of artificial intelligence is our compass,guiding us towards operational excellence.Beyond the confines of devices,AI is the orchestrator of streamlined internal processes,optimizing efficiency and ensuring that every facet of our operations resonates with precision.As stewards of innovation,we recognize that the true power of AI lies in its ability to enhance not just technology,but the very core of our operational DNA.COO of an electromedical and equipment company16 Roland Berger|Future of MedTech 20244How MedTech executives can turn the tide What can MedTech executives do to reverse the trend of declining margins?Here are three key steps:1.Review your strategic priorities MedTech companies should reassess their strategic priorities in light of the evolving business environment,challenges and trends.This includes scrutinizing the importance of lower-profitability segments to their portfolios and assessing whether they are the best owners of their businesses.A strong focus on achieving operational efficiency and stabilizing the core business is also crucial.2.Prioritize levers along the value chainCompanies should pinpoint potential levers for enhancing their profits along the value chain.Our study indicates that sales,sourcing/procurement and supply chain are currently the focus,while other areas such as R&D and support/aftersales appear to offer the highest margin potential.When examining these areas,however,companies should look not only at the potential improvements but also at the risks and the probability of realizing the improvements.It is not enough to just identify the relevant areas:executives also need to develop clear measures for capturing the improvement potential.3.Invest in technology for excellence After identifying key areas along the value chain with the highest potential,it is vital that companies implement the right technologies for boosting efficiency and profitability.Our study reveals a willingness among the majority of respondents to invest five to ten percent of their annual revenue in new technologies.However,selecting the right technologies for each area of the value chain is key in order to avoid unprofitable investments.MedTech executives should design specific use cases for those technology innovations that hold the most potential for their business,including quantifying their impact and speed of implementation.Our findings underline the urgency for companies to improve their profitability in the face of declining margins.That means accurately navigating those areas of the value chain that offer the highest profitability improvement potential.We have also identified which technologies are considered critical for exploiting the potential.At Roland Berger,we are committed to helping clients overcome strategic challenges.MedTechs need to prioritize the levers with highest impact and boldly execute on these with the help of technologies.Those that do so effectively will outpace their competitors and can shape the future of the market.For further discussion,please contact one of our experts listed below.By reviewing your strategic priorities and helping you achieve operational excellence,we can make sure that you secure your position as a leader in the MedTech sector.17 Roland Berger|Future of MedTech 2024AUTHORSINTERNATIONAL MEDTECH CONTACTSPeter MaguniaSenior Partner 49 160 Office:Stuttgart Janes GrotelschenPartner 49 160 Office:MunichThilo Kaltenbach Senior Partner 49 160 Office:MunichHans Nyctelius Senior Partner 46 Office:StockholmMarco Bhren Principal 49 160 Office:MunichChristoph Schmid Principal 49 160 Office:MunichOliver NikolaiProject Manager 46 700 Office:StockholmFlorian WallnerConsultant 49 160 Office:MunichPeter TranConsultant 49 160 Office:BerlinAditya AOffice:SingaporeKai Balder Office:London Sara Barada Office:DubaiMichael Baur Office:Brussels This publication has been prepared for general guidance only.The reader should not act according to any information provided in this publication without receiving specific professional advice.Roland Berger GmbH shall not be liable for any damages resulting from any use of the information contained in the publication.2024 ROLAND BERGER GMBH.ALL RIGHTS RESERVED.04.2024ROLANDBERGER.COMKoen BOffice:AmsterdamLedo B Office:MadridMatthias Bnte Office:Zurich Michael C Office:Riyadh Sebastien C Office:ParisSalil C Office:BostonCharles C Office:ParisJulien G Office:Paris Marina GOffice:LondonMorris H Office:BostonAtsushi K Office:TokyoSoosung Lee Office:Seoul Sarah L Office:Shanghai Anne M Office:Paris Henrik POffice:StockholmOliver ROffice:HamburgYoshihiro Suwa Office:SingaporeFrederic T Office:Paris Rob van der MOffice:Amsterdam24_0156_REPPublisherRoland Berger GmbHSederanger 180538 MunichGermany 49 89 9230-0ROLAND BERGER is one of the worlds leading strategy consultancies with a wide-ranging service portfolio for all relevant industries and business functions.Founded in 1967,Roland Berger is headquartered in Munich.Renowned for its expertise in transformation,innovation across all industries and performance improvement,the consultancy has set itself the goal of embedding sustainability in all its projects.Roland Berger revenues stood at more than EUR one billion in 2023.

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137**25... 升级为标准VIP 189**16... 升级为至尊VIP

131**15... 升级为至尊VIP 182**21... 升级为标准VIP

wei**n_... 升级为标准VIP wei**n_... 升级为标准VIP

钢** 升级为至尊VIP wei**n_... 升级为高级VIP

182**20... 升级为高级VIP 130**92... 升级为至尊VIP

182**20... 升级为标准VIP 137**53... 升级为标准VIP

wei**n_... 升级为至尊VIP 183**72... 升级为标准VIP

wei**n_... 升级为标准VIP wei**n_... 升级为标准VIP

wei**n_... 升级为至尊VIP wei**n_... 升级为标准VIP

186**75... 升级为标准VIP wei**n_... 升级为至尊VIP

138**33... 升级为高级VIP 136**22... 升级为标准VIP

wei**n_... 升级为标准VIP 老**T 升级为至尊VIP

wei**n_... 升级为至尊VIP wei**n_... 升级为至尊VIP

186**08... 升级为标准VIP 180**02... 升级为至尊VIP

wei**n_... 升级为至尊VIP wei**n_... 升级为标准VIP

156**46... 升级为至尊VIP 134**78... 升级为至尊VIP

wei**n_... 升级为高级VIP wei**n_... 升级为高级VIP

微**... 升级为标准VIP fre**76... 升级为至尊VIP

无**... 升级为至尊VIP 逖**... 升级为高级VIP

152**82... 升级为标准VIP 187**89... 升级为至尊VIP

wei**n_... 升级为高级VIP wei**n_... 升级为标准VIP

170**74... 升级为至尊VIP 170**74... 升级为至尊VIP

170**74... 升级为至尊VIP wei**n_... 升级为高级VIP

wei**n_... 升级为标准VIP 186**14... 升级为高级VIP

138**11... 升级为高级VIP 188**12... 升级为高级VIP

170**74... 升级为至尊VIP 170**74... 升级为高级VIP

wei**n_... 升级为标准VIP wei**n_... 升级为高级VIP

139**31... 升级为高级VIP 138**80... 升级为至尊VIP

wei**n_... 升级为标准VIP wei**n_... 升级为至尊VIP

wei**n_... 升级为标准VIP 186**12... 升级为高级VIP

wei**n_... 升级为至尊VIP 156**96... 升级为高级VIP

la**h8 升级为至尊VIP 大**... 升级为至尊VIP

wei**n_... 升级为至尊VIP wei**n_... 升级为至尊VIP

wei**n_... 升级为至尊VIP wei**n_... 升级为高级VIP

wei**n_... 升级为标准VIP wei**n_... 升级为至尊VIP

珂珂 升级为至尊VIP 177**30... 升级为至尊VIP

wei**n_... 升级为至尊VIP wei**n_... 升级为至尊VIP

wei**n_... 升级为至尊VIP wei**n_... 升级为至尊VIP