A new research from Economist Impact and DP World has revealed that European businesses are deploying innovation and technology in supply chains to counter a shifting geopolitical and trade landscape.
The annual ‘Trade in Transition‘ study captures the perspectives of trade experts and senior executives globally.
The global survey found technologies that improve supply chain efficacy and resilience to be the main source of optimism for a third of European business leaders when asked to assess the future of global trade.
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European businesses generally have an optimistic outlook for 2024, foreseeing an expansion in both imports and exports despite geopolitical uncertainty and economic challenges, according to the report.
This is attributed to executives’ belief that technology will transform the efficiency and resilience of supply chains in tandem with agile supply chain strategies.
With growing concerns of political instability, inflation, and a downturn in key markets, European businesses are reportedly actively reconsidering risks across their supply chains, by deploying technologies such as Artificial Intelligence (AI), alongside agile supply chain strategies such as friendshoring and dual resourcing.
Other key highlights of the ‘Trade in Transition’ study include:
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Rashid Abdulla, CEO and Managing Director for Europe at DP World, said: “In an evolving geopolitical and economic landscape, European companies are acknowledging the importance of technology in strengthening the efficacy of supply chains, as well as the ability to anticipate disruptions.
“This shift towards emerging technologies is not just a response to challenges, it’s a narrative of resilience, adaptability and a steadfast commitment to shaping a future where innovation is the bedrock of success. Critical to this will be navigating the developing regulations of the EU tech industry.”
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