Investment Promotion Yet to Embrace Virtual Reality Boost

Investment promotion is an ideal springboard for the rollout of virtual reality (VR) and augmented reality (AR) across government services, according to a report by US think tank the Information Technology and Innovation Foundation (ITIF).

Some investment promotion agencies (IPA) have already begun experimenting with immersive technologies, and uptake is expected to accelerate as continuing travel restrictions and digitisation reshape their operations.

The report, released by the ITIF in August, argues that AR and VR’s ability to overcome the barriers of physical space has huge potential in activities that heavily rely on site visits.

“The big takeaway that a lot of [investment] agencies don’t recognise is that this technology is available and affordable now,” says Ellysse Dick, ITIF policy analyst and co-author of the report. “This isn’t a future projection: it’s something they can start to integrate into their activities at this moment.”