Call for ‘effective leadership’ to boost growth in technology

President and Managing Director of Bosch Southeast Asia Martin Hayes said that this must be done in a manner that does not hinder trade.
Hayes was speaking at a session titled “The Future of Technology — Focusing on the Digital Economy” during the Asean Business and Investment Summit (ABIS) 2016 in Vientiane, Laos.
Hayes, who is also the treasurer and a founding member of the EU-Asean Business Council, said that as markets become more volatile and dynamic, policy makers struggle to keep track of the latest developments and either embrace the new entrance by way of making necessary legislation adjustments or prohibit them entirely.
“We need effective leadership to overcome the challenges in an uncertain environment. Both business and political leaders should possess the knowledge and capability to be agile, adaptable and resilient,” he said.
Hayes said that new social behaviours such as online shopping are rising and becoming prevalent, and with that, customer expectations and requirements are also increasing such as shortened delivery times and round-the-clock customer service.
As such, he said, traditional markets are facing increasing competition from new entrants not only through vertical and horizontal integration but also by means of disruptive technology and services.
“Who would’ve thought that the online transport services would rattle taxi companies all around the world or that Amazon would turn out to be one the world’s largest retailers?,” he told the audience. To ensure that fair competition is upheld, he said, governments must not foster any protectionist measures that serves the interest of one specific stakeholder. He added that should one stakeholder become too powerful or monopolistic, in the interest of the industry and the economy, politics should respond with effective competition laws to curtail such developments.