Jurin urges private sector to embrace Asean digital era

Jurin was speaking on “Empowering Asean 4.0” before the 35th Asean Summit and Related Summits officially started on Sunday (November 3), while presiding over the opening ceremony of Asean Businesses and Investment Summit 2019.
The parallel event for the private sector was organised at Hall 6 of the Impact Exhibition and Convention Centre in Muang Thong Thani, Nonthaburi province.

“It’s undeniable that technology and innovation have revolutionised the global communication platform and the ways people produce and consume information,” Jurin said. “Furthermore, the emergence of AI [artificial intelligence] technology and application of robotics in manufacturing have drastically changed the landscape of many industries, trading platforms and consumer behaviours. The 4.0 era has paved way for the rise of e-commerce while at the same time made many businesses obsolete so fast that entrepreneurs have had to immediately adapt themselves to the changing trends.”
“The digital economy in Asean is growing continually,” Jurin said. “It rose from US$50 billion in 2017 to $72 billion in 2018 or 44 per cent.” The deputy PM cited the growing number of middle-class citizens and internet users, as well as the local SMEs who take advantage of modern technology to create new businesses and expand existing ones as factors behind the change.
“Business entrepreneurs must find digital technology and innovations that will be beneficial to their operations, while at the same time they must develop their personnel to be fully equipped with digital knowledge to stay ahead of the trend,” said Jurin.
The digital economy is responsible for 35 per cent of gross domestic product in the United States, 27 per cent in the European Union and 16 per cent in China, which means there is still room for growth in the Asean region, Jurin said.
Studies by Google, Temasek and Ben & Co estimate that by 2025 Asean’s digital economy will expand three fold and be worth $240 billion.