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KUALA LUMPUR: Adapting to the digital economy and continuous innovation are the survival skills needed to land a job and for companies to remain relevant amid the unprecedented challenges that follow the health pandemic, says Tan Sri Muhyiddin Yassin.
The Prime Minister added that innovation and digitization were critical in this context, as these enablers not only facilitated efforts to revitalize economic activities, but also safeguarded people’s health and well-being.
He said the Covid-19 pandemic had shown that technology could step in and sustain communities when movement was restricted.
“However, without sufficient infrastructure and close cooperation between the public and private sectors, we run the risk of excluding vulnerable groups due to their lack of access to digital tools.
“Promoting digital inclusion and reducing the digital divide by increasing investments in ICT (information and communication technologies) infrastructure for these groups is, therefore, essential,” he said yesterday in his opening speech at the virtual Apec CEO Dialogues 2020.
Apec’s economies comprise approximately 60% of the world’s gross domestic product (GDP), half of world trade, and 40% of the world’s population.
Muhyiddin said that continuous innovation was more than mandatory in this era, as it was a prerequisite for companies to remain relevant.
“The inventive or sometimes cutting-edge adoption and application of digital technologies are the very foundation on which innovative business models are built, and these digital technologies are critical to supporting and enhancing the value proposition of companies and entrepreneurs. “, he pointed.
The Prime Minister also stressed the priority of inclusive economic growth to ensure that no one is left behind.
“We must continue to adopt economic approaches that place specific emphasis on women and youth, the backbone of the region’s economy,” she said.
Muhyiddin pointed out that young people should also not be left behind and ensure that the younger generation is equipped with the right skills and knowledge to enable them to contribute effectively to society.
He said the region should take a moment not only to recognize that free and open trade and investment has resulted in increased prosperity in the Asia-Pacific region, but should also underscore the fact that the benefits derived from the trade and investment have not penetrated all segments. of the society.
“Even today, we have plenty of room to improve the trade and investment narrative with a view to delivering tangible benefits to all of our people.
“It is in this spirit that we hope to implement the Apec Post-2020 Vision. This vision, which will replace the Bogor Goals that will reach maturity at the end of this year, will guide Apec’s work in the coming decades, ”he added.
Muhyiddin said Apec must also reaffirm its support and commitment to the rules-based multilateral trading system that was essential for businesses, as market stability and predictability were the central pillars that ensured that trade and investment continued to flow. even in times of crisis.
“A well-functioning dispute settlement mechanism in the World Trade Organization (WTO), which serves as the main avenue for countries to resolve their differences, is also essential in this regard.
“Of similar importance is the need to renew our commitment to Apec’s core and enduring goal of free and open trade and investment in the region.
Muhyiddin said that as an economic entity, Apec must remain responsive to the needs of the private sector and continue to cultivate an environment that enhances business confidence.
He noted that Apec took a central role in spearheading the post-pandemic economic recovery and that the region needed to trade and invest to emerge from the current economic recession.
“We must unite and work constructively so that the region moves forward on a path of solid, inclusive and sustainable economic growth and recovery,” he added.
With the theme “Apec reinvented: priorities after Covid-19”, the event was organized by the Business Advisory Council of Apec. —Bernama
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