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KUALA LUMPUR: Adapting the digital economy and continuous innovation has proven to be the need for time to create jobs and for businesses to remain relevant amid the unprecedented challenges that follow the health pandemic, said Tan Sri Muhyiddin Yassin. (pix)
The Prime Minister said that innovation and digitization are critical in this context, as these enablers not only facilitate efforts to revitalize economic activities, but also protect people’s health and well-being.
He said the Covid-19 pandemic has shown that technology can step in and sustain communities even when their movement is 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 technology) infrastructure for these groups is, therefore, a necessity,” he said today in his opening speech at the virtual conference. APEC CEO Dialogues 2020.
Currently, APEC economies comprise approximately 60 percent of the world’s gross domestic product (GDP), half of world trade, and 40 percent of the world’s population.
Muhyiddin said that continuous innovation is more than mandatory in the era, as it is a prerequisite for companies to remain relevant.
The inventive or sometimes cutting-edge adoption and application of digital technologies is 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 noted.
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 a 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 have resulted in increased prosperity in the Asia-Pacific region, but should also underscore the fact that the benefits derived from trade and investment have not penetrated all segments. of the society.
“Even today, there is plenty of room for us to improve the trade and investment narrative with a view to bringing 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 supersede the Bogor Goals that will reach maturity later this year, will guide APEC’s work for decades to come. It will also contain enablers that drive economic growth and prosperity in the region, ”he added.
Muhyiddin said APEC must also reaffirm its support and commitment to the rules-based multilateral trading system, which is essential for businesses, as market stability and predictability are the central pillars that ensure that trade and investment continue. flowing, 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 re-commit ourselves to APEC’s core and enduring goal of free and open trade and investment in the region. This is an integral part of our efforts to rebuild our economies after the pandemic, “he added.
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 plays a central role in spearheading the post-pandemic economic recovery and that the region needs to trade and invest to emerge from the current economic recession.
“We must unite and work constructively so that the region moves on a path of robust, inclusive and sustainable growth and economic recovery,” he added.
With the theme “APEC reinvented: priorities after Covid-19”, the event was organized by the APEC Business Advisory Council (ABAC). -Called
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