Don’t neglect services sector, Apec nations urged
KUALA LUMPUR: Member countries of the Asia-Pacific Economic Cooperation (Apec) should give more attention to the development of the services sector to more precisely complement the emergence of the global digital economy.
Co-Convener of Asean Service Provider Confederation, Jane Drake-Brockman said most Apec economies appeared to be still missing the bigger picture, of how the services sector had taken on the bulk of a country’s gross domestic product (GDP) in recent years.
“We have heard of some new initiatives by the Malaysian government that are precisely designed to improve the competitiveness of the services sector.
“What we hope is that all Apec economies will start focusing on this in the same way,” she said after the opening of the Asia-Pacific Digital Technology Symposium 2017, here, yesterday.
She said on average, the services sector accounted for more than 50 per cent of a country’s GDP.
“Public attention is always focused on the mining and agriculture (structure), while in other Apec economies, they’re more focused on manufacturing.
“We are missing the reality that the services competitiveness is what’s driving almost all of the other sectors,” she added.
Earlier, International Trade and Industry Ministry secretarygeneral Datuk Seri J. Jayasiri said many local entrepreneurs had adopted digital technology in carrying out their operations, including Internet marketing, digital cross-border trade and e-logistics.
“We need to look at technology not as a competitor but rather as our partner in creating quality jobs. We owe it to ourselves to use it to our advantage or risk allowing our competitors to use it to our disadvantage.
“This is why the government is prioritising innovation and encouraging the adoption of Industry 4.0 elements in not just the manufacturing sector, but services as well, to build greater economies of scale,” he said in his opening speech.
Jayasiri spoke on behalf of International Trade and Industry Minister Datuk Seri Mustapa Mohamed.
On the goal of developing a digital economy for Malaysia, Jayasiri said business leaders had a big role to play as they would be the direct beneficiaries of the digital transformation happening in the country.
“Local companies need to be mindful not to rely solely on facilities provided by the government, but also come up with innovative solutions, while embarking on this journey.
“The government seeks to work hand-in-hand with businesses towards making effective and relevant policies in charting the way forward,” he added. Bernama