CARI SHARES VIEWS ON DIGITAL AGE
Publication commemorating Asean’s 50th anniversary captures thoughts, ideas of leaders in region
CIMB Asean Research Institute (CARI) launched a publication titled “Advancing Asean in the Digital Age” at the Asean Business and Investment Summit 2017, here, yesterday, to commemorate Asean’s 50th anniversary.
The publication was jointly launched by Asean Business Advisory Council chair Jose Ma “Joey” A. Concepcion III, CIMB Holdings Group chairman Datuk Seri Nazir Razak and CARI chairman Tan Sri Munir Majid.
Published by CARI, in collaboration with the Asean Business Club, the book captures the thoughts and ideas of business leaders, thought leaders, as well as policymakers on how the digital age will impact the economic prosperity of the region.
Asean, with a population of 634 million, half of whom are below the age of 30, is touted as one of the fastest-growing Internet regions in the world.
With 50 years of history under Asean’s belt, the publication captures what the policymakers and business leaders believe to be the most important opportunities for Asean countries and businesses as well as the potential pitfalls.
It contains 37 articles, including those by Prime Minister Datuk Seri Najib Razak, Australia Prime Minister Malcolm Turnbull and Cambodia Prime Minister Hun Sen.
“There are great excitement and expectations in the Asean region about the Digital Age. Some estimates have it that the Digital Revolution will add US$1 trillion (RM4.2 trillion) to Asean’s GDP (gross domestic product) by end2025 and that the digital economy alone will then be worth US$200 billion before rising rapidly.
“However, there are challenges that must be addressed to achieve this,” said Munir in a statement.
He said Asean human capital, for instance, must be fit for purpose. This means far better education and training than presently offered, retraining for new capabilities, and no regulations that inhibit innovation and creativity within or across borders.
From ideas for improving the education system to the dramatic effect the Fourth Industrial Revolution (Industry 4.0) will have on the business systems and operations, the book provides insights from leaders in industries ranging from banking and finance to automotive, services and media.
Nazir, meanwhile, said Asean needed to recalibrate its way of doing things to face the Digital Age and Industry 4.0.
“What got us here will not get us there. We have entered Industry 4.0 — an era of accelerated change and one that will be unforgiving to those who cannot keep pace.
“Asean needs to recognise the limitations of its ‘Asean Way’ to face the future. It must relook at its priorities as well as governance and institutional frameworks for economic integration in the context of the shortcomings of the Asean Economic Community project and Industry 4.0,” he added.
The publication can be accessed at CARI’s website (www.cariAsean.org).