Page 58 - ASEAN BUSINESS AND INVESTMENT SUMMIT 2019

58 ABIS 2019

Empowering ASEAN 4.0

ON 22 JANUARY 2019, BANGKOK, THAILAND

Disruption in

technology,

change in consumer behavior, development
of robotics and artificial intelligence (AI) have
brought drastic changes to global business
activities and to our life. The challenges apparent
in the world economy today indicate that all the
roads are heading towards the 4th Industrial
Revolution - ASEAN is not an exception

The economy is transforming significantly, owing to the advent of technology 4.0 and
its immense applicability for economic purposes. Countries are more connected; the boundaries
between them have been lowered by digital technology and advanced communication. We see
growth in intra-regional activities. The advancement across the universe of technologies such as
the Internet of Things, Big Data and Analytics, fuels the implementation and usage of such activities
as cross-border supply chain, e-commerce, and cross-border payments and remittances, which are
becoming more important and contributing ever more to economic and social development. Data
and information are the root of this revolution. On the processing side, Digital Ledger Technology
(DLT) / Blockchain helps in recording of interactions and transfer of data without a need for a centrally
coordinating server. DLT applications will likely replace manual processes and activities and could
increase efficiency and lower costs, and potentially improve access to finance by the previously
unserved sectors.
The business and economic transformation through technology will bring new opportunities
and challenges to ASEAN countries, especially to SMEs, as a highly significant contributor to economic
growth and society of the region. The key to the success inarguably depends on the human capital
development and the digital infrastructure of each country.
The kick-off seminar highlights the issues that we are focusing on throughout the year 2019
when Thailand assumes the chairmanship role for Association of Southeast Asian Nations (ASEAN).
This seminar is of the same name as the theme of the private sector “Empowering ASEAN 4.0”, which
implies the ways forward for our economy to pursue and become ready for the transformation to the
digital era. Digital economy has an impact on all aspects of society such as the way people interact,
technologies involved, and skills required. All in all, it affects every aspect of the economic landscape.