KUALA LUMPUR – The digital economy and continuous innovation have proven to be necessary to generate jobs and for businesses to remain relevant amid the pandemic, said Tan Sri Muhyiddin Yassin.
The prime minister said innovation and digitalisation are fundamental as they not only facilitate efforts to reinvigorate economic activities, but also safeguard the people’s health and well-being.
He said the Covid-19 crisis has shown that technology can help sustain communities even when movements are restricted to prevent the virus’ spread.
“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 narrowing the digital divide by increasing investments in ICT (information and communications technology) infrastructure for these groups is, therefore, a must,” he said in his keynote address at the Asia-Pacific Economic (Apec) Cooperation CEO Dialogues 2020 today.
Apec economies comprise approximately 60% of global gross domestic product, half of world trade and 40% of the global population.
Muhyiddin said continuous innovation is a pre-requisite for businesses to stay relevant in this era.
He emphasised the importance of inclusive economic growth to ensure 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.”
He said youth must not be left behind, and have to be equipped with the right skills and knowledge to enable them to contribute positively to society.
He said the region must recognise the fact that the benefits of trade and investment are not felt across all segments of society.
“Even today, there is much room for us to improve the narrative of trade and investment, with a view to bring tangible benefits to all our peoples.
“It is in this spirit that we hope to implement the Apec Post-2020 Vision. This vision, which is set to replace the Bogor Goals that reach maturity at the end of this year, will guide the work of Apec for decades to come. It will also contain enablers that drive economic growth and prosperity for the region.”
Muhyiddin said the bloc must reaffirm its support for and commitment to the rules-based multilateral trading system, as market stability and predictability are the central pillars that ensure trade and investment continue to flow, even during times of crisis.
“A well-functioning dispute settlement mechanism at the World Trade Organisation, which serves as a primary pathway for countries to settle their differences, is also critical in this regard.
“Of similar importance is the need to recommit ourselves to Apec’s core and enduring goal of free and open trade and investment in the region. This is integral to our efforts to rebuild our economies in the aftermath of the pandemic.”
He added that Apec must be sensitive to the needs of the private sector and continue to cultivate an environment that enhances business confidence. – Bernama, November 19, 2020
