PM Lee: ASEAN is in ‘Good Position’ to Benefit From Industry 4.0

With the happening tech revolution that transforms the direction of the global economy, the Association of Southeast Asian Nations (ASEAN) is in a “good position” to take advantage of the technological revolution, Prime Minister of Singapore, Lee Hsien Loong stated on Wednesday (12/09), as told by Channel News Asia.

Speaking during the plenary session at the World Economic Forum on ASEAN that took place in Hanoi, Mr Lee is aware of the ongoing “fourth industrial revolution” that can transform the world functions into a different direction. But he is very optimistic ASEAN can seize the opportunities from global digital transformations due to its stable economic foundation and strong integration.

His optimism is rooted in the fact that by 2030 ASEAN will appear as the fourth-biggest economy in the world, after the US, China, and the European Union.

Mr Lee mentioned young generations in the region will hold key roles in capturing the upcoming opportunities Fourth Industrial Revolution will bring. 60% of the total ASEAN population aged below 35 where they are considered young and educated workforce who are comfortable and familiar with new technology.

The Fourth Industrial Revolution itself indicates the maximum utilization of technology that will give birth to the idea of the borderless world. Furthermore, the Prime Minister reminds ASEAN that to seize the future opportunities successfully, regional economic integration must also be strengthened.

Cited from Channel News Asia, the Prime Minister said, “It is about building networks, creating new synergies and staying connected. ASEAN member states have been working together towards the ASEAN Economic Blueprint 2025, so that ASEAN business can operate more seamlessly across the region.”

Other efforts have also been initiated to welcome the tech era, including the progress of ASEAN to work on e-commerce regulations to enable businesses among Southeast Asian countries to market and sell their goods and services easily.

Next month, Singapore will play host to the Industrial Transformation Asia Pacific trade event to showcase the most recent industrial technologies within ASEAN companies. According to Mr Lee, the event can be an excellent arena for ASEAN countries to observe and improve their manufacturing sectors, which is a key pillar of many regional economies.

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Nadya Yolanda Moeda
A former travel blogger who is now a full time consultant & loves to write about everything under the sun