APEC Members Urged To Focus More On Services Sector

KUALA LUMPUR, Oct 2 (Bernama) -- 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 digitisation 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 have taken the bulk of a country's gross development product in recent years. "We have heard of some new initiatives by the Malaysian government which 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 told reporters after the opening of the Asia-Pacific Digital Technology Symposium 2017 here Monday. She said on average, the services sector accounted for more than 50 per cent of a country's Gross Domestic Product, with about 98 per cent of the United States’ economy having been digitised, while about 80 per cent of Australia's economy is in the services sector. "Yet, 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, Ministry of International Trade and Industry (MITI) Secretary General, Datuk Seri J. Jayasiri said many local entrepreneurs had adopted digital technology in carrying out their operations, involving Internet marketing, digital cross-border trade and e-logistics. “We need to look at technology, not as a competitor, but 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 MITI Minister, Mustapa Mohamed. In the goal of developing a digital economy for Malaysia, Jayasiri said business leaders had a strong role to play, as they would be the direct beneficiaries of the digital transformation happening in the country. “Companies need to be mindful not to rely solely on facilities provided by the government, but also come up with innovative solutions in 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