Go Negosyo founder and Asean BAC Philippines Chairman Joey Concepcion speaks with fellow panelist Kok Ping Soon, CEO of Singapore Business Federation at the ASEAN Business Investment Summit last September 3.
MANILA, Philippines–Asean’s digital adoption offers untapped potential for the region’s economies, according to Joey Concepcion, Chairman of the Asean-Business Advisory Council Philippines.
Concepcion emphasized the need for inclusive growth during the Asean Business Investment Summit on September 3, 2023.
In a session called ‘Asean’s Digital Powerhouse at the Nexus of Connectivity and Transformation,’ Concepcion highlighted the significance of digital tools.
He stated, “These tools are vital in improving the lives of people,” noting that 20% of the populations in four Asean countries live in poverty.
The Asean BAC Philippines is advocating for Memoranda of Understanding (MOU) between ASEAN nations to prioritize sectors such as agriculture and MSMEs and address the challenges posed by crises.
Concepcion believes digitalization can benefit nanopreneurs, who are single-person businesses, by providing access to marketing tools and digital payment solutions.
Asean has experienced a 40% annual surge in e-commerce value from 2016 to 2021, requiring an inclusive approach. Concepcion emphasized the need to empower MSMEs by leveraging the region’s digital growth.
He cited the example of the Philippines, where digital technology allowed MSMEs to compete with larger corporations during the pandemic-induced lockdowns, leading to the growth of the digital economy.
Concepcion suggested that digital expansion could increase cross-border e-commerce, giving MSMEs access to new markets and providing financial services to underserved communities.
Other notable participants in the session included Sam Myers from the UK Department for Business and Trade, Haslina Taib from Dynamic Technologies, Yuem Kuan Moon from Singtel, and Kok Ping Soon from the Singapore Business Federation.
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Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
