Bangkok Bank President Chartsiri Sophonpanich (Source: PRD) Bangkok Bank President Chartsiri Sophonpanich spoke of theeconomic potential of ASEAN, despite concerns over the trade dispute betweenthe US and China.
He believes the dispute won't affect ASEAN, although the bloc produces goods inthe value chain of both countries. Chartsiri asserted that ASEAN’s economicfoundations remain strong at a GDP of 2.8 trillion USD, with the potential togrow to 4.6 trillion in the next decade.
Although foreign capital is currently flowing out of emergingmarkets, the Bangkok Bank President believes that the region’s solid economicfoundations will continue to attract foreign investment. Within ASEAN, Thailandremains a target country for investment, thanks to the potential of its EasternEconomic Corridor, other infrastructure projects slated for the next 3-5 years,and the nation’s overall economic expansion.
Meanwhile, ASEAN Secretary-General Dato Paduka Lim Jock Hoi,stressed that the bloc must accelerate its transition to Industry 4.0 and thedigital economy, which include the use of big data and artificial intelligence.He expects the value of the digital economy in the six ASEAN member countriesto grow rapidly from 50 billion USD to 200 billion USD by 2025.
He suggested that the regional grouping must boost access tobroadband internet, encourage SMEs to take advantage of digital technologies toinnovate and outpace competition, and create digital policy frameworks thatcoincide with technological changes and meet international standards. He also calledon ASEAN member nations to build a platform for effectively using digitaltechnology together.-NNT/VNA
