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  • The Singapore business community joins APAC business leaders in their call for governments to get their policies right, so that the digital economy can deliver massive gains

The Singapore business community joins APAC business leaders in their call for governments to get their policies right, so that the digital economy can deliver massive gains

  • The Singapore Business Federation participated in the APEC Business Advisory Council’s first meeting of 2019.
  • Business leaders from the Asia Pacific called on governments in the region to properly engage the private sector so that the potential for the digital economy to deliver substantial inclusive and sustainable growth can be unleashed.
  • The Singapore Business Federation was represented by Mr Ho Meng Kit, CEO of SBF, and Mr Saw Ken Wye, Chairman of SGTech and CEO of Crimson Logic Pte Ltd at the ABAC meeting.

4 March 2019 [Singapore] - From 28 February to 4 March, the Singapore Business Federation (SBF) participated in the APEC Business Advisory Council’s (ABAC’s) first meeting of 2019 where business leaders from the Asia Pacific called on governments in the region to properly engage the private sector so that the potential for the digital economy to deliver substantial inclusive and sustainable growth can be unleashed.

The digital economy has a transformative role and a capacity to deliver growth and global engagement, including for small firms, women, remote communities and others that might otherwise struggle to participate in economic activities that will help lift living standards. However, policy makers will need to be creative, determined, and work speedily with the private sector to enable these gains to emerge. This is in view of the speed of development of the digital economy. APEC’s unique structure — allowing for conversation, experimentation and capacity building — strategically allows such engagements between policy makers and the private sector to take place.

During the meeting business leaders from APEC also reaffirmed the importance of having a global rules-based framework trade and investment framework manifested in the WTO. Having said so, the WTO system needs to be reformed and its rules updated to reflect 21st century business needs. Trade, underpinned by the WTO, brings benefits to billions of consumers and workers, thereby creating new opportunities. ABAC is united and focussed in working with Governments in APEC to make trade work for everyone.

The Singapore Business Federation was represented by Mr Ho Meng Kit, CEO of SBF, and Mr Saw Ken Wye, Chairman of SGTech and CEO of Crimson Logic Pte Ltd at the ABAC meeting. Mr Ho is ABAC’s Co-Chair of ABAC’s Regional Economic Integration Working Group where he is the Council’s champion for trade in Services. Mr Saw is the Chair of ABAC’s Digital Innovation Working Group where he leads ABAC’s work in providing inputs to the region’s rules and regulations on the Digital Economy and pursuing programmes to help build the APEC community’s capacity on Digital Economy matters. 

Please click here to read ABAC media release.

 

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