PM says AI is needed for ASEAN private sector to take the lead on digital economy

Prime Minister Sonexay Siphandone sees ASEAN business leaders as key drivers of the digital economy, utilising global trends such as artificial intelligence (AI) for more effective and consistent economic development.

Prime Minister Sonexay Siphandone joins a photo session while attending the ASEAN Business and Investment Summit 2024 opening ceremony on October 8.

This is one of the key messages the Prime Minister delivered during the ASEAN Business and Investment Summit (ABIS) 2024 opening ceremony on Tuesday in Vientiane.
The Prime Minister said that the active and decisive moves of the ASEAN private sector can strongly position the region to compete on the global stage, particularly in sustainable development, trade, and other sectors.
Prime Minister Sonexay emphasised that Laos, as the bloc’s chair for 2024, will use the theme ‘ASEAN: Enhancing Connectivity and Resilience’ to contribute to tackling challenges in the ASEAN region by promoting centrality, connectivity, and integration.
“Changes in global geopolitics and economics have brought significant challenges and opportunities, especially with the emergence of a new economic landscape and shifts in global supply chains, as well as the increasing role of the digital economy in global economic structures,” Prime Minister Sonexay said.
The Prime Minister noted that ASEAN will continue capitalising on opportunities to promote digital integration and innovation, ensuring relevant sectors are prepared for the future.
“Over the past few years, ASEAN has faced several economic challenges due to the outbreak of disease and economic uncertainty, but it has demonstrated resilience and overcome these issues. This is, of course, thanks to the private sector’s ability to adapt to change.”
Prime Minister Sonexay also called on ASEAN business leaders to continue embracing innovations, including the development of AI, and advancing business operations.
The government of Laos is also working on improving regulations, investing in infrastructure, and enhancing the education sector to pave the way for investment.
“I strongly believe that cooperation between the public and private sectors will help solve various challenges and attract trade and investment in ASEAN,” he said.
The ABIS is an annual event that brings together world leaders, CEOs, and senior executives from multinational and regional corporations.
Organised by the ASEAN Business Advisory Council (ASEAN-BAC), ABIS is said to serve as a strategic platform to amplify the private sector’s voice in driving policy reforms and positioning ASEAN at the centre of global economic interconnectivity.
The ABIS is being held parallel to the ASEAN Summit and other related meetings organised by Laos from October 8-11.
At the ABIS opening ceremony, the ASEAN-BAC Chair, Mr Oudet Souvannavong, the ASEAN Economic Minister Chair, Mr Malaythong Kommasith, and the Secretary-General of ASEAN, Dr Kao Kim Hourn, also delivered remarks.
Vietnamese Prime Minister, Pham Minh Chinh, representatives of the ASEAN Business Advisory Council, foreign ambassadors to Laos, and other stakeholders participated in the ceremony.
ASEAN-BAC Lao PDR plans to focus more on priorities such as digital transformation, sustainable development, healthcare resilience, food security, and trade and investment facilitation to strengthen economic connectivity and resilience.
On the same day, Deputy Prime Minister and Foreign Minister Saleumxay Kommasith was also invited to give a keynote address at a plenary session, where panellists discussed the key role AI technologies play in the transition from the industrial era to the intelligent age, as well as AI’s role in fostering a sustainable and inclusive digital economy in ASEAN countries.

By Times Reporters
 (Latest Update October 9, 2024)