Digital Transformation, AI On Agenda At AELM Today

From Nor Baizura Basri

GYEONGJU (South Korea), Nov 1 (Bernama) -- Prime Minister Datuk Seri Anwar Ibrahim will share insights on digital transformation and artificial intelligence (AI) initiatives by Malaysia, as well as ASEAN, on the last day of the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting (AELM).

With the theme "Preparing a Future-Ready Asia Pacific", APEC economies have been seeking ways to address the region’s challenges, especially demographic change, which has been identified as one of the major concerns moving forward. AI and digital transformation could be the driving force in addressing these challenges.

Being the host country, South Korea has lined up demographic change and artificial intelligence as the two core initiatives that could spur a new direction and shape the future of APEC economies.

An ageing population, which is happening across Asia, including in Malaysia, is shaping the workforce.

After each economy presented its country's intervention, APEC Leaders are expected to adopt the Gyeongju Declaration, along with three other documents.

The essence of the declaration, which is expected to be approved by all APEC leaders, includes the importance of connectivity in strengthening regional economic and trade integration; the interconnectedness of resilient supply chains; and the benefits of innovation, digital transformation, and AI.  It will also address regional challenges to achieving sustainable development.

Three additional documents that will serve as a strategic direction for APEC in addressing current developments - namely the APEC AI Initiative, the Collaborative Framework for Demographic Changes, and the Leaders’ Statement on Cooperation in the Cultural and Creative Industry - will also be adopted by the leaders.

After that, all leaders will proceed to the group photo session. Anwar will then depart for Kuala Lumpur.

Malaysia has been a founding member of APEC since 1989, with APEC economies contributing 78 per cent of Malaysia’s total trade in 2023, amounting to RM2.6 trillion.

APEC, a non-binding loose consultative forum, represents 21 member economies collectively, comprising nearly 60 per cent of the global gross domestic product and 47 per cent of world trade.

This year’s distinguished gathering marks 20 years since the republic last hosted the AELM in 2005 in Busan. 

-- BERNAMA