When it comes to digitization and advancement, the ASEAN region representing Southeast Asian nations is making progress at a faster rate than other economies in the world. Malaysian entrepreneur and philanthropist Vijay Eswaran recently shared his thoughts on this evolution and what can be done to help further the growth in this area. In fact, much of this digitalization is the result of the imperative to develop technologically brought on by the COVID-19 pandemic. Eswaran, also a regular participant at the World Economic Forum (WEF), underscored the need to build on this progress for ASEAN to continue to be a key contributor to the world economy.
Eswaran noted that while growth is trending in a positive direction, limited access to high-quality internet connections and technology products is restricting advancement among the general population. “In 2021, the number of internet users in ASEAN grew by over 10 percent to 400 million people,” said Eswaran. “However, for many ASEAN people, expensive or poor internet quality or digital devices, lack of digital skills, and trust and security concerns stand in their way of fully reaping their fair share of benefits from an inclusive digital economy.”
Access to these key resources will help the ASEAN region continue to cultivate its economy, which Vijay Eswaran argues can be done, in part, by employers encouraging the upskilling of their workforce when it comes to digital technologies. To this end, corporations must do their part to prioritize upskilling and other related issues to bring digital transformation to the forefront. Upskilling refers to employees remaining in place while also learning how to leverage new technologies to improve their abilities to do their jobs more efficiently and effectively. Many employers also face employment gaps and can fill them with existing talent by investing time and training in their employees to upskill rather than wasting time and money on outsourcing or recruitment efforts. By investing in upskilling, ASEAN companies can also move their communities forward.
During the most recent WEF meetings in Davos, convened after a two-year hiatus due to the COVID-19 pandemic, Eswaran also emphasized the importance of corporations taking the lead when it comes to bringing ASEAN forward. “To drive digital transformation and to accommodate the new normal, businesses must quickly work with forward-thinking vendors or businesses who can successfully and securely facilitate digital transformation today and prevent obstacles tomorrow.” His panel discussion, titled “A Digital ASEAN for All,” focused on how a digital future for the region can help all parts of society throughout ASEAN and deliver on true potential. He also noted that the region’s digital economy may be worth over $100 billion USD, marking a groundbreaking ability for ASEAN to promote its own transformation.
These endeavors are critical, according to Eswaran, to bring harmony between people and processes in order to achieve more positive business outcomes as well as drive the region forward along with the evolving world economy. Digitization has already proven effective in other regions, and digital transformation in ASEAN will only help further countries’ progress. During his panel discussion during the WEF, Vijay Eswaran underscored the importance of digital advancement for people of all backgrounds and walks of life.
This mantra is not new to Eswaran, who champions diversity and digitalization throughout his philanthropic efforts. Even in years prior to the pandemic, Eswaran noted that we live in a “complex, interconnected world where diversity, shaped by globalization and technological advance, forms the fabric of modern society.” Digitization, then, is a hallmark component that ASEAN countries need to continue to foster in order to remain competitive in a modern global market. Progress has been notable, with access to technologies increasing, as Eswaran has shared that 70 percent of ASEAN now has access to the internet.
Eswaran’s own enterprise, QI Group, practices what he promotes when it comes to digital transformation and vendor relations. Despite facing a financial crisis that gripped all of ASEAN in the 1990s, QI Group was founded to provide opportunities for employment and advancement in the region. Now the company has grown to over 1,000 employees representing 46 different nationalities. QI Group and Vijay Eswaran remain committed to a “more equitable and inclusive world,” and technology is just one avenue to that progress.