World Economy

APEC Members Urged to Focus on Services Sector

APEC Members Urged to Focus on Services SectorAPEC Members Urged to Focus on Services Sector

Member countries of the Asia-Pacific Economic Cooperation should give more attention to the development of the services sector to more precisely complement the emergence of the global digitization economy.

Co-convener of the ASEAN service provider confederation, Jane Drake-Brockman, said most APEC economies appeared to be still missing the bigger picture, of how the services sector have taken the bulk of a country›s gross development product in recent years, Bernama reported.

“We have heard of some new initiatives by the Malaysian government which are precisely designed to improve the competitiveness of the services sector. What we hope is that all APEC economies will start focusing on this in the same way,” she told reporters after the opening of the Asia-Pacific Digital Technology Symposium 2017 in Kuala Lumpur Monday.

She said on average, the services sector accounted for more than 505 of a country›s gross domestic product, with about 98% of the United States› economy having been digitized, while about 80% of Australia’s economy is in the services sector.

“Yet, public attention is always focused on the mining and agriculture (structure), while in other (APEC) economies, they’re (more) focused on manufacturing. We are missing the reality that the services competitiveness is what’s driving almost all of the other sectors,” she added.

Earlier, ministry of international trade and industry secretary general, J. Jayasiri, said many local entrepreneurs had adopted digital technology in carrying out their operations, involving Internet marketing, digital cross-border trade and e-logistics.

“We need to look at technology, not as a competitor, but our partner in creating quality jobs. We owe it to ourselves to use it to our advantage or risk allowing our competitors use it to our disadvantage.”

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