Singapore will focus on the themes of “resilience” and “innovation”, hestressed, adding that with “resilience” means short-term and long-termsolutions to terrorism, security threats and natural calamities while“innovation” features ways to cope with challenges posed by the digitalrevolution, equip ASEAN labourers with necessary skills, and find new momentumfor development.
He also pointed out major challenges faced by the bloc, which has a total grossdomestic product (GDP) of 2.5 trillion USD and a population of 628 million, biggerthan the European Union (EU).
External developments continue to affect ASEAN, including changes ingeo-strategic balance of power and shaky agreements on trade liberation,economic integration and investments among countries, he noted.
The other challenge, he said, is the development speed of technology whichresults in the disappearance of old jobs and creation of new ones. However,workers are yet to have suitable skills.
Accordingly, Balakrishna recommended that governments of ASEAN member statesshould shake up their economies, enhance workforce’s capacity, and improve capacityand skills for their people in order to provide them with new jobs.-VNA