The International Monetary Fund has predicted that Thailand’s economy will grow by 3.7% in terms of real GDP in contrast with the global economic slowdown.
In its latest world economic growth projections released last month, the IMF said Thailand was one of two nations in Asia that can be expected to grow in real GDP terms both this year and next. The other country is China.
According to IMF, Thailand’s projected real GDP growth for 2022 is 2.8% and 3.7% for 2023.
The IMF report said the cost-of-living crisis, tightening financial conditions in most regions, Russia’s invasion of Ukraine and the lingering Covid-19 pandemic all weigh heavily on the outlook. As a result, it has forecast a global slowdown from 6% in 2021 to 3.2% in 2022 and 2.7% in 2023.
The report noted that Thailand’s unemployment rate for this year and next is at merely 1%.
Kristalina Georgieva, IMF’s managing director, said at the Apec Summit in Bangkok on Saturday that the economies of most Apec members would slow down and a third of the world will enter an economic recession.
She said the US, China and European Union economies will slow down at the same time, which will affect the export markets of new-world nations because the three are the main driving forces for global economies.
The Thai government worked hard to promote its so-called BCG (bio-circular-green) Economy Model during Apec 2022 despite strong opposition from some environmental groups.
Thailand also managed to secure consensus from leaders of the 21 member countries to adopt the “Bangkok Goals on BCG Economy” as they wrapped up their meeting on Saturday. The BCG concept was introduced by the research community and promoted by the government as a new economic model for inclusive and sustainable growth. The model apparently capitalises on Thailand’s strengths in biological diversity and cultural wealth, and employs technology and innovation to help transform the economy into a value-based, innovation-driven one. The model also conforms to the United Nations’ Sustainable Development Goals (SDGs) and is also intended to align with the sufficiency economy philosophy. The sufficiency economy philosophy is also the key principle of Thailand’s social and economic development.
The government adopted the BCG economic model as the 2021-2026 “national agenda” with the goal of boosting the country’s gross domestic product by 1 trillion baht within that period. According to the National Science and Technology Development Agency, the BCG model focuses on promoting four key industries – agriculture and food; medical and wellness; bioenergy, biomaterial and biochemical; and tourism and creative economy. Science, technology and innovation will be employed to enhance the capacity and competitiveness of players in the value chain, both upstream and downstream, in the four industries, coupled with innovative policy and supportive legal and financial measures. The four industries currently have a combined economic value of 3.4 trillion baht, accounting for 21% of Thailand’s GDP. The BCG model is expected to raise this economic value to 4.4 trillion baht, or 24% of GDP, by 2026. However, some environmental groups have voiced concerns. Penchom Saetang, director of Ecological Alert and Recovery – Thailand (EARTH), warned that the amount of toxic waste imported to Thailand for recycling would hit dangerous levels if members of the Asia-Pacific Economic Cooperation (Apec) adopted the BCG economic model. Greenpeace Thailand director Tara Buakamsri also warned that adopting the BCG economic model would only make large capitalist groups in Thailand even stronger, further widening the wealth gap.
Revolutionising Financial Reporting in the Digital Age
SATURDAY, NOVEMBER 19, 2022
Finance and Accounting team, if you ever happened to discuss what they have been suffering from their work so far, one of the most frequently mentioned issues will certainly include a painful report production process.
Repeatedly, month after month, to serve such standards and business and executive requirements, the FA people need to dedicate their time and motivation in preparing numerous spreadsheets and presentations with numbers, charts, and relevant footnotes and narratives. The process involves efforts of data gathering, manipulation, and spreadsheet gymnastics, which can consume days to weeks to produce the usable outcomes. Based on the survey of 600 global finance leaders conducted by Deloitte, it was found that companies surveyed spent 48% of their time creating and updating reports, whilst they spent only 18% of their time interacting and communicating with the business perspective (See Figure 1).
Figure 1: How finance teams spend their time
Source: “Developing insightful management reporting: Opportunities and challenges for CFOs” Deloitte UK.
More than ever, especially after the COVID-19 pandemic, businesses currently require greater support from holistic reporting in decision-making process to strengthen themselves or at least survive the upcoming crisis. Though many companies have strived to reduce time in generating reports and enhance ability to get insights more quickly by standardising reports into those ones which are necessarily required, there is still a huge room for improvement in response to the dynamically changing business requirements. We can see that the trend is shifting from periodic reporting-monthly, quarterly, and annually to a more real-time-insights manner for off-cycle reporting. Further transformation entails the interaction between working people and reported information which will replace static data merely displayed in the system or printed on paper. Underlying these mentioned characteristics, the key driver for changes lies on emerging intelligent technologies which will not only remove laborious work but also improve the user experience.
Embracing digital tools could have been one among alternatives for FA people to reshape their work life by speeding up report production process. Little by little, some companies have started implementing such tools as point or end-to-end solutions, while many are still hesitating to transform themselves. Yet, it is quite surprising to learn that many organisations are still relying on traditional ways to compile data from sources and produce into reports despite the prevalent handful technologies, such as automation, advanced analytics, machine learning, presence nowadays. Perhaps one of the factors that delay the decision to do so is just basically that the management do not know how to push the start button. Here are some tips we would like to share:
Organise your data. Because your report quality will certainly depend on the quality of your data, somehow you will need to redesign the way to manage your finance and enterprise data prior to the adoption of those digital reporting tools. This could involve implementing data platforms that can develop gradually to support structured and unstructured data or cleansing your data to avoid ‘Garbage-in, Garbage-out’.
Gain buy-in from the C-Suite. We know that the first mover role here should belong to CFO since the issue was raised from FA side. Nonetheless, it is also crucial for the CFO to bring these ideas to the entire C – suite. If other leaders support technological innovation in finance, it can also help the business to further adopt the innovation and apply to other functional processes to make the most of their capabilities.
Focus on the user experience. Early in your journey, explore “what-if” questions with key users. Ask them how they might use information differently if their reports were more intuitive, more visual, and more proactive. Build in formal and informal mechanisms for generating feedback. These actions make sure you put technologies in the right place and right way.
Take small steps. Just try applying solutions to specific segments or functions first. You do not want to make a huge investment at a time to find it hurts the most when things are not going well as you have dreamt of. Look for high-impact use cases to build a base of advocates. For many firms, sales reports can be a good choice to start with. Make sure you pilot with a range of potential users who will become your champions. Then you can span the full range of usage among those who will eventually adopt the technology.
Reassure your people. Workforce disruption is inevitable for companies trying to adopt automation or digital tools. Since some more routine and laborious tasks may be obsolete when new technologies take place, make sure you have plan to build new talents and skills for your people to cope with the changes. Work with employees to make the most of their human skills, empowering them in new roles that rely on high-level analysis, relationship-building, and creativity.
Reimagine your people. Start thinking about your people in future conditions. What types of skillsets you will need? Be aware that, with the handful digital tools armed in your company, the time allocation of the finance workforce will shift toward analysis, prediction, and decision support. Thus, in collaboration with your HR team, make sure they understand this so that you will get the right persons at hand.
Finally, let us imagine how life would be much easier if there is a personal assistant helping you gathering data and composing the first draft of all reports, or the chatbots that can retrieve insights you need to know without diving in all sources of data by yourself. Now you can focus on the value-added activities.
By Vichai Suknaibaiboon, Partner at Deloitte Thailand
Siam Piwat joins forces in APEC 2022 to drive sustainability to the economy, society, and environment, bringing pride to the Thai nation
FRIDAY, NOVEMBER 18, 2022
Bangkok (November 18, 2022) – Siam Piwat Group is a leading property and retail developer, owner of global destinations including Siam Paragon, Siam Center, and Siam Discovery, and a joint-venture partner of ICONSIAM and Siam Premium Outlets Bangkok.
As an Official Communication Partner of the 2022 Asia-Pacific Economic Cooperation Summit (APEC 2022), Siam Piwat is joining forces to welcome delegates from 21 economies members and members of the press around the world. The partnership is a great opportunity for Siam Piwat to support the Thai government and be a part to reaffirm confidence towards Thailand, which pave ways to increasing investment and business opportunities, especially in tourism and hospitality businesses.
To welcome delegates from around the world, Siam Piwat is showcasing its business approach to sustainability at APEC Showcase Green Press Center, Queen Sirikit National Convention Center from November 14-19, 2022. Through the concepts “the Universe of Value,” “Shared Value,” and “Co-creation,” Siam Piwat has delivered experience beyond expectations both on physical and digital platforms, creating an ecosystem to achieve mutual success as part of its “Collaboration to Win” strategy and fostering sustainable value in every process and business operation to create mutual growth for the people, the environment, and economy.
Within the APEC Showcase Green Press Center, Siam Piwat’s showcase’s most prominent feature is a golden woven structure reminiscent of APEC’s Chalom logo, or a woven bamboo basket with the information displayed on a large 360o digital screen recounting the achievements and successes of Siam Piwat over the past 63 years as a developer of world-class destinations that have accomplished a global top-of-mind position among the public, customers, and business partners. The booth also delineates Siam Piwat’s business philosophy in fostering mutual growth sustainably in line with APEC 2022’s main theme “Open. Connect. Balance.”
Siam Piwat’ s booth also features demonstrations of Thai handicrafts from ICONCRAFT and Sook Siam that reflect the Thai identity. Held in collaboration with communities and various sectors, featuring different Thai arts and craft each day.
On November 16, 2022, ICONSIAM was honored to co-host and be the venue for the Welcome Reception for the APEC CEO Summit Thailand 2022. Attendees discovered the impressive experience where the river-front River Park area was transformed into a courtyard with Traditional Thai dance performance and puppet theatre show which is a cherished cultural heritage of Siam. Participants also enjoyed the taste of traditional delicacies from four regions of Thailand, emphasizing food as one of the country’s key ‘soft power.’ Featured also were Thai Arts and crafts demonstrations.
On November 17, 2022, Siam Paragon was chosen as the venue for Gala Dinner, to show appreciation for over 1,000 delegates of APEC CEO Summit Thailand 2022. A special evening was held at Royal Paragon, 5th floor, Siam Paragon, which was beautifully designed as a banquet venue under the theme of “Connect the World.” The participants were greeted by performers of Khon which is a national performing art heritage. Showcased also were traditional Thai arts and crafts such as exquisite fruit carving, garland making, khon mask panting, potpourri making. The delegates also enjoyed the taste of authentic Thai food and magnificent performances.
Hosting APEC 2022 is an important agenda of Thailand and Siam Piwat Group is proud to be a part of this major event, presenting Thai identities to the world, delivering great impression and marking Thailand as a global destination – a must-visit and top-of-mind destination for people all over the world.
Thailand’s BCG model couples economic recovery with sustainability
SATURDAY, NOVEMBER 19, 2022
At the policy dialogue “Understanding the BCG Economy Model for Strong, Balanced, Secure, Sustainable and Inclusive Growth in the Asia-Pacific” organized in February, APEC 2022 host Thailand welcomed economies of APEC to exchange ideas on how applying the Bio-Circular-Green (BCG) Economy model could foster sustainable development for the region.
“BCG” was introduced by Thailand to APEC this year as a post-pandemic growth strategy combining science, innovation and technology for efficient resource usage, waste reduction and ecosystem maintenance.
According to the National Science and Technology Development Agency, the Bio-Circular-Green Economy model was conceptualized by Thailand’s government as a strategy directed toward economic and social recovery after the COVID-19 pandemic.
Aligned with the Thailand 4.0 aspiration, BCG was also created to enhance Thailand’s commitment to the United Nations Sustainable Development Goals (SDGs).
The model emphasizes applying science, technology and innovation to make the most of an economy’s biological and cultural advantages. For Thailand, these competitive advantages span agriculture and food, wellness and medicine, energy, materials and biochemicals, and tourism and creativity.
The Bio component of the model concerns the production of renewable biological resources and their conversion into products of value. Within the Circular Economy, businesses and consumers reuse and recycle resources. In a Green Economy, the economy, society and the environment are in balance and are conducive to sustainable development.
Differing from traditional economic models, BCG targets economic progress that is also balanced by promoting sustainability of biological resources, strengthening communities and the grassroots economy, enhancing sustainable competitiveness for relevant industries, and resilience to global changes.
Put into practice in 2021, BCG has already empowered Thailand to turn several challenges into opportunities. Amid falling global food prices, BCG allowed Thailand to increase the value of its agricultural produce and returned it to the path of becoming the “Kitchen to the World”.
Similarly, BCG adoption in the medical and wellness sector created a prime opportunity for Thai businesses during the pandemic, when world trends turned to natural and sustainable health products.
With the 2021-2027 BCG Action Plan, Thailand has provided a blueprint for implementing BCG that is ready to adopted by APEC economies, so that they may also achieve sustainable economic prosperity.
Baht opens higher on Friday but downward pressure mounting
FRIDAY, NOVEMBER 18, 2022
The baht opened at 35.85 to the US dollar on Friday, strengthening from Thursday’s close of 35.91.
The Thai currency will likely move between 35.75 and 36.00 against the greenback during the day, Krungthai market strategist Poon Panichpibool said.
Poon cautioned that downward pressure on the baht was rising as the market goes risk-off, which is prompting the dollar to strengthen.
Foreign investors are also selling more Thai stocks, bonds and currency, which could trigger pressure on the baht to weaken in the short term, he added.
Moreover, the falling gold price might add drag to the Thai currency as investors if it nears the support level and attracts more buyers.
Poon estimated the baht’s resistance level at 36 to the dollar.
He also advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.
Ho, Ho, Ho in Hua Hin! The Standard gears up for a festive season by the sea
THURSDAY, NOVEMBER 17, 2022
Swap white snow for golden sand and get ready for an action-packed calendar of activities this Christmas and New Year, including fabulous feasts, immersive events and uplifting parties!
Hua Hin, Thailand, November 2022: Ho, ho, ho… hang up your stockings and hear the sound of sleighbells because the holidays are coming to Hua Hin! This festive season, The Standard, Hua Hin, the stylish Thai resort where chic beach vibes meet mid-century style, is bringing Christmas and New Year to the beach with a full calendar of upbeat activities and experiences, from fabulous feasts to playful parties.
The fun starts on 17th December when The Standard, Hua Hin switches on the lights – and the style – with “Get Lit”, the resort’s official Christmas lighting ceremony, including celebratory snacks, creative cocktails, a jazz trio band and inspiring illuminations in the tropical gardens.
Listen out for Santa and get ready for “An Eve You Won’t Believe” on 24th December, with a bountiful buffet dinner at the Lido! This amazing evening will be packed with international dishes, live jazz music by May Fonpa, and of course, great company. To get the party started, you can also choose from a selection of free-flowing beverage packages including wine, Singha beer and soft drinks.
On 25th December, gather the most precious people in your life to Praça, our beachside heritage house and Thai izakaya, for “A Truly Thai Christmas”! This local twist on tradition includes perfect platters of the finest seafood, imported oysters and chilled wine, while our resident DJ spins a live set by the beach.
The last night of 2022 is nearly here, so make it an occasion you’ll never forget at The Standard, Hua Hin, with our sparkling New Year’s Eve parties! Join us by the beach at Praça, where you can “Party in Paradise” with plates of freshly-shucked oysters and free-flowing drinks, as we light up your night with colourful cocktails, uplifting tunes and live DJs. Or why not head to the Lido for “A Happy Ending”, an extravagant end-of-year buffet dinner featuring a raw bar, sizzling BBQ, cheese platters, sweet treats and more, with festive decorations and live music from our band, Snoww Mink.
Then fling off your shoes and get ready for “The Final Countdown” as we stage one of The Standard’s legendary pool parties! With a spectacular LED drum show by Ampper Group, live sets from DJ Pichy and DJ Heartbreakkid, poolside cocktails and more, this will be a night that stimulates the senses and sets pulses racing!
Need a natural boost to kickstart the New Year? Shake off your party head and join us at The Surf Club on 1st January 2023 for “Wave Hello”, an afternoon surfing or kayaking session, or soothe your soul with “Sounds Divine”, a serene singing bowl workshop hosted by local experts the Gym Deck. Then celebrate the start of this bright new era in style with “Fancy Firsts”, a fantastic New Year’s Day feast at Praça. Tuck into a fresh seafood platter, imported oysters and bottle of wine or enjoy free-flow drinks.
To check out the full calendar of holiday season happenings, including all the timings and prices, and to reserve your place prior 10 December with special early bird offers, please visit: www.standardhotels.com/hua-hin/happenings/ho-ho-ho-in-hua-hin.
“What could be better than spending the most wonderful time of the year in a beachfront paradise? At The Standard, Hua Hin, we’ve created a glittering line up of festive events and activities – including our legendary pool party – so everyone can celebrate Christmas and New Year in style. We can’t wait to welcome our fun-seeking friends and families to Hua Hin this holiday season,” said Mai Vejjajiva Timblick, Chief Creative Officer.
Nestled directly on Thailand’s glittering Gulf coast, just a short drive from Bangkok, The Standard, Hua Hin offers 199 rooms, suites and villas, chic dining venues, social hubs and world-class wellness, all surrounded by lush gardens and mid-century design. The resort also stages a series of cultural “Happenings”, from wellness weekends and artistic escapes to pool parties, live concerts and more.
The Standard hotels are present in the most desirable of destinations, from Miami Beach to the Maldives, London to New York, Hua Hin to Bangkok. A haven for curious explorers, The Standard, Hua Hin was ranked as the #1 resort hotel in Southeast Asia – and the #35 best place to stay in the world – in the prestigious Travel + Leisure World’s Best Awards 2022! It was also named on Condé Nast Traveler’s “Hot List” for 2022, a highly exclusive selection of the world’s most exciting new hotels.
Connect with the hotel via: Facebook: The Standard Hua Hin Instagram/Line: @thestandardhuahin Web: www.standardhotels.com/hua-hin
With “Above the Ocean” strategy, Siam Piwat is rising above all changes and moving forward with stability and sustainability
THURSDAY, NOVEMBER 17, 2022
Throughout over 63 years of business in Thailand, Siam Piwat has overcome all sorts of crises especially at Siam – the fiercest battlefield of commerce and much more.
Siam Piwat has been able to lead its partners and retailers out of each plight through the years. Even during the COVID-19 pandemic, in which it was no less impacted than any other business, the Company parlayed the extensive experience it had amassed over the years into a toolset that enabled it to triumph over the crisis with grace.
While steering a business through hardships is already in a challenge for an executive in and of itself, changing the game to future-proof the business is an even bigger challenge. Yet, Siam Piwat Group’s chief Chadatip Chutrakul has proven herself as a leader time and again, having helped the business swiftly regain profitability when hit by a crisis, including the recent COVID-19 pandemic.
Ms. Chadatip Chutrakul, Chief Executive Officer of Siam Piwat Group, a leading real estate and retail developer, the owner and operator of world-renowned properties, such as Siam Paragon, Siam Center, and Siam Discovery, and a joint venture partner of ICONSIAM and Siam Premium Outlets Bangkok, said that the COVID crisis has been a great learning experience. Thanks to the experience it has gained from previous crises, coupled with a decisive move to quickly restructure the organization, Siam Piwat has been able not only to cope with the challenge but also generate more revenue in the first nine months of 2022 than in the same period of 2019, pre-COVID level despite the absence of foreign tourists.
Through the years, Siam Piwat’s mission is not to be the number one in terms of the number of shopping centers or the largest market share in terms of area. Rather, Siam Piwat adopts a four-pronged Top-of-Mind strategy to ensure its resilience. The strategy consists of the following:
1. Top-of-mind among people: Siam Piwat seeks to establish top-of-mind awareness not only among Thai people but across the world. This goal is well within reach as Siam Paragon is the sixth most checked-in place in the world on Facebook and the world’s most checked-in location on Instagram, not to mention that all Siam Piwat’s shopping centers have been voted by tourists in various countries as their favorite destinations.
2. Top-of-mind among retailers: Siam Piwat is committed to its duty of ensuring the continuous success of ten thousand retailers across its shopping centers. As a testament, Siam Piwat has successfully generated astounding foot traffic, bringing in over 100 million visitors per year, more than 25 million of whom are tourists. Thanks to this, many brands with branches in Siam Piwat’s properties have achieved the country’s top sales, while international brands have similarly been able to push their sales into the world’s top 10.
3. Top-of-mind among business partners: Siam Piwat’s shopping centers not only sell products but also serve as a branding platform. Through the years, Siam Piwat has fostered relationships with various partners and joined hand with both government agencies and private sector to develop new business models to co-create and deliver to customers experiences beyond expectations.
4. Top-of-mind in the world: As shopping centers serve as magnets that strengthen Thailand’s position as a shopping paradise and its ability to attract visitors from across the globe, Siam Piwat strives to build properties that can rival other major projects around the world in order to earn acceptance across the global shopping mall business and curate a positive reputation for Thailand. Siam Piwat’s shopping centers have won over 40 top awards across various categories from world-class organizations – a phenomenal achievement thus far unattained by any other shopping center in Thailand or Asia.
“We do not have shopping centers in different provinces or nationwide; we have only four shopping malls and one luxury outlet mall, but all of them have been named winners at a global level by various world-class organizations and associations for, among others, innovation and design, revolutionizing the retail industry, marketing and generating world-class experiences, best support for SMEs, green leadership, sustainable development, and developing the world’s most desired destinations. All of these awards underline Thai people’s capacity, and today, many shopping center developers from different countries are seeking to come and learn from us.”
“Our business goal is not just profit. We seek to build relationships with retailers and partners that transcend time. A life reward for our employees is getting to create a second home for our customers and fulfilling their wishes and experiences to the best of our ability in every situation as well as creating a platform that fosters success for our retailers and partners. Thanks to these strategies and missions, we have been able to grow our sales by five times over the past seven years and increased the number of our subsidiaries from 32 to 48. Even amid the COVID-19 pandemic, we were able to launch Siam Premium Outlets Bangkok, Thailand’s first-ever luxury outlet mall, in mid-2021 and successfully developed a new digital platform ONESIAM SuperApp in only 13 months,” said Ms. Chadatip Chutrakul.
While many organizations are still grappling with post-covid challenges, Siam Piwat has already drawn up new strategies.
Siam Piwat’s CEO added that 10 years ago, the company foresaw a possible disruption from digital evolution and thus began to shift its strategies for every shopping center towards creating value, developing fresh experiences that would speak to people, and fostering emotional engagement through emotional marketing. Siam Piwat also initiated a digital transformation internally as well as completed its data bank development in early 2022. Thanks to these efforts, the company was well-equipped to handle the COVID-19 pandemic and able to quickly develop a digital platform to serve its customers. Moving forward, Siam Piwat is looking to change the game with the concept Rise Above and Beyond, where it creates new strategies that will enable it to rise beyond all of its previous achievements, rise above all changes in the world, positive or otherwise, and ultimately rise above all challenges.
Siam Piwat’s next step is to shift from the Blue Ocean Strategy to the Above the Ocean Strategy, where it rises above all changes, takes a step back and views the business in a new context, tears down all old limitations, and innovates new things from its existing value without any limitations. Under this new strategy, Siam Piwat will operate without competitors and work hand in hand with partners to build an ecosystem to amplify its success and sustainability and create a world without frontiers filled with opportunities in every dimension.
Siam Piwat’s next move under the Above the Ocean Strategy is to expand its value creation initiatives into a universe of value by:
1. Creating a sharing economy through ONESIAM SuperApp and VIZ COINS
2. Co-creating experiences beyond expectations both through physical and digital platforms to expand the offerings and cater to global citizens
3. Collaborating to win by creating an ecosystem of success in collaboration with existing 50 partners across 13 industries
4. Fostering sustainable value in every process to create mutual growth for all involved, as well as the public, the environment, and economy; redefining and pioneering new businesses whether in the form of products, services, or platforms to create access to a better quality of life without leaving anyone behind; as well as contributing to restoring the environment and passing on a better world to posterity.
“Siam Piwat’s Above the Ocean Strategy will enable us to foster mutual growth sustainable with every sector, create a positive net impact for the public and the environment, and play a part in helping Thailand achieve greatness on the global stage,” concluded Chadatip.
Sustainable development a challenging balancing act, speakers at Apec CEO Summit say
THURSDAY, NOVEMBER 17, 2022
Maintaining a balance between the economy, society and environment is a challenge towards sustainable development, Peru’s First Vice President Dina Ercilia Boluarte Zegarra said on Thursday.
She was speaking during the session on “Building Sustainable Economies, Businesses and Societies” at the Asia-Pacific Economic Cooperation (Apec) CEO Summit being held at Athenee Hotel in Bangkok.
She said Peru is working on maintaining the balance between the three dimensions to prevent damage to the next generation, secure needs for the future and protect the environment.
On tackling inequality, she said Peru is working alongside the private sector and fostering partnership with foreign investors.
Given its high index of poverty, the country has developed social programmes to promote social inclusion, she added.
“Growth has to be with humans at its core,” she said.
Chile’s President Gabriel Boric said balancing immediate needs with long-term ones are necessary for sustainable development.
He said democracy is a solution for balancing immediate needs as it can help build confidence among people and drive the country forward.
“Protecting and improving democracy, in my opinion, is the key to sustaining the people’s well-being,” he said.
Despite a stable economy, technologies, resources and renewable energy, he said it would be meaningless if there is no equal society.
“We need social reform, otherwise we will have social problems,” he said.
Suzanne Gaboury, director-general of Asian Development Bank (ADB)’s Private Sector Operations Department, said the private sector should take a role in driving the economy towards sustainability.
She added that ADB is offering financial assistance to enable the Asia-Pacific region to become prosperous, inclusive, resilient and sustainable.
“There is a need for the private sector to come in for ideas,” she said.
Mitsubishi UFJ Financial Group (MUFG) president and CEO Hironori Kamezawa said digital transformation, sustainability and culture are three big topics for CEOs in these changing times.
He urged private banks to provide support for sustainable finance to enable CEOs to achieve their ambitious goals.
“We need innovation in sustainability-linked finance to help incentivise customers to reach goals,” he said.
‘Winning trust and mutual cooperation key to cope with current challenges’
THURSDAY, NOVEMBER 17, 2022
Nongluck Ajanapanya
Rebuilding mutual trust is one of the most essential tasks for surviving current challenges and thriving for long-term sustainability, a group of leaders and experts said at the Asia Pacific Economic Cooperation (Apec) CEO Summit.
The unanimous opinion was expressed during an open forum discussion led by Ferdinand Romualdez Marcos Jr, president of the Philippines, Robert E Moritz, global chairman, PricewaterhouseCoopers (PwC), and Klaus Schwab, founder, and chairman of the World Economic Forum (WEF).
They discussed “The Global Economy and the Future of Apec”, which primarily provided the audience with an overview of the current economic situation in the global and Asia-Pacific region, as well as the challenges that exist and how to move forward.
Climate change, supply chain disruption, and food security are the most pressing issues to address, according to the Philippine president, the chairman of PwC, and the WEF chairman.
Although each country prioritises those issues differently depending on its context, finding long-term solutions requires mutual cooperation.
“To get the best trust is to perform what you have said,” the leader of the Philippines stated, adding that in the political sphere if a leader wants to build trust, they must demonstrate by doing it.
Moritz advised everyone to pay close attention to what the other person is saying so they can all understand and reduce the chance of misinterpretation.
All of the pressing issues that they raised on stage are already on the agenda of many summits around the world including Apec CEO Summit 2022.
They are also the driving force behind this year’s summit concept of finding the right solution to address issues in the short term while also assisting each country in seamlessly transitioning to a more sustainable way with the help of digital technology.
In addition to rebuilding trust, Moritz advises countries to support people’s development and improve the country’s database.
“The database will not only allow us to make better and faster decisions, but it also will describe and enable the journey on how they will adapt for the future in order to gain public trust,” Moritz explained.
The Philippines’ president then concluded that the world needed peace and harmony right now. He noted that prosperity cannot exist in the world without peace.
The two-day Apec CEO summit brings together Asia’s top business leaders for discussions with Apec economic leaders, policymakers, academics, and CEOs. The summit is being held on November 17-18, at Athenee Hotel in Bangkok.
Source: “Developing insightful management reporting: Opportunities and challenges for CFOs” Deloitte UK.
SootinClaimon.Com 