Key Take Away from the Annual Meeting of the New Champions 2023
Last week, Our CEO, Piyachart (Arm) Isarabhakdee was invited to become a speaker and participate in the Annual Meeting of the New Champions 2023, the World Economic Forum Summer Davos, in Tianjin, People’s Republic of China. Under the theme of “Entrepreneurship: The Driving Force of the Global Economy,” the meeting revolved around the need to provoke new momentum of entrepreneurship and innovation across economies to bring about a more equitable, sustainable, and resilient global economy. As the 2nd largest annual event convened by the WEF, the meeting aims to shed light on the global challenges and opportunities, and the outcomes from this year's meeting included 5 thematic topics as follows.
1. REWIRING GROWTH
At a crucial time for the global economy, rewiring global growth is to reconnect across geographies, entities, and sectors, rebalance between performance and pursuit of sustainability, and restore trust after fragmentations. Various sessions heavily discussed the public-private partnership (PPP) as the key driver for predictable and secured trade in this uncertain era. Not only does the PPP highlight more collaboration than competition, but it can also be utilized to promote green, inclusive, and sustainable development at scale. To overcome the global economic decoupling and conflict, countries, either in superior or inferior positions, must recognize that the world cannot afford the impact of those geo-economic tensions, cybersecurity attacks, and the global agenda of climate change. Restoring trust can be an absolute solution for both risk mitigation and growth opportunities optimization.
2. CHINA IN GLOBAL CONTEXT
As Asia is set to drive the global economy at 70% of the total growth contribution this year, China has returned to the global economic landscape and reclaimed its promising role in driving growth and sustainable development through the Belt and Road Initiative, the scale-up clean energy, and the advancement of communication technology. With more than three-quarters of the world’s countries participating in this mega project, the Belt and Road Initiative aims to tackle challenges for humankind and enhance connectivity across regions, along with the ambition to stimulate green development and investment. While e-commerce in China has seen creating real-time interaction and cutting-edge performance, the integration of People and Planet is also outstanding, ranging from having the largest market share of EV batteries in the world to developing robots as a helper for the elderly and the disabled.
3. SAFEGUARDING NATURE AND CLIMATE
Gone are the days of scattered goals and implementations. The actions toward natural preservation have become more streamlined and impactful as stakeholders began to realize the interconnectedness of the value chain and join hands for GREATer outcomes, covering agriculture, land and water use, and commodities to supply chain, logistics, and aviation. Most collaborations rely on the power of new technologies and innovation, for example, hydrogen and battery electric flight and sustainable infrastructure in the airport business, data-driven approaches to regenerative land and water use in the agriculture sector, and methanol-powered vessels adoption in the shipping industry.
4. DEPLOYING INNOVATION
As innovation grows at both speed and scale, the question is, “What’s next” for deploying limitless technologies? Although generative AI and AI-driven solutions are the top-ranking emerging technologies of 2023, it remains skeptical that they might pose risks and increase data vulnerabilities. The public-private collaborators have raised concerns over the limitless potential of generative AI and sought frameworks that can extract more benefits than drawbacks. The medical and healthcare service is highly advanced and has the most innovations reported, such as skin-electronics and human-machine interfaces that could enable sectoral transformation.
5. POST-PANDEMIC CONSUMERS
The pandemic has set people apart physically, while on the other hand, it ties the digital community tighter than ever so that lives after the pandemic are completely changed. One of the most obvious changes in the post-pandemic is the innovation in trade finance aal payment that can be interpreted as both the risk of consumer data protection and the development toward interoperability and frictionless transactions. In addition, the emergence of stablecoins and blockchain technology is revolutionizing the payment system, enabling instant global transactions. Apart from the digital finance sector, healthcare, for both physical and mental health, is also the priority after the Covid-19 era, followed by other disruptive technologies such as the industrial metaverse and super app.
The Annual Meeting of the New Champions 2023 has been concluded with insight into the current business landscape and foresight into the future economic trajectory. These outcomes are another reminder that the organization must be able to capture growth opportunities and mitigate both predictable and unpredictable risks to become future-ready, in addition to generating societal and environmental values.
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