Deloitte and the Asia-Pacific Economic Cooperation
Senior leaders from Deloitte Asia-Pacific are attending the Asia Pacific Economic Cooperation (APEC) CEO Summit in Papua New Guinea, from 15-17 November.
The Asia-Pacific Economic Cooperation (APEC) is the premier Asia-Pacific economic forum, established in 1989 to leverage growing opportunities for further interdependence and integration across Asia-Pacific economies. The APEC CEO Summit is a key opportunity for businesses and government officials to meet and discuss priority policy issues for the region.
Recognizing the importance of the Asia-Pacific region and the Summit’s role in bringing together leaders from business and government, Deloitte is sending a high-level delegation to participate. The delegation includes:
- Cindy Hook, CEO, Deloitte Asia Pacific
- Hitoshi Matsumoto, Chairman, Deloitte Asia Pacific; Deputy Chair, Deloitte Japan
- Philip Tsai, Deputy Chairman, Deloitte Asia Pacific; Chair, Deloitte China
- Benjamin Lee, Managing Partner, Deloitte Papua New Guinea
- David Gruner, Senior Manager, Public Policy, Deloitte Global
- Raj Juta, Partner, Audit and Advisory, Deloitte Singapore
- Lyndel Melrose, Partner, Consulting, Deloitte Papua New Guinea
- Debbie Oli, Director, Audit and Advisory, Deloitte Papua New Guinea
The digital and technological advancements of the 4th Industrial Revolution (Industry 4.0) will have a positive impact on many. However, others will be left behind if they are not prepared for the opportunities offered. Across the Asia-Pacific region, which represents 60% of Global GDP, 50% of world trade, and 2.8 billion people, this dichotomy is playing out.
Set within this environment, the APEC CEO Summit 2018 is based on the theme ‘Inclusion in the Age of Disruption: Charting a Common Future.’ The two-day Summit will include sessions on topics that are top-of-mind for APEC, and indeed across the world. These include, for example: globalization, trade, digitization, inclusive growth, and the workforce of the future.
The Summit is taking place in Port Moresby, Papua New Guinea (PNG). This is the first time that this Oceanic nation, which is made up of the eastern half of the island of New Guinea and additional Melanesia islands, has hosted APEC. PNG has a population of 8.45 million people, and is one of the APEC region’s most culturally diverse – there are 852 known languages in the country – and rural nations. The APEC Summit presents an opportunity for the nation to increase its presence on the international stage.
Preparing the workforce of the future
To better understand the challenges that Industry 4.0 presents to tomorrow’s workforce, Deloitte and the Global Business Coalition for Education have co-authored a new research study. The report, Preparing tomorrow’s workforce for the Fourth Industrial Revolution. For business: A framework for action, examines the skills young people will need in the future, and recommends solutions for business to help them succeed.
In the report, Deloitte and the Global Business Coalition for Education call on the business community to take a more proactive role in preparing today’s youth to ensure they are ready to become the workforce of tomorrow. One of the recommendations made is for businesses to engage more closely with policy makers. The APEC CEO Summit provides an excellent opportunity for Deloitte and others to find new areas of collaboration coordination in address the youth skills gap.
Social Progress Index
Another way that businesses and governments can better realize the opportunities Industry 4.0 affords, is to focus on a more inclusive approach to measuring and quantifying economic growth.
As sponsors of the Social Progress Index, Deloitte believes that it is essential to measure growth not just through economics, but through key performance indicators that ultimately turn economic progress into social outcomes. SPI aligns well with APEC, as its agenda increasingly focuses on drawing out social dimensions that foster more growth and development across a very diverse group of economies.
At its core, APEC is focused on trade. Although the Asia-Pacific trade system has helped its member economies grow by stimulating competition, encouraging technology, providing consumers greater choice, and opening new markets for investment flows, it has not been perfectly organized. APEC recognizes that updates to the trade system are required to adapt global trade to 21st century conditions and disruptions. Deloitte is supporting a positive dialogue on trade, through APEC and other significant international platforms, like the Global Dialogue on Trade, and is contributing insight on what has worked well and what needs to change to restore the balance within the global trading system.