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ERIA Participates in the First Asia Europe Economic Business Forum

24 November 2021

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Phnom Penh, 24 November 2021: The first Asia-Europe Economic and Business Forum (AEEBF) was held on 24 November 2021, on the sidelines of the 13th ASEM Summit in Cambodia. Professor Hidetoshi Nishimura, President of the Economic Research Institute for ASEAN and East Asia (ERIA), participated in the AEEBF as a speaker on the panel: ‘The Resilient 4th IR for Asian and European Trade Synchronicity amidst Global Pandemic’. The session consisted of four other panellists, namely, H.E. Dr CHEA Vandeth, Minister of Posts and Telecommunications of Cambodia, H.E. Mr Oleg NERETIN,  Director of the Federal Institute of Industrial Property of the Russian Federation, Dr Norbert CSIZMADIA, President of the Board of Directors at Pallas Athene Geopolitical Foundation, and Ms Tuuli Pärenson, Chief Executive Officer, Gofore Estonia Digital Industries.

In his intervention during the panel, Prof Nishimura said, ‘In developing Asia, the incremental technological innovations have occurred for the past several decades. ASEAN is the most advanced area which has developed the regional production networks in the so-called, ‘Second Unbundling’. Developing Asia requires both – an incremental approach to step-by-step industrial innovation, as well as a disruptive innovation to participate in the Industry 4.0 and new digital economy, which have abruptly arrived in developing Asia.’

Prof Nishimura also mentioned that under Industry 4.0, the Internet of Things, and labour-intensive processes should collaborate together, as variations in the types of products and human-machinery collaborations will be dramatically increased. Therefore, instead of the unnecessary stock-related work, new and innovative job creation will continue. Digital literacy, such as skill training and education, is important for jobs in Industry 4.0.  The nature of manufacturing will undergo a change in Industry 4.0 although greater input of services in manufacturing will take place in Industry 4.0.  Conventional industries, such as agriculture, fisheries, horticulture will also become advanced from the feedback effects of communication technology.

The report of the AEEBF was presented to the Asia-Europe leaders in the 13th ASEM Summit held in Phnom Penh and virtually on 25-26 November 2021. 

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