Justin Wood, Head of Regional  Agenda - Asia Pacific and member of the Executive Committee of the World Economic Forum (Photo: VNA)

Geneva (VNA) – Vietnamand other countries at the same level of development should no longer see cheaplabour as a strategy to maintain competitive edges in the market, said Justin Wood, Head of Regional  Agenda - Asia Pacific and memberof the Executive Committee of the World Economic Forum. 

He made the remarks in a recent interview granted to VietnamNews Agency correspondents in Geneva, Switzerland, on the threshold of theWorld Economic Forum on ASEAN (WEF ASEAN) scheduled to take place in Hanoi fromSeptember 11 to 13. 

Seeking newcompetitive advantages in the era of modern technology is a major policy issuefor Vietnam and ASEAN at large as cheap labour is no longer a feasible strategy,he said.

Mentioning the WEF ASEAN 2018, Wood said the WEFhad signed with the Government of Vietnam an agreement on the organization ofWEF ASEAN since January 2017.

Such an important event needs a great deal of timefor preparation, he said, adding that one important work was to decide its theme“ASEAN 4.0: Entrepreneurship in the fourth industrial revolution”.

This year’s WEF will feature 53 sessions, hesaid, adding that more than 900 participants are due to join the forum,including delegates from the public, governmental, private and civil societysectors as well as entrepreneurs, experts, and policy makers from over 40countries.

It is expected to welcome over 90 governmentalrepresentatives, and eight Presidents and Prime Ministers.

With the theme of “ASEAN 4.0,entrepreneurship and the Fourth Industrial Revolution,” this year’s WEF willfocus on the significance of the Industry 4.0 to the 10 ASEAN member countries,seeking answers to the questions of how changes brought by the Industry 4.0should be understood and what actions ASEAN leaders should take.

Wood stressed that the Industry 4.0affects all countries in the world, from the richest and most modern to thepoorest and least developed. However, new technologies will bring aboutdifferent impacts in different countries, which is the subject of study.

ꦐThe era of new technologies has posedmajor policy questions, and the upcoming WEF-𝓰ASEAN will provide an opportunityto discuss and understand better the steps to be taken next, the WEF officialsaid.  

The WEF was establishedin 1971 as a non-profit foundation and is headquartered in Geneva, Switzerland.The forum engages the foremost political, business and other leaders of societyto shape global, regional and industry agendas.

Founded in 1967, the ASEAN groups Brunei,Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singa꧑pore,Thailand and Vietnam.-VNA