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Fourth Industrial Revolution, human centric & affordable technology will be game changer for South Asian integration: Tharaka Balasuriya, State Minister of Regional Co-operation, Ministry of Foreign Affairs, Govt of Sri Lanka

Sep 15, 2021

  • Digitalisation will accelerate the global geo-power shift

NEW DELHI, 15 September 2021:  Mr Tharaka Balasuriya, State Minister of Regional Co-operation, Ministry of Foreign Affairs, Government of Sri Lanka addressing the session on Future of India-South Asia 4th Industrial Revolution Partnerships at LEADS 2021, organized by FICCI today remarked that Sri Lanka has been working on improving its computer literacy rates to leverage the Fourth Industrial Revolution (IR) advancements. "There has been a rapid rise in internet usage and computer literacy in Sri Lanka, as per 2019 report stands at 30.1 per cent- It is higher than most South Asian economies," he said.

LEADS is curated as a strategic platform for global leaders from Asia, Europe, Africa, CIS, Americas & the Pacific, to deliberate on the tenets of Leadership, economic Excellence and Adaptability to change and to build on pillars of Diversity and Sustainability.

Mr Balasuriya further mentioned that there is a growing importance of private and public sector in Sri Lanka, and it has addressed the digitalisation need and taken opinion of industry leaders in developing ICT. The Minister noted that network cybersecurity is a key fundamental requirement to build long-term digital trust and Sri Lanka is taking steps towards human skill development and economic agility.

Mr Subhrakant Panda, Vice President, FICCI & Managing Director, Indian Metals & Ferro Alloys Ltd, noted that rapid technological advancements provide manufacturers with great opportunities for growth. Business leaders and global workforce also need to address the challenges associated with global data collection and disruptive and sophisticated cyber threats.

Mr Vikram Doraiswami, High Commissioner of India to Bangladesh said that that digital access is not evenly spread across the region. The affordability of smart devices should be ensured, he added.

Mr Sunjay Sudhir, High Commissioner of India to Maldives noted that the Fourth IR provides a good base for South Asian countries to move forward towards better economic integration. He remarked that India has an edge when it comes to technological advancements in the region and should take a lead.

Mr Manoj Chugh, Chair, FICCI South Asia Regional Council; President - Group Public Affairs & Member of the Group Executive Board, Mahindra & Mahindra Ltd stressed on the need for developing digital infrastructure and knowledge to promote sustainable regional economic growth.

Mr Jashim Uddin, Chairman, Bengal Commercial Bank Ltd & Desh General Insurance Ltd, VC, Bengal Group of Industries, Bangladesh, said that the Fourth IR coincides with the period of Bangladesh's transition towards a developed economy and Bangladesh has already taken active steps towards building the initial architecture necessary for the Fourth IR. He mentioned that the Digital Bangladesh initiative has led to a rapid transformation in digitization and is creating an ecosystem to get on the Fourth IR bandwidth.

Mr Niki Frank, Chief Executive Officer, DHL Global Forwarding, South Asia, India noted that DHL looks at the Fourth IR not only with a focus on technology but in connection with customer experience in the logistics industry.

Mr Nirpa Raj Rai, CEO, NGN Technologies, Bhutan said that there are numerous initiatives, such as various fintech-related activities of Indo-Bhutan bilateral cooperation that can help enhance the future of the India-South Asia Fourth IR partnerships. Mr Rai also mentioned that Bhutan is prioritizing on affordable and faster connectivity but needs to focus on digital literacy and human capital in ICT.

Ms Rekha Anil, Global CSS Leader, Microsoft, India remarked that there is a need for innovation, human centric development with focus on inclusivity in the Fourth IR domain. She mentioned that technology professionals and industry bodies need to invest time to learn. She noted that for South Asia to be the innovation hub, platforms should reach all. She cited the example of Apollo, which with Microsoft tech rolled out to transform last-mile delivery of health services in India.

Mr Sandip Datta, IBM Sterling Supply Chain Country Leader, India & South Asia, IBM remarked that cheap labour is the biggest commonality in the South Asian Countries, which can be utilised to integrate the region in Fourth IR. He noted that technologies are moving from offshore to near shore, closer to the customer. An atmosphere should be created where all the industry members in the South Asian countries can come together and utilize the latest advancements taking place in manufacturing, he said.

Mr Prabhjeet Singh, President-India and South Asia, Uber, India remarked that technological solutions can help the region leapfrog in economic development. He also noted that technology will digitise mobility in the future making it more useful and economical.

The session was concluded with the following key outcomes:

  • The Fourth Industrial Revolution provides a great opportunity for sustainable regional economic growth and business value chains.
  • Skilled Labour arbitrage is the biggest commonality in the South Asian Countries, which can be utilised to integrate the region in the Fourth IR.
  • Industry needs to focus on human centric technology development and upskilling its human capital for the Fourth IR to thrive in the region.

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