JAKARTA, INDONESIA–During the ASEAN Business and Investment Summit on 04 September 2023, Department of Trade and Industry (DTI) Secretary Fred Pascual highlighted the power of mind-facturing in transforming industries.Thank you for reading this post, don't forget to subscribe!
In his speech, Secretary Pascual stressed, “In transitioning to Industry 4.0, ASEAN must therefore shift from manufacturing to mind-facturing. From strengthening traditional factors of production, we need to galvanize intellectual capital and innovation to maintain and explore new comparative advantages in the world market. Innovation is our catalyst for transformation.”
According to the trade and industry chief, mind-facturing transcends the traditional boundaries of manufacturing by emphasizing the fusion of human expertise and cutting-edge technologies. This also includes empowering human intelligence to envision novel solutions and integrate technologies seamlessly.
The ASEAN Business and Investment Summit is the region’s major annual gathering, bringing together world leaders, ASEAN representatives, and other relevant stakeholders to discuss the region’s most pressing issues. The forum discussed and explored ways to ensure that the benefits of ASEAN’s thriving economy are shared equally and sustainably by all member states.
In his speech, Secretary Pascual presented the Philippines’ Industrial Strategy, which is rooted in Science, Technology, and Innovation (STI). He cited six strategic actions aimed at fostering an inclusive and sustainable transformation that includes (1) Embracing Industry 4.0; (2) Upskilling and Reskilling the workforce; (3) Innovating MSMEs and Startups; (4) Pursuing Investment Synergy; (5) Ensuring Regional Development; and, (6) Enabling Infrastructure.
Further, the DTI chief emphasized the need to build concrete foundations for these visions through greater public and private collaboration. He then called all ASEAN Member States to continue working together in fully implementing strategic priorities, especially those in the context of post-pandemic growth and expansion.
Additionally, he encouraged all ASEAN member states to advance regional efforts through (1) formulating and adopting harmonized governance frameworks for technology adoption; (2) rolling out ASEAN’s digital-based trade facilitation initiatives; (3) stimulating technology adoption for smart agriculture and smart manufacturing through responsive programs and incentives; (4) enhancing access of MSMEs to digital technologies; (5) fostering cultural development, especially of digital content, sports, culture, and the arts; and, (6) accelerating innovation that contributes to inclusion and environmental sustainability.
To close, Secretary Pascual underscored, “In the age of Industry 4.0, adopting a ‘mind-facturing’ mindset is not an option; it’s a societal imperative. I call upon the entire ASEAN community to unite under this vision. Let’s shape the future where human ingenuity and technology intersect, where innovation knows no bounds, and where our collective efforts propel our region and the entire world into an era of unprecedented growth and opportunity.” END.