AS DIGITAL TECHNOLOGIES and innovations helped businesses in the Asia Pacific region recover from COVID-19 at a faster rate than expected, trade experts and analysts stressed that the adoption of new technologies will continue to transform business operations in the short and long term through increased connectivity and efficiencies.
At the recently held World Trade Centers Association (WTCA) Asia Pacific Regional Meeting hosted by World Trade Center Binh Duong New City (WTC BDNC) in Vietnam, participants from across the region discussed how a successful transition from traditional to digital operations is a must for businesses to develop further and create new avenues for growth.
“The integration of advanced technologies not only into business operations, but into entire smart communities, will exponentially increase productivity, minimize costs, and improve on overall efficiencies,” said Mr. Scott Wang, WTCA Vice President for Asia Pacific.
“As digital innovations swiftly replace traditional methods of doing business, the key is to harness these tools effectively to unlock more potential,” he added.
Mr. Wang pointed to Binh Duong Province in Vietnam and its Smart City Project as a model for rapid digital transformation, given how it has turned a traditionally agrarian and low-population area into a key economic zone and helped businesses increase productivity and boost trade.
The province is one of the Southern Key Economic Regions (SKER) of Vietnam and continues to attract more foreign investments each year, with over 4,000 foreign direct investment projects worth nearly US$40 billion to date. It also boasts the highest per-capita monthly income in Vietnam, with its 30 large-scale industrial complexes creating an attractive business location.
The area’s effective utilization of digital technology has garnered international acclaim, as Binh Duong Smart City was named a ‘Top 7 Intelligent Community’ for the third year in a row by the global network and think tank Intelligent Community Forum (ICF).
The ICF described Binh Duong Smart City as a center of science and technology with a powerful innovation ecosystem that creates strategic links globally to promote balanced economic development.
A recent study by the Philippine Institute for Development Studies (PIDS) meanwhile found that the Philippines has started to tread the path toward building smart cities, and some cities already exhibit readiness.
It added, however, that additional pathways to smart city development must be paved. According to the research paper, there is a need to address funding, data management, and sustainability challenges.
“Addressing the challenges not only requires actions at the local level but also demands additional support from the national government in developing policies and standards to improve data flow, promoting technology- and innovation-powered cities, and ensuring transparency and accountability in the implementation of smart city initiatives,” it said.
The numerous potential benefits of smart city development seem to attract LGUs in the Philippines and some LGUs have already attempted to address urban challenges with smart city solutions. The city governments of Manila, Cebu, and Davao, for example, have participated in the ASEAN Smart Cities Network (ASCN).
Established in 2018, the ASCN is a collaborative platform where cities from the ten ASEAN member states work toward the common goal of smart and sustainable urban development.
During the ASCN annual meeting in 2021, the Department of Interior and Local Government committed to completing smart city projects, including the Command Center Upgrade and E-government Services in the City of Manila; the Bus Rapid Transit System and Digital Traffic System in Cebu City; and Converged Command and Control Center and Intelligent Transportation and Traffic Systems with Security in Davao City.
In March this year, New Clark City, a project of the Bases Conversion and Development Authority (BCDA) and several private sector businesses, joined the smart city race and said it is being developed to be a smart, sustainable, and inclusive city that will help in further accelerating growth in Central Luzon.
With the development of smart cities in the region, Mr. Wang cited the WTCA’s role in stimulating cross-border trade and investment opportunities for international business in the Asia Pacific region.
“WTCA will continue to promote sustainability and innovation through the development of smart cities that optimize functions and operations, but more importantly, improve people’s quality of life through technology and data analysis,” he said.