Digital transformation key for global economic revival: official

Trading

Digital transformation is vital for reviving the economy, which is currently affected by the COVID-19 pandemic, director general of resilience, territorial, and international industrial access (KPAII) at the Ministry of Industry, has said.

In addition, it is necessary to support global economic trade and investment policies that are open and unimpeded to revive the world economy, Eko S.A. Cahyanto said at the first meeting of the G20 Trade, Investment, and Industry Working Group (TIIWG), in Solo, Central Java, on Wednesday.

“Cooperation in digital transformation between countries is expected to be one of the multilateral policies that support collective efforts in the spirit of collaboration within the G20,” he added.

A total of 41 delegates from G20 member countries and international organizations are taking part in the first TIIWG meeting and related activities from March 29–31, 2022. The activities started with a gala dinner at De Tjolomadoe, Karanganyar, on Tuesday night (March 29).

At the meeting, delegates will discuss priority issues of TIIWG G20 and follow a number of cultural agendas that have been prepared by the Ministry of Industry as the organizer, with the support of the Surakarta city government and Karanganyar district government.

On the first day, guests were taken to visit De Tjolomadoe, a historical monument that housed a former sugar factory in the 1930s.

“The visit is expected to strengthen the spirit of innovation to rise and recover together. Undergoing a new chapter with full of hope,” the director general of KPAII remarked.

While the world is still full of uncertainty due to the pandemic, countries are reviewing their policies, making new foundations that can help them adapt to disruptions, and increasing their economic resilience.

Thus, global reforms are being seen, Cahyanto said. Cooperation in digital transformation will be able to facilitate the diffusion of technology and knowledge between countries.

Cahyanto said that industrial policies should synergize with trade and investment policies to maximize the role of the industry, not only as the main driver of the economy, but also innovation.

“The industrial sector has the potential to create structural changes by adopting and using technological innovations to increase productivity in Global Value Chains (GVCs),” he added.

The government believes that the global economy can gradually recover through well-executed and measurable policy formulations. For this reason, the first TIIWG G20 meeting in Solo is an important achievement to strengthen policy through G20 discussions on the trade, investment, and industrial sectors for scripting a strong, inclusive, and sustainable global economic recovery.

Director general of international trade negotiations at the Ministry of Trade and chair of TIIWG, Djatmiko Bris Witjaksono, expressed his gratitude for the presence of the delegation at the first TIIWG meeting in Solo.

“We hope that this working group can produce productive and credible outcomes, as well as useful results,” he remarked.

Source: Antara News