Harnessing potential of AI can drive growth in Apec economies: PM Wong

Asia-Pacific Economic Cooperation (Apec) economies can benefit from artificial intelligence (AI) and harness it to drive the next wave of growth for its 21 member economies, said Prime Minister Lawrence Wong on Saturday (Nov 1).

He was speaking at the second session of the Apec Economic Leaders' Meeting (AELM) held in Gyeongju, South Korea.

The 21-member grouping represents about 61 per cent of global gross domestic product (GDP).

PM Wong said that Singapore's focus is on the application and use of AI, adding that the country is keen to cooperate and exchange best practices with other Apec economies.

"We are a small, compact, digitally connected city-state. We can't ourselves develop the best leading-edge AI foundation models ourselves, but we can make use of them to develop and create applications with the biggest impact, in areas like finance, logistics, healthcare and advanced manufacturing," he added.

Keeping cross-border data flows open

Turning to the responsible use and development of AI, PM Wong said that the capabilities of the workforce will first need to be built up. 

He said: "With every new wave of technology, some jobs will disappear and new jobs will be created. Historically, the net impact has been positive, meaning more net jobs have been created. But there is no economic law that guarantees this will automatically happen."

He suggested that governments invest more in redesigning jobs, creating jobs and reskilling and upskilling workers, so that the returns from AI investments will benefit not just capital owners, but more importantly, the people.

Noting that there are already existing agreements and protocols on cross-border data flows such as the Digital Economy Partnership Agreement and APEC Cross-Border Privacy Rules, PM Wong said that data corridors must be kept open because "data is what powers AI models".

Notwithstanding the potential and positives, he also said that it remains important to build trust in AI through global efforts to advance standards, so that there is an overall framework for innovation.

This would then allow users to know that they are using "responsibly-developed systems".

"AI will drive the next wave of growth in our economies. It will uplift productivity, and transform the way we work and live," he said. 

"Singapore looks forward to working with Apec economies to ensure that our societies benefit from AI," he concluded. 

PM Wong will next head to Seoul for a two-day official visit at the invitation of South Korean President Lee Jae Myung. 

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editor@asiaone.com