World Economic Forum (WEF) 2018 themed ‘ASEAN 4.0: Entrepreneurship and the Fourth Industrial Revolution was inaugurated today in Vietnam to offer leading corporations a platform for discussing and sharing visions in the 4.0 industrial revolution.
The world is now changing rapidly under the influence of globalisation, the development of science-technology and especially with the 4.0 industrial revolution. ASEAN countries are facing huge potential to develop and boosting economic connection especially through digital technology, artificial intelligence (AI), big data, etc.
According to Professor Klaus Schwab, we cannot underestimate the influence of this revolution. He affirmed that many jobs will be lost due to the revolution. In particular, it was mentioned that 65 per cent of our children is going to school for jobs that will not even exist anymore once they graduate.
Based on his opinion, young people are the ones who will adapt and apply new technology the fastest. They are the foundation for building an entrepreneurial ecosystem.
Additionally, business start-ups play an important role in the structure of each country's economy, as this is the driving force behind the new technology.
Countries should establish business ecosystems which cultivate innovations and start-ups and promote their advancement and assure that all social classes, including youths and students, actively and positively respond to the fourth industrial revolution, not scaring it causes job losses, but getting prepared to grip new jobs and other chances it brings about.
In line with Professor Klaus Schwab’s viewpoint, Syed Saddiq Abdul Rahman, Minister of Youth and Sports in Malaysia said: “For the 4.0 industrial revolution there are many excitements but also many concerns on how to adapt because workers can easily get unemployed without proper transition.”
However, he added: “Well prepared artificial intelligence (AI) and robots can steal traditional jobs but there will be many new jobs arising. There are many successful startups that are created by very young people."
"Youth, who are equipped with skills and supported by government policies will surely become the owner of the future," said Syed Saddiq Abdul Rahman.
Human is the most crucial factor in this revolution, not AI or robot. People, especially young people must be well-prepared to have the right skills and tool-set to win over the machine. At the end of the day machine is only a tool to serve human needs.