Myanmar is hosting some of the top leaders of the world, including India’s Narendra Modi, Japan’s Shinzo Abe and USA’s Barrack Obama, in the 25th ASEAN SUMMIT.
The event’s theme, “Moving Forward in Unity to a Peaceful and Prosperous Community,” aims to highlight the importance of a united ASEAN especially as it gears up for the ASEAN Economic Community in 2015.
One key area of focus for ASEAN is in their deployment of cutting edge technologies, which can trigger substantial economic growth, viz; mobile internet, big data, the automation of knowledge work, cloud technology, and the internet of things. McKinsey calculates these five disruptive technologies have the potential to unleash some US$220 billion and to US$625 billion in annual economic impact by 2030.
These technological advances will help companies establish competitive positions. Thailand is forging ahead in the internet of things, which involves digital tracking to check efficiency, supply chains, and avoid excess inventory. Its water authority, for instance, has already implemented a system to consolidate data across all of its regional water systems to track supply, losses, customer use, and water levels during flooding. India has already committed INR 70000Cr (USD1.2b) for developing 100 Smart Cities and an additional INR 4000Cr (approx USD 0.5b) for augmenting it’s supercomputing capabilities.