| Danial Norjidi |
INFRASTRUCTURE, manpower and regulations are among the key areas to look at with regards to preparing for the Fourth Industrial Revolution (4IR), said Legislative Council (LegCo) member Yang Berhormat Haji Abdul Hamid @ Sabli bin Haji Arshad at the afternoon session of the second day of the 15th LegCo meeting yesterday.
He highlighted that there are several factors that need to be addressed in preparation for the 4IR. He said that this includes infrastructure requirements, noting High Speed Broadband as an example.
“In addition to being progressive, it must be comprehensive and encompassing all corners of the country,” he said.
“We will also need intelligent manpower in the field of IT and technology,” he continued, noting that this can be developed from the younger generation of today. With the latest technology and expertise, it is certain that we will have preparedness and awareness for a cyber security system,” he said. “Among the other factors required are an open data platform that is continuously updated and functional.”
He added that it is important for the relevant agencies to review regulations related to cyber technology, noting that some neighbouring countries have reported that the growth of the digital economy has generated substantial amounts for the country.
As an example, he shared that in Malaysia the digital economy contributed 18.3 per cent to the country’s gross domestic product (GDP) in 2017 and is expected to reach 20 per cent by 2020. He also noted that a study by Microsoft expects that digital products and services will generate 60 per cent of Singapore’s GDP by 2021. “So this is indeed something that needs to be studied and fully explored,” he affirmed.
The LegCo member added that entrepreneurs and traders will benefit if they are able to take the opportunity to further explore and understand cross border transactions.