
Asia Pacific's Time: Responding to the new reality
Asia Pacific is evolving rapidly. Businesses in the region must reshape uncertainty into opportunity, complexity into clarity, problems into potential.
COVID-19 has accelerated the global megatrends, requiring us to reexamine our priorities and adapt to drastic changes.
We address these trends using the ADAPT Framework, outlining five urgent global issues and their implications. By identifying opportunities and internalising lessons of the pandemic, we believe Malaysia will be able to emerge stronger from this crisis.
Source: ADAPT, Five urgent global issues and implications, PwC, May 2020
Moving forward, the fundamentals that improved prosperity and living standards in the past can no longer be relied upon to address the inevitable disruptions of the future.
The era of passive growth is over. In order for Malaysia to future-proof itself, we recommend adhering to the 5 pillars below.
Governments and businesses must accelerate their digital adoption in order to stay competitive. This will require identifying the right areas for digitalisation, prioritising technological solutions, and enhancing data privacy and cyber-security policies.
Governments need to facilitate regional business expansion, and attract regional investments to benefit from the growing opportunities across Asia Pacific. This will be even more relevant with the signing of the Regional Comprehensive Economic Partnership (RCEP).
Governments will need to support businesses to restructure their global supply chains and transition to regional networks through developing new hubs. These hubs will allow for corporations, start-ups, academia and governments to work together to drive innovation.
Governments need to prepare a workforce equipped with relevant skill sets for the near and long-term future. This includes identifying the jobs of tomorrow, revising education strategies, and supporting business and local communities to develop the necessary talent for future growth.
Malaysia has a large coastal region that is vulnerable to climate change. There needs to be collaboration between the government, businesses, and the public to reduce our environmental impact. The focus to move towards a net-zero economy will be to build solutions that promote greater agritech solutions to enhance agriculture productivity and food security.
Source: Asia Pacific's time, We must act now, PwC, November 2020
To deliver the country’s development priorities and achieve the goals of our Shared Prosperity Vision 2030, public institutions will need to build the required capabilities and channel resources effectively and efficiently.
With both local and international experience, our team has a deep understanding of regulatory and economic conditions that can help shape strategy, build trust, and achieve transformation, which we believe are foundational for public sector institutions to successfully execute reforms.
International benchmarking
Competitive analysis
Market and landscape review
Strategic roadmap
Policy review
Evaluate policy impact
Determine strategic priorities
Formulate development plans
Formulate regulatory framework and guidelines
Coordinate policy implementation
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Taariq Murad
Tax Partner; Public Sector Leader; and Inclusion & Diversity Leader, PwC Malaysia
Tel: +60 (3) 2173 1580