Strengthen PPPs To Accelerate Sustainable Development
Future technologies and innovative financing have the potential to transform and accelerate sustainable development, but better policies and regulation are needed to ensure all benefit equally from these new advances. This was one of the main conclusions of the recently held annual Asia-Pacific Business Forum (APBF).
Senior policymakers and private sector representatives came together, to discuss how innovation, technology and financing can help solve environmental and social problems in the region while also supporting equitable growth.
Innovations discussed included green financing, impact investment, FinTech, and artificial intelligence and their potential to lower costs, increase efficiency and help Asia and the Pacific leapfrog to the new economy. The region offers many examples of new technologies improving access to healthcare and education, supporting more efficient manufacturing and enabling more sustainable cities. Business practices linked to smart energy solutions, risk management systems for disaster risk reduction, and ways to advance impact entrepreneurship were also discussed. The accompanying challenges were the right governance structures, access to infrastructure and cybersecurity, and financial literacy.
“Technology and innovation coupled with modern financial services, including green financing and new financial technologies, will be critical to close key development gaps in the Asia-Pacific region,” says United Nations Under-Secretary-General and Executive Secretary of the ESCAP, Dr. Shamshad Akhtar.
She emphasised that by strengthening and deepening partnerships between the public and private sectors the region will be better positioned to leverage the rich potential of these emerging technologies.
It is critical for governments, the private sector and other actors to work together to put in place the right policy frameworks and enabling environment, including financing structures and education systems, to enable the rapid scaling–up of innovative technologies and solutions that can advance sustainable and inclusive development in the Asia–Pacific region.
Dr. Victor K. Fung, Group Chairman of the Fung Group noted, “Achieving the Sustainable Development Goals by 2030 will require massive efforts and huge investments in everything from infrastructure and renewable energy to social safety nets and environmentally friendly production processes. This will require strong collaboration between public and private sectors, to ensure the right policies and incentives are in place.”
Mr. Paul Chan Mo–po, Financial Secretary, Hong Kong Special Administrative Region, China added that innovation and technology was the most powerful driver of the global economy in an increasingly globalised, technology-transforming world.
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