Improve competitiveness through simplified business regulation, faster adoption of digital technology, stronger R & D, greater focus on cultural garments, skill training, more flexible production and establishment of business models. The report states that it can support the growth of the industry.
The new Asian Development Bank (ADB) reports that the region will recover from the COVID-19 pandemic by transforming the established tourism, clothing and agricultural processing industries in Southeast Asia and leveraging advances in electronics and digital trade. May be able to help. The commerce boom has made upgrading the garment sector an important need.
Governments in the region were urged to add more valuable agricultural processing activities that could support post-pandemic recovery. However, he said the agricultural sector was less affected by the pandemic.
“The prospects for a recovery in Southeast Asia are promising, but the growing uncertainty due to Russia’s invasion of Ukraine and the development of conflict, the emergence of coronavirus variants, the massive loss of employment and education, and the seriousness of the pandemic due to production disruptions. It’s not without its perpetual risks, such as fragile business confidence and reduced productivity growth, “said ADB Director of the Ramesh Subramaniam in Southeast Asia.
“To support industries with a competitive advantage to drive an environmentally friendly, resilient and comprehensive recovery, not only government interventions specific to the sector, but also improving the business environment and infrastructure. Cross-disciplinary measures are needed to facilitate improvement and strengthen regional collaboration. “
The report, entitled “Economic Recovery after COVID-19 in Southeast Asia,” looks at growth opportunities, sector strategies, and priority reforms that help countries support medium-term economic recovery.
The report also sees digital trade as having strong growth potential in the region. Currently, much of the digital trade in the region is focused on digital marketplaces, information technology, and business process outsourcing (IT-BPO), but software development is progressing in some countries.
As the demand for digital products and services grows, we will strengthen digital connectivity, invest in logistics and distribution facilities, develop IT-BPO roadmaps, support skill development and training, and digital to protect consumers. It is important to rethink the regulations. Note.
James Villafuerte, ADB’s senior economist, reported on a webinar on “ASEAN + 3 Economic Recovery: A New Drive for Growth and Optimism” jointly held by ADB and the ASEAN + 3 Macroeconomic Research Office (AMRO). Was announced.
Fiber2Fashion News Desk (DS)
The e-com boom makes upgrading the Southeast Asian garment sector a key need: ADB
Source link The e-com boom makes upgrading the Southeast Asian garment sector a key need: ADB