Services sector potential engine of Asia-Pacific growth

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Services sector is an important potential engine for growth in the Asia-Pacific, said Dr Denis Hew, Director of the APEC Policy Support Unit, during a news briefing at the APEC International Media Center in Beijing on Thursday.

The latest APEC Economic Trends Analysis Report in which key economic trends and outlook are discussed was released at the event.

As APEC leaders and ministers gather this week in Beijing to develop APEC’s agenda and initiatives, bolstering the region’s growth will be a key issue on the table. GDP among APEC member economies in the region grew only 3.9 percent in the first half of this year, down from the 4.3 growth rate seen in the second half of 2013.

According to the report, services sector accounts for 70 percent of APEC’s output, 46 percent of the region’s employment is in services sector.

“We can not only depend on export for growth in this region…there are a lot of discussions on trying to move up the global value chain, and you find that services sectors is a very important component. Boosting the region’s services sector will play an important role in boosting the weak domestic demand,” said Dr Hew.

“There is more pronounced interaction between services and other sectors in the economy with manufacturers increasingly using services to differentiate their products and to improve production efficiency,” added Dr Hew.

Of the three main sectors of the APEC economy—agriculture, industry and services—services recorded the highest average annual growth rate between 1989 and 2009. During this period, APEC output grew by 83 percent, of which 60 percentage points can be attributed to the expanding services sector, the report found.

According to the report, APEC can play an important role in fostering the competitiveness of the services sector by promoting innovation. Dr Hew said that most services now are in traditional areas such as wholesale services, retail services and hotel industries and so on. Services in high-tech industries and knowledge based industries still lay in early stage.

“There are a lot to be done by policy makers to see how much more of knowledge based services can be promoted,” said Dr Hew. In terms of boosting service sectors, the report said that APEC can reform the IPR system by promoting services innovation.

“APEC has a group of experts that provide the suitable platform to look at this matter. Also in promoting a productive services sector, there’s a need to see if we can boost the supply of high-skill workers and that links to people-to-people connectivity,” added Dr Hew.

“Some of these issues will be addressed this week by leaders through a new Blueprint for Connectivity currently being considered,” said Dr Alan Bollard, Executive Director of the APEC Secretariat.

“Increasing people-to-people connectivity is high on our agenda, particularly facilitating the flow of labor and students across borders as well as ensuring skills and knowledge exchange,” said Dr Bollard.

 

 

Source : China Daily | November 6, 2014

Thomas D’Innocenzi

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About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. thomas@novaadvisors.com In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
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