The following conversation was heard at the recent 7th anniversary USQ Singapore Alumni Chapter Rural Australian - Asia Trade Summit. The aim of this event was to facilitate structured networking and dialogue to inspire the engines of trade and investment for our region's mutual economic growth. More than half of Australia's top two-way trading partners are located in Asia - one of which is Singapore. Australia’s two-way trade in goods and services was worth nearly $670 billion in 2015 — a vital component of our countries' economic prosperity. The event brought together Senior Government, Trade, Investment, Scientific and Corporate representatives from across the region.
Are Governments and their Regulators fueling innovation and the ecosystem?
Yoong Hui Chia, CEO, and Chairman, Ascenz Solutions Group
When we started our company Ascenz (now the leader in its category) we were actually one of the partners of the Port of Singapore. By helping to deliver a wireless port in Singapore that actually helped us to have an infrastructure to fully test our system and provide the infrastructure to continuously deliver our services.
Collaboration with the Authority has helped us to understand what are the needs of our industry and how can we actually help the industry to improve and be more efficient.
Photo Credit: Deloitte Singapore: L to R: Cathy Heeley, Vice President & Chief Counsel Asia Pacific, Mondelēz International; Andrew Simpson, Regional Manager - South Asia, Meat and Livestock Australia; Yoong Hui Chia, Chairman and CEO, Ascenz Solutions.
Harmonization across borders is an aspiration that we look to achieve in agriculture. Some of the red tape that burdens our industry is an added cost, and the digital revolution sweeping in front of us can take out a lot those extra layers of costs, (e.g. paperwork etc) and bring us closer together, virtually.
We definitely need the Government backbone for regulation and formalizing the protection of intellectual property, especially around data . Protection / legalities of e- payments and how data management is procured and preserved are the duty of care and support that Governments bilaterally can support. It costs money and time to set up– but honestly big data is useless unless commerce has the eyes and the readability of that data. Governments and Industry need to see the ratio of benefit for investing in this for certain industries, such as agriculture. Our industry will look to invest in digital tech because we see the payback as significant.
Another thing that Industry, with the support of their Governments, can do, is to encourage more of what we are doing here tonight, having diverse conversations to get the entrepreneurial spirit really going, and together gain an understanding of what the gaps are. Farmers may not have the technical data skills required, but they can gauge the practical sense of doing something and linking it together. Finding the people with technical know-how in universities, for example, who can examine the farms, do the gap analysis and with the farmer, together create the solutions, that is the win/win for Singapore and Australia. It is about harnessing the security of our food. It is about improving supply chain efficiency. It is about value-add to the farm gate between both countries. Keep building on working groups from pilot sessions like this – offline – and offer opportunities to bring teams together, thinking outside the box for industry and finding joint solutions. That's where the Governments and industry can really look to grow economies of scale together.
Photo Credit: Deloitte Singapore: Cathy Heeley, Vice President & Chief Counsel Asia Pacific, Mondelēz; Andrew Simpson, Regional Manager - South Asia and China, Meat and Livestock Australia; Yoong Hui Chia, Chairman and CEO, Ascenz Solutions.
I would like to come back to Dave (Lim)’s earlier comment– the idea of people having more power than the Government. That's going to have a huge effect on regulators. You are coming from an environment in Asia where regulators feel that they are responsible for the orderly operation of the society – not just that you obey the law – it's the orderly operation of the society. What we are essentially talking about is losing control of that. I think that there is a long way to go for regulators to really evolve their thinking about what that means.
About the USQ Rural Australian - Asia Trade Summit
On the 6th October 2016, the USQ Singapore Alumni Chapter proudly celebrated its 7th anniversary. In the spirit of our mission to deliver business opportunities to our members and support our Community, we hosted a rural Australian - Asia Trade Summit at Deloitte Singapore.
As in all sectors of our economy, innovation and R&D play a vital role in increasing agricultural productivity and rural/farmer profitability – benefits of which flow through the whole of the regional economy and are fundamental to our Asia Pacific prosperity. With the global population growing rapidly and arable lands shrinking, our farmers, service companies, and technologies are uniquely placed to help fill the world’s food basket.
The aim of this event was to facilitate structured networking and dialogue to inspire the engines of trade and investment for our region's mutual economic growth. The event brought together Senior Government, Trade, Investment, Scientific and Corporate representatives from across the region.
More than half of Australia's top two-way trading partners are located in Asia - one of which is Singapore. Australia’s two way trade in goods and services was worth nearly $670 billion in 2015 — a vital component of Australia and Singapore's economic prosperity.
The audience heard the latest regional economic outlook and took home highlights and lessons learned from APAC business leaders.
This Summit was proudly sponsored by Tribal Group, Deloitte Singapore, RL Expert Group, the University of Southern Queensland, Australian Alumni Singapore, Treasury Wine Estates and V Hotel Group.
For more information see http://www.usqsg07.com or http://www.usqsgalumni.com
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