A recent report by the Asia-Pacific Economic Cooperation (APEC) Business Advisory Council has revealed that Artificial intelligence (AI) is playing an important role in mitigating the short- and long-term effects of the pandemic of COVID-19 on the economies of countries around the Pacific.
From automated health diagnostics in hospitals to smart recruiting processes in organizations, this technology is creating new jobs, products and services previously unforeseen that will contribute to the post-COVID-19 economic recovery, according to the report titled Artificial Intelligence at APEC.
“As we release this report, APEC economies are facing the same threats from the global pandemic and economic crisis that will leave its mark on our communities for years to come,” said Rohana Tan Sri Mahmood, Chair of the APEC Business Advisory Council 2020, as reported by the APEC. communication issued this Wednesday (06.01.2021).
"How APEC economies address the accelerated rise of the digital economy and harness new technologies such as artificial intelligence is one of the most pressing issues of our time."He commented.
The report also examines How AI is being adopted and applied in the APEC region and makes recommendations key, calling for closer political collaboration between business and governments.
Of the APEC economies surveyed, the majority already have plans, policies or programs dedicated to boosting or supporting AI ecosystems, according to the report.
Thus, APEC member economies must seek the cooperation in the development of regulatory compliance requirements that affect AI. In this line, the report states: "In June 2020, Singapore, Chile and New Zealand signed the Digital Economy Partnership Agreement (DEPA). The agreement contains a section dedicated to enabling ethical AI governance frameworks that take into account internationally recognized principles, including explainability, transparency, fairness, and human-centered values.
The report also highlights some innovations AI-related innovations are already underway across the region. For example, a team of engineers at a university in the Philippines has designed a solution to help patients suffering from locked-in syndrome communicate with the world.
Another notable innovation for the e-commerce industry has been developed by a company from Chinese Taipei (MOMO.COM). The incorporation of AI aims to streamline logistics and adopt storage solutions in order to mitigate future supply chain disruptions.
“AI technologies have the potential to significantly impact businesses and communities across our economies,” Rohana said.
«We believe that APEC can serve as an effective forum for member economies to collaborate on ways of Maximizing the benefits of AI and promoting inclusive growth "While ensuring its use is responsible and ethical," he added.
According to the report, recognizing this technology and its capabilities would be critical to an economy’s forward-looking growth, productivity and job creation policy. According to the report, AI’s potential extends beyond economic benefits and includes tools to address complex problems, such as poverty, inequality, climate change, healthcare and ways to deal with the effects of the ongoing pandemic.
As AI becomes more widely accepted, adopted and used for innovation, governments will need to draft new policies, review existing ones, confront new questions, address new needs and reassess its impact, the report says.
The document also notes that with the cooperation of the public and private sectors, a Coordinated use of AI in the future will increase competitiveness from the Asia-Pacific region and will further facilitate regional integration.
Artificial intelligence, which is already on track to transform the Asia-Pacific region, is driving social and economic growth across all key sectors, the report notes. However, the pandemic and the resulting focus on economic recovery have brought a renewed sense of urgency to discussions on the use of AI, it adds.
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