Latest news with #economiccompetitiveness
Malay Mail
4 days ago
- Business
- Malay Mail
Tengku Zafrul says AI is key to economic and geopolitical resilience
KUALA LUMPUR, May 28 — The success of individuals, companies and nations in the future could be measured by how effectively they deploy and use artificial intelligence (AI), said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. He noted that AI is no longer just a technological tool; rather, it has arguably become the next great enabler of economic competitiveness, national resilience, and even geopolitical influence. 'In many ways, AI has already disrupted how we work, search for or present information - even how we live, interact and entertain among ourselves. Still, there is no shortage of voices who will warn us about the challenges and dangers of this latest game changer. 'We cannot, for example, easily dismiss the possibility of AI aggravating increased polarisation, xenophobia, racism or propensity for war,' he said in his opening notes during the fireside chat session titled 'The Intelligence Grid: Building Bridges Through Sovereign AI Collaboration' here today. Tengku Zafrul was the moderator for the firechat session, joined by three speakers - Prime Minister Datuk Seri Anwar Ibrahim, Vietnam Prime Minister Pham Minh Chinh, and G42 group chief executive officer Peng Xiao. G42 is a technology holding company based in Abu Dhabi, United Arab Emirates, with a focus on AI and cloud computing. However, Tengku Zafrul said that in a world often framed by 'binary rivalries,' the session is choosing to take an alternative path. 'What we hope to explore today is how middle powers - like those in ASEAN and the Gulf - can shape a new model of sovereign AI collaboration: one that respects sovereign interests, while promoting shared development, mutual trust, and inclusive progress. We are lucky to have a distinguished trio of two leaders and a global corporate captain to deliberate these weighty questions before us,' he added. — Bernama
Free Malaysia Today
4 days ago
- Business
- Free Malaysia Today
Future success set to be measured by AI, says Tengku Zafrul
Investment, trade and industry minister Tengku Zafrul Aziz said AI is arguably the next great enabler of economic competitiveness, national resilience, and even geopolitical influence. (Bernama pic) KUALA LUMPUR : The success of individuals, companies, and nations in the future could be measured by how effectively they deploy and use artificial intelligence (AI), says investment, trade and industry minister Tengku Zafrul Aziz. He said AI was no longer just a technological tool but had arguably become the next great enabler of economic competitiveness, national resilience, and even geopolitical influence. 'In many ways, AI has already disrupted how we work, search for, or present information – even how we live, interact, and entertain among ourselves. Still, there is no shortage of voices who will warn us about the challenges and dangers of this latest game-changer. 'We cannot, for example, easily dismiss the possibility of AI aggravating increased polarisation, xenophobia, racism, or propensity for war,' he said in his opening notes at a fireside chat session titled The Intelligence Grid: Building Bridges Through Sovereign AI Collaboration here today. Tengku Zafrul was the moderator for the session, joined by three speakers: Prime Minister Anwar Ibrahim, Vietnam prime minister Pham Minh Chinh, and G42 group CEO Peng Xiao. G42 is a technology holding company based in Abu Dhabi, United Arab Emirates, with a focus on AI and cloud computing. Tengku Zafrul said that in a world often framed by 'binary rivalries', the session was choosing an alternative path. 'What we hope to explore today is how middle powers – like those in Asean and the Gulf – can shape a new model of sovereign AI collaboration: one that respects sovereign interests, while promoting shared development, mutual trust, and inclusive progress,' he said.
Globe and Mail
20-05-2025
- Business
- Globe and Mail
Western Business Coalition Urges New Parliament to Prioritize Private Sector Growth and Economic Renewal
Vancouver, May 20, 2025 (GLOBE NEWSWIRE) -- Re ad j oint l etter: As Canada's 45th Parliament begins, the Western Business Coalition—comprised of the Business Council of British Columbia, Business Council of Alberta, Saskatchewan Chamber of Commerce, and Business Council of Manitoba—is calling on all Members of Parliament (MPs) to focus urgently on restoring Canada's economic competitiveness and creating the conditions for a turnaround in living standards. In a letter sent today to every MP in Canada, the Coalition highlights mounting concerns over Canada's economic trajectory, including near-zero growth in GDP per capita over the past decade, unsustainable growth in the public sector, and a troubling weakness in private sector activity. 'On a per-capita basis, the country has been in a recession for more than two years. To reverse this trend, we must adopt policies that attract investment and support rising living standards for Canadians,' said Laura Jones, President and CEO of the Business Council of B.C. To help restore Canada's economic foundation, the Coalition is urging Parliament to act swiftly on three critical fronts: Abandon the proposed oil and gas emissions cap – Canada's resource sector is a key driver of exports, jobs, and economic reconciliation. The cap could undermine economic growth and global emissions reductions goals. Improve tax competitiveness – Canada needs a tax system that supports long-term investment and talent retention. We recommend improvements to depreciation allowances for capital investments and a more competitive personal income tax system to help businesses attract and retain highly skilled workers. Streamline regulatory processes – Canada must make regulatory excellence a competitive advantage, ensuring high standards without unnecessary delays or burdens. The Coalition's message is clear: Canada must act immediately to create a vibrant investment climate and growing economy, or risk further decreases in investment, economic performance, and living standards. Members of the Coalition will be in Ottawa next week to deliver this message directly to the federal government as the new Parliament begins. 'Standing for public office is an immense responsibility and we thank all who serve,' said Adam Legge, President of the Business Council of Alberta. 'We're asking Parliamentarians to take bold action to ensure Canada remains a place where people and businesses can succeed.' The letter comes at a pivotal time. Canadians are facing record-high food bank usage, more than two years of negative population-adjusted economic growth, and sluggish business investment for a decade. Compounding Canada's home-grown challenges, proposed U.S. tariffs pose a serious threat to Canada's export-dependent industries and future investment opportunities. The full letter to MPs can be found online in English and French. -30- ADDITIONAL QUOTES 'Canada's prosperity depends on enabling private sector growth, not stifling it. We need competitive tax policy, clear and efficient regulation, and investment-friendly policies to ensure businesses can thrive, innovate, and create opportunity across the country.' — Prabha Ramaswamy, CEO, Saskatchewan Chamber of Commerce "What strengthens our economy strengthens our society. By empowering the private sector with policies that boost Canada's competitiveness, we unlock innovation, drive productivity, and create jobs—turning economic growth into lasting benefits for all Canadians." — Bram Strain, President & CEO, Business Council of Manitoba MEDIA CONTACTS Braden McMillan Senior Director of Communications & Public Affairs Business Council of British Columbia Danielle Alfaro Communications Manager Business Council of Alberta dalfaro@ Josie Fries Senior Director, Marketing and Events Saskatchewan Chamber of Commerce jfries@ Kate Doer Director, Communications & Policy Business Council of Manitoba kdoer@ ABOUT: Western Business Coalition Members Business Council of British Columbia Established in 1966, the Business Council of British Columbia is a non-partisan organization dedicated to promoting prosperity for current and future generations. Comprised of over 200 leading B.C. companies, post-secondary institutions and industry associations, BCBC provides credible information, fosters cross-sectoral relationships and advocates for bold and practical solutions to the policy challenges of our time. Business Council of Alberta The Business Council of Alberta is a non-partisan, non-profit organization dedicated to building a better Alberta within a more dynamic Canada. Composed of the chief executives and leading entrepreneurs of the province's largest enterprises, Council members are proud to represent the majority of Alberta's private sector investment, job creation, exports, and research and development. The Council is committed to working with leaders and stakeholders across Alberta and Canada in proposing bold and innovative public policy solutions and initiatives that will make life better for Albertans. Saskatchewan Chamber of Commerce The Saskatchewan Chamber of Commerce is a leading advocate for business in the province, committed to driving economic growth and championing a thriving business community. As the 'Voice for Saskatchewan Business,' the Chamber represents the interests of over 10,000 individual businesses, industry associations, and local chambers. More information can be found at or @SaskChamber on Facebook, Twitter, Instagram, and LinkedIn. Business Council of Manitoba The Business Council of Manitoba exists to make Manitoba a preferred place to live, work, and invest. Established in 1998, the Council is non-partisan and advocates for innovative, fact-based positions on key issues that affect the current and future well-being and prosperity of the province and country. Our membership is comprised of over 100 of Manitoba's leading businesses and their CEOs, who are dedicated to fostering economic growth and community development. Together, they serve as the economic engine of Manitoba. For more information, visit or follow us on LinkedIn. Attachments
Irish Times
15-05-2025
- Business
- Irish Times
Ireland slips two places in 2024 global competitiveness league
Ireland's position in a global ranking of economic competitiveness would have improved last year if a different economic growth metric had been used to benchmark the economy's performance, the National Competitiveness and Productivity Council (NCPC) has said. The Republic slipped two places to fourth in the Institute of Management Development (IMD) world Competitiveness Yearbook 2024, published last June. At the time, the NCPC said the drop, which still saw the Republic placed in the top five for the second consecutive year, was largely down to a slowing down of economic growth as measured by gross domestic product (GDP). However, issues with using GDP – the total value of goods and services produced within the economy – to measure performance have been well documented, due to the distorting impact of the multinational sector here. READ MORE Some economists instead use modified gross national income, otherwise known as GNI*, a measure of economic growth that seeks to strip out the impact of intellectual property values related to large multinationals anchored in the Republic. In a statement on Thursday, the NCPC said if GNI* is substituted into the IMD's world Competitiveness framework, the economy would have placed third in the global rankings rather than fourth. The Republic's economic performance score would also have improved as well as its infrastructure score. The research highlights the need to interpret international rankings 'critically', said the NCPC. 'While international rankings are valuable tools, they must be used with care,' said Frances Ruane, economist and had NCPC chair. 'For Ireland, where GDP can significantly overstate economic capacity, GNI* offers a more appropriate lens for understanding our true performance.' She said: 'This research by the NCPC Secretariat helps support more informed, evidence-based policymaking, and will be used when evaluating all future releases of the IMD indicators.'
