2023 Will Be Full of Challenges for Technology Companies

Illustration. (Photo: Doc. Antara)

JAKARTA - AC Ventures founder and Indonesian Stock Exchange (IDX) Commissioner Pandu Patria Sjahrir acknowledged the challenges facing technology companies and emphasized the need for technology companies to implement good governance.

"Although 2023 will be a year full of challenges for technology companies, there are still opportunities for those who focus on their core business, build teams and cultivate a culture of good governance," he said in the webinar "Prepare for challenges in 2023" quoted from Antara, Wednesday December 14th.

On the same occasion, CEO of Banpu Public Company Limited Somruedee advised businesses to focus and be prudent in finance and good governance, identified emerging regional opportunities, such as logistics and advanced manufacturing, and suggested they could turn crises into opportunities.

"We are in an era that has never been normal. In order to survive in the long term, business people must instill a 'never normal' paradigm so that they can benefit from this thought disruption," he said.

According to him, ASEAN has now become an international hub for the manufacturing sector, driven by increased investment and steady GDP growth.

Business actors in ASEAN are also starting to upgrade their production processes to Industry 4.0 technologies such as robotics, 3D printing, and broader industrial digitization.

"This provides an opportunity for the company to develop its business, diversify its supply chain, and build a network in the Southeast Asian market. Diversification is very important for the company's resilience and risk mitigation strategy," he said.

Kobsak Pootrakool, Senior Executive Vice President and Director of Bangkok Bank, said ASEAN provides a safe haven from economic storms caused by a global economic slowdown, rising interest rates, high inflation, disrupted supply chains and geopolitics.

"The region will be temporarily affected to some extent by global economic turbulence, Southeast Asia will recover and grow faster than the rest of the world, including most of the advanced economies," he said.

Southeast Asia's main economies, such as Indonesia, Thailand and Vietnam, according to him, will also return to a sustainable growth path, and ASEAN remains on the right track to become the 4th largest economy in the world by 2030.

"This is supported by a diverse market, positive demographics, digitalization, strong companies, and growing foreign investment," he said.