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Young people need to think about the global market, says Chong.

An international tech

Monday, 8 August 2016

Young people need to think about the global market, says Chong.
Young people need to think about the global market, says Chong.


The Internet and international economic initiatives like the New Silk Road and Asean Economic Community present entrepreneurial young people with good opportunities, says Chong Sin Woon, MCA National Youth chairman, ahead of the ESD 2016 conference on Aug 13. LIM WING HOOI reports.

BUSINESS opportunities have increased in a technology-driven world and the young should capitalise on it, according to MCA National Youth chairman Senator Chong Sin Woon.

“There were many requirement in the early days — from the need for capital to procure stocks to renting a shop-lot — but all these are no longer necessary today. Technology, which has enabled electronic commerce, allows the entrepreneur to run a business with a computer and the Internet,” he said.

Speaking to SMEBiz at his office in Putrajaya on the upcoming MCA 10 Economic Strategic Directions (ESD) 2016 conference to be held on Aug 13 at Dewan San Choon, Wisma MCA, Kuala Lumpur, Wong said one key objective of the event was to keep young people informed of the developments within the global economy as well as the opportunities that were available.


Chong, who is also the conference’s organising chairman, said the day-long conference, which will be held from 8am to 6pm, had three main components. Firstly, it will cover broad topics on such significant economic developments as the Asean Economic Community (AEC), the Belt and Road Initiative (or New Silk Road) which aims to develop and link up Eurasia, and the Trans-Pacific Partnership Agreement (TPPA).

Then the conference will move on to discuss the opportunities in e-commerce and the logistics industry.

“Young people need to think about the global market. Instead of just focusing on the local market, they need to look at the markets out there with larger populations,” he said, adding that, increasingly, people were conducting business internationally.

The Belt and Road initiative, for instance, is an effort to link up 65 nations and 4.4 billion people through infrastructural developments and commerce, whereas the AEC and TPPA have a market population of over 600 million and 800 million respectively.

“The international market is no longer dominated by governments, government-linked companies (GLC) or multinational companies (MNC) for that matter,” said Chong, who is also Deputy Education Minister.

He opined that another phenomenon that businesses needed to grapple with was the rise of e-commerce activities. Chong added that this was an era that would pave the way for the rise of “micro MNCs” — small businesses that operated across borders.

He said this would be made possible with the merging of e-commerce with logistics, which Chong termed as “e-logistic”.

He suggested that there might even, in future, be a version of Uber in logistics.

“Locals will be able to capitalise on this as they are most familiar with the roads in their area. Like ride-hailing applications, entrepreneurs need not have their own fleet of trucks, ships or planes. Rather, they can find locals who are keen to help out and make an income in the process,” Chong said.

In this way, he added, entrepreneurs would also help to generate jobs for the community where their businesses operated.

Chong urged young entrepreneurs to harness the power of IT and use it to solve the problems that their clients faced as well as to reduce operational costs.

“The young are creative and very adaptable to the changes in technology. It’s time they focus on entrepreneurship,” he said.

The conference will be conducted in English to reach out to youths of various races, targetting about 1,000 participants.

Source by: The Star Online

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