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GBA should continue to invest in new technologies: EY Global Chairman and CEO

11/25/2019 Source: newsgd.com

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In the opinion of Carmine Di Sibio, EY Global Chairman and CEO, Guangdong has done a good job in developing technology and embedding it into infrastructure. What's more, he believes that the province and the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) should continue to keep investing in technology and data.

Specifically, the investment should focus on integrating technologies like blockchain, IoT sensor programs, data and analytics, and AI: all crucial for industrial transformation.

Carmine Di Sibio, EY Global Chairman and CEO in the interview. [Photo / Nanfang Daily]

"If you look at 5G two years ago, it really was not even existent. And now it's coming into existence," he said. Di Sibio also stressed the importance of investing in new technologies. 5G networks are bringing old and new infrastructures together, creating the opportunity to invest in new technologies that can improve mobility across the region.

Referring to 5G, Di Sibio believes it will be very important for the development of smart cities, not just because of its speed, but also because of the breadth of potential for applications in fields such as autonomous driving and mobile health care.

As a leader among global financial services providers, Di Sibio thinks the industry is now at a crossroad with more interaction with new technologies. Therefore, it is crucial to let more foreign companies and capital enter the industry.

Take blockchain as an example, it can bring huge benefits to the financial services sector, while also increasing the number of start-up tech companies requiring capital and expertise.

In order to promote GBA's development in the future, Di Sibio suggests the Greater Bay Area should further open-up, so that more sectors can work together making it easier for foreign investment to access. The more open it is, the easier it will to share information and data.

In addition, the GBA needs to keep improving its business environment and attracting talent from around the world with greater tax incentives. It is imperative to attach more importance to education resulting in a more skilled workforce familiar with advanced technology.

"I'm confident we'll see the Greater Bay Area join the ranks of New York, San Francisco and Tokyo as a world-leading, perhaps the world-leading bay area," said Di Sibio.