Exporters urged to innovateExporters urged to innovate

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    Diversification. Exporters need to adopt technology-driven solutions as the global value chain transforms.
    Diversification. Exporters need to adopt technology-driven solutions as the global value chain transforms.

    Exporters are encouraged to equip themselves with new technologies and technology-based solutions to expand internationally.

    Industry stakeholders will tackle the importance of digitalization in business growth at this year’s National Export Congress (NEC) themed “Driving Exports Through Digital Transformation” and focused on technology and innovation initiatives to grow exports and promote collaboration among businesses.

    The NEC will be held at the Philippine International Convention Center in Pasay City on December 6.

    Meanwhile, a discussion paper released by the Philippine Institute for Development Studies (PIDS) said the country needs to diversify export portfolio covering complex and simple global value chains (GVCs) to manage global risks under Industry 4.0.

    “Value chain participation of developing economies is now on the whole shifting away from complex towards simple GVCs,” the PIDS paper said of GVCs under Fourth Industrial Revolution.

    It underscored the need to equip domestic industries to participate in evolving GVCs through innovation support, reskilling, and retooling of employees, and strengthening business matching and international partnerships.

    It is likewise imperative to reduce unit labor costs, improve logistics and connectivity, and provide an efficient process for meeting international requirements and standards, it said.

    There is a need to strengthen the digital trade of services and new technologies to improve trade and investment, it added.

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