THE FUTURE ECONOMY WILL NEED NEW PRINCIPLES AND RULES
Yesterday at the Economic Forum’21 in Vilnius, Lithuania global business and political leaders acknowledged that increased investment in research, innovation and state-of-the-art infrastructure would help optimize industry, create new production processes and jobs and ensure stable economic growth.
According to the patron of the forum, Prime Minister Ingrida Šimonytė, Lithuania should base its competitiveness on the speed and flexibility of the industry, producing high-quality and innovative products.
“In the long run, we will have to base our competitiveness on innovation and the quality that is inextricably linked to it. Therefore, we are laying the foundations very seriously, making additional investments in education, science and innovation.”
I. Šimonytė
The Prime Minister pointed out that in order to achieve the goals of competitiveness, strong and competent institutions are needed. The government is therefore moving forward with public administration reform.
She was also supported by Mirek Dusek, Member of the Board of the World Economic Forum (WEF), Head of Europe, Eurasia and the Middle East. According to him, bureaucracy makes it difficult to introduce new technologies that will help achieve sustainable economic solutions.
“The need for international trade, digitization, open data, and the revival of markets will continue to grow. In addition, there is a need to review the competencies of workers, because if we do not change our education system, many people will not be able to find work in the future. Recently, new technologies are being developed, such as 5G wireless charging, but there are no rules for this and it takes years to adapt to the markets”
M. Dusek
LPK President Vidmantas Janulevičius noted that industry needs time to adapt to change, and time is declining in global markets.
“The industry is looking for change and realizes that without change to higher added value, it will lose the battle in global competition. But we have to understand that its specifics and scope cannot change as quickly and reorient as quickly as the start-up of several people”
V. Janulevičius
According to him, by implementing the necessary changes, paying attention to process optimization, investing in technology it is realistic to keep the industry competitive.
Markus Beyrer, CEO of BusinessEurope, a European business organization, emphasized that sustainability and a cross-border carbon offset mechanism would be crucial for the future economy.
Climate change is one of the challenges that will bring us many opportunities. Of course, this will require a lot of work, but the goal of industrial climate neutrality by 2050 is possible. This will require free trade agreements with countries other than Europe: South America, ASEAN, India and the United Kingdom.
M. Beyer
