In the first half of 2024, Southeast Asia (SEA) attracted over 30 billion USD in artificial intelligence (AI) infrastructure investments, according to the 2024 e-Conomy SEA Report from Google, Temasek, and Bain & Company.
Tech giants such as Microsoft, Google, and Amazon committed to injecting 50 billion USD in the region’s AI sector. (Illustrated photo by VNA)
Bangkok (VNA) - In the first half of 2024, Southeast Asia (SEA) attracted over 30 billion USD in artificial intelligence (AI) infrastructure investments, according to the 2024 e-Conomy SEA Report from Google, Temasek, and Bain & Company.
Since January last year, tech giants such as Microsoft, Google, and Amazon committed to injecting 50 billion USD in the region’s AI sector. The influx of investments reflects the growing recognition of Southeast Asia as a burgeoning hub for AI innovation - a shift that could drive the region's economy forward. The Association of Southeast Asian Nations (ASEAN) has projected that AI could boost the region's gross domestic product by 10% to 18%, potentially adding 1 trillion USD by 2030.
Having acknowledged AI's importance, some Southeast Asian governments have formulated national strategies, such as Indonesia's National Strategy for AI and Singapore's NAIS 2.0, to integrate the tech across various sectors. Singapore has also invested 70 million USD to develop models tailored to regional cultures, among other efforts.
At the regional level, ASEAN has launched initiatives such as the ASEAN Guideline on AI Governance and Ethics and established the ASEAN Working Group on AI (WG-AI) to promote collaborative efforts and ethical AI use across its member states.
The private sector has been driving AI adoption. A report titled "2024 e-Conomy SEA" - prepared by Google, notes that 54% of generative AI projects advance from idea to production within six months, and 71% yield Return on Investment (ROI) within 12 months. With an impressive short turnaround, regional tech majors such as Gojek, Grab, and Lazada leverage AI in their business operations.
⛦ To truly capitalise on AI's transformative power and establish Southeast Asia as the next frontier in the field of AI, a unified and strategic approach is essential. It should feature vocational programmes, public-private partnerships for reskilling and upskilling, and improvement of digital infrastructure, among others./.
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