Technology also seems to be driving collaboration. Nearly 60 per cent of executives say they are now more willing to share insights and resources with business partners in order to speed product development and gain market access. And more than 40 per cent say their company will likely enter a business combination outside of their core industry.
While many APEC businesses may not be ready to fully participate in the digital economy, close to one billion people are believed to be active users of social networks in Asia Pacific, representing a market penetration of 25 per cent and increasing.
"Asia Pacific today stands at a turning point as advancing technologies move beyond national boundaries and create new demands and even new industries," says Rice.
"CEOs see the need to be bold in breaking down the barriers to growth. They want to finalise the Trans-Pacific Partnership, address intellectual property issues and encourage regulatory harmony in the region."
"Businesses are investing in a different Asia Pacific with rising numbers of urban middle-income consumers demanding new, technologically advanced products and services from business and governments. In its 25th year, APEC has an ongoing and important role to play in helping to meet these demands and advancing growth throughout the region."
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