Opinion | AI regulation will help drive, not deter, growth – as the biggest tech firms know
- Laws are essential but companies’ credible and effective AI governance will become an increasingly important driver of growth and competitive advantage
Most businesses in the Asia-Pacific appear to share this positive view. According to the latest EY CEO Outlook Pulse survey, 70 per cent of CEOs in the region see AI as a driver of efficiency and innovation.
But AI also comes with technical, social, ethical and security risks, which the Singaporean government recognises too. So as Asia-Pacific businesses press ahead with AI investments – tipped to reach US$78.4 billion per annum by 2027 – they will be looking for policymakers to establish clear regulatory frameworks.
This is under way. Several governments that had signed up for high-level voluntary principles, such as the Organisation for Economic Co-operation and Development AI Principles, are moving to formulate and enact regulation.
Much of the summit was focused on long-term risks, including AI’s speculated existential threat to humanity. But the near-term risks – ranging from compromising privacy and infringing intellectual property rights, to spreading disinformation and perpetuating societal bias – are more relevant concerns for the vast majority of businesses pursuing AI investments.