me spend a bit of time on the second factor, that is on talent development. joseph e. stiglitz, the nobel laureate in economic sciences once said, “ development is about transforming lives of people, not just transforming economies ”. to thrive in the new economy, policy strategies must tilt towards understanding the ‘ future of work ’ and future proofing the workforce. the world economic forum reports that by 2030 wide - scale investments in upskilling can boost global gdp by usd 6. 5 trillion and lead to the net creation of 5. 3 million new jobs globally. with the rapid adoption of technology, it is projected that 50 % of all employees today will need reskilling by 2025, while critical thinking and problem - solving skills will grow in prominence. 1 the institute for the future has identified top skills that will be critical to combine with technological advancement, including novel and adaptive thinking, social intelligence and 1 / 3 bis central bankers'speeches cognitive load management. meanwhile, according to an organisation for economic co2 skills imbalances in malaysia, employers reported operation and development ( oecd ) studyon shortages in communication skills and social skills, such as social perceptiveness and social orientation. as a nation and at the firm level, we must therefore know where our comparative advantage lies, and how this competitive edge is affected by the global megatrends and technological advancements. we then need to prepare our people as only then can we successfully navigate and transform our economy and our organisations. against this backdrop, it is important that organisations strengthen the end - to - end human capital framework and processes. in the new normal, organisations should look to pivot their human capital strategy to focus on integrating well - being into the design of work, leverage talent analytics to harness workforce potential, and embed adaptability and agility in learning and development ( l & d ). allow me to elaborate on three l & d approaches that i believe will help organisations thrive in an age of technological disruptions. first, is the identification of core and emerging competencies that can meet an organisation ’ s objectives. in the malaysian financial sector for example, specialist skillsets remain a priority. these include those with backgrounds in risk, cybersecurity, artificial intelligence, digital strategies and products, compliance, and corporate finance. increasingly, with the impact of climate change and green financing, new demands will include climate modelling techniques, and environmental accounting. second, organisations have no choice but must upskill and

rating agencies have better local knowledge and insights. the rating methodologies are similar, technical model - driven and back tested. in addition, most domestic rating agencies have international partners for technical assistance, standard and quality assurance. before i conclude, there are some ideas that could contribute to the further integration of our fixed income markets. firstly, a crucial driver for greater financial integration is the availability of efficient and effective financial intermediaries. we should look to enhance and better connect the network of intermediaries in the region as it would support the development of a strong and integrated market. with the agreement of the region ’ s regulatory authorities, this can be achieved through the formation of a regional dealers ’ network for the primary and secondary market. such regional dealers will help to distribute securities around the region and more importantly create the market to facilitate cross - border transactions. in doing so, it creates liquidity in the fixed income market, attracting greater foreign investors ’ participation and lowers the cost of funding. asean corporates are thus able to tap into new markets and investors and widen their sources of financing. this contributes to greater depth and breadth of the regional fixed income market. secondly, as intra - regional trade within asean is becoming more significant with further potential in intra - regional investments, another untapped area is the cross currency foreign exchange market, that could support regional settlement for trade and investment. asean is well positioned to advocate the greater use of regional currencies that will further enhance and deepen regional financial integration via use of regional currencies for trade settlement. the cost of hedging the exchange rate risk will be lower thus it promotes efficiency in trade bis central bankers ’ speeches and enhances export competitiveness of our businesses. we should therefore, work together and double our effort to promote and enhance the use of regional currencies for trade and investment settlement. sovereign funds managers could also give a timely boost to this effort by investing a fraction of their funds into domestic currencies of regional bond markets. finally, this summit itself is a platform to promote regional integration, as it can be an important avenue to discuss and showcase developments of the asean fixed income market and bring together policy makers and industry participants. given the benefits and outcome that can be derived from this summit, our asean financial market community would be better served if this summit is organized on an annual basis and hosted by rotation among the asean countries. this would provide an excellent opportunity to each asean member country to showcase their domestic fixed income market to