“China has successfully built itself into a massive manufacturing hub for the whole world, so economies around the world will be looking at how the Chinese economy can be more efficient,” Jacob J. Puthenparambil, Founder and CEO of Redhill, said in an interview with GDToday at the Asia Youth Leaders Forum on March 25 in Nansha, Guangzhou.
He noted that China is on the right track by emphasizing technological development in such areas as the Internet of Things (IoT), autonomous vehicles, electric batteries, telecommunications, and artificial intelligence.
“These are areas where if you don’t take the lead or invest in now, you will have to pay the price in five to ten years, because these technologies will be patented by somebody else, and then you’ll be paying a license fee or high rent for them,” Puthenparambil said.
He believes that the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) has laid the foundation for technological advancement with a comprehensive manufacturing system, high-quality infrastructure and related industries.
“The laws are also very straightforward in the region, and we are clearly informed of the incentives. Generally, there’s a lot of assistance provided in finding out the right product gap or service gap that we request,” Puthenparambil elaborated.
In addition to technological development, as the founder of public relations firm Redhill in Singapore, Puthenparambil analyzed that China also needs to attach importance to high-quality development in branding and marketing.
“The iPhone is made in China, but it’s Apple that is making the money because the brand name is so powerful,” Puthenparambil furthered, “Also, local cars that I saw in Guangzhou are very impressive. I would be quite optimistic and confident that the next Apple or Tesla is already here in China. If we are given the opportunity to tell the world about it, that would be a giant leap for a company like ours.”
Reporter | Lydia Liu
Video editor | Qin Shaolong
Video script | Lydia Liu
Editor | Wing, Steven, Jasmine, James
