Thai Prime Minister Prayuth Chan-ocha delivers a speech at the Association of Southeast Asian Nations (ASEAN) Business and Investment Summit (ABIS) 2019 in Bangkok, Thailand, Nov. 2, 2019. (Xinhua/Rachen Sageamsak)

BANGKOK, Nov. 2 (Xinhua) -- Thai Prime Minister Prayut Chan-o-cha on Saturday urged all ASEAN (the Association of Southeast Asian Nations) members to rein into the ASEAN 4.0 alongside the Thailand 4.0 policy to push forward digital connectivity in the region.

Speaking at the 18th ASEAN Business and Investment Summit (ABIS) 2019 on Empowering ASEAN 4.0 in Bangkok, Prayut urged all ASEAN member states to maximize opportunities from the Fourth Industrial Revolution (4IR) that he said, will fundamentally define the future of ASEAN.

"We are driven by increasing digitalization and innovation," said Prayut, "and ASEAN is on the verge of technological revolution."

Prayut also said that his administration has pushed forth the Thailand 4.0 policy with the aim to transform the Thai economy into one that can cope with the onset of the 4IR.

"This involves transforming the Thai economy into a digital economy using the new business model which combines online and offline business," said Prayut, "and Thailand has already begun its digital transformation to improve the country's macroeconomic and microeconomic activities."

The Thai premier said that the adoption of innovation is a crucial part of the development of Thai industries under the Thailand 4.0 policy to increase productivity as well as improve the value and supply chain to increase value of products.

"The key in future development is innovation," said Prayut, "and innovation will be the key element in driving sustainable development in the 4IR."

The 18th ABIS 2019 Summit in Bangkok was a platform for ASEAN leaders to express their vision of the future and views toward opportunities and challenges of investment in the face of changes in the world economy.

The summit also presents an opportunity for the private sector to address ASEAN leaders on problem solving and obstacles to trade and investment.