PMCA CEO encourages local businesses to use Artificial Intelligence

March 23, 2024 11:55 pm | Posted in Business News | Share now Twitter Facebook

By Sabrina Tabi.

The Chief Executive Officer (CEO) of Price Monitoring and Consumer Affairs (PMCA), Lissie Taura, has encouraged local businesses to start thinking about digitally transforming their business processes, as 83% of companies globally claim that Artificial Intelligence (AI) is a top priority in their business plans.

The above remarks were made during the World Consumer Rights Day celebration yesterday at Feiawa Park in Port Vila with the theme being, “Fair and Responsible AI for Consumers.”

Ms Taura emphasised that while AI is being promoted, players in AI space need to inform “us on how we can protect consumers according to their rights when they are using AI”.

“In the context of Vanuatu, what laws, regulations, or policies, are in place to guide institutions to help protect consumers from potential risks and ensure that AI technology is developed and used responsibly?” she questioned.

Ms Taura said with the rate of technological uptake globally, and Vanuatu similarly progressing towards the digital world, it is important that the people must be digitally transformed and informed to understand AI.

The CEO revealed that the use of AI has rapidly increased with statistics showing an alarming data, as published by Forbes Magazine, the use of AI has expanded since 2022, and is predicted to reach 38.1% by 2030.

Shortage of labour in the workforce has resulted in approximately 25% of companies around the globe to adopt, and are currently benefiting from AI, said Ms Taura. “In short, AI is helping businesses to optimise costs while compensating for lack of human resource,” she added.

AI is projected to increase over 13 times in the next 7 years according to Forbes. And the U.S. AI market has predicted that by 2025, as many as 97 million people will be working in AI spaces.

The Consumer Rights Day celebration yesterday, consisted of panel discussions between representatives of stakeholders such as the Ministry of Trade and Commerce, PMCA, and Telecommunications Radio communications and Broadcasting Regulator (TRBR), Reserve Bank of Vanuatu (RBV) and Office of the Government Chief Information Officer (OGCIO).

Some schools around Port Vila such as Lycée Louis Antoine de Bougainville, Malapoa College, and National University of Vanuatu (NUV) also participated in this event by engaging in debates.

Noel Vari, the Deputy Governor of the RBV, said in today’s dynamic global market place where consumer choices are bound and technological advancement continually reshape industries, the significance of Consumer Rights Day cannot be overstated.

Mr. Vari said this day, which is celebrated annually, serves as an emotional reminder of the fundamental rights we all share as consumers and the responsibilities that come with it.

CEO Taura echoed similar sentiments, saying the event is a celebration of rights and empowerment of consumers around the globe.