Alibaba founder and executive chairman Jack Ma did not have a good time in the Philippines, at least because of the internet speed which he described as "no good". The business magnate encourages key players in the country to "work together" to solve this issue.
Ma has stressed the importance of internet in today's world that it has become as essential as electricity. In his visit in Manila to receive an honorary degree, Ma has experienced the speed of the internet in the country which is said to be the worst the region.
Also read: Alibaba, Tencent boost investments in Southeast Asian market
At his acceptance speech on Wednesday, October 25, Ma said of the internet, "It's no good", garnering laughs from the audience. However, he has stressed that when there is a problem, there is an opportunity.
"Opportunity exists in the areas where most people complain," says Ma. "If you can solve the complaint, you have a chance. When we started Alibaba, internet speed in China was terrible – much worse than here now."
Also read: Singapore's ecommerce biz dominates despite Amazon, Alibaba
The Alibaba founder urges players to collaborate for the improvement of the web speed and coverage in the country as it has become as necessity. He says, "We have to make sure everybody is connected. When you're connected you can be mobile, and when you're mobile you're everywhere."
In the business side of the matter, he says entrepreneurs should be taking a full advantage of the internet as it will be the driver of the future alongside artificial intelligence and robots. World internet users are expected to grow to 6 billion in 10 years' time.
"In the future, 80 percent of businesses and 80 percent of the business in your business will be online. We believe the world will be totally different," notes Ma.
Ma visited the Philippines to receive the Doctor of Science in Technopreneurship degree given by De La Salle University. He was invited by a student leader.
