Asia-Pacific growth remains resilient, but job creation is critical: International Finance Corporation

AGRICULTURE & AI

Agribusiness remains among sectors with the strongest potential to generate employment, accounting for about 30 per cent of the workforce in Asia-Pacific economies, said Suri. Tourism and healthcare also offer significant job opportunities. 

He added that through its AgriConnect initiative, the World Bank aims to improve incomes for 300 million farmers across developing countries by 2030.

Digital tools and artificial intelligence are increasingly central to this effort, he said. AI is being deployed to help farmers boost yields, predict weather and irrigation patterns, and connect more efficiently with buyers. 

“The idea is that we are connecting the farmers to the markets, and within that we are aiming to tackle each part of the value chain … from upstream production to value addition,” he said. 

Beyond agriculture, AI is reshaping multiple sectors critical to employment, he said. 

“The MSME (Micro, Small, and Medium Enterprises) sector … has a US$3 trillion financing gap across the world. In that sector, AI could be transformative,” Suri said. 

“(For example,) we are seeing companies come up with new credit models to reach that sector of (businesses) that are not connected to the (formal) banking sector.” 

However, the rapid expansion of AI and data centres also raises sustainability concerns, particularly around energy and water use. Suri said the IFC ensures such investments are supported by sustainable power generation and responsible water management. 

Suri said the IFC’s long-term roadmap, known as IFC 2030, is built on three pillars. 

The first is becoming a stronger “mobilisation machine” – leveraging its balance sheet to attract significantly more private capital, he said. In Asia-Pacific last year, IFC mobilised US$13 billion in business, using US$5 billion of its own funds. By 2030, it aims to mobilise five times its capital. 

The second pillar is expanding equity investments to help build and scale companies across the region. The third is deepening support for MSMEs, including through AI-driven financing solutions.