Thailand’s National Economic and Social Development Council (NESDC) has approved a framework for the country's 13th national economic and social development plan from 2022-2026, with focus on high value-added economic development, including the value-added manufacturing. This indicates a restructuring of the manufacturing industry, with the aim to increase incomes and profits.

This means opportunities for businesses in high-tech sectors, such as bio, circular and green economies, as well as the medical industries, logistics and digital services.

Source: VietnamPlus

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Thumbnail: "Thai Flags" by isriya is licensed under CC BY-NC 2.0

Picture: "Solar Panels Cleantech" by RecondOil is licensed under CC BY 2.0

Nongsa Digital Park, a collaboration between Indonesia and Singapore in Batam, Indonesia, is set to be a digital hub for technology start-ups from both countries, helping them form closer ties, increase technological cooperation, and share talent, resources and market share. The park will comprise co-living and co-working spaces, a tech campus, and a plaza, big enough to accommodate 8,000 tech specialists.

Both countries are already home to two of Southeast Asia’s most vibrant technology ecosystems, with several ASEAN tech unicorns headquartered in either country, and companies from both countries are often collaborating, as well as competing with each other, especially when starting international expansions. Additionally, while Singapore is technologically more advanced, Indonesia boasts a massive population, keen to take up new technologies. This brings both countries new opportunities for business, collaboration and cross-border expansion.

Source: e27

Photo source: Nongsa Digital Park

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Read more about Nongsa Digital Park here

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Prior to the COVID-19 pandemic, South-East Asia as on track to becoming the world’s 4th largest economy by 2030. However, the pandemic caused economic devastation in the region and has become one of the biggest challenges to face ASEAN.

However, there are positive signs, that the bloc can successfully overcome this and make an economic recovery in 2021. The region is determined to enhance and strengthen economic and trade cooperation, for example, through the ASEAN Single Window Live Operation and the ASEAN Customs Transit System. In addition, ASEAN nations have increased the uptake of digital payments, and e-commerce is on the rise, as a result of the movement restrictions due to the pandemic.

Alongside intra-ASEAN cooperation, strengthening relations with external partners is also high on the agenda. The bloc is seeking even closer collaboration with China, in addition to the signing of the Regional Comprehensive Economic Partnership, which will support ASEAN cooperation with Asia-Pacific nations.

ASEAN has faced challenges before, and undoubtedly, Southeast Asia will overcome this ordeal and make a speedy economic recovery, after the pandemic is under control.

Source: Business Times

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Picture: By Travelpixs from Shutterstock

The UK, having left the European Union at the end of 2020, has highlighted a trade deal with ASEAN as ‘extremely high priority’. Currently, the EU has free trade agreements in place with Singapore and Vietnam, the execution of which was made easier by the two countries having an existing trade agreement with the EU.

In 2019, trade between the UK and ASEAN reached US$ 35 billion or 12.7% of the total trade between ASEAN and the EU, making UK ASEAN’s fourth biggest trading partner in Europe.

The UK views the question of palm oil, which has been a challenging issue for the EU and ASEAN to overcome in trade negotiations, as a point to work together on and find common ground. There is existing strong demand in the UK for palm oil and palm oil products, and the UK is taking the position that working with national governments, and supporting communities living and working in highly forested areas, is the way towards sustainability.

Britain is already conducting joint trade reviews with Thailand and Indonesia for potential deals, and is engaged with Malaysia through a joint committee on issues such as trade policy and market access. In June 2020, the UK applied to become an ASEAN dialogue partner, which is another way for nations to strengthen ties with ASEAN, through high level talks on regional and global issues. Successful or not, the UK is certain there is a lot for the UK and ASEAN to work on.

Source: Nikkei Asia

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Fintech has revolutionalised the payments industry and apart from the grand global success, its presence in the Southeast Asian markets has attracted many companies from all over the globe to invest and branch out in the region, in addition to already plentiful local players.

E-commerce has made a strong impact on the rise of digital payments, and alongside that, digital lending has emerged as a highest-grossing business model in ASEAN. Innovation in fintech can be found in many of the services available on the market, such as online multi-currency exchange in online multi-currency invoice platforms, software to handle insurance claims, funds distribution and funding management, and finance and investment management for SMEs. Combined with AI, fintech is enabling technology adopters to personalise and customise user experience, as well conduct predictive data analysis.

As a whole, digital financial services are expected to generate US$ 38 billion in revenue by 2025 in Southeast Asia. In comparison, in 2019, annual revenue of the sector was US$ 11 billion. The driving force behind the rise of fintech are consumer trends, which are in turn shifting as a result of digitalisation. There is also high level of consumer adaptation and trust in these technologies, creating new business opportunities and new markets for many local companies.

Source: e27

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We’re growing!

ASEAN Access is looking for public or private organizations, in ASEAN and beyond, that support and contribute to internationalization of businesses and who would like to collaborate with ASEAN Access as a Network Partner.

As an international network, ASEAN Access supports SMEs with market entry, by offering trade information, a Service Providers directory connecting users to hands-on market entry support, country and sector briefs, and a comprehensive pan-ASEAN events calendar. We are also launching our ASEAN Access MATCH platform, which will become the centre of our virtual matchmaking and market information events, knowledge workshops, and many other events that help businesses internationalise. 

How can you as a Network Partners collaborate with ASEAN Access?

• Help businesses grow, by organising information, training and matchmaking events
• Help inform businesses, by publishing relevant news, business and trade events
• Help us grow, by directing visitors to ASEAN Access by promoting the portal.

What you get in return?

• You can use the MATCH platform free of charge* for unlimited events of your choice
• You can use our intranet for more matchmaking activities and join our internal communication
• You will build your professional network in ASEAN and beyond
• You can promote your own events in the events calendar
• You can choose which news and articles ASEAN Access visitors should be reading
• You will be part of the official ASEAN business support network and can help direct its growth.

*PS! The usual starting cost for similar matchmaking and virtual event platforms on the market is USD $960 per event, you’ll get to use ours for free!

Interested?

Please email us at aseanaccess@sme.go.th and let us know you are interested. You will be directed to your national contact point who can give you more information. If you already know one of the national contact points of ASEAN Access, you can contact them directly.