Brunei’s total trade rose by 5.2 per cent in July compared to June. The increase was due to the rise in exports value by 30.9 per cent. However, imports value fell by 20 per cent.

Exports in July was valued at BND1,177.1 million, where mineral fuels represented the major contributor to the Sultanate’s exports at 81.3 per cent followed by chemicals (16.4 per cent) and machinery and transport equipment (1.1 per cent).

The five main imports by commodity for July were mineral fuels (58.6 per cent) followed by machinery and transport equipment (15.5 per cent), food (eight per cent), chemicals (6.8 per cent) and manufactured goods (5.8 per cent).

The main export markets in July were Australia (23.4 per cent) followed by Singapore (19.6 per cent) and China (13.8 per cent). The largest export commodities to these countries were mineral fuels and chemicals.

The biggest import partners were Malaysia (32.7 per cent) followed by Saudi Arabia (15.8 per cent) and Kazakhstan (15.5 per cent).

His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam said that to build inclusive and resilient economies, APEC must continue advocating for a rules-based multilateral trading system that ensures equal opportunities and fair competition.

His Majesty said this during a titah at the APEC Economic Leaders’ Retreat (Session II) at the Moscone Center, San Francisco in the United States (US) on Friday.

Accompanying His Majesty was His Royal Highness Prince ‘Abdul Mateen.

The retreat began with opening remarks from US President Joe Biden as the APEC chairman for 2023. He then invited President of Peru Dina Boluarte as incoming chair of the APEC AELM, to deliver her remarks. Peru will host the APEC meet in 2024.

Discussions during the retreat focused on interconnectedness and building inclusive and resilient economies. His Majesty also highlighted the importance of regional economic integration initiatives such as the Regional Comprehensive Economic Partnership (RCEP), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Indo-Pacific Economic Framework (IPEF) in unlocking the full potential of APEC economies for greater prosperity.

In this regard, His Majesty emphasised continued commitment to establishing the Free Trade Area of the Asia Pacific (FTAAP) as a priority within APEC.

His Majesty further recognised APEC’s role as a driving force for innovation as well as the opportunities and risks presented by the rise of artificial intelligence, and underscored the importance of responsible use of technologies and promoting research and development to ensure that APEC continues to be an innovative and forward-looking region in the digital era.

In addition, His Majesty called for engagement with all stakeholders with a focus on youth and micro, small and medium enterprises, and promote their digital skills development to nurture innovation while adopting policies that facilitate international market access which will empower them to compete globally. In this pursuit, His Majesty highlighted that APEC’s role through ECOTECH as an incubator of ideas is vital to the APEC process.

His Majesty concluded by conveying Brunei Darussalam’s full support towards Peru’s chairmanship of APEC next year.

At the conclusion of the AELM, the APEC Leaders’ 2023 Golden Gate Declaration ‘Creating a Resilient and Sustainable Future for All’ was issued.

As part of the outcome of the APEC 2023, a joint statement of Brunei Darussalam, Indonesia, and Malaysia on the occasion of the 30th APEC Economic Leaders’ Meeting (AELM) was also issued.

Source: Borneo Bulletin

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Contributing towards the development of Brunei’s downstream oil and gas sector, creating more local business opportunities through economic spin-offs and propelling the nation closer towards achieving Brunei Vision 2035 and supporting the Economic Blueprint of Brunei Darussalam, the Petroleum Authority of Brunei Darussalam and Brunei Economic Development Board (BEDB) signed the Implementation Agreement for the Pulau Muara Besar (PMB) Phase 2 Development Project with Hengyi Industries Sdn Bhd (Hengyi) at a ceremony at The Empire Brunei yesterday.

It is anticipated that with Phase 2 project’s completion, an addition of over 2,000 employment opportunities will be created with 50 per cent of the figure allocated for Bruneians from the start of operations in 2029, contributing to Brunei’s socio-economic development.

Under the project, the complex will include the development of processing facilities such as a 1.65MMTA ethylene cracker with a 2.5/2.2MMTA purified terephthalic acid/polyethylene terephthalate (PTA/PET) plant, as well as three new jetties. The project will also equip the complex to produce more types of refined petroleum products such as ethylene, polyethylene, butadiene, and polypropylene that will serve as vital raw materials for downstream industries, spanning from textiles to agriculture and automobile to electronics manufacturing.

Minister at the Prime Minister’s Office (PMO) and Minister of Defence II Pehin Datu Lailaraja Major General (Rtd) Dato Paduka Seri Haji Awang Halbi bin Haji Mohd Yussof as Co-Chair of the PMB Development Steering Committee; Minister at the PMO and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah as Chairman of the Foreign Direct Investment and Downstream Industry Steering Committee; Minister of Development Dato Seri Setia Awang Haji Muhammad Juanda bin Haji Abdul Rashid as Co-Chair of the PMB Development Steering Committee; and Zhejiang Hengyi Group Co Ltd Chairman and Hengyi Chairman Qiu Jianlin were the guests of honour. PMB Development Steering Committee members were also present.

Source: Borneo Bulletin

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The government has approved the construction of two hydro-power projects with a capacity of 170 Megawatts (MW), valued at almost $450 million.

The initiatives will benefit not only the province but also contribute significantly to the nation’s power supply, according to the Council for the Development of Cambodia (CDC).

The group approved Khmer Electrical Power Co Ltd’s investment of $447.5 million for the ventures on November 21.

The Stung Russei Chrum Kandal Hydropower Plant, located in Koh Kong’s Mondul Seima district, will have a capacity of 70MW. The 100MW Stung Veal Thmor Kambot facility is located in the province’s Thma Bang district.

The construction of the plants is expected to create 230 new jobs and will adhere to a Build-Operate-Transfer (BOT) model, in which the company will erect and administer the stations for a contracted period of time before handing over control to the government or private sector. 

Koh Kong provincial governor Mithona Phouthong stated on November 22 that the investment will considerably enhance the country’s economic growth. She emphasised the role of increased electricity supply in attracting more investors and tourists to the province.

“Every production chain, including services, all need electricity, so when there is more … it will help attract more investors to Cambodia,” she remarked.

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Author: Hin Pisei
Source: The Phnom Penh Post 

In a heartening development for trade and diplomatic ties, the Ambassador of Indonesia to Cambodia, Dr. Santo Darmosumarto, has expressed unwavering optimism about the burgeoning trade potential between the two countries. At a recent business dinner hosted by the Indonesian embassy, Ambassador Darmosumarto confidently predicted that the trade value between Indonesia and Cambodia could soar past the $1 billion mark by the end of 2023.

Indonesia has steadily climbed the ranks among Cambodia’s trade partners, currently holding the sixth position, trailing only behind major players like China, the United States, Vietnam, Thailand, and Japan. Recent data from the General Department of Customs and Excise (GDCE) of Cambodia reveals a significant increase in trade between these Southeast Asian neighbors, with a total value of $808.07 million. This represents an impressive 18.6 percent growth compared to the previous year.

The Ambassador highlighted the cultural and culinary similarities that bind the two nations together, explaining, “Indonesia has a lot in common with Cambodia, with the most basic similarity being the food we eat, as rice is the staple diet for both our countries. Usually, when people eat rice, there’s usually some common denominator there.” Such shared elements of culture and cuisine have fostered a growing appreciation for Indonesian products, particularly in the food and beverage sector among Cambodian consumers.

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Author: Surya Narayan 

Source: The Better Cambodia 

MOVING to clean energy and managing water risks are among the key issues for South-east Asia that will feature at the upcoming United Nations climate summit (COP28), experts from consulting firm BCG said on Friday (Nov 10).

On the topic of the energy transition, “the region needs confidence that the rest of the world is going to decarbonise in tandem”, said Edmond Rhys Jones, BCG partner and associate director, as part of a panel that discussed COP28. The conference will kick off in Dubai on Nov 30.

“There are also huge business opportunities here; we need a huge amount of new green technology to be scaled and deployed. We need new manufacturing capacity on established technologies like solar and wind, but also new ones like hydrogen,” he said.

Receiving more clarity around the “speed and shape” of the energy transition will be a great benefit to the region, Jones added, albeit acknowledging that “finding consensus on some of the language around the energy transition” could be a challenge.

The energy transition will also need to take place in parallel with protecting prices for end customers, which is a sensitive topic, said Marko Lackovic, managing director and partner at BCG.

Another complication is that South-east Asia has many coal-based power plants which are relatively new or still in the pipeline to be built. The phase-down of such assets will be a pertinent question for the next two or three decades. 

That said, South-east Asia can also play a key role in the energy transition. Indonesia, for instance, sits in the value chain for battery technology with its vast nickel reserves. The country is also a potential market for two-wheeler electric vehicles, said BCG managing director and partner Marc Schmidt.

Water resilience

Water is another big topic that BCG is watching. Water adaptation and resilience featured strongly at last year’s COP27, said Dean Muruven, associate director at BCG. Separately, the UN held a global conference on water this year, the first in almost 50 years.

“What we’ve seen is there’s a lot more movement, with water as a priority topic (on) the global agenda, both in the public sector and private sector. And there’s increasing recognition that we need to stop just admiring it as a risk, and shift that mindset towards resilience thinking. We genuinely believe that this is a strategic topic,” he said.

There is room to enhance tech innovation in South-east Asia to deal with water challenges, as well as by tapping nature-based solutions. Wetland restoration could be especially valuable in this region, said Muruven.

“Water needs to be a C-suite topic; it needs to be discussed in the boardrooms at a strategic level. This is not anything new for C-suite. If you go back to the World Economic Forum risk reports for the last 10 years, water is always in the top five, but we’ve never seen real, meaningful action,” he said.

Strong voice

It is important for South-east Asia to feature prominently in the COP process, said Varad Pande, partner and director at BCG. The region is not only rich in biodiversity, but also vulnerable to climate shocks.

He expects to see a “strong voice of Asean” at COP28, with a lot of activity at country pavilions, and announcements of national adaptation plans and new alliances.

“I think you’ll see a lot of activity on collective power and collective action of South-east Asia, both to demonstrate our commitment as a region, but also to attract the kind of capital that we need to unlock climate action,” he said.

To be sure, there could be challenges. One of the biggest hurdles at COP28 could be on deciding who pays for the “loss and damage” fund to help poor nations facing climate disasters.

Said Jones: “I think the loss and damage conversation is really hard, because it raises such domestic political difficulties for so many parties involved. There are humans in these negotiating rooms, and there is passion in the room. I really hope that some progress can be made, but I think that’s going to be challenging.”

Source: The Business Times. Link: Here.

A NEW survey released by HSBC showed that nearly half, or 45 per cent, of companies in South-east Asia have plans to expand their supply chain in China over the next 12 months.

Some 92 per cent of Indonesia businesses expressed an interest in expanding their supplier networks in China over the next three years, just a shade higher than the 89 per cent of companies in Vietnam and 87 per cent in the Philippines.

The survey findings were made public on Monday (Nov 6) in conjunction with this week’s China International Import Expo (CIIE) in Shanghai.

This sixth edition of the survey was the first to be conducted since Covid-19 restrictions in China were lifted in January this year, with participation from over 3,300 companies in 16 countries including the US, South Korea, Canada, the UK, France and Germany.

Overall, about three-quarters (73 per cent) of respondents expect to increase their supply chain footprint in China over the next three years, with about 25 per cent indicating the increase will be “significant”.

HSBC said that its survey findings suggest that many of China’s longstanding fundamentals, including its deeply integrated supply chain networks, continue to attract international firms.

A key reasons why companies are expanding in China is the ease of managing supply chains, with 28 per cent of respondents feeling this way. This, however, is down from 32 per cent who said so in 2022, despite the fact that China remained largely closed off to the rest of the world last year.

“This reflects the growing complexity of global supply chains, with businesses pushing to diversify and localise their networks and regulators imposing tariffs and restrictions on strategically important goods,” the report noted.

HSBC said that as supply chains continue to evolve, this could have an impact on China over time. The survey found that 27 per cent of companies expect to move their supply chains to new locations over the next three years.

Just over a quarter (26 per cent) said they expect to place a greater focus on strategic suppliers within their supply chains.

Some consolidation is also on the cards: over a quarter (26 per cent) expect to place more focus on strategic suppliers within their supply chains.

Manufacturing leads the way

By sector, it is companies in the manufacturing space that are particularly interested to grow their supply chain in China, with 74 per cent of respondents saying they are likely to increase it over the next three years.

Within the manufacturing industry, food and beverage (F&B) producers were the most keen to expand their China supply chains – 86 per cent said that they would do this over the next three years. In second spot was the computer and electronics manufacturing industry, with 71 per cent of companies there saying they would do so.

HSBC’s survey also found that international companies are attracted by China’s digital economy and the country’s leading position in e-commerce, artificial intelligence and digital payments.

Almost nine in 10 respondents (87 per cent) noted that China’s fast-growing digital economy is opening up new investment opportunities.

HSBC said that digitalisation remains a focus for international businesses in China. Technology and innovation, and digital capabilities and platforms, represent two of the top three investment priorities for businesses in the next 12 months.

On average, companies reported plans to invest 8 per cent of their global operating profit on technology and digitisation for their Chinese operations.

In the area of sustainability, renewable energy and electric vehicle (EV) production are seen as having the greatest growth potential. Respondents also see China, with its large domestic market, as an attractive place to develop and test new technologies and products.

Commenting on the survey findings, Barry O’Byrne, chief executive officer for HSBC Global Commercial Banking, said that China is “hardwired” into the global economy.

“While its relationship with business is evolving and economic headwinds remain, it’s still a critical market for many international firms. From its advanced manufacturing base, to its potential in renewable energy and EVs, and fast-growing digital economy, China offers a range of growth opportunities for international businesses,” he added.

Source: The Business Times. Link: Here

Cambodia’s Phnom Penh Autonomous Port recently signed an MoU with the Saigon Newport Corporation, which operates Vietnamese ports, to raise efficiency and reduce shipping costs between both sides.

Cambodia is building additional sub-ports along the Tonle Sap and Mekong rivers to connect to important industrial and agricultural areas.

Cambodia’s Phnom Penh Autonomous Port (PPAP) recently signed a memorandum of understanding (MoU) with the Saigon Newport Corporation (SNP), which operates Vietnamese ports, to raise efficiency and reduce shipping costs between both sides.

The signing ceremony was held at an SNP workshop to explore ways to strengthen connectivity and develop logistic routes. The workshop was organised on the sidelines of the Vietnam-Cambodia Defence Economic Production Exhibition 2023 in Phnom Penh in October last week.

PPAP deputy director Hei Phanin said logistics between Vietnam and Cambodia has developed rapidly in recent years, strengthening ties along the common border, according to Vietnamese media reports.

“PPAP is strongly committed to supporting the Cambodian government’s policy to grow the Cambodian economy by improving our infrastructure and services, in response to growing demand. We are constructing addition[al] sub-ports along the Tonle Sap and Mekong rivers to connect our services to important industrial and agricultural areas.

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Author: Fibre2Fashion News Desk

Source: Khmer Times

Cambodia collective trademark Sen Kra Ob (SKO) winning the gold award in the 1st China-ASEAN Taste Quality Appraisal Activities of High-Quality Indica Rice Variety will contribute to promoting the commodity to the foreign market, said Cambodia Rice Federation (CRF).

SKO rice was awarded the gold award in the international rice competition last week at the Guangxi Zhuang Autonomous Region Seed Management Station and Rice Research Institute of Guangxi Academy of Agricultural Science, China, a CRF statement on Tuesday said.

As many as 61 rice varieties, of which 12 from five ASEAN countries, were submitted for the contest, stated the report.

SKO rice was recognised by the award committee as a good and delicious rice variety and given the gold medal, CRF said.

“Winning the gold award will contribute to promoting the name of Cambodia’s fragrant rice to a wider market,” CRF said in the statement.

The collective trademark of SKO and Damnoeb Sbai Mongkul (DSMK) Cambodian premium glutinous rice were officially launched in June 2022 with the aim of boosting the export of milled rice.

SKO rice is popular all over Cambodia, as it provides a high yield, is aromatic and of good quality, and is also soft and delicious, according to the Ministry of Agriculture, Forestry, and Fisheries.

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Author: Chea Vanyuth

Source: Khmer Times

BANDAR SERI BEGAWAN – A new Brunei-based airline called GallopAir will take to the skies in the third quarter of 2024, positioning the sultanate as a potential aviation hub for the BIMP-EAGA region.

On Wednesday, the airline signed a letter of intent to purchase 30 aircraft from Chinese planemaker Commercial Aircraft Corporation of China (COMAC) in a deal worth US$2 billion.

The signing took place at the China-ASEAN expo in Nanning, witnessed by Hj Amer Hishamuddin, permanent secretary at Brunei’s Ministry of Development, and Daniel Leong, acting CEO of the Brunei Economic Development Board.

In a statement, GallopAir said the deal would have “profound implications” for both Brunei and Southeast Asia, enhancing connectivity in the region by offering direct flights from Bandar Seri Begawan to several cities in China and the Brunei Darussalam–Indonesia–Malaysia–Philippines East ASEAN Growth Area (BIMP-EAGA).

Little is known about GallopAir, which is expected to be only the second Brunei-based airline operator after national carrier Royal Brunei Airlines. The Brunei government has yet to issue any statement about the airline, which has an office address listed in Batu Bersurat, but no official website.

Source: The Scoop

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