ASEAN SME NEWS

 
Latest ASEAN news

Ground-breaking ceremony marks port expansion

A new port trade zone (PTZ) will drive economic growth through the enhancement of export-oriented industrialisation and the promotion of sector diversification as well as employment growth, said Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah during the ground-breaking ceremony for an expansion project of the Muara Container Terminal yesterday.

The project, to be completed by the second quarter of 2027, includes the development of a PTZ aimed at streamlining trade processes and supporting regional industrial growth.

The expansion is also set to transform Muara Container Terminal into a vital hub for international trade and investment, fostering economic growth and enhancing connectivity between the Sultanate and China. The project not only underscores both nations’ commitment to economic partnership, but it also positions Muara Port as a strategic gateway to regional and global markets.

Spearheaded by Muara Port Company Sdn Bhd (MPC), the project also marks a historical milestone in the Brunei-China relations.

Dato Seri Setia Dr Awang Haji Mohd Amin Liew said, “Over the past few years, Brunei and China have shared a strong bond of friendship and cooperation, which is further strengthened by the establishment of the Brunei-Guangxi Economic Corridor (BGEC) in September 2014, which has been serving as an exemplary gateway for both nations to collaborate and establish synergistic business activities, infusing new momentum into the Belt and Road Initiative and furthering Brunei Vision 2035.” The minister also highlighted the project’s importance. “In 2022, the Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) region saw a notable increase in total trade in goods, rising by USD65.8 billion, spanning a vast area of 1.6 million square kilometres and home to a population of 79.8 million. As a key node in BIMP-EAGA, Muara Port plays a crucial role in facilitating trade between the region and western China through the International Land-Sea Trade Corridor,” he said.

He added, “With MPC’s expansion plan and efficient port handling productivity, we will be able to facilitate the expected growth in the import and export of cargo from the development of local and international trade.”

Ultimately, he said, “these efforts will facilitate in transforming Muara Port into a major regional shipping and transshipment hub”. Minister of Primary Resources and Tourism Dato Seri Setia Dr Haji Abdul Manaf bin Haji Metussin, Minister of Development Dato Seri Setia Awang Haji Muhammad Juanda bin Haji Abdul Rashid, Minister of Transport and Infocommunications Pengiran Dato Seri Setia Shamhary bin Pengiran Dato Paduka Haji Mustapha and Deputy Minister of Finance and Economy (Economy) Dato Seri Paduka Haji Khairuddin bin Haji Abdul Hamid were also present.

Source: Borneo Bulletin

Read the full article here

Youth engagement key to future innovation: ASEAN secretary-general

Youth need to remain actively involved in ASEAN affairs. Youth must also focus on their vision for the future and participate in ASEAN’s ongoing work, ASEAN Secretary-General Dr Kao Kim Hourn said.

He said this during his keynote address on ‘Cooperation, Collaboration, and the Youth: The Bedrock of Innovation and Sustainability’ at the Pro-Chancellor Arts Centre, Universiti Brunei Darussalam on Tuesday.

He added, “ASEAN leaders have committed to regular dialogues with youth, with annual meetings involving youth leaders from all 10 ASEAN member countries.”

Dr Kao also highlighted during the 42nd ASEAN Summit in Indonesia in 2023, youth leaders provided recommendations on four key areas. The areas were enhancing the regional ecosystem for youth entrepreneurship, improving digital literacy, accelerating inclusive digital transformation, and leveraging economic opportunities through digital platforms.

He also highlighted the importance of incorporating youth perspectives into ASEAN’s new Vision 2045 and strategic plans for its three pillars: political-security, economic, and socio-cultural. “As we finalise these plans, it is crucial to include the voices of the youth,” he added.

Dr Kao underscored the vital role of youth as future leaders, innovators, and influencers. “The landscape has changed dramatically with technology advances. It is important for our youth as the future leaders and change makers, educators, innovators and influencers.

Source: Borneo Bulletin

Read the full article here

Bruneian tourism to Malaysia surges by 169pc

The number of Bruneian travelers visiting Malaysia last year surged by 169 per cent, with a total of 811,833 Brunei tourists recorded, compared to 301,757 in the previous year. This significant increase reflects the growing appeal of Malaysia as a destination for Bruneians, not only for its diverse culture, culinary delights, and natural attractions but also as a popular honeymoon destination.

In a move that is expected to further enhance economic cooperation between the two nations, the Sarawak Trade and Tourism Board (STATOB) will begin operations in Brunei in the fourth quarter of this year, focusing on boosting trade and tourism.

These insights were shared by Chargé d’Affaires at the Malaysian High Commission in Bandar Seri Begawan Mrs Nur Ezira Mahadi, during a dinner commemorating the 40th Anniversary of Diplomatic Relations between Malaysia and Brunei Darussalam. The event, held at the Royal Berkshire Hall, Tarindak D’Polo, Jerudong last Sunday, was hosted by the Malaysian High Commission in conjunction with the working visit of Malaysia’s Foreign Minister to Brunei for the 25th Meeting of the Implementation of the Exchange of Letters between the two countries.

Source: Borneo Bulletin

Read the full article here

Expanding contractor participation key to Brunei’s energy future

Permanent Secretary (Energy) at the Prime Minister’s Office Hajah Farida binti Dato Seri Paduka Haji Talib yesterday called for expanding the participation of contractors in the opportunities available within the power sector through fostering strategic partnerships with the hope of driving the nation’s energy future. 

She said this in her remarks during the launch of the Power Vendor Forum yesterday at the Prime Minister’s Office (PMO).

Emphasising the government’s steadfast commitment to enhance the power sector to be fit for the future, the permanent secretary, who was also the guest of honour, said, “Our effort lies with the Department of Energy’s vision of achieving ‘Energy Security for Brunei Darussalam’s Prosperity’. Our goal is to ensure a sufficient and reliable power supply, while optimising our power systems to meet current and future demands. This vision is critical for our nation’s continued growth and development. By working together, we can create a power sector that not only meets our needs but also drives our economic and social progress.”

In the face of global energy challenges and the urgent need for robust solutions, she said, ”It is imperative that we harness the collective strength of the energy industry. The power sector is not just a cornerstone of our economy; it is the underlying source that powers homes, businesses, and industries. Ensuring its robustness and resilience is a responsibility I believe we all share.”

She added, “We recognise that the key to achieving this lies in developing a dynamic and competitive market where contractors of all sizes can participate and succeed. The forum is a testament to that commitment. It is a platform designed to connect businesses with upcoming opportunities, facilitating access to projects and services that will propel our sector forward.”

The half-day vendor forum, centred on power and renewable energy was organised by the Department of Energy, in collaboration with the Department of Electrical Services (DES). 

The theme, ‘Connecting Businesses with Emerging Opportunities’, has a direct link to the Department of Energy’s vision that aligns with the national strategic agenda under Brunei Vision 2035. 

The overarching intent is to create the foundation for a dynamic and competitive market for power and renewable energy.

The forum aimed to provide local and international contractors the opportunity to meet and form strategic partnerships as well as to widen the range of potential contractors in power projects. 

The forum began with a keynote presentation from Deputy Permanent Secretary (Energy) at the PMO Pengiran Haji Jamra Weira bin Pengiran Haji Petra, which provided an overview of the power sector landscape in the Sultanate. 

It proceeded with panel sessions by DES Acting Director Ahmad Ridza bin Dato Seri Setia Haji Abdul Rahman and Department of Energy Head of the Energy Transition Division Shirley binti Sikun. 

The forum was attended by 61 companies, with over 212 individuals from businesses in the Sultanate, South Korea, Malaysia, Singapore and Thailand. A vendor clinic was also organised by the DES. 

Source: Borneo Bulletin

Read the full article here

Investing in digital tools, infra key to connecting indigenous biz to global markets

Asia-Pacific Economic Cooperation (APEC) member economies can invest in digital tools and infrastructure to connect indigenous businesses to global markets, thus enriching markets and ensuring the benefits generated by trade are inclusive and sustainable.

“It is important to highlight that one of the most promising developments in recent years is the rise of digital tools and technologies that can help Indigenous entrepreneurs access export markets and compete on a global scale. For Indigenous businesses, digital tools offer a gateway to global markets that were previously inaccessible,” Renato Reyes, Senior Official for APEC Peru, said in a news alert.

Reyes said e-commerce platforms, social media and digital marketing enable indigenous entrepreneurs to showcase their products and services to an international audience, connecting directly with consumers who value cultural heritage and sustainability.

He said digital tools can help indigenous businesses overcome some of the logistical challenges related with international trade.

“Online payments systems, digital supply chain management, and virtual trade shows allow businesses to manage their operations more efficiently and connect with buyers and suppliers across borders,” he added.

A home to a rich tapestry of indigenous cultures, Reyes said investing in digital tools and infrastructure to connect indigenous businesses to global markets promotes the trade and services that leverage indigenous knowledge and expertise and ensure that trade policies support sustainable development.

This, as many indigenous communities, particularly in remote areas, still face significant barriers to accessing digital technologies, including limited internet connectivity and a lack of digital skills, he said.

“Public and private sector must work together to address these gaps, ensuring that indigenous entrepreneurs have the tools and knowledge they need to succeed in the digital economy,” he added.

As sustainable economic growth is a key priority for APEC, Reyes said, indigenous businesses have a key role to play in achieving this goal.

“Trade offers a powerful means of achieving economic empowerment, allowing Indigenous peoples to leverage their resources, knowledge and skills allowing them to operate in sectors such as tourism, agriculture, creative industries, among others, where they bring unique products and services that reflect their cultural heritage and sustainable practices,” he added.PHILEXPORT News and Features

ESG data, reporting also make business sense

Companies can collect environmental, social and governance (ESG) data from various sources and innovative technologies like artificial intelligence (AI), machine learning and data analytics are increasingly used to collect and analyze these data, according to sustainability curricula.

“The advantage of collecting such (ESG) data –it is not only for reporting to the government but also the company themselves have the idea of what they are doing right and what they are doing wrong. And this in turn also translates to where their costs can be reduced. So ESG is not only important from a social responsibility kind of point but it also actually makes business sense,” Deloitte India Executive Director Amrita Ganguly said in a webinar.  

Ganguly presented the key content of the United Nations Industrial Development Organization’s (UNIDO) Learning and Knowledge Development Facility (LKDF) sustainability curricula during its official launch on May 14.

The curriculum materials support industrializing countries to better comply with sustainability regulations, implement sustainability initiatives, and drive overall sustainable development.    

Ganguly said a systematic and planned ESG data collection helps to efficiently collect, measure, record and disclose the correct data.

“Robust ESG data empower decision-makers for identification of potential risks, seize opportunities, and enhance long-term value,” she said.

Ganguly said standards which companies bring out of these kinds of ESG data include the Global Reporting Initiative (GRI), standards developed by Sustainability Accounting Standards Board (SASB), framework developed by Task Force on Climate-related Financial Disclosures (TCFD), and reporting framework of Carbon Disclosure Project.   

ESG data collection methods include internal sources; external sources; emerging technologies; and surveys, questionnaires and stakeholder engagement, she said.

“Companies collect ESG data from their own records and operations. This may involve analyzing financial reports, HR (human resources) records, and sustainability reports to assess their environmental impact, employee practices, and governance policies,” she added.

Ganguly said external data sources include publicly available information, such as government reports, regulatory filings, and data from third-party ESG research providers.  

“Companies often distribute surveys or questionnaires to collect specific ESG data from their stakeholders, including customers, employees, suppliers and investors,” she said.

Ganguly also underscored the importance of tracking ESG data.

“Of course measuring performance, it is not only a fringe concern but it actually gives a very good insight into whether the operations of the company are in line or not. Benchmarking is another important aspect so the company can actually understand with respect to the industry peers, with respect to say energy performance, water performance, waste management,” she added.

Ganguly further said ESG data is also imperative in identifying trends, patterns and anomalies that might not be immediately obvious; ensuring compliance to avoid legal or financial penalties; and allowing organizations to track progress toward sustainability goals and objectives.

“ESG data can identify potential risks and vulnerabilities, allowing organizations to take proactive measures to mitigate them,” she added.

Manufacturers need to build a culture of cyber resilience—expert

By following three key principles, manufacturers can integrate cyber resilience into their organizational culture to help boost their own security and that of the other organizations in their business networks, according to an automation and technology expert.

Blake Moret, chief executive officer of US-based provider of industrial automation and digital technologies, in a recent article published by the World Economic Forum, said a cyber attack on a manufacturer can have significant knock-on effects that can even spread beyond the industry to other organizations along the supply chain.

“The global spread of manufacturing production facilities creates complex supply chains in which producers are also often consumers. Manufacturing is also inherently intertwined with other sectors such as logistics, energy and information technology. And so, any disruption to the manufacturing process can cascade throughout many other sectors—and around the world,” he said.

Moret further shared that heightened connectivity and data transparency has made manufacturing the most targeted sector for cyber attacks for three years in a row. It now accounts for 25.7% of attacks, with ransomware involved in 71% of these incidents.

However, he also noted how the manufacturing sector faces challenges building cyber resilience. Chief among these is the cultural mindset gap between enterprise and industrial environments, with the latter often prioritizing physical safety over cyber safety.

Technical challenges are also a major barrier. Outdated legacy systems and connected assets within industrial control systems have left many manufacturing organizations unprepared to repel sophisticated cyber threats.

Manufacturers are also often reluctant to take factories offline to make upgrades in security or deal with cyber attacks, said Moret.

Additionally, manufacturing is influenced by external forces such as the global inflation and rising energy costs, which add to manufacturers’ hesitancy to make improvements.

Another complication is that manufacturers must navigate various regulations and industry standards concerning human and product safety, data protection and cyber security.

Moret said that regardless of these complexities, the manufacturing sector must deal with cyber challenges so it can explore new technologies in a secure manner. He outlines three cyber resilience principles that companies can apply to their operations:

•    Make cyber resilience a business priority. This principle emphasizes the need for cultural change and a comprehensive cyber security governance. It also covers the importance of securing budget and resources, while also creating incentives to ensure that cyber security is an objective embraced by all stakeholders.
•    Drive cyber resilience by design. This means integrating cyber resilience into every aspect of processes and systems. A risk-based approach must be used to incorporate cyber resilience into the development of new products, processes, systems and technologies.
•    Engage and manage the ecosystem. This principle underlines the importance of fostering trusted partnerships and raising security awareness among stakeholders. Rather than having one organization exert control over a supply chain of other actors, an ecosystem approach involves encouraging all entities in a business network to collaborate to address issues like cybercrime.

Source: PHILEXPORT News and Features
Photo source: Canva
August 27, 2024

More Chinese investors entering Thai property market

Investment funds from China being used to snap up condos and houses for later resale, property consultant says
An increasing number of companies funded by Chinese investors have been buying properties for rent and sale in key economic cities, and the government’s plan to increase the leasehold period for foreigners from 50 to 99 years is expected to further boost this trend, consulting firm Property DNA said.
The proposed plan also aims to increase foreign ownership in condominiums from 49 to 75 per cent of usable space.
“These companies, established under Thai law or through a joint venture with Thai partners, have been using investment funds from China to buy condominiums and houses in big cities,” Property DNA’s managing director Surachet Kongcheep said on Monday.
“They aim to sell or rent these properties to wealthy Thais or foreigners later on, especially those looking for residences in Bangkok, Pattaya and Phuket,” he added.
The firm estimated these Chinese-funded companies have invested over 100 billion baht in these cities in the past 15 years.
Surachet said that if the proposed plan to increase the foreign property ownership ratio and leasehold period was approved, it could spur more Chinese investors to enter the Thai property market to snap up units in anticipation of increased demand from foreigners.
“Thai property developers estimate that the new rules would help expand the sales among foreign buyers, but it could be these companies, operated by Thai nominees or Thai joint investors, that will sweep up all the supply,” he said.
The Department of Business Development reported that in the first half of 2024, Chinese companies invested 382.06 billion baht in Thailand, or 9.48% of all foreign direct investment. This put China in third place of countries investing the most in the kingdom, following Japan (993.35 billion baht, 24.65%), and Singapore (473.57 billion baht, 11.75%).
The top five industries/sectors to received the most investment from China are automotive and parts (19.47 billion baht), tyres and inner tubes (16.86 billion baht), property not for own residence (14.62 billion baht), steel and iron manufacturing (13.65 billion baht), and electricity generation and distribution (12.93 billion baht).

Source : THE NATION

Cambodia becomes world’s second largest producer of raw cashew nuts, CAC says

Cambodia has become the world’s second-largest producer of raw cashew nuts, with a total production of 830,000 tonnes in the last seven months of 2024, according to the report of the Cashew Nut Association of Cambodia (CAC).

CAC said, there has been a significant increase in cashew exports to Vietnam, amounting to over 780,000 tonnes valued at $1,092 million. This represents 36.7 percent increase in volume and 28.1 percent increase in value.

Uon Silot, President of the Cashew Nut Association of Cambodia (CAC), told Khmer Times on Sunday that this increase is not accidental because, since May, the CAC has seen a significant increase due to cashew nut crops adapting to the El Nino phenomenon, while the area under cultivation has also slightly increased as well.

It may be recalled that on September 2023, the CAC announced that Cambodia might be impacted by about El Nino phenomenon. The association has issued some guidelines both for CAC members and farmers, in general, to be prepared to maintain a good harvest. “The CAC instructions were adapted hence the yields increased,” said Silot.

The world’s first-largest producer of raw cashew nuts is Ivory Coast, while Cambodia overtook India as the second largest. India dropped to the third place due to climate change.

Silot said, “This information is important as it could attract more foreign investors. When thinking of cashews, we should think of Cambodian cashews.”

CAC wants to attract more investment for local processing so that the cashew policy 2022-2027 can achieve greater results.

“This is what the CAC and other parties have always dreamt of, because the more factories we have, the more jobs we can create in the community, reduce migrant workers and help farmers maintain a fair price by providing value-added to our farmers by reducing a large number of brokers,” Silot emphasised.

For full article, please read here



Writer: Mom Kunthea 
News: Khmer Times 

Thai Government to Enhance Oversight of E-commerce

The government is prioritizing the protection of local small and medium-sized enterprises (SMEs) from unfair competition. They are considering implementing stricter import controls and potentially introducing a value-added tax on imported goods priced below 1,500 baht to create a more level playing field for Thai businesses.


Key Takeways

- The government has been urged to strengthen regulatory oversight on the e-commerce sector to ensure consumer protection and fair market practices. This call comes amid rising concerns about fraudulent activities and a lack of transparency in online transactions.

- Key stakeholders, including regulatory bodies and consumer advocacy groups, emphasize the need for stricter guidelines and monitoring to safeguard consumers against scams and inadequate product quality in e-commerce platforms.

- Enhanced regulations could also facilitate a more competitive environment for legitimate businesses, ultimately benefiting both consumers and entrepreneurs in the rapidly growing online marketplace.


The Thai government is increasing its supervision of foreign e-commerce platforms, particularly the Chinese online retailer Temu, to ensure compliance with Thai laws and tax regulations. This action is prompted by concerns from local businesses about the potential market disruption caused by the influx of low-priced Chinese goods, particularly those offered by Temu with discounts as high as 90%.


Source: Thailand Business News

Foreign investors set to increasingly focus on ASEAN, Thailand

CIMB Thai (CIMBT) anticipates increased opportunities for foreign direct investment (FDI) in Thailand due to the global trend of relocating manufacturing bases amid heightened US-China trade tensions.
According to Wut Thanittiraporn, CIMBT's head of corporate and transactional banking, with the global shift in manufacturing, Asean and Thailand have emerged as prime destinations for both direct and indirect foreign investment. CIMBT, as a regional financial institution network, is actively engaging with several large corporate companies interested in investing in Thailand.
These companies are seeking financial support from the bank worth US$300-500 million, he said.
Mr. Wut said corporate customers, including local, regional, and international companies, typically collaborate with Malaysia-based CIMB Group for their regional business expansion, encompassing both direct and indirect investment.
"The trend of manufacturing relocation and the high growth potential of ASEAN economies are expected to create significant opportunities for both outbound and inbound investments across the region," he said, adding that CIMB Group focuses on four regional strategic markets: Malaysia, Indonesia, Singapore and Thailand. This year, the group is concentrating on four key investment themes: sustainability, artificial intelligence, food security and consumer behaviour.
CIMBT is committed to supporting corporate clients with both outbound and inbound investments under these investment themes. The bank aims to expand its total corporate loan portfolio to 100 billion baht in 2024, following an increase in loans outstanding to 90 billion baht in 2023, up from 80 billion baht in 2022.
Due to the good asset quality of the corporate customer segment, CIMBT has successfully controlled non-performing corporate loans to a satisfactory level of around 1.7%, down from around 2% at the end of last year.
Mr. Wut highlighted the strengths of each regional market under CIMB Group's strategy. In Thailand, potential industries include tourism, healthcare, logistics, and data centres. Both foreign and large Thai corporations see opportunities for mergers and acquisitions in regional markets, with portfolio investment being a key strategy for local companies seeking investment returns in overseas markets.
"Despite Thailand's GDP growth being lower than its regional peers, the country remains attractive for FDI as foreign investors use Thailand as a production base for re-exports," he said.
According to CIMBT Research Center, global FDI declined to UScopy.3 trillion in 2023, a 2% year-on-year decrease, due to the worldwide economic slowdown and increased geopolitical tensions. However, FDI to Asean rose to $226 billion, a 1% increase.
Singapore ranks first in Asean for attracting FDI, followed by Indonesia, Vietnam, Malaysia, the Philippines, and Thailand since the start of the year. This indicates a continued shift of production bases to regional countries.

Source: Bangkok Post

Swift growth expected for Cambodia’s data centre market

The Cambodia data centre and data centre colocation market is poised for swift growth in coming years, driven by the country’s ongoing digital transformation, local data hosting trends and cloud expansion, according to a recently-released research report by AstuteAnalytica India Pvt. Ltd.

According to the reports findings, the Cambodia data centre colocation market was valued at $156.42 million in 2023 and is projected to reach a sum market valuation of $415.56 million by 2032.

The findings project a compound annual growth rate (CAGR) of 12.3 percent for the sector between 2024 and 2032.

The report suggested that the sector’s growth in coming years will be supported by international alliances with major international IT players, leading to more colocation facilities in-country; and a strategic alignment of digitisation with the nation’s long-term socioeconomic and political goals.

Top drivers in the market cited by the report include rising internet penetration and digital transformation initiatives across various sectors, Government incentives and policies supporting data centre industry development, as well as a growing need for disaster recovery and business continuity solutions within the cloud data space.

According to the findings, as of 2023, Cambodia had over 10 million internet users and upwards of 20 million mobile subscriptions, which has meant that the demand for reliable and secure data storage solutions has and continues to escalate.

The increasing volume of data from social media and over-the-top (OTT) platforms within the nation, with over 500 million hours of content streamed monthly as of 2023, is likewise pushing the demand for more colocation facilities.

For full article, please read here


Writer: James Whitehead
News: Khmer Times

We use cookies to improve our service for you. You can find more information from our

privacy policy

Accept cookies