ASEAN SME NEWS

 
Latest ASEAN news

Thailand and Laos Discuss Reopening of Cross-Border Checkpoints

The Ministry of Commerce has voiced optimism over Thailand’s trade relationship with Laos after officials from both countries met to discuss the reopening of four border checkpoints.

Permanent Secretary for Commerce, Keerati Rushchano, recently visited Laos to meet with the Vice-Mayor of Vientiane and the Director of the Capital City’s Planning and Investment Department, Phoukhong Bannavong. The meeting was aimed to accelerate the reopening of four border checkpoints that have been closed due to the Covid-19 pandemic, in order to stimulate the border economy and promote tourism.

According to Keerati, these checkpoints include Tha Duea local checkpoint opposite Nong Khai Municipal Pier, Nong Da traditional checkpoint, Park Ngum traditional checkpoint, and Kokhea traditional checkpoint. Thailand is ready to reopen each location as soon as Vientiane agrees to do the same.

Responding to his Thai counterpart, Phoukhong Bannavong said that Vientiane is now working to solve infrastructure, operational system, and human resource issues, and pledged to reopen the checkpoints as soon as possible.

The two sides have also agreed to focus on tourism connectivity to generate maximum benefits.

Thailand has 49 border checkpoints with Laos, with 44 currently open on the Thai side and 36 open on the Lao side. In 2022, Thai-Lao border trade was worth 260 billion baht, a 21.1% increase from the previous year, and accounted for 94.7% of the total trade between the two countries.

Border trade in Nong Khai province, which is adjacent to Vientiane, amounted to 86.5 billion baht in 2022, a 15.3% increase from the previous year, ranking first in border trade between Thailand and Laos.

 

source : NATIONAL NEWS BUREAU OF THAILAND

Hong Kong giant Swire makes push into luxury residential in Bangkok with 2.4b baht land buy

SWIRE Properties has acquired a 40 per cent stake in a prime freehold plot in Bangkok for 2.4 billion baht (S$95 million), its first investment in the Thai capital’s property market.

The Hong Kong company bought the interest in the Wireless Road site from HKR International. It plans to develop the site into a luxury condominium project in a joint venture with Thai developer City Realty. The 136,336 square feet site is located in the Lumphini sub-district in Pathum Wan District. It is situated next to the Lumphini park and is close to upscale shopping malls, international schools, five-star hotels and embassies.

“Bangkok is currently one of the most exciting emerging markets in South-east Asia and we see significant potential for quality, high-end residential properties in the city,” said Tim Blackburn, chief executive officer of Swire Properties, in a statement on Thursday (Feb 2).

In 2022, Swire announced plans to invest HK$100 billion (S$16.6 billion) in its core markets, including South-east Asia, Hong Kong and China, to drive future growth over the 10 years. About 20 per cent of the funds will be allocated to residential trading opportunities in these markets, Swire said.  The company has several residential projects currently under development in South-east Asia, including in Ho Chi Minh City in Vietnam and Jakarta in Indonesia.

In Singapore, the company completed the development of Eden, an ultra-luxury residential project in Draycott Park, in 2019. In March 2021, Swire announced that it had sold all 20 units, each 3,035 sq ft in size, for S$293 million. According to caveats data, there were two transactions for two units – one at S$13.07 million (S$4,305 per square foot) and one on a much higher floor for S$18.29 million (S$6,024 psf), and 18 units sold in a bulk transaction for S$261.64 million or S$4,789 psf. All 20 units were said at the time to be sold to a single Chinese family.

“South-east Asia is an important part of our residential trading strategy, and we will continue to explore opportunities which enable us to bring our premium residential brand to new markets in the region,” said Blackburn.

 

source : THE BUSINESS TIME

More Singapore firms seeking to expand into Indonesia market

More Singapore companies are seeking help to enter and grow their business in the Indonesian market, as the gradual recovery from the Covid-19 pandemic in both these nations gives impetus to expansion plans.

In 2022, 297 local firms engaged the Singapore Business Federation (SBF) to take their goods and services to the region's largest economy -- up from 185 in 2021 and 78 in 2020. They were from sectors that included healthcare, education, telecommunications, and food and beverage.

The firms consulted the SBF under its GlobalConnect@SBF scheme, which was set up in partnership with Enterprise Singapore to support companies planning to grow globally.

Under the scheme, which was launched in November 2019, SBF has a centre in Indonesia that firms can turn to for advice and use to meet business partners. The Singapore Enterprise Centre in central Jakarta is staffed by SBF's local market advisers.

Speaking to members of the local media last Thursday, Mr Hisyaamuddin Abu Bakar, country head for Indonesia at SBF, noted that businesses are drawn by the large Indonesian market. Indonesia's population stands at almost 280 million, making it the world's fourth-most populous country.

SBF handles various inquiries from Singapore in areas such as incorporation, compliance and regulations in Indonesia, said Mr Hisyaamuddin.

"So we will facilitate them on a case-to-case basis in what they need. But mainly, most of them are interested in finding business partners, and they are worried about how to enter the Indonesian market."

He added that the interest in Indonesia from Singapore firms has been high, even during the pandemic.

Singapore's bilateral trade with Indonesia was $59.1 billion in 2021, a 21 per cent increase from the year before. The total value of Singapore's investments in Indonesia amounted to US$9.4 billion (S$12.5 billion) in 2021. Since 2014, Singapore has also occupied the top spot on the list of Indonesia's investors.

Over the past three years, SBF has conducted more than 900 sessions where it advised businesses on how to grow in the Indonesian market, and helped facilitate 36 projects by Singapore firms in Indonesia.

One firm that enlisted SBF's expertise was International Cancer Specialists, a medical company that provides cancer screening and treatment.

When the company wanted to enter the Indonesian market in 2021, its management was unsure whether it could get credible professionals to help it meet legal and tax requirements.

Mr Benjamin Tan, the company's chief executive and executive director, said that with SBF's help, it managed to hire a good lawyer and tax agent within a few weeks.

"We managed to get everything up and running... within three months," he said.

IndoPanda, which provides Chinese language lessons as well as services to send students to China for further studies, tapped SBF to find new business opportunities in Indonesia.

CEO Hendri Zhang said that at the end of 2021, SBF helped his business connect with potential clients and partners, including DBS Indonesia.

"The local staff there expressed interest in learning Mandarin, so they connected us with the human resources personnel in the company. And very quickly, we were able to give them a proposal about the courses that we offer," he said.

Source: The Straits Times. Link Here.

 

PH adopts IFC’s definition of women-owned or -led businesses

The country is adopting the International Finance Corporation’s definition of women-owned or -led businesses which can be used to determine who can qualify for financial products and services, grants or benefits available to them as it solidifies support to women entrepreneurship.

The Micro, Small and Medium Enterprise Development Council (MSMED) Council Resolution No. 1 Series of 2022 signed by Trade Secretary and MSMEDC chairman Alfredo Pascual cited IFC’s definition that women-owned businesses are businesses where at least 51 percent of the company is owned by a woman or women.

On the other hand, women-led businesses are businesses where at least 20 percent is owned by a woman or women, and at least one woman acts as chief executive officer or chief operating officer or president or vice president; and at least 30 percent of the board of directors, where a board exists, is composed of women.

The resolution said lack of financing is one of the most important challenges to the growth of micro, small and medium enterprises (MSMEs) and is particularly evident among women-owned/led businesses as compared to men-owned/led MSMEs.

“Whereas, defining women-owned or -led businesses may help address the persisting gender finance gap in access and use of financial  services,” it said.

The resolution said the definition of women-owned and women-led businesses will be used in formulating policies; developing and monitoring programs, projects, and activities; and providing benefits or incentives for women's entrepreneurship in the Philippines.

It will be also utilized in collecting sex-disaggregated data by the Department of Trade and Industry, the Philippine Statistics Authority, financial regulators, and other government agencies or government-owned and controlled corporations to support interventions for women's economic and financial inclusion, it added.

The resolution further said the availability of sex-disaggregated data on women's entrepreneurship will provide evidenced-based policy measures and private sector initiatives regarding women's access to finance, including markets and technology.

“The definition of women-owned and women-led businesses can be expanded to include all kinds of commercial modes used by women to engage in business, such as but not limited to sole proprietorships, cooperatives, partnerships, and corporations,” it said.

Cambodia seeks direct rice exports to PH

Cambodia, which exports half of its rice production to Vietnam, is seeking to export directly its surplus harvest to the Philippines, according to the Department of Trade and Industry (DTI)I .

Newly confirmed DTI Secretary Alfredo E. Pascual met today, Feb. 2, with a high-level Cambodian delegation led by Madam Sreyroth, undersecretary of the ministry of commerce of Cambodia, and H.E. Chan Sokty, delegate of the Royal Government of Cambodia and CEO of state-owned Green Trade Co.

If ever the Cambodia rice deal will be pursued, Pascual said the importation arrangement can be done between the Philippine International Trading Corp. (PITC) and its Cambodian counterpart Green Trade Co.

He said that a direct government-to-government transaction could mean cheaper costs in rice imports for the Philippines.

DTI Undersecretary Ceferino S. Rodolfo also shared that the delegation conveyed that they have been selling three million tons of surplus rice each year. The delegation wishes to increase milled rice export to the Philippines.

This time, Rodolfo said, Cambodia would like to have a steady market by directly exporting to the Philippines through PITC. A government-to-government arrangement is also being considered by the Cambodian delegation in light of the fact that the Philippines has already liberalized rice importation by replacing it with a 35 percent tariff.

The Philippines imported 3.79 million metric tons (MMT) of rice in 2022, according to the Bureau of Plant Industry. The 2022 importation was 37 percent higher than the 2.77 MMT recorded in 2021. Imports as of Dec. 29, 2022, totaled 3,791,878 MT, 83 percent of which or 3.16 MMT came from Vietnam.

In addition, Cambodia’s rice exports are geared for the EU markets. Thus, they are conducting a market survey in the Philippines to further diversify their export market. They are also producing different varieties of rice, including high-quality rice.

Pascual said the DTI was the first stop of the Cambodian delegation’s mission in the Philippines on the ASEAN country’s efforts for the export potential of rice as half of its annual production is already surplus.

“They just requested to call on me,” he said.

“They want to export here because their rice seeds were sourced from the Philippines 20 years ago,” said Pascual.

PH firms to showcase halal-certified food at Gulfood 2023

A delegation of 18 Philippine companies under the banner FOODPhilippines will showcase premium halal-certified food products through a country exhibit at the Gulf Food Hotel and Equipment Exhibition and Salon Culinaire or Gulfood 2023.

The Center of International Trade Expositions and Missions (CITEM) said the Philippines’ hybrid participation will consist of manufacturers and exporters of fresh and processed fruits and vegetables; processed marine products; ethnic and gourmet products; non-alcoholic beverages; confectionary, biscuits, and pastries; and other food and beverage categories.

Gulfood 2023 will be held at the Dubai World Trade Centre in the United Arab Emirates from February 20 to 24, 2023. CITEM has been organizing the Philippine participation in Gulfood since 2018.

The Philippine participation will highlight small and medium enterprises (MSEs) with halal certification and high-value and innovative products under the banner of the country’s collective food promotion program, FOODPhilippines.

CITEM seeks to strengthen the Philippines’ presence in the Middle East and Africa (MEA) region through its participation in Gulfood. Gulfood is a renowned international platform dedicated to food and beverage processing in the MEA, attracting more than 98,000 key industry players and decision-makers and over 5,000 exhibitors yearly.

As one of the world’s largest food and beverage trade exhibitions, Gulfood is instrumental in expanding the Philippines’ market share in the global halal trade.

“We want to position the Philippines as a reliable source of fresh, healthy, and natural food products and ingredients to match the trend toward healthier and more sustainable diets. The Philippines’ participation in Gulfood 2023 is extremely strategic because the MEA region is one of the biggest markets for halal food, which often overlaps with organic and plant-based food,” said Trade Promotions Group (TPG) Assistant Secretary Glenn G. Peñaranda.

Gulfood offers opportunities for Philippine exhibitors to connect with new buyers and expand their markets.

Penaranda noted that UAE remains an attractive market for Philippine produce and goods as food exports to the country have remained steady amid the pandemic, according to the Philippine Trade and Investment Center (PTIC) in Dubai. It is also the most important import market for halal products in the Middle East along with Saudi Arabia.

“The Philippines’ participation in Gulfood is critical to increasing our share of the halal food market. Because of the large population of Filipinos in the United Arab Emirates, there’s also a growing demand for Filipino food products. We are confident that this year’s participation will yield positive results and aid in the mainstreaming of Philippine food products and ingredients in the long run,” said Dr. Edward L. Fereira, Ph. D., CITEM Executive Director.

The country’s participation in Gulfood 2023 will benefit from the agency’s updated lead generation and digital promotion platforms for the food industry. This year, CITEM aims to enhance the country’s hybrid participation by providing a “365 sourcing experience” with a strategic combination of physical and digital components.

The Philippine pavilion will be located at booths R152 and R174 of the Sheikh Rashid Hall. The Philippines’ hybrid participation is organized by the Department of Trade and Industry’s export promotion arm, CITEM, in partnership with PTIC-Dubai.

More products from Philippine Gulfood exhibitors, as well as hundreds of other small and medium-sized enterprises (SMEs), will be showcased at IFEX Philippines, which will be held at the World Trade Center Metro Manila in Pasay City, Philippines from May 26 to 28, 2023. You can also visit the exhibitors’ digital storefronts at IFEXConnect.com or browse stories on the Philippines’ rich food culture and culinary landscape at foodphilippines.com.

Cambodian exports to ASEAN markets rise 13%


The value of Cambodian trade with the nine other ASEAN countries reached $16.053 billion in 2022 – up 1.4 per cent from $15.838 million in 2021 – accounting for a 30.62 per cent share of the Kingdom’s $52.425 billion in total foreign trade for the year, down from a 32.99 per cent share in 2021, according to a Ministry of Commerce report.

The report, issued in conjunction with the ministry’s January 30-31 annual meeting, indicated that Cambodian exports to the nine countries rose by 13 per cent from $2.914 billion in 2021 to $3.297 billion last year, making up 14.7 per cent of the $22.483 billion in total exports.

On the other hand, Cambodian imports from these markets slid by 1.3 per cent from $12.924 billion in 2021 to $12.756 billion last year, comprising 42.60 per cent of the $29.942 billion in total imports.

Vietnam and Thailand alone represented 67.28 per cent of 2022 Cambodian trade with the nine other ASEAN countries, at $6.136 billion and $4.664 billion, respectively, rising by 19.64 per cent and 14.22 per cent on a yearly basis.

Aside from Cambodia, the other nine ASEAN countries are: Brunei, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Speaking to The Post on February 5, Cambodia Chamber of Commerce (CCC) vice-president Lim Heng commented that, due to geographical proximity, ASEAN countries are among the top buyers of Cambodian agricultural products, drawing attention to the fact that more than 660 million people live in the region – including the Kingdom’s population.

Of note, Worldometer on February 5 had the ASEAN population at nearly 685 million, a figure it says is based on elaboration of the latest UN data.

Heng claimed that its bilateral free trade agreements (FTA) with China and South Korea have made Cambodia a more powerful magnet for investors in the production of export goods for ASEAN member states.

An FTA is an international treaty between two or more economies designed to reduce or eliminate certain barriers to imports and exports among them, generally while safeguarding safety, security, health and other legitimate regulatory objectives. Such a pact can also serve to facilitate and promote greater economic ties among signatories in areas such as investment and intellectual property protection.

Heng added that the Kingdom is also increasingly acting as a distribution centre for Chinese and South Korean goods destined for the region.

“ASEAN has been an important market for Cambodia, especially since 2015, when member countries began implementing ‘ASEAN economic integration’, despite some setbacks during the Covid-19 pandemic,” he said, predicting that Cambodian trade with regional countries “will be more active” going forward.

For full article, please read here


Author: 

Source: The Phnom Penh Post

Cambodia can be France’s gateway to ASEAN


“Cambodia has a very special place in France’s relations with the ASEAN countries,” said Olivier Becht, Minister Delegate for Foreign Trade, Economic Attractiveness and French Nationals Abroad, attached to the Minister for Europe and Foreign Affairs of the French Republic, at the French Embassy on Wednesday.

“We have a very long, friendly relationship. We would like to revitalise our relationship, especially in the economic field,” Becht said at the end of his two-day visit that started on January 24. “There are already many French companies operating in Cambodia,” he said.

Pointing to the 1.15 billion euros annual bilateral trade, Becht said, “These numbers remain modest compared to the capacities and the potential of our two economies.”

Earlier in the day, the French Minister and a business and investment delegation had a meeting with Cambodia Prime Minister Hun Sen.

“We had the honour of being received by the Prime Minister this morning. We discussed investment opportunities in sectors where France has the expertise, particularly in the field of renewable energies, sustainable urban mobility and the food industry,” he said.

“I am convinced that Cambodia can be a gateway for France to the ASEAN countries, as part of France’s strategy for the Indo-Pacific region.

The Minister in a write-up ahead of the visit termed the Indo-Pacific as an area of great economic, technological and environmental challenges and a driver of the global economy, in which Cambodia and France are both stakeholders. “I believe in the dynamism of Cambodia and Cambodian youth to keep the ties of friendship alive,” he said.

On the recent global supply chain crisis, Becht said, “The crises have shown the fragility of our supply chains. We must therefore diversify our suppliers. This opens up important opportunities for ASEAN countries and French investors, particularly in Cambodia.”

For Full Article, Please read here


Author: Prakash Jha

Source: Khmer Times

MoU signing cements future Brunei-Malaysia investment agreements

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 and Prime Minister of Malaysia Dato’ Seri Anwar Ibrahim yesterday witnessed the signing ceremony of the memorandum of understanding (MoU) between the Malaysian Investment Development Authority (MIDA) and the Brunei Investment Agency (BIA) at Baitul Mesyuarah, Istana Nurul Iman following a fruitful four-eye meeting with the visiting Malaysian Premier.

Signing on behalf of the Government of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam was BIA Acting Managing Director Haji Sofian bin Mohammad Jani, while the Government of Malaysia was represented by MIDA Chief Executive Officer Datuk Wira Arham Abdul Rahman.

The MoU provides an initial understanding for both parties to hold negotiations towards the implementation and preparation of further agreements on bilateral investment that can be carried out by certain parties between Brunei and Malaysia. The MoU will also include bilateral cooperation and investment in the downstream oil and gas sector, digital economy, smart manufacturing, smart agriculture, artificial intelligence, tourism and the halal food industry.

Source: Borneo Bulletin

Read the full article here

AMRO calls on nation to expedite FDI project implementation

The Asean+3 Macroeconomic Research Office (AMRO) called on agencies in the Sultanate to expedite the implementation of foreign direct investment (FDI) projects in priority sectors, such as food, information and communications technology (ICT) and tourism.

The authorities’ proactive approach on climate change should also continue, supported by appropriate budget allocation. These are the policy recommendations AMRO made during an annual consultation visit to Brunei Darussalam from November 26 to 30, 2022.

AMRO added that fiscal incentives can also be considered, for enterprises participating in climate change adaptation and mitigation. In other areas, such as the labour market, and in doing business environment, it is encouraging to note that various initiatives have been put in place, to address long-standing structural challenges.

AMRO added that the strong oil and gas export receipts from high oil prices have helped to restore Brunei Darussalam’s fiscal position.

However, looking beyond the immediate terms of trade gains, continuing efforts to further diversify revenue sources would be desirable to shield the public finance against volatility and procyclicality.

The authorities should also continue to press ahead with expenditure reforms, thereby strengthening fiscal consolidation in order to anchor medium-term fiscal sustainability.

Since May 2022, monetary conditions have tightened, given the upward adjustments in the central bank’s standing facility deposit and lending rates.

Source: Borneo Bulletin

Read the full article here


Optimistic outlook for Brunei economy

After the setback to growth last year due to the outbreak of the Delta variant of COVID-19, economic activities in Brunei Darussalam are gradually picking up, particularly in the non-oil and gas (O&G) sector.

High vaccination rates have allowed containment measures and border restrictions to be lifted, enabling fuller economic re-opening. Higher global energy prices have also benefitted the Sultanate, helping to improve the external position and restore fiscal buffers.

This preliminary assessment was made by the ASEAN+3 Macroeconomic Research Office (AMRO) after its annual consultation visit to Brunei from November 26 to 30, 2022.

While the ongoing rejuvenation effort in the O&G sector has an effect on growth, the outcome would result in an improved asset reliability and production availability.

Continuing diversification in the non-O&G sector, including the nurturing of new areas of growth (such as digitalisation and green investment), will help foster resilience and put the economy on a stronger footing in the long run.

The discussions mainly focussed on the outlook for the post-pandemic recovery, global spillover risks from the conflict in Ukraine and tightening global financial conditions, as well as longer-term development challenges.

“The highly comprehensive COVID-19 vaccination programme has enabled the Sultanate to shift to an endemic phase, allowing fuller economic re-opening and the recovery of economic activities, particularly in the services sector.”

AMRO also said, “Despite this positive development, the economy is expected to register a negative growth of 1.2 per cent in 2022, weighed down by the decline in the upstream O&G production,” said Tan. “Nonetheless, the diversion of domestic gas supply to the downstream activities has contributed to stronger performance of the non-O&G sector, helping to support growth.”

Inflation has risen to a multi-year high, mainly on rising global food prices. The conflict in Ukraine has impacted global commodity prices and disrupted supply chains. While global commodity prices have fallen in recent months, inflation is likely to remain high at 3.7 per cent in 2022.

Source: Borneo Bulletin

Read the full article here

ASEAN Senior Economic Officials eye economic recovery, digital transformation, and sustainable economic growth as main thrusts for 2023 ASEAN economic deliverables

Semarang, Indonesia – Senior economic officials from the 10-member states of the Association of Southeast Asian Nations (ASEAN) convened the First Meeting of the ASEAN Senior Economic Officials on 16-17 January 2023 in Semarang, Indonesia. The Philippines was represented by DTI-Industry Development and Trade Policy Group (DTI-IDTPG) Assistant Secretary Allan Gepty.
 
Under the theme of “ASEAN Matters: Epicentrum of Growth“, Indonesia takes on the Chairmanship of ASEAN for 2023 with a focus on initiatives towards recovery, digital transformation, and sustainability of the region. These efforts are concretized through sixteen (16) Priority Economic Deliverables (PEDs) that cut across the ASEAN Economic Community (AEC) Pillar.
 
According to Assistant Secretary Gepty: “ASEAN is now at the center of the global economy.  As a single market and production base, economic activities have gravitated towards  our region from research and development, product development, manufacturing, innovation, and even the development of creative and digital economy. That is why, ASEAN matters in this era,  and it is important that we remain united and assert our strength and influence in the global economy.”
 
“As we implement the RCEP Agreement, upgrade existing ASEAN economic agreements, and embark on new economic trade relations with other partners, ASEAN can help shape international trade rules that works well in a region with diverse culture, legal regime, and levels of development”, Gepty added.
 
As country coordinator for Japan, the Philippines also spearheaded the discussion at the Special SEOM-METI Consultations on 16 January 2023 to discuss the celebration of the 50th Anniversary of ASEAN-Japan economic relations this year. Officials exchanged views on the development of the “Future Design and Action Plan of an Innovative Sustainable ASEAN-Japan Economic Partnership” and the private-sector led “ASEAN-Japan Co-Creation Vision” which aims to implement initiatives on supply chain resilience, MSME development, among others.
 
“For ASEAN and Japan, we have to ensure that our strong economic ties are further deepened and remain resilient amidst evolving economic and geo-political developments”, mentioned Asec. Gepty.
 
The Future Design and Action Plan is envisioned to serve as the roadmap of ASEAN-Japan economic relations in the succeeding years to develop a society that is “safe, prosperous, and free through fair and mutually beneficial economic co-creation based on trust”.
 
At the sidelines of the SEOM 1/54 Meeting, officials also convened the inaugural Meeting of the Focal Group for Global Value Chains (FG-GVC), which serves as a platform to advance ASEAN’s work on GVCs and monitor and evaluate overall progress of ASEAN’s GVC-related work.
 
The Philippines was represented in the FG-GVC by Mr. Jeremiah Reyes, Commercial Attaché from the Philippine Trade and Investment Centre (PTIC) – Jakarta and Philippine Economic Official to ASEAN. Mr. Reyes expressed support on the proposal of the ASEAN Secretariat to reassess and update the existing ASEAN Work Plan for Enhancing GVC Agenda 2016-2025. ASEAN agreed to upgrade the Work Plan and ensure that it remains aligned with ASEAN’s efforts and initiatives amidst the emerging issues and trends, such as geo-political and geo-economic changes in the region resulting in the reorganization and diversification of supply chains, acceleration of digitalization, and sustainability trends, particularly the development of circular economy.
 
The SEOM 1/54 and Related Meetings were convened as a follow-up to the 54th AEM Meeting last September 2022 and to finalize the economic deliverables to be endorsed by Ministers ahead of 29th AEM Retreat to be held in March 2023. 
 

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

privacy policy

Accept cookies