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Brunei total trade up 37.3pc in August

The total trade recorded an increase of 37.3 per cent from BND2,018.5 million in August 2021 to BND2,771.3 million in August 2022, contributed by a rise in both export and import value between those periods.

Compared to July 2022, total trade fell 7.8 per cent due to a fall in exports and imports value, mainly mineral fuels.

Total exports increased by 35.3 per cent from BND1,246.4 million in August 2021, to BND1,687.0 million in August 2022.

This was due to the increase in mineral fuels exports from BND1,013.4 million to BND1,405.5 million in the same period. In addition, chemicals exports increased from BND213.1 million to BND250.0 million in the same period.

The increase in mineral fuels exports was due to the higher export value of crude oil, liquefied natural gas (LNG) and petroleum products. The increase in crude oil exports and LNG exports were due to a rise in export prices.

Source: Borneo Bulletin

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Feedmillers want low tariff on imported corn extended

MANILA, Philippines — Local feedmillers are pushing for the extension of lower tariff and the increase in allowable volume on imported corn to keep food prices in check and help the industry weather global food, feeds and fuel supply chain woes as well as rising interest rates.

The Philippine Association of Feed Millers Inc. (PAFMI), representing more than 30 feed millers in the country, made the call amid the continued volatility, uncertainty, complexity, and ambiguity of the global foods, feeds, and fuel supply chain that have caused global inflation.

Executive Order (EO) 171, signed by former president Rodrigo Duterte last May, lowered the tariff rates on yellow corn, as well as pork, rice, and coal until the end of the year.

The EO was intended to mitigate an expected worsening of inflation resulting from the Russian invasion of Ukraine in February and the expected disruption of global supply chains, particularly of oil, fertilizers and grains.

PAFMI said imported yellow corn, which augments local production, is a vital ingredient in feeds for by the livestock and poultry sectors—accounting for about 50 to 70 percent of the total cost of feeds.

The lowering of tariff on imported corn this year provided a much-needed reprieve to counter rising pork prices after local production was severely affected by the spread of the African swine fever, the group said.

“With EO 171, the country has been able to import yellow corn at lower tariffs of five percent in quota, and 15 percent for out of quota. This has translated to a significant drop in the production cost of poultry, pork, eggs, and fish,” PAFMI said.

However, the successive interest rate hikes imposed by the US Federal Reserve this year, which reached a cumulative total of 3.75 basis points on Nov. 2 intended to bring down the US’ own inflation rates, had dampened the effectiveness of EO 171.

Feedmillers said a resulting strong US dollar weakened the Philippine peso, increasing the country’s cost of imports.

“The Philippine government continues to apply various measures to manage local inflation, and PAFMI believes that maintaining the lowered tariff on imported yellow corn for an extended period in 2023 would help keep pork and chicken prices at levels that would not exacerbate inflation further,” the group said.

“Furthermore, PAFMI is asking the government to increase the allowed minimum access volumes for imported corn to expand the benefit that accrues from lower tariffs, especially with inflation expected to remain elevated well into the next year,” it said.

Based on its projections, PAFMI said global demand for grains and oil seeds will remain in a high price environment, and some countries are already resorting to importing grains for storage.

“With the region heavily dependent on imported grains, additional measures are needed to ensure that importation of wheat and corn for feed use is not exposed to further uncertainties,” it said.

In producing feeds, about half of the yellow corn volume is supplied through imports, and the remaining from local farms.

Source: Philstar

High business costs, supply chain woes to be addressed by exports plan

PHILIPPINE Exporters Confederation Inc. (Philexport) President Sergio R. Ortiz-Luis Jr. said the next Philippine Export Development Plan will be “more aggressive” to combat issues such as rising business costs and supply chain disruptions.

“The next Philippine Export Development Plan is more aggressive, highlighting technology and stronger collaborations towards innovation, skills upgrading, and integration to help counter the negative impacts of issues such as red tape, supply chain disruptions, increasing business costs, climate change, and other challenges,” said Ortiz-Luis Jr., and Export Development Council (EDC) Vice Chairman in a statement shared by the Department of Trade and Industry (DTI) on Wednesday.

The remarks were made by Ortiz-Luis as the DTI, through the Export Marketing Bureau (EMB), in partnership with the Export Development Council (EDC) and the Philexport, is set to resume the onsite conduct of the National Exporters’ Week (NEW) activities from December 1 to 7, 2022.

The Philippine Export Development Plan (PEDP) for 2023-2028 will be launched during the 2022 National Export Congress (NEC) which will be held on December 7. The DTI said the NEC will cover discussions on how the government aims to pave the way for “exporting breakthroughs” in the next six years.

“The PEDP shall define the country’s medium-term and annual export thrusts, strategies, programs and projects and shall be jointly implemented by the government, exporters, and other concerned sectors,” the DTI said in the NEC invitation.

“The new PEDP is envisioned to take an industry development centric approach in export development through, among others, attracting export-oriented investments in innovation-driven sectors to increase product and service diversification,” it added.

Meanwhile, Ortiz-Luis expressed optimism that despite the many challenges, the export industry can achieve its growth target of nearly $120 billion to $130 billion from exports of goods and services in the next five years.

For his part, DTI-Trade Promotions Group (TPG) Assistant Secretary Glenn G. Peñaranda has encouraged Philippine exporters to participate in the event, which he said will help exporters to be globally competitive.

“The thematic discussions and activities during 2022 NEW aim to capacitate Philippine exporters, particularly [micro, small, and medium enterprises] MSMEs, as they go through their exporting journey from developing their products and services, creating their marketing and promotion strategies, and delivering to their customers. We urge all our exporters to grab this opportunity to listen, learn, and participate in the diverse export-related topics and export marketing activities that will happen this 1st week of December. To be globally competitive, we must actively engage, learn and seek opportunities for continuous development,” Peñaranda said.

According to DTI, every first week of December is declared Exporters’ Week per Presidential Proclamation 931, series of 1996. The agency said the government and the private sector commit to working together continuously to sustain export promotion and development.

For this year’s celebration, the Trade department said a series of activities are organized free of charge for Philippine exporters and would-be exporters.

“Four Usapang Exports sessions will be lined up with extensive export-related topics, business-to-business matching activities, and an exhibition featuring exporters, export enablers, and e-commerce platforms and service providers. The event will be held at the Marriott Hotel, Pasay City,” the DTI said.

With the activities lined up, DTI said exporters will also be able to reach out, network, and seek guidance from our Export Enablers in the Exporters and Export Enablers’ Exhibit on December 5 and 6, 2022, which will feature export-related services of government agencies, financing institutions, startups, and other trade-related organizations.

Tourism industry on path to recovery

Tourist arrivals in Brunei Darussalam have been showing a steady increase since the easing of travel restrictions and re-opening of land borders.

Hospitality and tourism service providers are seeing an increase in bookings and visits from foreign tourists, a sign that the tourism industry is returning to pre-pandemic levels.

Fifteen leading hotels in the Sultanate reported a hike in room bookings, from 8,271 to 12,406 – or a 50-per-cent increase – from August to September this year.

A similar upward trend is expected for air travels.

Acting Chief Executive Officer of the Royal Brunei Airlines (RB) Captain Sabirin bin Haji Abdul Hamid said, “As the national carrier, supporting Brunei tourism is among RB’s top commitments. The increase in RB’s flight frequencies and resumptions of flights in the coming months will boost the number of travellers coming into Brunei.

Source: Borneo Bulletin

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Singapore to invest $71 million to attract, develop AI tech talent

SINGAPORE - The Republic will invest US$50 million (S$71 million) to attract and develop talent in the field of artificial intelligence (AI), as well as open three new centres of innovation.

The new centres will help small and medium-sized enterprises (SMEs) test new ideas in built environment advanced materials, urban agriculture, and beauty and personal care, said Deputy Prime Minister Heng Swee Keat.

He was speaking at the opening of the Singapore Week of Innovation and Technology (Switch) 2022, which will end on Friday. The event at the Resorts World Convention Centre is organised by Enterprise Singapore.

Mr Heng said there were three barriers to innovation: the manpower crunch, technology moving too fast, and slow progress on sustainability. 

Singapore aims to double the number of AI apprenticeships in the next five years, he said, adding that a new National Research Foundation Fellowship for AI will also be created to attract top researchers who can in turn draw in and mentor emerging talent. 

DPM Heng called for top talent to set up base in Singapore, at a time when global educational systems are struggling to keep pace with demand for tech talent, especially in the frontier areas of innovation. “The traditional feedback loop for developing new skills – from industry to academia to curriculum – and years of full-time learning by students before they graduate, simply cannot cope with the pace of change,” he said.

With technology moving quickly, SMEs can find it difficult to keep pace with and access new technology, DPM Heng noted. 

Going online has allowed many SMEs to keep their businesses moving during the pandemic, but to thrive, SMEs need to innovate, so they can develop new products and solutions, he added. 

DPM Heng also said that sustainability efforts are moving too slowly, with climate change – and the resultant extreme weather events – presenting a much more urgent crisis. The current energy crisis has also put a halt to the green recovery from Covid-19, he said. 

Singapore is putting sustainability back on track by implementing a carbon tax, and is set to mobilise the financing of the green transition. 

Sustainability efforts will also be ramped up by finding innovative solutions for climate problems, such as through the national Sustainability Open Innovation Challenge.

The focus of this year’s Sustainability Open Innovation Challenge is making the fashion industry more sustainable, as it is responsible for 10 per cent of annual carbon emissions globally.

Temasek Foundation’s The Liveability Challenge is also partnering the Sustainability Open Innovation Challenge. Over US$2 million will be made available to support the development of innovative solutions. 

Said DPM Heng: “We can strengthen the global innovation movement by placing greater emphasis on developing human capital to meet talent shortfalls, and by ensuring that tech adoption is more pervasive, benefitting many more people and adding to the green momentum, as we redouble our efforts to tackle the climate crisis.”


Source: The Straits Times

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Why digital twin adoption is key in a plant's digital transformation journey

Controlling temperature is crucial for manufacturing plants to operate properly, which is why they put importance on monitoring and maintaining their chillers. The job of managing chillers is what Azbil made easier with their chiller plant digital twin application.

In layman’s terms, a digital twin is defined as “a virtual replica of a physical asset”.

In an interview with Manufacturing Asia, Azbil Corporation’s Global Executive Member, Anju Jaswal, explained that their digital twin empowers the user with AI analytics to simulate their chiller plant operations to achieve optimal results.

The user can run simulations using an updated digital twin and test various ranges of parameters and evaluate potential improvement of system efficiency. Operators can apply new parameters with confidence to the real system and gain maximum results.

Azbil Singapore's Business Development Manager, Boyce Fong, added: "Our chiller plant digital twin incorporates built-in AI to empower smart facilities management operations...It also includes a digital sandbox  for the user to simulate control strategies and calculate potential savings if the firm wants to improve its building energy performance while also considering occupant comfort."

"There's a machine learning analytics module that enables predictive maintenance by generating an initial model of the chiller plant and using live data to compare against it," Fong added.

The AI continuously updates the digital twin model and assesses for changes in the characteristics of the chiller plants, like declining efficiency.

If such behaviours cross a tolerance threshold, the application will provide the firm’s operations with "actionable insights," like making part replacement or servicing recommendations.

Fong said the data analytics provided by the digital twin to calculate chiller inefficiencies can also help "building owners who have difficulty justifying installing new equipment as an investment worth considering."

The digital twin application is also able to integrate a building information model (BIM) to reduce the labour intensiveness of plant operations.

"As a user, you can have a bird's eye view of the entire facility and its infrastructure layout without having to be physically present, or even printing 2D drawings. You can also navigate the building specifications in first-person view, which offers virtual wayfinding and greatly diminishes the need for time-consuming in-person physical site tours, or even training," Fong said.

Operational goals, however, are not the only targets Azbil's digital twin can achieve.

According to Fong, their digital twin incorporates a green AI engine which allows users to "adaptively control and optimise building energy efficiencies."

"Air-conditioning and ventilation operations are significant contributors to energy consumption in a building. The digital twin allows users to automatically optimise and monitor energy utilisation in real-time," he said.

Using the digital twin, users can also virtually implement control strategies to realise optimal energy efficiency and still satisfy user comfort levels. 

"The energy-saving effects can be simulated through energy-saving applications with the digital twin model in cyberspace," Azbil stated on its website.

To add, Azbil's digital twin also contributes to Sustainable Development Goals (SDGs) 9 (industry innovation and infrastructure), 11 (sustainable cities and communities), and 13 (climate action) was adopted by the UN Sustainable Development Summit.

Looking ahead, Fong said Azbil plans to make their digital twin platform available in at least 80% of all applicable buildings in Singapore to contribute to the nation's green plan targets of sustainable development and net zero emissions from future generations.
 

Source: Singapore Business Review

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Sustainability is key amid Asean reopening

BUSINESS activity is picking up across South-east Asia, as governments in the region lift or relax various restrictions put in place to curb the spread of Covid-19.

The S&P Global Asean Manufacturing PMI hit an 11-month high in September, as manufacturing conditions improved at their quickest pace in nearly a year. A report by S&P Global Market Intelligence, released last month, said: "Companies signalled steeper increases in output, new orders, purchasing activity and employment, while business confidence remained historically strong."  

Travel-related businesses have also been on the rise since countries around the world reopened their borders, supported by the rise of "revenge travel" and the resumption of meetings, incentives, conferences, and exhibitions.

International visitor arrivals across several Asean countries soared in June, after certain restrictions were lifted. In Indonesia, visitor numbers rose to 345,438, from 16,656 in June 2021, while Malaysia saw visitor count reach 971,574 from 6,459.

Amid this rapid reopening, Maybank Singapore's head of global banking Gregory Seow noted that new opportunities are emerging for companies in the area of sustainability.

The future of travel

A report by Booking.com that surveyed 30,314 individuals across 32 countries and territories found nearly eight in 10 respondents intend to look for low-impact properties to stay in when they travel. This could include locations that feature rainwater harvesting or ground pump heating systems, or that were built using sustainable materials. 

More than half of the travellers surveyed said they consider low or zero carbon emissions as a key facet of sustainable travel. 

"With more travellers making decisions informed by climate concerns, they are also mindful about how far they travel and how they get there; opting to travel closer to home and choosing public transport, and renting bicycles once there to reduce their carbon footprint," said the report. 

This rise in demand for sustainable travel options has not gone unnoticed by countries, especially among South-east Asian nations whose economies are heavily reliant on tourism revenue. 

Since 2020, Thailand's Ministry of Natural Resources and Environment has implemented a ban on all single-use plastics within 155 of its national parks. 

Within the Asean community, countries have also made continuous efforts towards sustainable tourism. These plans have been outlined in the Asean Tourism Strategic Plans for 2011 to 2015, and for 2016 to 2025. 

But the path towards building a more sustainable tourism sector has been fraught with challenges. 

In June this year, Indonesian officials ran into local opposition after proposing that visitors to the ancient Borobudur Temple in Java be limited to 15 at a time. Authorities also sought to raise ticket prices from US$25 to US$100, to fund conservation. 

When the government announced plans to hike ticket prices for the Komodo National Park in East Nusa Tenggara, hundreds of tourism workers went on strike. Fee hikes for both locations are now on hold. 

Furthermore, low-carbon travel cannot come from improvements within the tourism sector alone. It should also be complemented by efforts towards greener energy, which make up the bulk of emissions. 

Building alternative energy sources

Corporate clients are also growing more conscious about the sustainability of their supply chains.

This is partly due to new regulations in Europe requiring companies to manage the social and environmental impacts of their supply chains, both within and outside the region. But it is also because investors in large companies increasingly demand some form of environmental, social and corporate governance (ESG) accountability.

Heavy in this ESG equation is a company's source of energy. This is particularly the case across South-east Asia, which still derives much of its energy from non-renewable sources.

According to a report from the International Energy Agency (IEA), published in May this year, South-east Asia's total energy supply expanded by about 80 per cent between 2000 and 2020. Fossil fuels made up about 90 per cent of the growth in energy demand.

Coal-powered energy alone expanded by a factor of six. Coal accounted for over 40 per cent of the region's power generation mix in 2020.

Maybank's Seow noted that most South-east Asian countries are already making moves to improve the proportion of renewables in their energy supply mix. 

In October last year, Singapore announced targets to import around 30 per cent of its electricity from low-carbon sources by 2035. 

Indonesia followed shortly with plans to retire its coal-fired power plants and meet 85 per cent of its energy needs from renewable resources by 2060. 

Vietnam also aims to double its installed wind and solar power generation supply to close to 30 per cent of capacity by 2030. 

"While it will take many years and significant governmental support to ramp up clean energy generation to reach global climate goals, increasing awareness and support for the net-zero agenda is accelerating the next wave of green businesses," said Seow. 

Green finance is lucrative business

A McKinsey report estimated that a net-zero transition could generate more than US$12 trillion of annual sales by 2030, and a 60 per cent increase in capital spending on physical assets by 2050. 

"The green economy all by itself is the fifth-largest industry in the world right now," said Claire Dorrian, head of sustainable finance, capital markets, at the London Stock Exchange Group, in a report by Refinitiv. 

"Accordingly, we've seen widespread growth in new funds focused on everything from renewable energy to digital infrastructure assets."

Analysts believe there is much to capture from the renewable energy market in South-east Asia as the world's demand for energy continues to rise amid the Covid-19 recovery. 

A record US$627 billion in sustainable infrastructure projects in the renewable energy and nuclear sectors were announced globally in 2021, up from US$275 billion in 2020, according to Refinitiv data in July 2022.

Of these investments, a total of 1,521 renewable and nuclear infrastructure projects were announced - up from 1,365 in 2020 and more than three and a half times the total number of projects launched a decade ago. Perhaps the most significant finding is that solar projects are taking the lead in drawing these investments. 

Incidentally, South-east Asia's solar panel industry has recently been given a jab in the arm after the United States announced it would implement a 24-month tariff exemption for solar panel products from several South-east Asian nations.

Given these, Maybank's Seow believes this could be one area investors can tap on within the region.

"Investments in the transition will also improve the countries' overall welfare, such as substantial savings on supply and fuel costs as well as socio-economic gains," he said.

One such key benefit is the creation of new jobs. 

An EY study on clean energy projects in eight economies across Asia - Indonesia, Japan, Malaysia, the Philippines, South Korea, Taiwan, Thailand and Vietnam - found that realising these projects could create up to 870,000 jobs in the region. 

"The pandemic offers Asian governments a unique opportunity to place the clean energy transition at the centre of policymaking, to drive economic recovery and future growth," said Gilles Pascual, Asean power and utilities leader at EY. 

If the South-east Asian region starts addressing the climate crisis today, it can ensure an average of 3.5 per cent of gross domestic product growth per year up to 2070, a Deloitte study found. Its economic benefits from renewable energy and climate action are also likely to amount to US$12.5 trillion by 2070. 

Seow hopes that a greater awareness from investors on sustainable models of growth will, in turn, drive higher assets under management, and lead to the development of more diversified products based on sustainable principles for both the retail and corporate investors.

This will help create a pool of funds for banks to tap through sustainable debt issuance, he added.

"South-east Asia's population and economic growth is a key driver of global energy demand in the future decades."

"For Asean to align with the goal of limiting global warming while meeting economic growth needs, we need to take advantage of renewable energy as a multiplier solution, and seek to diversify our energy sources at the same time through leveraging technology."

Source: The Business Times

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Asean set to play key role in global solar supply chain

AS THE world hurtles towards a transition to renewable energy, South-east Asia is emerging as one of the fastest growing solar energy markets.

Driven by rising demand for electricity, sunny weather and government policies, Asean's solar energy development has accelerated in recent years; and industry observers are tipping the region as a key player in the value chain of the future.

Solar energy has been forecast to drive the largest impact in energy transition. The segment represents a US$20 billion opportunity by 2030, said a Bain & Co report, and is one of the top carbon abatement levers for South-east Asia.

Electricity production in the region depends heavily on coal and oil. But countries such as Singapore and Thailand, where companies Sunseap Group and Constant Energy are based, have embarked on several solar power projects.

"This ramp-up is because Asean is prioritising solar power as the alternative fuel to displace fossil fuel in its recent power development plans," said Gregory Seow, Maybank Singapore's head of global banking and global head of the financial institutions group. He noted the region's potential to shore up its position in this space, driven by its high electricity demand with a combined population of about 673 million people.

Seow added: "Asean is also seeking to grow its dominance in the global solar supply chain through three areas: introducing new renewable energy laws; increasing large-scale installations of solar and wind power; and installing floating solar panels."

The segments of commercial and industrial, and utility-scale project development offer the most attractive investment opportunities due to market maturity and potential returns, with an estimated internal rate of return of 8 to 15 per cent, Bain's 2022 report noted.

The South-east Asian market size for these two sectors combined are expected to yield US$16-20 billion by 2030.

And while China has been the dominant player in the global solar energy market, it has been increasing its solar investments in Asean to align with its One Belt, One Road projects in the region.

In July, the International Energy Agency warned that China's domination of global solar panel markets has led to a supply chain that is too reliant on that single market. China holds a market share of more than 80 per cent for all manufacturing stages of solar panels, said the Paris-based agency.

As governments begin to focus more on solar panel supply chain diversification, South-east Asia could emerge as an important player in sustainable energy production.

Governmental efforts

Thailand, Vietnam, the Philippines and Malaysia account for close to 98 per cent of the solar capacity in the region, noted IHS Markit.

Though land-scarce Singapore has fewer options for renewable energy, its government has big ambitions for the city-state's solar industry. It aims to deploy at least 2 gigawatt-peak (GWp) of solar energy by 2030, which should power about 350,000 households for a year.

Led by the Economic Development Board (EDB) and Housing Development Board (HDB), the SolarNova programme was launched in 2014 and aims to accelerate the deployment of solar photovoltaic (PV) systems in Singapore. HDB announced a new solar target of 540 megawatt-peak (MWp) by 2030, after having achieved its earlier solar target of 220 MWp. 

Singapore has become one of the most solar-dense cities in the world, having multiplied its solar capacity by more than seven times since 2015. Besides building floating solar farms at reservoirs, it is piloting a new type of floating solar panel system to be placed at sea and withstand tough weather conditions.

Thailand, the largest producer of solar energy in South-east Asia, aims to increase the proportion of renewable energy used to produce electricity to 50 per cent in 2050, up from 20 per cent in 2021.

Investors are being offered feed-in tariff (FiT) subsidies to encourage investments in solar energy projects - similar to Vietnam, whose solar industry has seen exponential growth. A FiT is a policy designed to spur the development of renewable energy projects by buying energy at an above-market long-term, fixed-price rate. 

In September, Thailand's government published regulations for power plants to buy electricity from renewable energy sources from 2022 to 2030 under a FiT scheme, without the need for them to pay fuel costs.

Indonesia, home to the region's largest population, has set targets for renewable energy to represent at least 23 per cent of the energy mix by 2025, and at least 31 per cent by 2050. Some of the country's biggest coal companies, conscious of the global shift, have invested in startups working on solar power.

Bottlenecks

Still, challenges remain. Indonesia's archipelagic nature contributes to difficulties within the transportation infrastructure for solar materials, said Shawn Chen, director of sales and South-east Asia at logistics company CH Robinson, in a commentary published last March.

Chen noted that as solar projects are ramped up, more high-value and oversized solar panels and materials will need to be transported across the region at a faster pace.

Dale Hardcastle, expert partner and director of Global Sustainability Innovation Center at Bain, said each country has unique bottlenecks that can make solar projects challenging.

"Selected incentives in South-east Asia are not conducive (for example, expired or unclear FiTs in the Philippines and Vietnam) and policies have not been supportive (for instance, state-owned companies in Indonesia face strict requirements that may affect adoption, and there's been no acceptance of large-scale projects under the FiT in Thailand)," Hardcastle said.

He added that for significant scale-up of projects to happen, more collaboration should be sought with capital providers to improve financing terms for green projects. Market structure changes are also due - such as an increase in capacity allocation in tenders, which will allow proficient developers to harness economies of scale for electricity generation.

South-east Asia could also have an important role to play after global supply chain disruptions affected the movement of solar panels, high-capacity batteries, charge controllers and other essential raw materials.

These materials are mainly sourced from the United States, Europe and China, Hardcastle said, with almost no specialised producers present in South-east Asia. The region is, however, becoming a satellite for Chinese manufacturers looking for ways to get around US sanctions.

Maybank's Seow said: "Asean will need to continue stepping up its efforts through regulatory policies, harnessing technology and developing regional collaborative partnerships towards sustainable development of solar energy to extend its position in the solar energy scene."

Source: The Business Times

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Tech expo shows ASEAN’s devotion to digital future

Cambodia successfully launched the first Cambodia Tech Expo 2022, with the participation of many local and international technology companies. Tech related products and services are on display at 190 stalls.

The expo, which will run from November 11-13, is the first event of its kind to be hosted in Cambodia on the sidelines of the ASEAN Summits.

The event offers ASEAN member states, the private sector, researchers, partners and civil society organisations the chance to share new trends, challenges and opportunities related to technology. This includes the economy, digital society, Industry Revolution 4.0, policy progress and legal frameworks, as well as products and services, said a press statement.

It also aims to drive investment in technology and innovation in several sectors.

Along with the exhibition are dialogues on the ASEAN Public-Private Sector, a FinTech Stage, a Tech Startup Stage and the launch of an Innovation Investment Index. The expo was organised by nine ministries, with support from the Ministry of Economy and Finance and other partners.

Minister of Economy and Finance Aun Pornmoniroth spoke at the launch, saying that technology has made communication among people more efficient, with the public receiving wider information on public services. He said the improvement was also an opportunity to gain from the hardships posed by the Covid-19 pandemic.

He offered his appreciation to the technology sector in Cambodia which he said had promoted science, technology, engineering, and mathematics (STEM), and Technical and Vocational Education and Training (TVET), both of which contribute to the growth of the national economy.

He urged more attention to be paid to environmentally friendly construction via more green buildings, to ensure that development and environmental protection go hand in hand.

Cham Prasidh, Minister of Industry, Science, Technology and Innovation, said at the opening ceremony that science, technology and innovation has strong potential for increasing efficiency, and it will have a massive impact on the government’s efforts to achieve its Agenda 2030.

For full article, please read here


Author: Keo Bosaba

Source: The Phnom Penh Post 

Indonesian group seeks partner for infrastructure, energy projects

MANILA, Philippines — An Indonesian group is looking to partner with a local firm to tap opportunities in the infrastructure and energy sectors in the country.

During a business forum organized by Asxend International Group of Companies, Indonesian businessman Irman Gusman, who served as chairman of Indonesia’s Senate, said his group is interested in partnering with a local firm  for infrastructure and energy projects in the Philippines.

He said he is currently in talks with sovereign wealth funds in the Middle East interested to invest in projects in Indonesia and the Philippines.

With sovereign wealth funds in the Middle East looking for projects to invest in, he said Indonesia and the Philippines can collaborate in undertaking projects using those funds.

“We are looking for an opportunity to develop a highway, toll road, of course with our partner from the Middle East,” he said.

He said they are also interested in opportunities in green energy projects.

He said having a local partner would help the group deal with the regulations in the country.

Gusman led a visiting delegation from Indonesia looking for business opportunities in the Philippines.

Aside from infrastructure and green energy projects, he said the group is also interested in opportunities in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

“We want to come to [BARMM to] see the potential and see where we can cooperate,” he said.

He said having clear policies in place would help encourage more Indonesian businesses to invest in the country.

“As long as the energy policy is there, the tax policy is there, I think the businessmen in Indonesia can participate,” he said.

Source: PhilStar

UNCTAD identifies 45,000 new products with export potential

Exporters wishing to gain insight into potential new products with higher export opportunities and the markets that offer growing trade opportunities can turn to a newly released catalog from the United Nations.
The Catalogue of Diversification Opportunities 2022—released for the first time by the United Nations Conference on Trade and Development (UNCTAD)—identifies over 45,000 new products with export potential that can help countries including the Philippines to diversify economic activity.
The new report released late last month aims to help countries harness technology and innovation for faster and more inclusive and sustainable economic growth. It informs governments, the private sector and other stakeholders that make up national innovation systems about possible product areas where technology can be used to diversify economies for structural transformation.
Research shows that structural transformation—the process whereby a sustained period of rising income and living standards coincides with changes in the distribution of economic activity—increases economic growth and competitiveness, moving jobs from low- to high-value-added products.
In other words, a country needs to be able to produce not only new products but also those that are more sophisticated, using higher skilled labor and more advanced technological applications, said UNCTAD.
This requires the diversification of economic activity towards more complex products. And development policies should be designed to facilitate this process.
“The ability to identify new industries with potential could greatly help innovation and industrial policies,” said Shamika Sirimanne, director of UNCTAD’s technology and logistics division.
“This handy catalogue identifies such industries based on a country’s productive structure and level of development, and the demand for these products in the global market,” Sirimanne added.
The catalogue presents information on four main areas:
 
• Basic statistics regarding diversification
• Potential new sectors for diversification considering all products, and the markets that offer growing export opportunities
• Potential new sectors for diversification considering only agri-business products
• The markets that offer growing export opportunities
Aside from the over 2,700-page full dialog, UNCTAD also provides useful country-focused fact sheets. In the case of the Philippines, the country currently has nearly 10,560 products with the potential to create 2,300 new products for diversification, according to the report. Of these new products, about 1,890 or 82% represent potentially more complex new products. More complex products have an estimated 57% export opportunity and a 32% import replacement opportunity.
Overall, the sector of organic chemicals has the biggest potential for the Philippines, accounting for a 15% share of export opportunities. This is followed by iron and steel; vehicles; machinery and mechanical appliances; inorganic chemicals, precious metal compound, isotopes; meat and edible meat offal; iron or steel; plastics; nickel; and electrical and electronic equipment.
China and the US lead the list of destination markets for potential new products, followed by Germany, France, UK, Italy, and the Netherlands. By region, Asia is the leading destination, followed by Europe and Northern America.
In the agri-business industry alone, meat and edible meat offal presents the biggest opportunity for local exporters, representing a huge 49% share of export potential. This is followed by fish, crustaceans, mollusks, aquatic invertebrates; oil seed, oleagic fruits, grain, seed, fruit; cereals; dairy products, eggs, honey, edible animal product; and milling products, malt, starches, inulin, wheat gluten.
The biggest export markets for new agri-business products are China, Germany, US, Finland, UK, Netherlands and France. In terms of regional markets, opportunities abound most in Asia, followed by Western Europe, Northern Europe and Northern America.
The Philippine fact sheet also contains a comprehensive list of specific new products with higher export opportunities and identifies the top three growing markets for each product. Diversification to meat and edible meat offal carries the biggest earnings potential. For example, frozen swine cuts list China, Australia and Chile as the top three growing markets and have an export opportunity of about US$3,594 million.
Visitors can visit https://unctad.org/news/unctad-outlines-new-productive-sectors-economic-diversification to access the UNCTAD’s full catalog, country fact sheets and full dataset of possible new exports.
 

Inflation, double days drive consumer goods sales in Asia

As consumers reel from inflationary impacts, online shopping in the Asia-Pacific region is only expected to keep growing next year and beyond, with price as the top factor in success in the e-commerce world, according to a consumer behavior analyst.
“The biggest trend we’re seeing across the e-commerce landscape in Asia-Pacific is all around price. A study in early 2022 indicated that the No.1 reason why consumers are shopping online is based on price,” said Vaughan Ryan, managing director for e-commerce in the Asia-Pacific.  
NielsenIQ data earlier this year showed that 58% of consumers chose pricing as their top factor when buying online, while 51% said they were swayed by promotions. In addition, availability, ratings, and delivery were also top of mind.  
Ryan noted that “double day sales” in particular, where mega sales are held on a particular day of the month such as 11.11 or 12.12, are attracting online shoppers in unprecedented droves.
“Imagine a world where 40% of your consumer goods sales occur on one day every month. Well, that is exactly what is happening throughout Asian markets with e-commerce sales. Double Days are causing mass surge sales and redefining the retail landscape across Asia,” said NielsenIQ.
With Double Day promotions, extraordinary uplifts across markets and categories have been recorded compared to the previous three weeks of sales. In 2021, NielsenIQ saw a +956% uplift in sales for facial cleansers on Double 11 in Singapore compared to the previous three weeks’ sales, while health supplements/vitamins saw +494% uplift in sales in Thailand on 10.10.
Not surprisingly therefore, e-commerce is now the second biggest channel across Asia-Pacific, just behind traditional shopping. And over the next five years, 50% of e-commerce global sales are expected to come from Asia, forecasts NielsenIQ.
“We have known for a while that Chinese and Korean consumers have embraced online sales, but other markets are catching up and we are already forecasting countries such as Australia, Singapore, and Taiwan will have over 20% of their consumer goods sales coming from online channels by 2025,” it said.
“Simply put, just one day a month—12 days per year—will determine if you fail or succeed. It is important to understand how e-commerce is shaping the overall consumer goods industry, so you can devise your business strategy to make the most of the shifting consumer mindset and purchase behavior,” said the report.
E-commerce service agency SmartOSC advises companies to regard these mega day sales as opening ladders of opportunities for brands of all sizes to increase revenue.
“By offering much lower prices, free delivery or free gifts, eCommerce marketplaces are yielding more profit from existing customers and attracting new customers who haven’t bought anything online—all at the same time,” it added.
This works because many people save their carts to check out on Mega Sale to enjoy attractive promotion campaigns. These people, thus, create a trend among their social circle about online buying, directly or indirectly making other “wandering” customers curious and easier to persuade to test the waters for the first time.
“Mega Sale Days are no longer just about launching promotions or trial periods to create a short-term sales peak. It has evolved into an opportunity to drive brand awareness and loyalty. This moment is a good time to experiment with different marketing tactics to aim for more market share either in the short or long term, depending on how brands want to balance ongoing activity with one-off events,” SmartOSC continued.
The Asia-Pacific e-commerce market is expected to grow with a compound annual growth rate (CAGR) of 10.24% during the forecast period of 2022-2027, fueled by increasing internet access, a growing middle class, and the efficient, effective, and quick distribution of goods, according to figures from Research and Markets.

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