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More Singapore firms seeking to expand into Indonesia market

JAKARTA - 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 Indonesia’s legal and tax requirements for companies.

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.

DBS Indonesia eventually had 20 of its staff attend some courses, and it became one of IndoPanda’s first major clients, added Mr Zhang.

He highlighted how SBF had advised him to conduct free trials of lessons as well as free webinars to introduce potential customers to his company, as customers in Indonesia prefer to try out a service before spending money on it.

“Through this advice, we make fewer mistakes, because this is the new market, right? So sometimes, the lesson learnt could be quite hard. So with that advice, we are able to avoid some pitfalls,” he said.

Source: The Straits Times
Link: Here

Global trade in electric vehicles booms

Opportunities abound in the electric vehicle (EV) market as industry sales have been rising dramatically in recent years, accounting for more than a third of all car imports last year and signifying a possible new direction in the global trade of transport equipment, according to a new report.

The World Trade Organization (WTO) in a new blog post revealed that import data between 2017 and 2023 show a significant shift towards EVs in general. Initially, hybrid, plug-in hybrid and battery electric vehicles represented a modest fraction of total car imports by value, starting at about 2.5%, 0.8%, and 1%, respectively. However, trade in EVs has grown significantly since then, the post said.

Beyond 2020, hybrids and plug-in hybrids have shown consistent growth, with hybrids initially experiencing more dynamic growth. However battery EVs have begun exhibiting the highest growth, bringing the value of their imports close to that of hybrids, indicative of a significant shift towards fully electric models, said the WTO report.

“By the end of 2023, EVs accounted for more than a third of all car imports in value terms. Although the growth rate appeared to slow down in 2023, the pronounced upward trend for EVs, particularly battery EVs, signifies a substantial change in demand and could suggest the direction in which the global automotive industry may go in the future,” it continued.

In the Philippines, Republic Act No. 11697 or the Electric Vehicle Industry Development Act (EVIDA) lapsed into law on April 15, 2022. EVIDA establishes a comprehensive roadmap for the EV industry designed to accelerate the development, commercialization and utilization of EVs in the country.

The Asian Development Bank early last year noted that like its Southeast Asian neighbors, the Philippines has a huge potential as a market and manufacturing hub for EVs since the country is the world’s second biggest supplier of nickel, which is used to make EV battery cells.

The United Nations Conference on Trade and Development in a report last year urged developing countries like the Philippines to act swiftly to leverage the new opportunities presented by the booming market for green technologies, including those relating to EVs.

“We are at the beginning of a green technological wave in which early adopters of new technologies can rapidly move ahead and create lasting advantages in related economic sectors,” the publication said. “Therefore favourable conditions to catch up technologically and economically are available only for a short time.”

According to the WTO post, the United States was the leading global importer of EVs last year, with battery, hybrid and plug-in hybrid EVs recording imports of US$19 billion, $17.8 billion and $6.9 billion, respectively. “These figures represent more than one-fifth of total US car imports by value and signal an increasing adoption of electric mobility,” said the report.

Imports of EVs have also grown considerably in some European countries and in the Republic of Korea. In Belgium, the Netherlands, Sweden and Switzerland in particular, the import value of electric cars has overtaken that of traditional internal combustion engine vehicles.

“As Belgium and the Netherlands are home to the two busiest ports in Europe, they may act as a transit point into other European countries,” the post commented.

Meanwhile, the total number of EVs exported has remained relatively stable, with over 43 million units sold in 2023 from over 40 million units exported in 2017. However, the types of vehicles exported underwent a dramatic change.

In 2017, Germany and Japan were the top exporters of passenger vehicles, but the proportion of EVs they exported was negligible. In contrast, in 2023 about one-third of the car exports from these countries were EVs. By increasing its emphasis on the export of hybrids, Japan has become the top global exporter of these vehicles, said the report.

In 2023, China became the leading exporter of passenger vehicles overall, with over 5.4 million units exported, of which roughly 1.8 million units, or about a third, were EVs. It exported over 1.5 million battery EVs, meaning that one out of every four battery EVs exported in 2023 originated in China, the post said.

Innovations in climate-resilient natural cosmetic ingredients pushed

Brands need to innovate to future-proof natural cosmetic ingredient supply and avoid shortages as extreme weather events are threatening crop security, according to trend forecaster WGSN.

In a report, Sophie Benson and the WGSN beauty team said controlled environment agriculture (CEAs), such as greenhouses and vertical farms, can grow natural cosmetic ingredients, regardless of season or conditions.

The report said innovative CEAs are creating resilient agriculture spaces where the environment can be controlled and circular farming principles can be implemented to lower crops' reliance on water and energy.

“Partner with farmers who use CEAs to future-proof ingredient supply and offer improved yields and potency of botanicals,” it said.

The report cited contract manufacturer Capsum (France) which found that when controlling growing conditions in its vertical-farmed ingredients, it saw a threefold increase in polyphenols compared to traditional growth conditions.

WGSN said challenging conditions also provide the perfect lab for testing and creating resilient crop strains and ingredients.

It said businesses can collaborate with universities, physicists and space agencies to integrate space technology into climate-resilient ingredient developments and selections.

“Testing products in space and ‘space-mining’ ingredients will raise concerns surrounding sustainability and ethics as human-driven space exploration is polluting the cosmos with space junk. Be considerate of space environments and avoid exploitative approaches in orbit,” the report added.

Brunei poised for stronger recovery led by the non-O&G sector

Brunei Darussalam’s economy is poised for further strengthening this year, driven by a strong recovery in 2023 and robust activities in the non-oil and gas sector, according to a report by the ASEAN+3 Macroeconomic Research Office (AMRO).

The downstream oil and gas industry is expected to remain supportive of growth, with planned diversification into new products. Despite challenges in ongoing oil and gas rejuvenation efforts, activities are projected to improve, leading to enhanced production in the near term. The government’s commitment to accelerating diversification towards less carbon-intensive industries aims to bolster economic resilience.

The report, based on AMRO’s Annual Consultation Visit to Brunei Darussalam in November 2023, and data available up to February 29, 2024, highlights Brunei’s economic developments and outlook. The economy expanded by 1.4 per cent in 2023, with growth expected to strengthen to 2.7 per cent this year, driven by exploration and development activities in offshore oil and gas fields.

Encouragingly, the non-oil and gas sector is anticipated to lead the economic recovery, supported by expansions in downstream activities, agri-food, transportation, and tourism sectors.

Inflationary pressures have eased, reflecting lower commodity prices and supply chain normalization post-pandemic. Headline inflation is projected to increase to 1.4 per cent this year, driven by food inflation.

Source: Borneo Bulletin

Read the full article here

Brunei recorded highest ship traffic in 2023: Minister

In 2023, Brunei Darussalam saw the highest number of inbound and outbound ship traffic coming into its ports, at 12,801 ships. It shows that the shipping sector has been one of the beneficiaries of the growth and developments in the downstream and export-oriented industries.

This was shared by Minister of Transport and Infocommunications Pengiran Dato Seri Setia Shamhary bin Pengiran Dato Paduka Haji Mustapha during the signing of a memorandum of understanding (MoU) and scholarship at The Empire Brunei.

The minister said, “The planned expansion and renovation of Muara Port as well as development of an integrated marine maintenance and decommissioning yard will further grow the shipping requirements in the country as well as attract more traffic into our port and facilities. Undoubtedly, this will also grow the demand for Darussalam Pilotage Services Sdn Bhd (DPS) pilotage and towage services. He added, “The Ministry of Transport and Infocommunications and the Maritime and Port Authority of Brunei Darussalam (MPABD) are tasked to further improve the local content aspects of the maritime sector” .

“The industry has the ability to generate job opportunities for locals. In addition, MPABD also looks at reassessing and sustaining our capabilities, through the Brunei Maritime Academy (BMA), to develop and cultivate a highly-skilled maritime workforce that supports and drive our economic diversification and sustainable development efforts.”

The minister also commended the DPS scholarship programme by saying, “The true measure of an organisation’s potential lies in the calibre of its human capital.

He noted that the DPS’ vision is geared towards nurturing a new generation of maritime pilots, who will not only helm the ships but also chart a course towards a sustainable and innovative future. 

Source: Borneo Bulletin

Read the full article here

Ceremony marks significant milestone for maritime industry

Brunei’s maritime industry marked a significant milestone yesterday with a groundbreaking ceremony for the Integrated Marine Maintenance and Decommissioning Yard at Pulau Muara Besar.

Located strategically at the Pulau Muara Besar, the facility will have the capacity to cater to the needs of both local and international clients.

The Marine Maintenance Yard will provide a wide range of services including vessel repair, modifications, maintenance, refurbishment and certifications and equipped with the latest technologies and operated by a team of skilled professionals.

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, 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, Deputy Minister of Finance and Economy (Economy) Dato Seri Paduka Haji Khairuddin bin Haji Abdul Hamid, Deputy Minister (Energy) at the Prime Minister’s Office Haji Mohamad Azmi bin Haji Mohd Hanifah, senior government officials, ambassadors, as well as local business leaders attended the ceremony.

Source: Borneo Bulletin

Read the full article here

Tech giants start to treat South-east Asia like next big thing

LONG considered a tech hinterland, South-east Asia is fast emerging as a centre of gravity for the industry.

The chief executive officers of Apple, Microsoft and Nvidia are among the industry chieftains who’ve swung through the region in past months, committing billions of dollars in investment and holding forth with heads of state from Indonesia to Malaysia. Amazon just this week took over a giant conference hall in downtown Singapore to unfurl a US$9 billion investment plan before a thousands-strong audience cheering and waving glow sticks.

After decades of playing second fiddle to China and Japan, the region of about 675 million people is drawing more tech investment than ever. For data centres alone, the world’s biggest companies are set to splurge up to US$60 billion over the next few years as South-east Asia’s young populations embrace video streaming, online shopping and generative AI. 

Traditionally welcoming to Western investment, the region’s moment has arrived as China turns more hostile to US firms and India remains tougher to navigate politically. Silicon Valley is setting its sights on business-friendly regimes, fast-growing talent pool and rising incomes. The advent of AI is spurring tech leaders to pursue new sources of growth, laying the digital infrastructure of the region’s future.

“Countries like Singapore and Malaysia are largely neutral to the geopolitical tensions happening with China, US, Ukraine and Russia,” said Sean Lim, a managing partner at Singapore-based NWD Holdings, which invests in AI-based projects and other areas. “Especially with the ongoing wars, this region has become more attractive.”

Take Tim Cook and Satya Nadella, who last month embarked on their biggest tours across Southeast Asia in years. The investments they pledged are set to help turn the region into a major battleground between the likes of Amazon, Microsoft and Google in future frontiers such as artificial intelligence and the cloud.

The region’s growing workforce is making it a viable alternative to China as a centre of talent to support companies’ global operations. As its governments pushed for improvements in education and infrastructure, it’s become an attractive base for everything from manufacturing and data centres to research and design.

“The governments are pro cross-border investments and there’s a deep talent pool,” said NWD’s Lim.

South-east Asia has also become a sizeable market for gadgets and online services.

About 65 per cent of South-east Asia will be middle class by 2030, with rising purchasing power, according to Singapore government estimates. That’ll help more than double the region’s market for internet-based services to US$600 billion, according to estimates by Google, Temasek Holdings and Bain & Co.

Apple, whose pricey gadgets for long remained out of reach for the vast majority in the region, is now adding stores. CEO Cook toured Vietnam, Indonesia and Singapore in late April, meeting prime ministers and announcing fresh investments as the company seeks new growth regions beyond China, where sales have sputtered.

In Jakarta, besides pow-wows with the country’s leadership, Cook met a local influencer with almost 800,000 Instagram followers over chicken satay, and learned enough of the local language to say “How are you” in a video circulated on social media.

On his X account, local customers asked Cook for an Apple Store and better servicing of Apple products in the country. Following the trip, Apple reported its revenue in Indonesia had reached a record, even as total global sales declined.

“These are markets where our market share is low,” Cook said on a conference call last week. “The populations are large and growing. And our products are really making a lot of progress.”

Microsoft CEO Nadella also received an enthusiastic welcome after meeting with the leaders of Malaysia, Indonesia and Thailand last week. In Bangkok, under a ballroom’s shimmering chandeliers, he was seen shaking hands and conversing with high-ranking government officials and the country’s top business elites.

South-east Asia’s draw becomes apparent once you consider slowing toplines in Silicon Valley, which is struggling now to lay the foundations of AI – anticipated to become an industry-defining technology.

Within the next few weeks, two major AI-themed events in Singapore are set to feature top leaders from OpenAI, Anthropic, Microsoft and others to further tout the technology’s promise for South-east Asia.

A specific catalyst for the tech companies is generative AI, with services like ChatGPT rapidly gaining users. South-east Asia’s accelerating AI adoption has the potential to add about US$1 trillion to the region’s economy by 2030, according to a report by consulting firm Kearney.

That means more data centres are needed to store and process the massive amounts of information traversing between content creators, companies and customers.

Data centre demand in South-east Asia and North Asia is expected to expand about 25 per cent a year through 2028, according to Cushman & Wakefield data. That compares with 14 per cent a year in the US. By 2028, South-east Asia will become the second largest non-US source of data centre revenue in the world.

Hotspots include Malaysia’s southern Johor Bahru region, where Nvidia last year teamed up with a local utility for a plan to build a US$4.3 billion AI data centre park. Nvidia is also targeting Vietnam, which CEO Jensen Huang sees as a potential second home for the company, local media reported during his visit in December. Huang was spotted enjoying street food and egg coffee, a Vietnam specialty, as he hung out with local tech contacts in a black T-shirt and jeans.

The company has since reviewed Hanoi, Ho Chi Minh City and Da Nang as potential locations for investments, with Keith Strier, its vice-president of worldwide AI initiatives, touring the cities last month.

A region consisting of about a dozen politically, culturally and geographically disparate countries, South-east Asia isn’t the easiest market for global companies to operate in. Risks include difficulties navigating local working cultures, as well as the volatility of the various currencies, said NWD’s Lim.

But for now, the tech majors are embracing the region’s advantages such as its relatively low-cost yet highly skilled workforce – helpful for building expensive technologies such as large language models that require not just a lot of cash but also skilled engineers. Most of the US firms announced training programs with local governments, with Microsoft promising to train a total 2.5 million people in AI skills in South-east Asia by 2025.

“This shift is influenced by both external and internal drivers,” said Nicholas Lee, associate director in political consultancy firm Global Counsel’s Singapore office. “Besides the intensifying US-China rivalry and policy divergence across major jurisdictions, subdued revenue growth and rising costs also underline the need for companies to manage expenses prudently.” BLOOMBERG


Source: The Business Times

Link: Here

UAE offers export opportunities

Filipino exporters, particularly those of smartphones, jewelry and motor vehicles, can export more to the United Arab Emirates (UAE) given its rising population and income levels.

Panot Punyahotra, Consul (Commercial) at Office of Commercial Affairs at the Royal Thai Consulate General in Dubai, UAE, said these are among the products that UAE imports from the Association of Southeast Asian Nations (ASEAN) and the world. 

Punyahotra also cited data showing other products the Emirates imports from the world, including gold, telephone sets, diamonds whether or not worked but not mounted or set, petroleum oils, and articles of jewelry and parts thereof of precious metals.   

“They import quite a lot of this jewelry. The rest will be mostly the industrial products and interestingly, you will not see food items here but if you combine the small items of food products, it will be a big part also for Dubai imports,” he said during a webinar organized by the ASEAN Access LEARN.

Punyahotra said the UAE has a population of 9.29 million people while it is the logistics hub of the world.

To seize these huge market opportunities, entrepreneurs who are interested in exporting their products to the UAE must conduct thorough research and understand the regulations, measures, and standards that correspond to the customers’ needs. 

Punyahotra said they can contact their embassies in UAE to assist them, adding that every ASEAN country has trade promotion organization in the Emirates which can provide them a list of potential buyers. 

He said documents required for exporting depend on the product the entrepreneurs intend to export, noting that for example, food items containing meat need halal certification.  

“Because if you go to the supermarkets in Dubai, the consumers know that every item they buy, they don’t have to worry (if) it would be halal because otherwise, the government will not allow it to go into the country. But they also have a section which is non-halal,” he said.

“So it doesn’t matter if you export for the foreign workers or for the locals. Once it passes the border, it must comply with the local regulations,” he added.                 
Punyahotra said buyers will also inform the exporters of the documents they have to prepare.

He said going or participating in trade fairs in the UAE also bring benefits to entrepreneurs.

“If you will not go there to exhibit, you can go there to see the products of your competitors. You can see by yourself what kind of competitors you have, you can see the prices…,” he said.

Punyahotra said entrepreneurs can also export from home to customers or distributors in the UAE. 

Transition to digital agriculture calls for stronger government support: study

Strengthening government-led initiatives and public-private partnerships can accelerate the commercialization and adoption of digital agriculture technologies, which are vital to modernize farm production and reduce the digital divide in the agri-food sector, a new study says.

A report published by the Philippine Institute for Development Studies (PIDS) noted how the current Philippine Development Plan (PDP) has identified digital technology as part of the state’s strategy to achieve agriculture and fisheries industry modernization.

“Digital agriculture leads to economic benefit through increased productivity, efficiency, market opportunity, and environmental sustainability. Already, smallholders’ access to information, inputs, and markets are improving with the spread of mobile technologies, remote-sensing services, and distributed computing,” said the report entitled “Transforming Philippine Agri-Food Systems with Digital Technology: Extent, Prospects, and Inclusiveness.”

Digital agriculture refers to “ICT and data ecosystems to support the development and delivery of timely, targeted information and services to make farming profitable and sustainable while delivering safe nutritious and affordable food for all,” the paper said. Digital agriculture represents both a technological transformation in itself as well as a means to accelerate agricultural innovation.

However, digital agriculture is still far from being the choice of most farmers and other stakeholders in the agri-food system, said study authors Roehlano Briones, Ivory Galang, and Jokkaz Latigar. They pointed out that applications such as fintech and some types of automated agricultural equipment are still at the early development stage or at the prototype stage. More widely used, meanwhile, are online retail networks and farm advisory apps.

The document also predicts that elements of digital agriculture that are more likely to be moving into the mainstream within the next five years are decision support; computerization of public services; online advisory and extension services; crop management and monitoring systems; portable equipment; online retail; and online marketplaces.

The discussion paper further observed that based on government priorities and stakeholder interest, there are promising prospects for the expansion of digital agriculture tools, including decision support systems and online marketplaces.

In the medium term, government priorities and willingness to allocate budgets are crucial to underpin the healthy prospects for the wider dissemination of decision support and computerization of public services, the authors said.

“Meanwhile, on the demand side, there is strong interest among stakeholders, such as farmers, fisherfolk, and agribusiness companies, in information, advisory and extension services, as well as in portable equipment such drones, sensors, lasers for land leveling,” they added.

But the digital divide also ups the risks for worsening inequities between urban and rural areas, further leaving vulnerable populations behind. To bridge this divide, the paper suggests implementing strategies that include community organizing, developing rental markets, and investing in rural connectivity.

The report identified key policy recommendations to support PDP strategies aimed at transitioning to digital agriculture. These include harmonizing government data and advisory services in view of the conflicting data and advice from decision support systems deployed by different agencies on crop suitability, land and climate characteristics, base maps, parcel maps, and other relevant information.

Also suggested are creating a single government portal for digital agriculture to address the proliferation of farm advisory apps and provide links to the various advisory tools provided by government; and integrating digital solutions to standardize farm management in the Department of Agriculture’s clustering and consolidation program.

Other major recommendations are expanding decision support systems in efforts toward diversification and climate resiliency, and establishing a centralized e-commerce platform catering to MSMEs to resolve the inefficient rise of e-commerce platforms under various state agencies.

Also proposed are investing in traceability, food safety, registration and certification, and good agricultural practices to upgrade the agri-food system; exploring entry points for private sector participation; and engaging in skills enhancement programs to assist smallholder farmers and target the landless agricultural workers. 

PM highlights Thailand’s six advantages as investment destination

Prime Minister Srettha Thavisin told potential investors on Wednesday that Thailand is extremely well-suited to being a hub for key industries including electrical vehicle (EV) and electronics manufacturing thanks to six distinct advantages over its competitors in the region.
Srettha was speaking at SUBCON Thailand 2024, an international trade show for part-sourcing and business-matching of subcontracting manufacturers, organised by the Thai Subcontracting Promotion Association from May 15 to 18 in Bangkok.
The premier said the first advantage of Thailand is its freedom from geopolitical tensions and wars, which make it stand out from other countries. Thailand’s neutrality has made the kingdom an attractive destination for international corporations to invest in both their respective industries and Thailand’s mega projects, he said.
“The government’s Land Bridge project, although costing US$ 300 billion, will be a rewarding investment as it offers an alternative to logistic routes, further promoting Thailand as a strong manufacturing and export base,” Srettha said.
The mega project involves constructing deep-sea ports in Chumphon and Ranong provinces in the South of Thailand and transforming transport routes between Chumphon and Ranong to link the ports.
The land bridge will establish a link between the Pacific and Indian oceans, easing shipping congestion in the Malacca Straits, currently the main regional trade route for cargo.
Srettha said the second advantage of Thailand involves the government’s policies in promoting the use of clean energy, with a goal of having renewable energy accounting for 50% of the country’s total energy output by 2040. This clean energy will support large industries, including the data centres that support Thailand’s digital economy, he added.
The third advantage is Thailand’s ongoing negotiations on free trade agreements with several countries, enabling the continued expansion of international trade.
“We have recently signed an MOU with Sri Lanka and will proceed with negotiating more FTAs with the European Union, the Middle East, and the United Kingdom,” the premier said.
Srettha went on to say that Thailand’s focus on improving quality of life contributes to the country’s fourth advantage. He pointed out that Thailand has a comprehensive healthcare system of international standard backed by leading hospitals, while expats working in Thailand enjoy ease of doing business under the government’s National Single Window system, as well as facilities such as international schools.
The fifth advantage is the government’s commitment to linking Thai entrepreneurs to the supply chain of international trade partners, said the premier, adding that move has facilitated the knowledge transfer and continued skills improvement of the Thai workforce.
“Lastly, the sixth advantage of Thailand as an investment destination is our comprehensive infrastructure that include airports, roads, rail system and ports,” Srettha said. “We are fast-tracking the development of deep sea ports in the Eastern Economic Corridor, which will serve as logistics routes for several key industries.”
According to the organiser, SUBCON Thailand 2024 at BITEC Bangna saw the participation of more than 500 domestic and international companies and is expected to generate over 22 billion baht from business matching. This year is also the first time that the Board of Investment is hosting the “BOI Symposium: EV Supply Chain” at the fair. Representatives of seven EV makers who have invested in Thailand, namely BYD, MG, Great Wall Motor, Neta, Changan, GAC Aion and Chery will participate in the business forum.

Source : THE NATION

China's tech giant Huawei hosts cloud database summit in Thailand

Chinese technology giant Huawei hosted the Cloud Database Summit Thailand 2024 here on Monday, aiming to enable the public and private sectors to access next-generation database technologies and accelerate digitalization in the Southeast Asian country.
The summit launched a pioneer program to promote innovation and application of artificial intelligence-native database technologies in the kingdom, with about 20 experts from 15 industries, including local customers and partners, sharing their insights and experiences through keynotes, panels, and a hands-on lab program.
The Thai government released a digital strategy last year to become a data-driven country. To achieve this, a prosperous database ecosystem rooted in local system integrators, software developers, and applications is essential for implementing the national digital blueprint, said David Li, CEO of Huawei Thailand.
The digitalization trend that has swept across all industries demands a robust local ecosystem. With experience investing in database technology for 20 years, the company's latest distributed database technology will offer Thailand a powerful solution to unlocking the full value of data, Li said in his opening speech.
Since entering the Southeast Asian market in 2019, Huawei's public cloud services have grown 20 times in the past four years, making it one of the fastest-growing mainstream cloud vendors in the region. The company has established digital transformation cooperation in multiple industries, such as government, finance, the internet, and retail, said Zeng Xingyun, president of Huawei Cloud Asia Pacific.
Southeast Asia is experiencing rapid digitalization, and data security is of paramount importance. Huawei Cloud places cybersecurity and privacy protection at the forefront, prioritizing these over its commercial interests, while compliance remains the company's top priority, Zeng told Xinhua at the summit.

Source : THE NATION

Cambodia: Satori Giants and X Venture Holdings Invest in Cambodian Startup Jalat Logistics

Cambodia Investment Review

Satori Giants, a Singapore-based early-stage startup investor, has announced its first investment in Cambodia by backing Jalat Logistics. This investment was made in partnership with X Venture Holdings (XVH) from Hong Kong, marking the completion of a seed round for Jalat Logistics, a Phnom Penh-based firm specializing in optimizing last-mile delivery services with a now valuation of more than $1 million.

Satori Giants, known for its unique approach that blends venture capital with venture studio practices, focuses on high-potential markets in Southeast Asia. Jalat Logistics, which provides efficient same-day delivery with end-to-end convenience for both parcel senders and recipients, is now set to benefit from this approach.

Investing In Ambitious Founders, SMEs & Technology-Driven Companies

Riz Aslam, CEO of Satori Giants, commented on the investment, saying, “We invest in ambitious founders, SMEs, and technology-driven companies that are revolutionizing old business practices. Jalat is a great example of an innovative business tackling a traditional sector to propel it into the 21st century. By making use of advanced technology to streamline same-day deliveries, Jalat is also lowering the cost per delivery and reducing the environmental footprint associated with logistics.”

Henry Maw, Chairman of XVH, expressed excitement about the collaboration, noting, “We are super excited to announce this investment as it aligns with our strategy to back tech-based ventures. In Jalat’s case, their all-in-one logistics management portal has the potential to become a leading player across the region. Furthermore, Jalat’s commitment towards operational excellence through its innovative mobile warehouse concept will further strengthen its ambitions to expand and scale quickly.”

The investment, valued at a seven-figure sum, aims to support Jalat Logistics’ long-term growth. The funds will be utilized for the vertical expansion of its services, scaling its warehouse operations, and preparing the company for international expansion. Sou Sreyphoung, Chairwoman of Jalat Logistics, emphasized the strategic importance of the partnership, stating, “We are happy to have Satori Giants and X Venture join us in this journey as we scale our business in and beyond Cambodia. We are committed to bringing innovation into our service, aiming for a standard same-day delivery that is reliable, convenient, and informative. Additionally, ‘flexibility’ in which businesses can ship with different speed and size options.”


For full article, please read here
Source: Cambodia Investment Review 

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