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Cambodia sets 2021 growth forecast at 2.5%

Cambodia drastically downgraded its economic forecast for 2021 to 2.5 per cent from the 4.1 per cent projection announced at the beginning of the year, due to the deteriorating Covid-19 situation.

The Cambodian Prime Minister announced the revised prediction on August 1 at the launch of the vaccination campaign for the adolescent group aged 12-17, at the Peace Palace in Phnom Penh.

World Bank regional vice-president for East Asia and Pacific Victoria Kwakwa told The Post in mid-July that the Kingdom is working hard to keep SARS-CoV-2 variants at bay, much like other countries in the region.

The Prime Minister said agriculture would for the foreseeable future remain a key player in undergirding Cambodian exports and in maintaining the food security level needed to shore up economic growth.

Agricultural exports have grown beyond expectations, he said. And while milled-rice exports have recorded marginal contractions, paddy shipments to Vietnam and the UAE soared 200 per cent year-on-year, following a Ministry of Agriculture, Forestry and Fisheries report.

Meanwhile, cashew nut exports surged nearly 300 per cent to more than 800,000 tonnes, he said, adding that sales of cassava, mangoes, bananas and other crops have amounted to billions of US dollars.

 

Author: May Kunmakara

Photo credit: Heng Chivorn

Source: The PhnomPenh Post

For full article, please read here

Original published date: 03 August 2021

Indonesia's Battery Giant Needs $15.3b in Investments

Industri Baterai Indonesia, an electric vehicle battery subsidiary of state-owned largest miners, has estimated that it would need $15.3 billion in total investment to develop an integrated electric vehicle battery, the company top executive said on Wednesday. 

Toto Nugroho, the president director of Industri Baterai Indonesia, said the investment would cover processes from the mining of the battery raw materials, smelting/ refining, battery chemicals manufacturing, battery cells manufacturing, all the way to the recycling of used batteries.

"We need an investment of $15 billion, which is a challenge in itself. There is a timeline of around 3-4 years," Toto said in a session discussing the environmentally friendly automotive industry at the 2021 Investor Daily Summit on Wednesday. 

According to a company's presentation, Industri Baterai Indonesia would need $160 million in investment to mine limonite and saprolite, metallic ores that rich in nickel, the main ingredient for lithium-ion batteries.

Next, the company would need to invest in smelting facilities, including rotary kiln electric furnace (RKEF) technology and another using high-pressure acid leaching (HPAL) technology, to process the ores. Industri Baterai Indonesia would need $1.3 billion in investment for each smelting facility. 

The battery precursor materials and cathode would need $1.8 billion and $3.8 billion in investment, respectively, while the production of the battery cell itself may need an upfront cost of $6.73 billion. For battery recycling, Industri Baterai Indonesia sought to put in $30 million upfront capital.

 

 

Source: JakartaGlobe

Original published date: 15 July, 2021

 

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SUN Energy Targets 2 GWp Portfolio in Southeast Asia by 2025

Surya Utama Nuansa, one of Indonesia’s largest solar power developers, aims to increase its Southeast Asian portfolio by eleven-fold to a total capacity of 2 gigawatt peak, as more customers would soon realize the cost for transitioning to solar power has become more competitive compared to fossil fuel energy.

The company, also known by its trade name SUN Energy, now works and operates on projects in Indonesia, Taiwan, Vietnam, and Thailand with a total capacity of 180 megawatts peak (MWp). Solar power plants use MWp to describe their capacity under ideal conditions.

With the global trend to shift to renewable energy, SUN Energy COO Philip Lee said he is optimistic they can increase their Southeast Asian portfolio to 2 GWp by 2025, equivalent to 2.000 hectares of land used for solar panels.

The urgency to switch to renewable energy has increased globally in the last few years following the Paris Agreement, which Indonesia signed in 2016. Last year, the government set to have 23 percent energy coming from renewable sources by 2025.

Though Indonesia has made significant progress in switching to clean and renewable energy — with 11.5 percent of energy now coming from renewable sources — it is still halfway from its 2025 target.

 

 

Source: JakartaGlobe

Author: Grace Nadia Chandra, Kezia Kho

Original published date: 28 July, 2021

 

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PH lifts exports forecast to 10% this year

The Development Budget Coordination Committee (DBCC) has maintained its growth forecast for the Philippine economy this year to 6% to 7% amid the country’s declining number of COVID-19 cases and gradual reopening of the economy, but raised its projection for exports and services sector.

DBCC kept its forecast last May that the gross domestic product will return to pre-COVID-19 growth levels by growing at 7% to 9% 2022, and by 6% to 7% in 2023 and 2024.

In a statement, DBCC said it is optimistic the country’s GDP could return to pre-pandemic levels as early as 2022 once several government actions are implemented. These include the release of P665.72 billion to fund the government’s COVID-19 response and to mitigate losses of low-income households, small businesses, and other vulnerable sectors.

To support its outlook, DBCC emphasized its support for managing risks and continuing the gradual and safe reopening of the economy, subject to the strictest compliance with minimum public health standards.


Consumption of dairy, non-dairy drinks boosts mental, physical health benefits

Filipino milk companies are encouraged to target stress relief and/or health consequences of stress to be included in their products, as consumers are becoming more health conscious on their food intake amid the pandemic.

A Market Intelligence Digest said dairy and non-dairy drinks brands should educate consumers on the science behind better mental health.

“Targeting products at different demographics based on their unique challenges will be key. Children and young people will be precious mental wellness ambassadors,” the online publication of the Department of Trade and Industry-Export Marketing Bureau (DTI-EMB) said.

Gen Z, those born between 1995 and 2007, will be a key audience for formulations that help relieve stress and anxiety, it said.

“As these consumers are very active on social media, stress-relieving milks should invest heavily in social media campaigns and target influencers. More generally, partnering with technology will be key for dairy brands. Younger consumers will want to better track the impact of products on their mental health through their connected devices,” it added.

The report said brands can produce products that can calm nerves with herbal ingredients.

“Dairy and non-dairy drinks can also explore ingredients that are popular in other drink categories (i.e. teas) and seen as calming. Herbal ingredients like chamomile, lavender, and lemongrass are gaining traction in dairy and should better highlight their calming properties,” it said.

The Market Intelligence Digest further said brands should look beyond short-term stress relief and seek to help support consumers with the impact of chronic stress on their immune system, sleep, and energy levels.

“Linking probiotics to stress reduction and immunity will be an opportunity for the future of the category, as well as exploring adaptogens,” it added.

The EMB recommended the consumption of dairy and non-dairy drinks during and after the coronavirus disease 2019 (Covid-19) pandemic to maximize its mental and physical health benefits.

“Consumers see dairy drinks as a key part of their routine to stay healthy. In particular, consumers view milk's protein and calcium content as important for physical health,” it said.

Laos’ banana exports total US$134 million in first half of 2021

Bananas remain a top earner among all commercial crops produced in Laos, with the total export value of the crop rising to US$134 million in the first six months of this year.

In January, the value of banana exports stood at US$22.8, rising to US$23 million in February and US$34 million in March before dropping to US$22 million in April, US$17 million in May, and US$15 in June.
Exports slumped due to trade restrictions because of the pandemic, according to the Ministry of Industry and Commerce
Laos sold most of the crop to China and Thailand, with the value increasing to about US$227.4 million in 2020.
The amount of bananas grown for export has steadily increased, as more plantations created under contract farming become ready for harvesting.
However, the number of investors and banana plantations has declined after the government stopped granting concessions for new plantations and ended agreements with companies that had violated regulations.
The government says banana plantations should be operated in line with good agricultural practices and its policy on clean, green and sustainable agricultural development.

Export growth has been driven by increased production under Laos’ contract farming system.
The shift in China’s banana sourcing towards South-East Asian countries has also played a role in boosting banana exports from Laos.
Given the success of the banana industry in China, the Lao government is working with other fresh produce growers to increase quality in the hope of gaining access to more markets.

The Ministry of Agriculture and Forestry has drawn up a list of crops it will prioritise in negotiating access to Chinese markets. The list includes sweet potatoes, jackfruit, longans, oranges, grapefruit, dragon fruit, chillies, passion fruit, green beans, peanuts, eggplant, cabbage and pumpkins.
Other major commercial crops are rubber, cassava, raw coffee, sugar and fruit (watermelon, passion fruit and tamarind) with the total export value of agricultural produce in 2020 reaching almost US$1 billion.

In 2018, Laos earned US$600 million from the export of agricultural produce, rising to US$750.8 million in 2019 and US$943 million in 2020. About 80 percent of the produce was sold to China.

News Credit: By Times Reporters
Original published date: 29 Jul 2021
Original Link: Vientiane Times


ASEAN Business Awards Laos 2021

In the afternoon on Thursday, July 22nd, 2021, the Lao National Chamber of Commerce and Industry (LNCCI) in collaboration with VELA project, GIZ in Lao PDR launched the press conference announcing the opening of applications for the ASEAN Business Awards Laos 2021 (ABA Laos 2021) supported by BCEL, Sacombank Laos, Lao Telecom and Lao lottery under the chairmanship by Mr. Thanongsinh KANLAGNA, Vice President of Lao National Chamber of Commerce and Industry (LNCCI), co-chair by Mr. Savankhone RAMOUNTRY, President of Lao Journalist and Senior Representative from VELA project, GIZ in Lao PDR Mr. Santi INTHAVONG, which was attended by Strategic Partner: KPMG Laos Co., Ltd, VELA, GIZ in Lao PDR, Smart Technology Co., Ltd, Katalyst Partner
The ASEAN Business Awards (ABA) Laos 2021 aims to recognize the outstanding Lao businesses and use them as champions to spread the knowledge of doing business in the ASEAN Economic Community. It aims to inspire and rally Lao businesses to participate in the integration process and become key players in the ASEAN market. In the bandwagon of growth and prosperity of the ASEAN Economic Community the ABA Laos 2021 encourages strengthening competitiveness of Lao private sector in the AEC.
The Winners will qualify to represent Laos to apply for ASEAN Business Awards 2021 (ABA 2021). The announcement of the Winner ASEAN Business Awards 2021 (ABA 2020) will be held during organizing the ASEAN Business and Investment (ASEAN-BIS) and the 36th ASEAN Summit in Brunei.
The ABA LAO 2021 awards will have the following categories:

1. Lao Priority Integration Sectors Excellence Awards (The winner has 1 award under the 12 Business sectors): Agriculture / Agri-based, Energy, Fisheries, Food & Beverages, Handicraft, ICT, Infrastructure, Textiles, Tourism, Transport & Logistics, Wholesale / Retail, Wood-based

2. SME Excellence Awards (The winner has 1 award under the 5 awards sector): ∙ Growth, Employment, Innovation, Corporate Social, Responsibility (CSR), Digital Transformation

3. Special Awards (The winner have 1 award under the 8 awards sector): Friends of Laos, Young Entrepreneur, Women Entrepreneur, Family Business, Green Enterprise, Sustainable Social Enterprise, Start-up and IDE, Skill Development (New)

How to apply?
FILL OUT
Download the nomination form of your desired award category, fill out the fields, and include the necessary attachments https://lncci.la/aba2021/en/index.php

SUBMIT
Submit your nomination until September 30th, 2021 either electronically or in physical print to the following address:

Lao National Chamber of Commerce and Industry/ ABA Laos Secretariat
Tel: 856 20 5256 2729, +856 20 5953 5392 or +856 20 9444 3513.
Fax: 856 021 452 580
Email: abalaos@lncci.la

ANNOUNCEMENT
Winners and runners-up will be announced on October 27th, 2021.


Credit Facebook: ASEAN Business Awards Laos 2021

Indonesia's F&B industry utilization at 89% amid pandemic: ministry

The utilization of the food and beverage industries in Indonesia has reached 89 percent amid the pandemic, acting Director General of Agro-based Industry at the Ministry of Industry Putu Juli Ardika has informed.

Production at food and beverage factories is still on track, and demand is increasing both in the domestic as well as the foreign market, he noted.

This has helped boost Indonesia's foreign exchange reserves and proved that the nation's industry has the potential to compete in the global market, he said.

According to the Ministry of Industry, the food and beverage industry was one of the most significant sectors that helped national manufacturing exports to skyrocket in the first six months of 2021.

The total export value of the non-oil and gas processing industry from January to June, 2021 reached US$19.58 billion, an increase of 21.68 percent compared to the year-ago period.

The food and beverage industry attracted investment of Rp36.6 trillion -- Rp14.7 trillion in domestic investment (PMDN) and Rp21.9 trillion in foreign investment (PMA) -- in the first half of 2021 amid the pandemic, as per ministry data.

To support the performance of the food and beverage industry and help factories continue production, the Industry Ministry is determined to maintain the availability of raw materials, Ardika said.

The food and beverage industry is also a labor-intensive sector and is responsible for increasing the added value of domestic raw materials, he added.

 

 

Source: Antara News

Reporter: Risbiani F, Resinta S

Editor: Rahmad Nasution

Original published date: 31 July, 2021


Read full article here

Hyundai and LG Energy to build EV battery factory in Indonesia

Hyundai Motor Group said on Thursday it will partner with LG Energy Solution to build an electric vehicle battery factory in Indonesia to secure a stable supply of battery cells for its EVs.

The two South Korean companies signed a memorandum of understanding with the Indonesian government to establish a joint venture to manufacture battery cells.

Under the agreement, Hyundai and LG Energy will invest a total of $1.1 billion to build a battery cell plant in Karawang, just east of Jakarta, with both companies holding 50% ownership. The Indonesian government has agreed to offer incentives and rewards to support the plant.

Hyundai said construction of the Indonesian plant is scheduled to start in the fourth quarter and will be completed by the first half of 2023. Mass production of battery cells at the new facility is expected to commence in the first half of 2024.

The proposed Karawang plant is described by the companies as the "most optimal location" for each. Indonesia is one of the world's largest producers of nickel, a key raw material for EV batteries.

The Indonesian government has been aggressively fostering an EV industry ecosystem in hopes of playing a pivotal role in the global EV race -- including through the establishment of Indonesia Battery Corp. earlier this year.

The new battery cell factory in Karawang, close to the Indonesian capital of Jakarta, will be constructed on a 330,000-sq.-meter plot of land. When fully operational, it is expected to produce 10 GWh worth of lithium-ion battery cells annually, or enough for more than 150,000 EV batteries.

 

 

Source: Nikkei Asia

Author: Kim Jaewon

Original published date: 29 July, 2021


Read full article here

Cambodia, Six types of e-businesses registration exempt

Six main types of e-commerce businesses are exempt from registration requirements at the Ministry of Commerce,

The industry is gaining massive popularity in the Kingdom as Covid reshapes consumers’ behaviours and drives a transition to online shopping, a trend that has prompted the government to explore avenues to strengthen management efficiency of the market.

The e-commerce businesses exempt from the registration requirements are – firstly, advertisers that do not list prices of, or directly sell goods to services to consumers, and are not subject to a contract; secondly, information providers involved in interactions such as negotiations that do not take deposits for their services or directly create sales contracts, such as booking services.

Thirdly are operations of individuals or sole proprietorships with revenue from the sale of goods or services below the lower income threshold of the lowest tax bracket; and fourthly are family-owned, temporary or seasonal businesses, such as those in agriculture.

Fifthly are vendors of paintings or other artworks; and sixthly are providers of online private tutoring, training, workshops or similar education services. Cambodian tech and digital businesses achieved $470 million in revenue for 2019, the Asian Development Bank reported in June.

 

Author: Hin Pisei

Source: The PhnomPenh Post

For full article, please read here. 

Original published date: 27 July 2021

The Philippines: MSMEs Encouraged to join the ASEAN Online Sale Day to Expand Online Reach

MANILA—The Philippines, through the Department of Trade and Industry (DTI), will be participating in the second ASEAN Online Sale Day (AOSD) which will be held on 08-10 August 2021.

The ASEAN Online Sale Day is held annually on the occasion of the ASEAN Founding Anniversary to boost online consumer trade in the region and enhance stronger collaboration between stakeholders, including relevant governmental agencies, businesses, and consumers. It aims to advance and explore new policy initiatives and innovative technologies to promote cross-border e-commerce activities in ASEAN. More importantly, it aims to instill trust and confidence in online ASEAN business, including Micro, Small and Medium-sized Enterprises (MSMEs), who remain dynamic, resilient, and open for business amidst COVID-19.

“As our economy recovers from the disruptions of the COVID-19 pandemic, MSMEs can harness the opportunities of the fast-growing e-commerce sector in the country to boost our economic growth,” said Secretary Lopez.

ASEAN’s e-commerce sector is expected to triple in size from US$100B in 2019 to US$300B in 2025, constituting 8.5% of the region’s GDP. In light of the pandemic, e-commerce activities has also seen a boom in the Philippines as consumers and businesses increasingly turn online. From 1,700 in the first quarter of 2020, the number of online businesses reported by the Business Name Registration System (BNRS) of DTI increased to around 88,000 by year-end.
 
According to Secretary Lopez: “As we pursue economic recovery and build back better in the post-pandemic era, let us harness the fast-growing e-commerce to boost our economic growth. Our participation in this year’s ASEAN Online Sale Day would allow us to create “Better Normal” through taking advantage of the benefits of e-commerce in the region. The more e-commerce also means more jobs and employment generated for our countrymen.”

The DTI partnered last year with members of the Philippine Franchise Association (PFA), Philippine Retailers Association (PRA), and UnionBankGlobalLinker which facilitated the participation of 36 Philippine e-commerce businesses. DTI’s GoLokal, which features Philippine products, was also featured through the e-commerce platform, Shopinas.

Platforms such as DTI’s Go Lokal and Unionbank GlobalLinker have confirmed participation in this year’s AOSD.

The website listing all participating merchants and platforms in AOSD 2021 can be accessed through http://onlineasean.com/.

During the AOSD period, Filipinos can avail of discounts and promotions not only from participating e-commerce businesses and marketplaces in the Philippines, but also from those participating from neighboring ASEAN countries.

Deadline of application for Philippine-based business, MSMEs, or marketplaces selling goods or services online is until 27 July 2021. For more information about joining this year’s AOSD, you may visit: https://www.dti.gov.ph/aseansale/4c0e8ec86f6f92de39bca8ed43e5a6bb/.

-END-
Originally published last July 27, 2021.

Brunei to host ASEAN roundtables, summit and business awards

Brunei businesses are invited to join the upcoming ASEAN Business Roundtables, ASEAN Business and Investment Summit (ABIS), and the ASEAN Business Awards (ABA) which are being hosted this year in the Sultanate as part of the country’s ASEAN chairmanship.

Brunei’s ASEAN Business Advisory Council (ASEAN-BAC) – the country’s private sector representative to ASEAN – will be organizing the three events. The ABIS and ABA will be held at the International Convention Centre (ICC) on October 25 and November 10 respectively.

The roundtables, which serves as a prelude to the bigger ABIS and ABA, will take a deeper dive into fintech and digital skills in August and September. These events were officially unveiled by Brunei’s ASEAN-BAC yesterday at the ICC.

His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam along with other heads of state from ASEAN and its partners are anticipated to join ABIS, which is billed as ASEAN’s most important business event of the year, bridging both the private and public sector for strategic dialogue.

This year’s ABIS carries the theme ‘Building Our Sustainable Digital Future’ in light of the challenges posed by the ongoing COVID-19 pandemic, tying into the wider strategic thrusts under Brunei’s ASEAN chairmanship of recovery, digitalisation, and sustainability.

All the events will be done in a hybrid format – with local attendees at ICC and the majority of foreign participants joining virtually.

Source: Biz Brunei

Read the full article here.

 

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