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EU keen to invest in PH transition to regional digital hub: expert

European companies are ready to invest in the Philippines and turn it into a digital hub in the region, but the country should strongly implement policies that support a digital trade environment and accelerate technological transformation, an international trade expert said.

Colette van der Ven, trade policy expert with the International Trade Centre, has underlined the importance of a Philippine-European Union free trade agreement (FTA), saying it can help transform the Philippines into a regional digital hub through the launch of the EU’s Digital Economy Package for the country. The FTA will also support the implementation in the Philippines of Global Gateway, the EU’s overarching cooperation framework to deliver sustainable investments accompanying a state’s transition to a green and digital economy.

Van der Ven, who gave a talk at the EU-Philippines Partnership Conference on December 5, said trade is a digital enabler because it can “unleash digital growth in the Philippines and support SMEs.”

Robust trade can provide opportunities for digital acceleration because it can lead to the enhancement of the digital infrastructure, creation of a digitally enabling environment, and access to goods, services, and technologies needed for the country’s digital transition, she continued. Moreover, it can open up new market opportunities for digitally enabled products and services from the Philippines. 

However, Van der Ven at the same time noted that the Philippines has more restrictive regulations on foreign direct investments (FDIs) compared to some of its ASEAN peers like Malaysia, Vietnam, Thailand, and Indonesia.

Citing the FDI Regulatory Restrictiveness Index 2019 of the OECD, she said, “You can see that the Philippines is much more restrictive across the board except for the retail sector… so FDI inflows have not been as strong as compared to other regional countries.” But Van der Ven said the passage of new laws liberalizing trade and foreign ownership in the country can only help to loosen this restrictiveness.

Meanwhile, asked about policy improvements that can enhance digital trade opportunities in the country, reactors said there are actually very few regulations that need to be drafted or amended.

Senen Perlada, executive vice president of the Philippine Exporters Confederation, Inc. (PHILEXPORT), pointed out that the laws in the country are more than sufficient, but that some of these are still missing their implementing rules and regulations.

“We have enough laws. We just need to implement and follow the spirit of the law and provide resources,” he said.

If there is one regulation that still needs crafting, it is policies on blockchain, Perlada added. Blockchain is a distributed and public digital ledger that records transactions across many computers, and this record cannot be altered retroactively without altering all subsequent blocks and the consensus of the network.

Meanwhile, Roehl Gurango of the National ICT Confederation of the Philippines pressed for the urgent passage of the Open Access bill. This proposed legislation seeks to address the legal obstacles and outdated laws that put up high barriers to the entry of new ICT players and perpetuate a costly and inefficient way of installing broadband infrastructure.

Also suggested by the other panelists are the signing of more FTAs by the Philippines, further simplification of regulations and the political will for their implementation, especially the Ease of Doing Business law, and policies that will raise the awareness of the common Filipino about what the new laws are about and how these can benefit them.

Addressing digital infra deficits key to harnessing benefits digital finance

Countries need to adopt policies aimed at stimulating investment to address digital infrastructure deficits and harness the benefits of financial technology (fintech), according to Tokyo-based think tank Asian Development Bank Institute (ADBI).

In a blog, ADBI vice-chair of research and senior research fellow John Beirne and research associate Ngoc Dang said the increased use of fintech during the pandemic has been an important aspect in enabling many micro, small and medium enterprises (MSMEs) to remain economically viable, with financial services being faster, more efficient and cheaper than traditional banking.

Citing earlier studies, Beirne and Dang said those related to insufficient levels of development in digital payments infrastructure, internet connectivity and broadband penetration are among the factors impeding the financial inclusion impact of fintech.

They added that harnessing the benefits of enhanced financial inclusion and inclusive growth brought about by advances in digital finance requires policy action aimed at enabling greater use of digital finance while also managing risks.   

Beirne and Dang also underscored the need to address the main hurdles for policy makers relating to improving the level of digital and financial literacy across countries.

Earlier studies highlighted the importance of sufficient levels of digital and financial literacy for harnessing the financial inclusion impacts of digital financial services.

“Without having a sufficient level of competence in these areas, economies and communities may be unable to reap the benefits of fintech,” Beirne and Dang said.

Further, they said other constraints relate to effectively managing potential risks to financial stability and cybersecurity due to digital finance.

“A sustainable role for fintech for inclusive growth and development requires effective financial regulation and supervision to mitigate these risks, as well as the safeguarding of consumer trust concerns related to cybersecurity,” Beirne and Dang said.

Effective controls to manage the exposure to cyberattacks are key to ensuring consumer confidence in utilizing digital channels for engaging in financial services, they added.  

Beirne and Dang also underscored the importance of international policy cooperation on regulation given the substantial cross-border implications of digital finance. 

Color plays key role in capturing consumer attention

Brands can explore new opportunities for using color to stand out and drive engagement which plays a key role in capturing consumer attention as the world grapples with uncertainty and volatility, according to the world’s leading consumer trend forecaster.  

Candice Medeiros, strategist at WGSN, said factors driving disruption, including rising inflation and the climate crisis, have reshaped shopper priorities, driving emotionally charged purchasing that is increasingly driven by status and cultural clout.    

“Retailers should forge more meaningful relationships with their customers by anchoring their brand in a color narrative to create familiarity and rhythm in expectations,” she said in a sample report.

Medeiros said they can reinforce consistency by using your brand's hero colors as a status signifier.

 “Color that extends beyond seasonal categories, packaging or store design alone will be imperative to support a retailer's identity and enforce its archetype. Use color on a large scale and with authority, creating over-the-top popups, window displays and merchandising. Experiment with large swathes of monocolor rather than mixing several tones together,” she said.

Amid an era of rapid change, Medeiros said brands should enforce color as an extension of intellectual property, helping drive cultural capital and offering memorable consistency.

She also advised them to focus on the physiological and symbolic impacts of color –tones that can calm, energize or even unite individuals– which will appeal to a growing number of consumers with new chronic emotional perspectives and realizations.

Medeiros said that with 90 percent of WGSN survey respondents reporting that color impacts their mood, brands should harness color's emotional power to uplift and engineer glimmers into people's lives.

She said like triggers, glimmers are personal and mood-based, and can be anything from hearing one’s favorite song playing to seeing a vibrant flower among a group of sidewalk weeds.

“Tap into mood-based store design to build larger-than-life experiences that jolt customers with awe or subliminal recognition. The intensity of recent times has also heightened our emotional awareness, crystallizing the important role that brands play in consumer well being. Lean into color theory, using it (to) promote wellness via joy-sparking dopamine brights or stress-relieving rainbow colors in VM and store design,” she added.

Cambodia makes $3.9 bln from export of agri-products in 11 months

Cambodia earned a gross revenue of $3.9 billion from the export of agricultural products in the first 11 months of 2023, said a Ministry of Agriculture, Forestry and Fisheries (MAFF) report on Tuesday.

The Southeast Asian country shipped 7.31 million tons of agricultural products to 75 countries and regions during the January-November period this year, a year-on-year drop of 4.6 percent, the report said.

Key agricultural items for exports included rice, rubber, cassava, mangoes, fresh bananas, pepper, cashew nuts, longan, and corn, palm oil, among others.

“Despite a slight drop in the commodity export in the first 11 months of this year, we’re optimistic that the growth will rebound soon because our export in November had seen a significant increase,” Ngin Chhay, director-general of the MAFF’s General Directorate of Agriculture, said in the report.

He added that the kingdom exported 1.03 million tons of agricultural products in November this year, up almost 50 percent from 0.69 million ton in the same month last year.

China, Vietnam and Thailand are the major importers of Cambodia’s agricultural items.

For authentic article, please visit here.

 

 

Author: Xinhua

Source: Khmer Times

Bright spots in Asean’s early-stage fintechs

AMID a global funding winter, fintech investors in South-east Asia are concentrating the limited funds they are willing to cough up in early-stage startups and alternative lending.

Fintech funding in the region – or more precisely, the six largest Asean economies of Singapore, Indonesia, the Philippines, Vietnam, Thailand and Malaysia – has fallen by 70 per cent for the year to Sep 30, 2023, said a report by UOB, PwC Singapore and the Singapore FinTech Association released on Thursday (Nov 16).

The report, based on data from Tracxn’s platform, said early-stage companies received half the total fintech funding of US$1.3 billion, which went to six of the top 10 funded companies in the first nine months of 2023.

Investors surveyed in the report said that, for them, the key attractions in this space were the new ideas being explored by these early-stage startups, and the smaller capital outlays being sought.

The average fintech deal size stood at US$13.5 million for 9M 2023, down from US$21.8 million for 2022. For comparison, the average deal size in 2019, before the Covid pandemic, was US$9 million.

Shadab Taiyabi, president of the Singapore FinTech Association, said: “While the landscape for fintech funding across the region has certainly been trickier to navigate, it is good to see Singapore retain its (2022) position as the region’s most vibrant destination, attracting the highest number of deals.”

A total of 51 deals were inked in Singapore, comprising 54 per cent of total deal volume of 94 logged for the six Asean economies. In terms of deal value, Singapore bagged 59 per cent, or US$747 million.

Among the nine categories of fintechs surveyed in the report, alternative lending led funding numbers across those six economies for the first time. This form of lending, which includes online lending and crowdfunding, attracted US$408 million, or 32 per cent of total fintech investments – a 22 percentage point increase from 2022.

Insurtech came in second at 25 per cent or US$325 million, increasing by 20 percentage points from 2022. In third place was payments, at 15 per cent or US$186 million, down 24 percentage points from 2022.

By deal volume, the cryptocurrency sector ranked first. However, its share of funding fell 10 percentage points from 21 per cent in 2022 to 11 per cent in 9M 2023, as investors avoided overvaluing the sector.

The fintech slump in the six Asean economies in 9M 2023 mirrors the global one. Fintech funding globally fell to US$43.5 billion as high interest rates and an uncertain economic environment crimped investor appetite. The decline follows the US$163 billion raised in 2021 and the US$107 billion in 2022.


Source: The Business Times. Link: Here.

From Singapore to San Francisco Bay Area – Innovation across borders

THE United States has long been a global leader in technology and innovation, and for the last several decades, the San Francisco Bay Area has dominated the conversation. Today, the landscape is fast evolving, with the rise of other prominent startup hubs across the US – notably New York City, Austin and Boston in more recent years.

Still, the San Francisco Bay Area undoubtedly boasts the longest history in the tech industry. Silicon Valley, in particular, has seen the growth of tech giants like Apple, Google and Meta. So, what makes the Bay Area so special?

Even after all these years, the Bay Area continues to rank first across many notable global innovation and startup ecosystem rankings in 2023, such as those by Startup Genome and StartupBlink.

This is due, in large part, to its constant evolution in tandem with changes in the global startup and innovation scene. It is an ecosystem that has been meticulously cultivated over decades, with an established and solid foundation of research institutes, think tanks, venture capital (VC) and regulatory infrastructure.

Top-notch research institutions like Stanford University and the University of California, Berkeley, which are in close proximity, provide an available and diverse talent pool that feeds the ever-growing demand for innovation talent. Startups and companies also get to be active participants in cutting-edge research with these institutions that propel new innovations. This is supplemented by strong networks that companies get to connect to, share ideas and form new partnerships with.

Investment is another key building block of a successful startup ecosystem. The Bay Area’s high concentration of investors, corporates and specialised financial institutions mean the availability of smart monies for startups in the immediate area.

This is hugely appealing to tech startups. In fact, San Francisco topped Pitchbook’s Global VC Ecosystems ranking this year, with close to 2,000 funds and a fund value of over US$260 billion. In August 2023 alone, three startups raised US$100 million each in the Bay Area – cybersecurity startup Resilience, artificial intelligence startup Modular, and sales and martech platform Apollo.ai.

While incidents such as the collapse of Silicon Valley Bank in March 2023 did shake confidence initially, specifically in smaller financial players, the ecosystem has made a quick recovery – a testament to the strength of the Bay Area’s foundation.

Despite the overall economic downturn and funding winter, VC funding in the Bay Area remains strong.

According to Pitchbook’s 2023 Global VC Ecosystem ranking report, there is a sizeable gap between the VC ecosystems of San Francisco and other hubs. From the third quarter of 2017 to Q2 2023, US$364.5 billion was invested into San Francisco-based startups, which is almost twice the amount raised from the second-highest ranked city in the US. Singapore ranked fifth in Asia within the same period, with US$39.5 billion.

The US as an innovation and technology partner

Beyond startups, the innovators of the Bay Area continue to push groundbreaking advancements in deep tech across all sectors. For instance, San Francisco-based OpenAI launched ChatGPT late last year, taking the world by storm. Fuelled by both global demand and pressing societal issues, such as climate change and ageing populations, startups in the area have remained on the forefront of such much-needed technological advancements. The flow of talent, expertise and ideas have helped facilitate this.

Singapore companies, too, see the US as a great innovation partner, and have increasingly ventured there for growth.

In healthcare, the US has long been recognised as a mature and reference market. Singapore biomedical company Lucence first entered the US market in 2020, with support from Enterprise Singapore (EnterpriseSG), and has since posted several Singaporeans to its San Francisco facility.

The company chose the US largely because the relatively high acceptance of personalised medicine and liquid biopsy is shared by both US clinicians and regulators. Earlier this year, Lucence managed to secure Medicare approval for its diagnostic testing solution, bringing Singapore-grown technical expertise to scale in the US. Beyond making its solution more accessible to everyday Americans, obtaining Medicare approval also lends credibility worldwide, given the US’ position as a global leader in precision medicine.

Similar to personalised medicine, the alternative protein market in US is more developed and widely accepted, given the growing demand by consumers seeking more environmentally friendly products. In March, EnterpriseSG led a foodtech-specific mission for startups to explore opportunities in the Bay Area. Startups on the trip, such as ImpacFat which develops cultivated fish fat, were very interested to find research partners in the Bay Area to further enhance their product and concurrently look for investors.

Apart from startups, many large Singapore corporates have entered the Bay Area. In 2019, ST Engineering established an office for its corporate VC unit in Silicon Valley, as part of its proactive engagement with the startup ecosystems. Singtel set up a corporate VC arm in San Francisco to invest in promising startups with world class technology whose solutions could eventually be incorporated back at the group level or diversified into new growth areas.

Accelerating entry into the US

The journey from Singapore to the Bay Area is not without its challenges. To help Singapore companies gain a foothold into the Bay Area, EnterpriseSG established an acceleration programme through its Global Innovation Alliance (GIA) initiative in 2019. Working with in-market players like Plug and Play helps to open doors for Singapore companies and provides insights into navigating the complexities of starting in a new city.

We see greater opportunities for Singapore companies in the market, especially in healthcare and biomedical, sustainability, digitalisation, advanced manufacturing and more. To facilitate the growing demand from more Singapore companies looking to establish a presence in the Bay Area, EnterpriseSG recently opened its San Francisco office, located in San Mateo.

Together with our offices in New York and Los Angeles, the new San Francisco overseas centre will provide Singapore companies with customer insights, help them identify projects and connect with the right partners as well as navigate regulations.

The US and Singapore have always enjoyed close economic ties, and EnterpriseSG will continue to look out for new areas of cooperation to deepen our bilateral relationship.

The writer is executive director of Americas and Europe at Enterprise Singapore


Source: The Business Times. Link: Here

Going international; connecting globally

GLOBAL trade, the key building block of international growth, is often seen as an indicator of how the global economy and, by extension businesses across the world, are faring.

Based on World Trade Organization (WTO) numbers released earlier this year, global trade volume grew 2.7% in 2022, with the value of world merchandise trade rising 12% to US$25.3 trillion (about S$34.7 trillion), and world commercial services trade up 15% to US$ 6.8 trillion. Digitally delivered services exports were at US$3.82 trillion in the same year.

The fastest growing sectors for merchandise trade were energy-related. Other top performers were agricultural products and manufactured goods such as automotive products and clothing.

In the commercial services trade, computer services was the most dynamic sector with world exports at 45% above pre-pandemic levels reflecting demand for software, cloud services, machine learning and enhanced cybersecurity.

WTO estimates also show an almost fourfold increase in value, from 2005, for global exports of digitally delivered services. This includes services traded cross-border through computer networks, that is through the Internet, apps, emails, voice, and video calls, and increasingly, through digital intermediation platforms such as online gaming, music and video streaming, and remote learning.

The Asia-Europe Trade Corridor

The wars raging in Ukraine, and more recently the Gaza Strip, have cast a pall on the global trade outlook for 2023 and even 2024. But businesses across the world need to persevere, and major trade channels such as the Asia-Europe corridor continue to connect countries together in a complex export-import web to facilitate these businesses.

According to the HSBC Asia-Europe Corridor Outlook 2023 – Forging Deeper Connections report, the Asia-Europe trade corridor is a major component of the global economy with one of the world’s highest trade volumes.

The 51 countries of the Asia-Europe Meeting (Asem) account for 65% of the global economy, 60% of the global population, 75% of global tourism, and 55% of global trade.

Asem is made up of 21 countries from Asia and 30 from Europe.

The 21 Asem countries contributed 36% of EU international trade in goods in 2020 and were the destination of 27% of exports from the EU, and the origin of 45% of EU imports.

China and India play a critical role in Europe’s trade with Asia. China was the top destination for Europe-5’s (comprising France, Germany, Ireland, the Netherlands and the UK) exports to Asia in 2022. Collectively, China, Asean and India accounted for 50% of Europe-5’s exports to Asia.

European investors tap opportunities in Asean’s digital economy, worth almost US$200 billion of gross merchandise value in 2022. This is expected to hit US$330 billion by 2025, powered by e-commerce, travel, food and transport, and online media.

In Asia, China and Singapore have consistently received the most foreign direct investments from 2017 to 2022, with US$189 billion and US$141 billion, respectively, invested in 2022 alone. 

Asean

No discussion on global trade is complete without highlighting Asean’s contribution. Asean’s GDP growth exceeds much of the rest of the world: it grew 30% from 2011 to 2021, compared with global growth of 23% over the same period. As a trade bloc, Asean’s US$3.66 trillion GDP (2022) makes it the fifth largest economy after the United States, China, Japan, and Germany.

Visualise this: In 2030, one in six households entering the world’s consuming class will be in an Asean country, as the region’s population is forecast to hit 723 million and consumption is expected to drive its GDP to an estimated US$4.5 trillion.

The region is likely to be a key driver of trade growth because of a number of factors fuelling its consumption boom: Demographic growth; urbanisation; developed ecosystems for digital trends; rise of Tier 2 cities; and high-value-added services.

Five key markets, collectively known as the Asean-5, are fostering growth within Asean: Malaysia, Indonesia, Singapore, Thailand, and Vietnam. HSBC’s report (Asia-Europe Corridor Outlook 2023 – Forging Deeper Connections) states that as at 2021, Asean-5 accounted for 84% of Asean GDP and 72% of the region’s population

Growth pains

International companies based in Asean recognise that its large markets, able and affordable workforce, and improving infrastructure, all position the region positively for technological innovation.

But the companies’ growth trajectories are tempered by challenges: it is hard to deploy talent and overcome cultural differences, and a lack of sustainability expertise as well as financial considerations are two barriers that prevent the companies from fulfilling their sustainability priorities.

Growth enablers: Digitalisation

  • Digitally delivered services exports worth US$3.82 trillion in 2022, with almost 25% of such services originating from Asian economies. (Source: WTO)
  • Asean’s digital connectivity is an attractive factor for international businesses.
  • Three in 10 (31%) of international businesses believe Asean is leading in e-commerce and digital platforms. Digital payments seen as the region’s strength.
  • International businesses in Asean plan to invest an average of 8.3% of operating profit in technology and digitalisation over the next 12 months.

Sustainability

  • Businesses plan to invest ~8% of operating profits in sustainability over the next 12 months.
  • Financial considerations are a main barrier to becoming more sustainable.
  • Four in 10 (41%) have issued green or sustainable bonds, and the same percentage have used sustainability-focused investment funds.

Amanda Murphy, head of commercial banking for South and Southeast Asia, HSBC, said: “Southeast Asia is clearly an attractive manufacturing base, with increasingly advanced supply chains and a highly skilled workforce attracting global firms to the region. However, the consumer story is also one to watch for international businesses as digital adoption and domestic spending power grow.”

“Our latest Global Connections survey further confirms...that businesses around the world are increasingly confident about scaling up in Southeast Asia. We are as excited as our clients about Southeast Asia and focused on connecting international businesses from across our global network with opportunities in this dynamic region,” she added.
Source: The Business Times. Link: Here.

Cambodia looking to dominate global cashew nut market

A four-day press and study tour of the Cambodian cashew production chain in Phnom Penh, Kampong Thom, Kratie and Stung Treng provinces was organised by the Ministry of Agriculture, Forestry and Fisheries in collaboration with the Ministry of Commerce. The visit, which is supported by the EU, is being held from November 29 to December 2.

Speaking at the opening of the tour on November 29, the agriculture ministry spokesperson Im Rachna stated that the visit was attended by over 50 participants. These included representatives from the agriculture and commerce ministries, the EU, Germany’s international development agency GIZ and 30 media outlets.

Rachna said that the three-night and four-day visit, attended by 40 journalists, was an opportunity to learn about the cashew production chain from planting and harvesting to processing and market potential.

She added that the visit would also provide comprehensive awareness of the agriculture ministry’s efforts to promote production in alignment with the “National Cashew Policy 2022-2027,” issued by the commerce ministry to propel Cambodia to become the ‘Cashew Emperor’.

“The visit is a testament to the close cooperation between all stakeholders, such as the government, businesses and representatives of the media, to enhance the cashew production chain and the EU’s contribution to the sector through clear and accurate means of communication,” she said.

Bryan Fornari, head of cooperation of the EU delegation, noted that the cashew value chain is extremely important, which is why the EU is fostering relationships and collaborating to further promote it in the country.

For further read, please click here


Author: Orm Bunthoeurn
Source: The Phnom Penh Post 

Brunei July trade up 5.2 per cent

Brunei’s total trade rose by 5.2 per cent in July compared to June. The increase was due to the rise in exports value by 30.9 per cent. However, imports value fell by 20 per cent.

Exports in July was valued at BND1,177.1 million, where mineral fuels represented the major contributor to the Sultanate’s exports at 81.3 per cent followed by chemicals (16.4 per cent) and machinery and transport equipment (1.1 per cent).

The five main imports by commodity for July were mineral fuels (58.6 per cent) followed by machinery and transport equipment (15.5 per cent), food (eight per cent), chemicals (6.8 per cent) and manufactured goods (5.8 per cent).

The main export markets in July were Australia (23.4 per cent) followed by Singapore (19.6 per cent) and China (13.8 per cent). The largest export commodities to these countries were mineral fuels and chemicals.

The biggest import partners were Malaysia (32.7 per cent) followed by Saudi Arabia (15.8 per cent) and Kazakhstan (15.5 per cent).

Source: Borneo Bulletin

Read the full article here


Rules-based trading ensures economic resilience: His Majesty

His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam said that to build inclusive and resilient economies, APEC must continue advocating for a rules-based multilateral trading system that ensures equal opportunities and fair competition.

His Majesty said this during a titah at the APEC Economic Leaders’ Retreat (Session II) at the Moscone Center, San Francisco in the United States (US) on Friday.

Accompanying His Majesty was His Royal Highness Prince ‘Abdul Mateen.

The retreat began with opening remarks from US President Joe Biden as the APEC chairman for 2023. He then invited President of Peru Dina Boluarte as incoming chair of the APEC AELM, to deliver her remarks. Peru will host the APEC meet in 2024.

Discussions during the retreat focused on interconnectedness and building inclusive and resilient economies. His Majesty also highlighted the importance of regional economic integration initiatives such as the Regional Comprehensive Economic Partnership (RCEP), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Indo-Pacific Economic Framework (IPEF) in unlocking the full potential of APEC economies for greater prosperity.

In this regard, His Majesty emphasised continued commitment to establishing the Free Trade Area of the Asia Pacific (FTAAP) as a priority within APEC.

His Majesty further recognised APEC’s role as a driving force for innovation as well as the opportunities and risks presented by the rise of artificial intelligence, and underscored the importance of responsible use of technologies and promoting research and development to ensure that APEC continues to be an innovative and forward-looking region in the digital era.

In addition, His Majesty called for engagement with all stakeholders with a focus on youth and micro, small and medium enterprises, and promote their digital skills development to nurture innovation while adopting policies that facilitate international market access which will empower them to compete globally. In this pursuit, His Majesty highlighted that APEC’s role through ECOTECH as an incubator of ideas is vital to the APEC process.

His Majesty concluded by conveying Brunei Darussalam’s full support towards Peru’s chairmanship of APEC next year.

At the conclusion of the AELM, the APEC Leaders’ 2023 Golden Gate Declaration ‘Creating a Resilient and Sustainable Future for All’ was issued.

As part of the outcome of the APEC 2023, a joint statement of Brunei Darussalam, Indonesia, and Malaysia on the occasion of the 30th APEC Economic Leaders’ Meeting (AELM) was also issued.

Source: Borneo Bulletin

Read the full article here

Boost for Brunei’s downstream oil and gas sector

Contributing towards the development of Brunei’s downstream oil and gas sector, creating more local business opportunities through economic spin-offs and propelling the nation closer towards achieving Brunei Vision 2035 and supporting the Economic Blueprint of Brunei Darussalam, the Petroleum Authority of Brunei Darussalam and Brunei Economic Development Board (BEDB) signed the Implementation Agreement for the Pulau Muara Besar (PMB) Phase 2 Development Project with Hengyi Industries Sdn Bhd (Hengyi) at a ceremony at The Empire Brunei yesterday.

It is anticipated that with Phase 2 project’s completion, an addition of over 2,000 employment opportunities will be created with 50 per cent of the figure allocated for Bruneians from the start of operations in 2029, contributing to Brunei’s socio-economic development.

Under the project, the complex will include the development of processing facilities such as a 1.65MMTA ethylene cracker with a 2.5/2.2MMTA purified terephthalic acid/polyethylene terephthalate (PTA/PET) plant, as well as three new jetties. The project will also equip the complex to produce more types of refined petroleum products such as ethylene, polyethylene, butadiene, and polypropylene that will serve as vital raw materials for downstream industries, spanning from textiles to agriculture and automobile to electronics manufacturing.

Minister at the Prime Minister’s Office (PMO) and Minister of Defence II Pehin Datu Lailaraja Major General (Rtd) Dato Paduka Seri Haji Awang Halbi bin Haji Mohd Yussof as Co-Chair of the PMB Development Steering Committee; Minister at the PMO and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah as Chairman of the Foreign Direct Investment and Downstream Industry Steering Committee; Minister of Development Dato Seri Setia Awang Haji Muhammad Juanda bin Haji Abdul Rashid as Co-Chair of the PMB Development Steering Committee; and Zhejiang Hengyi Group Co Ltd Chairman and Hengyi Chairman Qiu Jianlin were the guests of honour. PMB Development Steering Committee members were also present.

Source: Borneo Bulletin

Read the full article here

Cambodia: $447M hydroelectric project advances regional economy

The government has approved the construction of two hydro-power projects with a capacity of 170 Megawatts (MW), valued at almost $450 million.

The initiatives will benefit not only the province but also contribute significantly to the nation’s power supply, according to the Council for the Development of Cambodia (CDC).

The group approved Khmer Electrical Power Co Ltd’s investment of $447.5 million for the ventures on November 21.

The Stung Russei Chrum Kandal Hydropower Plant, located in Koh Kong’s Mondul Seima district, will have a capacity of 70MW. The 100MW Stung Veal Thmor Kambot facility is located in the province’s Thma Bang district.

The construction of the plants is expected to create 230 new jobs and will adhere to a Build-Operate-Transfer (BOT) model, in which the company will erect and administer the stations for a contracted period of time before handing over control to the government or private sector. 

Koh Kong provincial governor Mithona Phouthong stated on November 22 that the investment will considerably enhance the country’s economic growth. She emphasised the role of increased electricity supply in attracting more investors and tourists to the province.

“Every production chain, including services, all need electricity, so when there is more … it will help attract more investors to Cambodia,” she remarked.

For further read, please click here


Author: Hin Pisei
Source: The Phnom Penh Post 

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