South-East Asia – Page 1985

Singapore narrows 2023 growth forecast range to 0.5-1.5%, as external demand outlook remains weak

On: August 11, 2023

SINGAPORE: Singapore has trimmed its growth forecast for 2023 amid expectations for demand from key external economies to remain weak ahead.

The Ministry of Trade and Industry (MTI) said on Friday (Aug 11) that the country’s gross domestic product (GDP) for this year is now expected to come in between 0.5 to 1.5 per cent, narrowing from the previous 0.5 to 2.5 per cent range.

The decision comes alongside data showing the economy growing by 0.5 per cent year-on-year in the second quarter.

This is a notch below the advance estimate of 0.7 per cent, but slightly advancing from the 0.4 per cent growth in the first quarter.

On a quarter-on-quarter seasonally-adjusted basis, Singapore’s economy expanded marginally by 0.1 per cent between April and June. This marked a reversal from a 0.4 per cent contraction in the first quarter but underperforming the advance forecast of 0.3 per cent.

For the first half of the year, Singapore’s GDP growth averaged 0.4 per cent on a year-on-year basis.

“WEAK” EXTERNAL DEMAND FOR REST OF 2023

In its quarterly assessment, MTI said it sees a “weak” external demand outlook for the rest of the year.

Apart from the expected slowdown in Singapore’s key external demand markets, the downturn in the global electronics sector will also likely be protracted with a gradual recovery happening only “towards the end of the year at the earliest”, it said.

At the same time, there remain downside risks in the global economy.

These include more persistent-than-expected inflation in the advanced economies which could induce tighter global financial conditions and in turn lead to a sharper pullback in global spending and worsen the ongoing manufacturing downturn.

Escalations in the war in Ukraine and geopolitical tensions among major global powers also add to the risk of renewed supply disruptions, dampen consumer and business confidence, as well as weigh on global trade.

Snubbed Pheu Thai woos UTN

By: Barkar Nash

On: August 10, 2023

In: South-East Asia

Srettha’s PM bid needs new backers

The Pheu Thai Party is struggling to secure enough support from other parties for its prime ministerial candidate Srettha Thavisin.

It is now trying to woo support from the United Thai Nation Party (UTN), while the Move Forward Party (MFP) has apparently snubbed it.

The Palang Pracharath Party (PPRP), meanwhile, has expressed a willingness to back Pheu Thai’s PM candidate.

Somsak Thepsutin, a Pheu Thai list-MP, said he met Thanakorn Wangboonkongchana, a UTN list-MP, for talks on the possibility of the UTN joining the Pheu Thai-led coalition.

Mr Somsak said he disagreed with the idea of some of the UTN MPs acting as renegades and breaking away from the UTN to join the coalition. “The whole party should come and join together,” he said.

He refused to comment when asked if the Pheu Thai-led coalition needs to include the UTN and the PPRP.

However, he added: “Everything is possible. The new government wants to secure enough support to ensure stability.”

The PPRP MP for Kamphaeng Phet, Phai Lik, who spoke on behalf of his party, said it had not been approached by Pheu Thai since they last met for talks on July 23.

However, the PPRP agreed that the new government must be established as quickly as possible so it can address the problems besetting the country.

“Therefore, the party agrees that all of its 40 MPs will vote for a prime ministerial candidate from Pheu Thai,” he said.

“During talks with Pheu Thai [on July 23], we discussed the policies we want to push for together, such as increasing monthly allowances for the elderly and the continuation of the state-welfare card scheme.

“Moreover, several [PPRP] MPs used to work with Pheu Thai. I am also a former Pheu Thai MP,” Mr Phai said.

He went on to say the PPRP has not yet discussed with Pheu Thai the possibility of joining a new government.

“But if Pheu Thai approaches us, we are ready to join,” Mr Phai said.

Pheu Thai on Thursday welcomed the Chatthaipattana Party, along with its 10 MPs, into its bloc, raising the number of House seats held by the coalition to 238 out of the 500 total.

Both parties expressed their commitment to seeking cooperation from all political parties and the Senate for the election of a prime minister and the formation of a new government.

Pheu Thai leader Cholnan Srikaew said the country is in a unique political situation, and all parties needed to join forces to address constitutional issues, economic challenges and social conflicts.

The two parties urged the public to have confidence in their alliance, which they said is intended to bring Thai society back to normal quickly.

Chartthaipattana leader Varawut Silpa-archa said he thanked Pheu Thai for inviting his party into the coalition.

He cited their shared policies and perspectives and expressed confidence in Pheu Thai’s potential to lead the upcoming administration.

With the inclusion of Chartthaipattana, the Pheu Thai-led coalition alliance now consists of nine parties.

Earlier, Pheu Thai withdrew from the previous eight-party coalition led by the MFP.

Pheu Thai, which has 141 House seats, on Monday, teamed up with the Bhumjaithai Party with 71 seats. On Wednesday, it announced its coalition had six more parties.

Deputy Pheu Thai leader Phum- tham Wechayachai said a meeting between Pheu Thai and MFP key figures on Wednesday was not an invitation for the MFP to join the coalition.

Paetongtarn Shinawatra, a Pheu Thai prime ministerial candidate and daughter of fugitive former prime minister Thaksin Shinawatra, also attended.

Most MFP supporters do not approve of the party voting for a PM candidate from Pheu Thai, according to the MFP. It cited internal opinion polls by its MPs showing 95% of supporters are against such a move.

Wiroj Lakkhanaadisorn, an MFP list-MP, posted on Facebook the party must not open a door for the return of a dictatorship.

He was referring to the “uncle” parties: the PPRP led by Deputy Prime Minister Gen Prawit Wongsuwon, and the UTN, which has PM Prayut Chan-o-cha as its candidate.

His remark came amid rumours either, or both parties would be invited to join the Pheu Thai-led coalition.

Here’s why you could be eating 3D-printed meat and less rice by 2040, according to food futurists

By: Marcus Ching

On: August 10, 2023

In: South-East Asia

As for the poultry industry, you could say Yip “cried fowl” on its heavy reliance on antibiotics to promote growth and prevent diseases, “which contribute to the rise of antibiotic-resistant bacteria that may pose health risks to consumers”.

Furthermore, COVID-19 and the ripple effects of the Ukraine war have emphasised the importance of self-reliance globally. In Singapore, the government, along with key industry and community stakeholders, have been gearing up to meet the “30 by 30” goal of sustainably meeting 30 per cent of our nutritional needs by 2030.

With just 1 per cent of the country’s land set aside for farming, you won’t just be seeing high-tech urban farms and edible gardens in community gardens. There are also other food innovations that are starting to come into fruition, and become scalable and affordable to Singaporeans by 2040, said Tay.

3D-PRINTED PORK BELLY AND BACON

Other than the plant-based meat alternatives that you already see in supermarkets and on menus, there is also cultured meat created using animal cells. Yip predicted that such lab-grown cultured meat will likely gain wider acceptance by 2040 as the technology matures and becomes more affordable.

“By then, the technology can potentially evolve to a point where consumers can order meat products tailored to their preferences, dietary needs, and cultural preferences,” he said.

When will COE prices go down? Not for another year, experts say

By: Marcus Ching

On: August 10, 2023

In: South-East Asia

Even then, the quota across all COE categories is just 11,019 between August and October. This translates to 3,785 COEs in Category A and 2,816 in Category B, spread over six biddings – a small number compared with high COE supply years.

For example, from November 2018 to January 2019, the total quota was 30,143, including 10,894 in Category A and 7,414 in Category B. In those months, Category A prices were under S$30,000 and Category B premiums were under S$35,000.

HOW FAR WILL PRICES FALL?

Beyond supply, there are other factors affecting COE prices and how much they fall, experts said.

Singapore’s transport system, land use and travel behaviour affect demand for private cars, Assoc Prof Theseira said.

“When people live, work and play in ways that benefit greatly from private car ownership, demand for cars goes up. If their needs can be met by public transport better, then car demand falls,” he said.

For example, condominiums used to be built to be accessible by private cars, but today, many developments are integrated with public transport or are close to bus and train stations, he said.

Pita gives view on PM rejection

By: Barkar Nash

On: August 10, 2023

In: South-East Asia

PUBLISHED : 11 Aug 2023 at 04:00

Move Forward Party (MFP) leader Pita Limjaroenrat yesterday said he believes he could have been renominated for prime minister in parliament without having to wait for a court ruling.

His renomination was earlier rejected by a joint sitting of MPs and senators on July 19 under a House regulation which prohibits a motion already rejected by parliament from being resubmitted during the same parliamentary session unless the situation or circumstances surrounding a bid for prime minister has changed.

Those who rejected his renomination argued that the MFP leader, who was the only one nominated for the post, failed to get the needed majority in a July 13 meeting, so the rule should be enforced.

However, Mr Pita’s supporters claimed the House rule did not apply in the prime ministerial selection process and submitted the issue to the Constitutional Court for a ruling via the Office of Ombudsman.

Responding to questions about the pending court case, Mr Pita said he believed he remains eligible to be renominated as a challenger under House regulations without having to wait for a court decision.

However, he said now was not the time to try renominating him because the MFP had stepped back and let Pheu Thai take the lead in forming a coalition government.

But when asked about being in opposition, Mr Pita expressed the hope of having the chance one day to be in the government.

“If [the country] wants a new generation to work for them, I’m ready. I’ve been preparing for it and want to show our country can go further than this.

“If you were and are impressed by our performance as an opposition party, we can deliver more as a government,” he said.

BOI event set to strengthen alliances, networks for EEC

By: Barkar Nash

On: August 10, 2023

In: South-East Asia

The Board of Investment (BOI) has joined forces with the Thai Subcontracting Promotion Association (SUBCON) and Informa Markets to organise the “MIRA and SUBCON EEC 2023” event from Sept 6-8 at Nongnooch Pattaya International Convention & Exhibition Center (NICE), Chon Buri.

The aims of the event are to strengthen entrepreneurs in the eastern part of the country, a zone underlining the region as “Asean’s sourcing and manufacturing excellence and subcontracting centre”, and be a step towards a Thai industry transition to the future, which is aligned with the strategy to transform the country into a new economy.

The event is targeted to match over 600 businesses and to generate over 2 billion baht in business value.

Mr Narit Therdsteerasukdi, BOI Secretary-General, said that the BOI, in collaboration with SUBCON and Informa Markets — a world-leading international exhibitions organiser — is organising MIRA (Maintenance, Industrial Robotics and Automation) and SUBCON EEC 2023 for the second consecutive year.

The event is a comprehensive trade and service exhibition and industrial solutions event held in the Eastern Economic Corridor (EEC) comprising leading brands who work in the Maintenance, Industrial Robotics, Automation, and Subcontracting sectors.

The event will also display industrial parts and the most comprehensive business matching forum in the eastern region being built to support the Thai manufacturing and service sectors to be ready for their transition into future industries, in particular industries that are key to the eastern region’s wealth, such as electric vehicles, electronics, and intelligent manufacturing systems, he said.

More than 150 companies will participate in the exhibition, and the event is expected to also draw in over 100 large buyers and achieve 600 pairs of business matchings. The event is also expected to draw in around 5,000 visitors, he said.

“The BOI foresees that the support of domestic subcontracting producers entering into the global supply chain is a key strategy to promote Thai entrepreneurs to global markets, especially for Thai SMEs that execute with quality and in accordance with international standards in new industries such as electric vehicles (EV), electronics, automation, and robotics.

The BOI has continuously joined forces with such alliances to organise activities that link each industry in the EEC area for the second consecutive year, seeing the zone as the main industrial area of the country.

“This event will increase opportunities for Thai entrepreneurs to co-operate with leading foreign companies in sourcing, technology transfer, and subcontracting, as well as to create joint ventures between Thai and foreign countries, thus strengthening the supply chain of the targeted industries,” Mr Narit said.

Mr Kiattisak Jirakajonvong, President of SUBCON, said that following many investment projects in the EEC area, this is an important opportunity for Thai entrepreneurs to connect with foreign business partners and new investors in the targeted industries.

Home to over 400 members in the international trade arena, the Thai SUBCON association is ready to be a bridge that connects Thai entrepreneurs by helping them participate in important international exhibitions to create new trade opportunities, he said.

“We have also been a part of the SUBCON Thailand event that has been held continuously for more than 17 years and became a part of the SUBCON EEC for the first time last year. The event received a very good response from our members, as more than 90% of our members agreed to join the event again this year.

“This is a guarantee of confidence in doing business with suppliers and Thai partners. The association is confident that organising SUBCON EEC 2023 will be another way to create new opportunities for Thai entrepreneurs to move further toward the transitional industries, in particular, the targeted industries which will be key to upgrading the EEC to become the economic centre of the region,” he said.

Mr Sanchai Noombunnam, General Manager of Informa Markets, said that since Informa Markets has been working with the BOI and receiving great support from various alliances such as SUBCON, Informa foresees an opportunity to further expand the achievement of SUBCON Thailand — which is normally held in Bangkok — to a new important economic area such as the EEC.

He said Informa Markets initiated organising MIRA and SUBCON EEC in the past year to create an opportunity for entrepreneurs in the area to meet with large manufacturers who have high purchasing power to invest in the area, as well as to bring technology and innovation that corresponds to the industry of leading manufacturers to the exhibition.

The event is also happening to promote knowledge exchanges, such as in the field of electric vehicles, electric appliances, and mechanical and future industries as well, namely aircraft maintenance, medical equipment, robotics, and automation.

The previous event had been well received and was considered a great success, he said.

“This time, Informa Markets is ready to again organise MIRA and SUBCON EEC 2023 for the second year. There will be opportunities to witness modern technology and innovation in industrial maintenance and automation, including the advanced robotic system that today has become an important component of the Thai manufacturing sector,” he said.

At the same time, system integrator service providers from Thailand and Japan have also been invited to share their experiences and exchange information.

Last but not least, an important highlight that is regarded as the strength of the SUBCON EEC event is the business matching forum organised by BOI.

Moreover, what can’t be missed is a seminar giving an update on trends and new knowledge in the industry from experts sharing their direct experiences through various topics, all with the aim to connect major buyers from around the world, he said.

Board of Investment event set to strengthen alliances, networks for EEC

By: Barkar Nash

On: August 10, 2023

In: South-East Asia

The event is targeted to match over 600 businesses and to generate over 2 billion baht in business value.

(Photo: EEC Facebook fanpage)

The previous event had been well received and was considered a great success, he said.

At the same time, system integrator service providers from Thailand and Japan have also been invited to share their experiences and exchange information.

Last but not least, an important highlight that is regarded as the strength of the SUBCON EEC event is the business matching forum organised by BOI.

City considers beach operating hours

By: Barkar Nash

On: August 10, 2023

In: South-East Asia

PUBLISHED : 11 Aug 2023 at 04:00

Pattaya City is considering imposing opening hours on its beaches to curb a growing number of noisy night owls who party into the morning.

The city has received an increasing number of complaints about the nighttime visitors who like to play loud music using portable speakers while drinking alcohol and partying on Pattaya’s popular beaches, Wutthisak Roemkitchakan, the deputy city mayor, said yesterday.

A number of these visitors continue drinking and partying and refuse to leave even when city rubbish collectors show up in the morning to clean the beaches, he said.

This results in the beaches being left littered with rubbish the following day, he said.

“The city now is thinking of imposing opening and closing hours on these beaches as this can be a solution to the problem,” he said.

Currently, the city doesn’t have regulations on the opening and closing time of its beaches, meaning they are open around the clock, he said.

The city previously tried to step up patrols on the beaches, but it was impossible to find enough security officers to do so every night, he said.

The city’s beaches have attracted more visitors since undergoing a major expansion and renovation, he said.

Normally, these beaches do not have many visitors on weekdays, and most of them leave early in the evening, he said.

However, the number of visitors is usually much higher on Fridays, Saturdays and Sundays, with many who like to drink alcohol and party late into the night, he said, adding that all city authorities can currently do is ask for their cooperation to leave.

Complaints received by the city authorities also noted loud noises made by a number of nightclubs, most of which were open-air places on beaches, he said.

In response to these complaints, he said, the Pattaya municipality and Bang Lamung district authorities inspected these night entertainment establishments and asked them to control the volume of their music.

Officials recommended a few measures, including building a proper sound-proof room for guests, he said.

More measures will be jointly implemented with local police to curb the noise pollution in Pattaya, he said.

In other news, Pipit Rattanarak, a United Thai Nation Party MP for Surat Thani, voiced his concern over shortage problems being faced on the popular islands of Koh Samui and Koh Phangan in the South.

Speaking during a House meeting yesterday, Mr Pipit pointed to the need for all agencies to boost the handling of transport services, as well as water and electricity supplies on the islands. More measures are required as the islands are receiving a rising number of visitors, he said.

Tourist visa requirements eased for Chinese visitors

By: Barkar Nash

On: August 10, 2023

In: South-East Asia

PUBLISHED : 11 Aug 2023 at 04:00

The government has further relaxed its tourist visa requirements and shortened the standard time required for approving visas for Chinese visitors in a bid to make the process easier for people visiting the country.

Last week alone, 95,581 Chinese arrived in Thailand, representing the largest proportion of international visitors, followed by Malaysians (73,810), South Koreans (37,754), Indians (27,707) and Vietnamese (25,717), deputy government spokeswoman Rachada Dhnadirek said yesterday.

Under the newly relaxed visa requirements, Chinese visitors to Thailand are required to submit along with their visa application just six documents, namely their passport, three photos, an air ticket, a document showing their accommodation in Thailand, a document certifying their permanent residence, and financial statements, she said.

This will truncate the application process from 14 to seven working days, she noted.

The Ministry of Foreign Affairs and the Ministry of Tourism and Sports are also working to sync their tourist visa application database systems in order to speed up the process for all foreign visitors, Ms Rachada said.

Prime Minister Prayut Chan-o-cha was impressed by the steady growth in the number of tourists visiting Thailand, particularly during the long holiday from July 31 to Aug 6, when the country welcomed 80,000 international visitors each day on average, she added.

The cumulative number of international tourists visiting Thailand since the beginning of this year has already hit 16 million, with those from Malaysia, China, South Korea, India and Russia ranking as the top five countries.

Millionaire jailed over land grab

By: Barkar Nash

On: August 10, 2023

In: South-East Asia

PUBLISHED : 11 Aug 2023 at 04:00

The Criminal Court for Corruption and Misconduct Cases, Region 8, has sentenced millionaire Prayudh Mahagitsiri to two years and eight months in jail over a land grab scandal, according to the National Anti-Corruption Commission (NACC).

Commission secretary-general Niwatchai Kasemmongkol said the court found 10 former land officials in Krabi guilty of illegally issuing title deeds for state-owned land covering about 19 rai in Muang district.

The businessman was found guilty of aiding state officials in the illegal issuance of the title deeds, he said.

One defendant was initially sentenced to six years in jail, while the rest, including Prayudh, received four years each, he said. However, due to their confessions, the first defendant had his jail sentence commuted to four years, while the others had theirs reduced to two years and eight months each, he said.

He said the court also ordered the land titles to be revoked.

According to sources, Prayudh had already sold the land to others for 400 million baht in 2017.

Mr Niwatchai said those found guilty still have the right to appeal.

Also, he said that the NACC, in another case, has brought charges against 10 politicians, including MPs and senators, over illegal land ownership or aiding state officials in the illegal issuance of title deeds.

South-East Asia (Page 1,985)

“WEAK” EXTERNAL DEMAND FOR REST OF 2023

HOW FAR WILL PRICES FALL?