Singapore’s population rises to historic high of 6.04 million, mainly due to growth in non-resident population

By:
On:
In: South-East Asia

Additionally, the report found that the population’s annualized growth rate for the upcoming five years ( 2019 to 2024 ) was slightly higher than the same period of five years ( 2014 to 2019 ).

This was mostly due to post-COVID growth in the number of work permit holders in the construction, marine shipyard and process ( CMP ) sectors as companies set about catching up on projects that were delayed by the COVID-19 pandemic, the report said. &nbsp,

NPTD said Singapore people continue to fill higher-paying jobs, with native job growing in industries such as financial and insurance solutions, information and communications, and specialized services.

SINGAPORE’S Full POPULATION LIKELY TO BE “SIGNIFICANTLY” Following 6.9 Mil BY 2030: NTPD

In line with a figure that had been stated in a Population White Paper released in 2013, the statement stated that Singapore’s population is likely to be” significantly” below 6.9 million by 2030. &nbsp,

By 2030, the country’s entire population had range between 6.5 million and 6.9 million, according to NPTD’s white paper. The authorities responded to the protest, saying that it was only used for planning purposes rather than a projection or goal.

Minister in the Prime Minister’s Office Indranee Rajah said at the Committee of Supply conversation last year that the government should take into account the size and composition of the country’s population when planning for the future.

This, she said, is dependent on several factors including&nbsp, different demographic trends, such as delivery rates, life expectancies, and movement, as well as potential social and economic needs.

As such, the state does not plan on a single community planning factor, she said. &nbsp,

Alternatively, different scenarios are developed to stress-test beliefs and help for a range of possible effects.

According to NPTD, the plotting feature of 6.9 million is still applicable for the 2030s based on these different settings.

The Ministry of Manpower’s ( MOM) &nbsp, latest quarterly labour market report, which was published on Sep 17, showed that Singapore’s resident labour force participation rate stood at 68.6 per cent for those aged 15 and over.

This is higher than all but four member countries of the Organisation for Economic Co-operation and Development ( OECD ): Iceland, New Zealand, Netherlands and Switzerland.

In addition, according to MOM’s report, unemployment rates among residents and citizens increased in June ( 2.8 % overall, 2.7 % for residents, and 2.8 % for citizens ). The native long-term poverty rate stayed low at 0.8 per share.

Continue Reading

Fewer employees and job seekers experienced discrimination in 2023: MOM

By:
On:
In: South-East Asia

The policy will need employers not to discriminate against employees based on guarded characteristics such as age, ethnicity, gender, marital status, maternity position, race and disability.

Among people and job seekers, time, race and nationality were the best forms of discrimination.

More job applicants felt discriminated against based on their age and ethnicity in 2023 than they did in 2022.

Of applicants aged 50 and across, 37.9 per cent said they experienced age discrimination. In contrast, 12.2 % of those under 50 years old are younger.

MOM claimed that the government, the Tripartite Alliance for Fair and Progressive Employment Practices, the National Trades Union Congress, and the Singapore National Employer Federation have all worked together to advance fair work methods.

Employers who employ discrimination-related policies are then employed by organizations with formal policies in place. In these organizations, over 63 % of residents were employed as of last year, compared to 59 % in 2022.

” There has been a steady rise in the proportion since 2018 ( 49.6 per cent ), a positive sign toward further improvements in workplace fairness standards”, said MOM.

But, there are still areas for improvement.

People need to be encouraged to seek help when faced with prejudice, and there is one such place.

Employees expressed a general fear of marginalization at work, which would make work relationships more odd, according to the employees. They were concerned about the negative effects of their profession. &nbsp,

In 2023, just 29.3 per cent of those who experienced prejudice sought support, compared with 35.3 per share in 2022.

” More can be done to strengthen people ‘ assurance in reporting workplace&nbsp, discrimination”, MOM said, noting that employees will be protected against retaliation when reporting unfair work routines under the office justice policy.

Businesses will be required to implement effective dispute resolution procedures.

” By strengthening&nbsp, protections against work discrimination, employers may benefit from a more engaged labor, reinforce positive standing, and create a harmonious workplace that attracts and&nbsp, retains talent – all of which leads to better business outcomes”, the ministry said.

Continue Reading

Xi’s property fix has a local government problem – Asia Times

By:
On:
In: Asia

Local government leaders who appear to have failed to understand the importance of reviving China’s home problems are putting an unforeseen stop to Xi Jinping’s most daring attempt to do so.

The efforts that were announced four months ago had headlines surrounding the 300 billion yuan ( US$ 42.5 billion ) of central bank cash being used to buy up unsold homes. However, the true force of the plan was to encourage local authorities to increase the amount of housing available nationwide.

So far, though, fewer than 30 coast towns out of the more than 200 Beijing hoped to incentivize had heeded the telephone. This raises a enticing question: Are municipal leaders being criminal, or is their silence because they see a bigger portrait that Xi’s group is missing?

It might be the former, however. Local government officials who defy Beijing do n’t typically achieve high status in Communist Party circles. In contrast, provincial functionaries are more likely to succeed by producing economic growth rates and development indicators that are above the national average.

However, it’s likely that local authorities in the world’s funds, who are dealing with aging laborers, are more aware of their balance sheets than Premier Li Qiang or Finance Minister Lan Foan’s workers.

And this Beijing-ordered housing boom may be a result of the nation’s already depressed local government financing vehicle ( LGFV ) debt burden.

More than half of China’s property problems may pull on another two to five years, according to a Bloomberg study of 15 China analysts. If so, China’s negative forces had become much more entrenched.

And depreciation becomes even more difficult to eradicate over time as Japan continues to demonstrate this.

Team Xi rejected an International Monetary Fund proposal next month to launch massive waves of northern federal funding to finish empty housing projects in Asia’s largest business. A governmental collapse of almost US$ 1 trillion is suggested by the IMF.

The 300 billion yuan save deal, which Beijing unveiled in May, is far below the 1 trillion to 5 trillion yuan that some leading economists believe is required to solve the house problems.

The IMF, however, has taken pains to inform Beijing against creating any “expectation of potential state bail-out and so social hazards”, as Zhang Zhengxin, the IMF’s executive producer for China, puts it. Xi’s group, Zhang says,” may continue to apply market-based and rule-of-law rules in completing and delivering these products”.

Michelle Lam of Societe Generale SA uses the word” somewhat disappointing” when she refers to the IMF’s individual caution around. China’s financial jazz may last for as long as Beijing drags its foot on aiming enough financial power at the house industry.

China’s central bank made a number of new policy announcements to boost the economy on Tuesday ( September 24 ). Women’s Bank of China Governor&nbsp, Pan Gongsheng&nbsp, precise methods to reduce to its essential short-term interest rates, improve bank lending to companies and consumers, and lower mortgage rates for existing housing loans.

Pan speculated that there might be a further reduction in reserve requirement ratios of between 0.25 and 0.5 %. Nevertheless, though,” the rhinoceros in the room is the home business”, says Xu Gao, chief analyst at Bank of China International. He continues,” The current plan to maintain the property business is clearly not enough.”

Count Xu among those who believe a 3 trillion yuan investment may be required to stabilize the real estate industry.

Former PBOC Governor Yi Gang made headlines earlier this month when he claimed Beijing officials” should focus on fighting the negative pressure” through “proactive governmental policy and flexible financial plan.”

The PBOC’s concern now appeared to be being addressed, problems that were validated last week by its decision to remain neutral as the Federal Reserve cut US interest costs by 50 basis points.

In certain ways, Beijing’s reluctance to put stimulus in the short-run has had a magic coating. In light of industry conflicts with the US and Europe, according to economist Gabriel Wildau at consulting firm Teneo, Xi and Li are placing a higher priority on raising China’s competitive sport in technology and production.

However, current information on fixed property investments, industrial output, and retail selling suggested Beijing’s 5 % economic growth goal for this time is becoming more and more of a long-shot. This may have propelled the PBOC to take action.

At a business forum in Beijing last week, Zhu Guangyao, a former vice minister of finance, said that in the” short term, we must really focus to be sure to successfully achieve this year’s 2024 growth goals“. He added that” we still have confidence to reach” this year’s 5 %.

As such,” there’s a good chance that the People’s Bank of China will lower rates and banks to lower]benchmark rates ] soon”, write analysts at Commerzbank. The Fed rate cuts allow room for PBOC to reduce, and lackluster growth necessitates monetary policy easing.

The chance of a vicious economic cycle rises without more incisive policy decisions. In particular, the plunge in land sales that’s currently decimating local governments ‘ budgets could gain momentum. That would make it even more difficult for municipalities to finance their current priorities, ignoring the possibility of acquiring excess real estate to save Xi’s Beijing administration.

Local governments could in fact attempt to raise money to buy up housing through special bond issues. However, it is only if municipal leaders can find enough buyers before selling numerous local government bonds. If all investors, regardless of size, have doubts about China’s financial system, that is easier said than done.

Yet longer-term reforms are even more important. Although exports and domestic demand-driven growth are the focus of recent efforts to rebalance the growth engines, progress is slower than anticipated. Similar to how social safety nets are constructed to encourage households to save less and spend more, is the same.

The LGFV piece of the puzzle continues to be a significant wildcard. These roughly 4, 000 entities created to fund local infrastructure projects carry debts topping$ 8.5 trillion, by the IMF’s estimates.

One problem is the lack of information about these debts. Analysts at Fitch Ratings, for example, are skeptical about Beijing’s claims that the ratios of LGFV debt relative to local GDP have declined.

Rather, moves to reclassify debt to avoid LGFV status, often to bypass bond issuance restrictions, largely explain this supposed trend.

As Fitch analyst Harry Hu notes, the rating company identified 324 entities, about 8 % of the 4, 000 entities that, by June 2024, were no longer classified as LGFVs on a widely used Chinese bond data platform.

We rate 34 of these businesses, which indicates that reclassification was likely to facilitate bond issuance rather than be a result of business transformation, Hu says.

However, the LGFV conundrum is a challenging one. Independent economist Jonathon Sine explains that” a decade ago Beijing not only set out to constrain LGFVs, but eliminate them,” in a recent report on the “rise and fall” of these off-balance sheet entities. Fiscal restructuring proved insufficient. Localities still have incredibly broad roles and mandates today. Will they be forced to abdicate or will they find themselves without any funding?

Sine adds that “in this evolving context, will local officials face new incentives to keep their all-purpose handyman, the LGFV, alive and kicking? Will LGFVs vanish as Lenin once predicted the Soviet Union would? Who will make them? With a new round of audits sweeping the nation alongside top-down inspection tours and the ongoing anti-corruption campaign, what might become of China’s … LGFVs”?

As 2025 approaches, it’s anyone’s guess. However, it suffices to say that the extent to which local governments cooperate with Beijing will be crucial for property sector stability in the long run.

Finding a more activist response from Beijing may be necessary, in terms of providing state funding and developing a mechanism to revive non-performing assets. &nbsp,

Another key issue: Xi and Li ensuring expeditious and transparent implementation. That calls for a bold and obvious shift away from focusing on economic advancement.

Over the past two years, Xi’s team has stuttered from pledge to pledge to develop a plan to significantly lower the ranks of property developers by removing toxic assets from their balance sheets.

One possibility about which investors have long buzzed is Beijing adopting a&nbsp, Resolution&nbsp, Trust&nbsp, Company-like&nbsp, model the&nbsp, US used to address the&nbsp, savings-and-loan crisis of the 1980s. That could save a decade in Japan, where a sector essential to growth gains a new lease on life.

Doing so would afford Xi’s reform team&nbsp, an opportunity to confound the naysayers and reinvigorate&nbsp, China Inc. Additionally, it would fulfill Xi’s promises to prioritize the quantity over the quality of growth. Change the narrative that China is repeating the mistakes Japan made in the 1990s as a result of its bad-loan crisis and deflationary nightmare.

However, for the moment, at least one thing is certain: Beijing’s hopes that local governments will come to grips with the housing crisis are n’t working so far.

Follow William Pesek on X at @WilliamPesek

Continue Reading

Ruangkrai renews call for probe into PM’s businesses

By:
On:
In: South-East Asia

PUBLISHED: 24 Sep 2024 at 04: 00

Social activist Ruangkrai Leekitwattana reiterated his visit for the Election Commission to look into whether Prime Minister Paetongtarn Shinawatra had legitimately resigned from her roles in 20 of the family’s business dynasty before being elected.

He claimed that the EC should check whether Ms. Paetongtarn resigned as an administrative in organizations with ties to her home in accordance with the rules set out by the Department of Business Development.

He warned that if she resigns from private companies, she could be fired because it goes against Part 187 of the law, which forbids officials from holding more than 5 % of stock in a professional business or working for a private corporation.

The political activist claimed that he also looked into Deputy Interior Minister Sabida Thais ‘ departure following her appointment’s session.

He said Ms Sabida, girl of former deputy interior minister Chada Thaised, appeared to have followed the processes stipulated by the Department of Business Development, which raised more questions about Ms Paetongtarn’s situation.

According to Mr. Ruangkrai, he reaffirmed that he was acting in accordance with Articles 41 and 50 of the Constitution and that he often complied with public-private organizations ‘ decisions.

Mr. Ruangkrai, who questioned the prime minister’s standing late last month, petitioned the ballot organization to inquire about her departure from positions in the family-linked companies.

Ms. Paetongtarn was succeeded by Srettha Thavisin, who was dismissed by the Constitutional Court, as prime minister by the House of Representatives on August 16.

Mr. Ruangkrai requested that the EC investigate whether Ms. Paetongtarn had formally resigned from all of her professional positions within the family’s businesses by August 15 and, if so, why never, until August 19 when she was elected.

He claimed that Ms. Paetongtarn requested a near aide to manage the records on her behalf on August 15. She sent a letter on that date. The Department of Business Development received the documents on August 19.

According to Mr. Ruangkrai, Ms. Paetongtarn gave her secretary the power to do this only one day after the Constitutional Court ruled to remove Mr. Srettha from business.

Continue Reading

Global economic activities increasingly viewed through security lens: PM Wong

By:
On:
In: South-East Asia

Against this backdrop, Singapore will have to get its own way forth, he said. Through local and international forums, this means remaining opened and pushing for complimentary flows of industry and investments. &nbsp,

We want Singapore to get their choice partner, “importantly, as countries and companies outside seem to diversify their risks and broaden their range of partners. We want to act as a trustworthy and trustworthy base from which they can operate, said Mr. Wong.

Using a fund comparison where professionals are always looking for “alpha” or the extra advantage that drives higher returns, Mr Wong said Singapore’s “greatest supply of alpha” lies in its reputation for respect, dignity and reliability.

” These features are a special source of competitive advantage… and it’s very difficult for others to recreate. I believe what’s real for Singapore applies to Temasek”, he said.

Yet as Temasek embarks on its second phase of transformation, these values&nbsp, – ranging from an adherence to excellent standards and values, an ability to think long-term, grow with proper discipline and to add to the Singapore brand of quality, reliability, discipline and integrity -&nbsp,” cannot and must never change”, said Mr Wong.

These qualities make Temasek a well-known brand, and these qualities will help him maintain his value and reputation as a long-term partner.

Mr. Wong also touched on Temasek’s belief that “doing well, doing right, and doing good” in his speech.

Balancing and achieving all of these multiple goals is challenging, he said. Temasek and its portfolio companies ‘ ability to accomplish their goals depends a lot on their leadership and workforce.

He then expressed his gratitude to all the board members who have and continue to serve on Temasek’s behalf.

At the anniversary dinner, former chairmen Mr. Y Pillay and Mr. S. Dhanabalan were among those who were present. &nbsp,” They gave their hearts and minds, and their sweat and tears to build what we have today … We owe them all a great debt of gratitude”, said Mr Wong.

The prime minister&nbsp, noted that the government “has been careful not to have any role or influence in Temasek’s investment’s decisions”. Instead, its approach “has been to hold the board accountable for Temasek’s performance” .&nbsp,

” But this approach has been made possible only because we have board members who are committed and capable, and who can be trusted to work with the management to protect what we have inherited from Temasek, build on it, and pass it on to new generations in better shape than we started,” he said.

In closing, he said:” Tonight, I would like to put on record my appreciation to everyone in Temasek and the portfolio companies. Over the past five decades, we appreciate your numerous contributions.

I want to say a big” thank you” to everyone who has contributed to Temasek and the wider Temasek family, both past and present.

Temasek, which celebrates its 50th anniversary this year, has marked 2024 with initiatives such as the set-up of a S$ 150 million fund for skills training and talent development in Singapore.

It announced at the anniversary dinner that it would set aside$ 100 million as a concessional capital for climate change to help raise money for less-than-bankable projects.

It also launched a commemorative book- titled” By Generations, For Generations: Fifty Years of Temasek As Told By The People Who Shaped It’ ‘ – that chronicles key events and milestones of the firm over the past 50 years.

Continue Reading

Ruangkrai renews call for inquiry into PM’s qualifications

By:
On:
In: South-East Asia

PUBLISHED: 23 Sep 2024 at 17: 20

Prime Minister Paetongtarn Shinawatra inspects an air force plane taking relief supplies to flood victims in Chiang Rai, at Wing 6 headquarters in Bangkok on Sunday. (Photo: Varuth Hirunyatheb)
At Wing 6 offices in Bangkok on Sunday, Prime Minister Paetongtarn Shinawatra inspects an air force plane carrying supplies to disaster patients in Chiang Rai. ( Photo: Varuth Hirunyatheb)

Before being elected, political activist Ruangkrai Leekitwattana reiterated his call for the Election Commission (EC ) to look into whether Prime Minister Paetongtarn Shinawatra had properly resigned from positions in 20 of the family’s business empire.

He inquired to the EC whether Ms. Paetongtarn complied with the rules set forth by the Department of Business Development when leaving administrative positions in businesses related to her home.

He claimed that he was in good standing under Section 187 of the Constitution, which forbids officials from holding more than 5 % of the stock in a commercial company or working for a personal business. &nbsp,

The political activist claimed that he also looked into Deputy Interior Minister Sabida Thai’s withdrawal following her appointment’s session and her shareholdings in a private company.

He said Ms Sabida, child of former deputy interior minister Chada Thaised, appeared to have followed the processes stipulated by the Department of Business Development, which raised more questions about Ms Paetongtarn’s situation.

Mr. Ruangkrai resolutely defended his appropriate under Sections 41 and 50 of the Constitution and defended his complicity in public-dependent bodies.

Mr. Ruangkrai questioned the prime minister’s standing late last month when he asked how long ago she had resigned from roles in the home businesses.

Srettha Thavisin, who was removed from office by the Constitutional Court, was succeeded by Ms. Paetongtarn’s election as prime minister on August 16 in the House of Representatives.

Mr. Ruangkrai’s complaint asked the EC to verify that Ms. Paetongtarn had really tendered her departure from all of the family’s administrative positions by August 15 and, if therefore, why not, until August 19, three nights after she was elected.

He claimed that Ms. Paetongtarn requested a nearby secretary to manage the records on her behalf on August 15. The Department of Business Development received the documents on August 19.

According to Mr. Ruangkrai, Ms. Paetongtarn gave her secretary the power to do this only one day after the Constitutional Court ruled to remove Mr. Srettha from business.

Continue Reading

India-US: Modi meets top US tech leaders amid semicounder push

By:
On:
In: Asia

Major technology companies in the US have been urged by Indian Prime Minister Narendra Modi to look into India as a place to work and innovate.

A moment after attending the annual conference of Quad states, which also includes the US, Australia, and Japan, he met Directors of software companies in New York.

India has been positioning itself as a viable option to China to draw in foreign companies looking to expand their supply stores.

The nation has put a particular emphasis on semiconductor manufacturing in the last few years, but it still leaves big players like China and Taiwan far behind.

Modi’s meet with the technical officials on Monday was attended by 15 leading Executives, including Google’s Sundar Pichai, Adobe’s Shantanu Narayen, IBM’s Arvind Krishna and NVIDIA’s Jensen Huang.

Addressing the meeting, Modi said,” they may co-develop, co-design, and co-produce in India for the earth”.

India’s international department said in a statement that the roundtable meeting touched upon humankind’s use in inventions,” which have the ability to revolutionise the global market and people development”.

Modi also addressed a rally of Indian-Americans whom he called “brand ambassadors” of the country and told the crowd of 15,000 in New York that India was key to “global development, global peace, global climate action, global innovations, global supply chains”.

On the outside of the Quad conference on Saturday, Modi and US President Joe Biden met and signed numerous partnerships.

The India-US semiconductor pact – which they have described as a “watershed arrangement” – aims to establish a fabrication plant which will produce chips for national security, next-generation telecommunications and green energy applications, said a joint release.

This is India’s first such project with the US in which the country will provide chips to the US armed forces, allied militaries and Indian military.

Previous attempts at building homegrown semiconductor manufacturing industry in India have not seen desired results. But as the US aims to build resilience against China’s semiconductor industry – vital for modern technology – the deal gives a renewed fillip to India.

The Indian Express newspaper reported that the plant will focus on “three essential pillars for modern war fighting: advanced sensing, advanced communications and high voltage power electronics”.

This was Modi’s first US visit since he won his third term in June, and it came just weeks before the Democrats are contesting re-election from the Republican party.

Trump had previously stated that he would meet Modi and that he was” a fantastic man.” However, this meeting has n’t taken place because Indian diplomats have n’t been in touch with them.

The Quad leaders released a joint statement on Saturday that was primarily focused on maritime security in the Indo-Pacific region.

“We strongly oppose any destabilising or unilateral actions that seek to change the status quo by force or coercion…We seek a region where no country dominates and no country is dominated – one where all countries are free from coercion, and can exercise their agency to determine their futures,” the statement read.

According to analysts, the statement did n’t mention China, but it did say that a large portion of the message was directed at the nation. Additionally, they noticed a much stronger language-feeling.

The language in the joint statement on provocations in the South China Sea is stronger than it has ever been, despite not directly referring to China. And that’s because all four Quad states are becoming more concerned about the rising Chinese activity there, according to Michael Kugelman, director of the South Asia Institute at the Wilson Center think-tank in Washington.

The Quad partners also announced the expansion of maritime surveillance, a pilot logistics network for natural disasters and a project to combat cervical cancer.

Continue Reading

Work It podcast: Why are salaries kept secret?

By:
On:
In: South-East Asia

Here’s an extract from the talk: &nbsp,

Tiffany Ang:
At the job interview, why is it that when some applicants ask HR or the hiring manager,” What is the salary band for my job”? Firms are unwilling to share that information, and you only become aware of it when you begin your career. &nbsp,

Lionel Low:
To be frank with you, in a lot of companies, employees do n’t even know the salary ranges after they join the company. Generally, it’s made known to their supervisors, but not the people themselves. However, I believe your concern about pay transparency is still relevant, and there are a few causes why businesses do n’t typically make pay ranges public to employees. &nbsp,

First, it’s dynamic understanding. If your company knows how many you’re paying, it’s very easy for them to come to their control and express and support a higher selection, for example, and that creates an outwards spiral in the market, which is not very good. &nbsp,

The next point is that people being people, often we are no easily satisfied. And there are studies that indicate that the majority of people believe they are above regular in efficiency. However, we all know that the majority of people’s lives are defined by where the average is anyhow. If everyone thinks that they are above ordinary, really they are common. But most folks tend to have a very great impact of their own abilities, get it, rightly or wrongly. &nbsp,

Continue Reading

Forum promotes investment in Indonesia

By:
On:
In: South-East Asia

According to a community member, Indonesian and Thai companies you gain more from investing in the manufacturing supply network industries.

The Indonesian Embassy and the Indonesian Investment Ministry’s” Business Forum 2024: Purchase Options in Manufacturing Supply Chain Industries of Indonesia” were just held by the Indonesian Embassy and the Indonesian Investment Coordinating Board to entice Thai buyers, particularly in the fuel and metal areas.

Fuad Adriansyah, the Indonesian Embassy’s Deputy Chief of Mission, said the manufacturing sector is the largest contributor to the gross domestic product ( GDP ) of the Association of Southeast Asian Nations.

It generated US$ 760 billion ( about 25.3 billion baht ), accounting for 21 % of the Asean total GDP in 2022.

For Indonesia, he said the state has been enriched with abundant natural resources, particularly in coals and materials.

” Minerals such as copper, tin, ore and copper have fuelled many production companies, especially in the fields like electrics and electronics, automotive and the new market of electronic vehicles”, he added.

The Indonesian authorities has also encouraged funding in the supply chain industry, particularly since the government has shifted away from primarily exporting natural materials as a result of the ban on exporting ore in 2023 and nickel in 2020.

” While the transition has created some challenges, it still creates the opportunities for investors to build supply chain industries ]in Indonesia ] supported by an abundance of, comparatively, local labour and proximity of raw material sources”, he added.

He said Thailand is a crucial investment in Indonesia. From 2017–2022, Thai investors poured US$ 1.52 billion ( about 54.2 billion baht ) into about 1, 400 projects across Indonesia. In the first quarter of 2024, Thai funding worth reached US$ 225 million.

He claimed that the Thai firm industry has knowledge of developing the global supply chain, and that more than half of the country’s production is a part of the supply chain.

With Thailand’s quantitative benefits, Thai businesses can do better partnership and grow up with Indonesia, he said.

Thailand and Indonesia, as Asean members, both acknowledged the importance of enhancing economic integration across all Asean nations, according to Tanita Sirisup, executive director of the Foreign Investment Marketing Division of the Thailand Board of Investment ( BoI ).

With the mixed minimum GDP of the 10 Asean countries estimated at US$ 3. 6 trillion, she claimed that despite international confusion, Asean stood out as a promising location for international investment.

It is projected to reach US$ 4.5 trillion driven by the rising home use, export-oriented production and the younger workforce.

Asean nations had further strengthen economic integration, enhance sustainability and digitization, and increase trade and investment relations, she said.

Indonesia is one of Thailand’s most significant trade and investment lovers. With full investment applications worth US$ 230 million, primarily from projects in the air transport industry, it was ranked among the top ten investors in Thailand in the first quarter of this year.

For Thai funding in Indonesia, some Thai companies invest in power, metal mine, financial sectors and agriculture. She said there is still room for further investment.

It is crucial to concentrate on future growth engines that will promote sustainable development in both countries while both countries continue to strengthen their partnership.

She said the Thai government focuses on promoting investment in strategic industries including bio-based and renewable energies, smart electronics, new energy vehicles, digital and creative industries, and regional headquarters and international business centres.

Because both countries have a high potential for building a resilient supply chain through the use of their raw materials, natural resources, manpower, and available markets, she said,” Thailand and Indonesia can work together to achieve economic and industrial development goals.”

Thailand and Indonesia have the potential to collaborate with the manufacturing sector, which accounts for 34 % of Thailand’s GDP and contributes to exports, given the changing nature of the supply chain dynamics and growing need for resource security.

Indonesia can make use of Thailand’s strong supply chain in automotive, electronics, chemical and petrochemical, as well as agro-processing. Likewise, Thai companies can benefit from Indonesia’s rich natural, agricultural and fishery resources and large domestic market.

” Together, the countries can work to produce value-added products for Asean and the world. Moreover, areas such as renewable energy, digital transformation, and infrastructure development offer further opportunities for investment and collaboration.

Both countries are increasingly focusing on sustainable development, and there is a great opportunity for Thai businesses to invest in the country’s growing green economy, she continued.

Continue Reading

Investor baubles in Indonesia: forum

By:
On:
In: South-East Asia

According to a community member, Indonesian and Thai companies you gain more from investing in the manufacturing supply network industries.

The Indonesian Embassy and the Indonesian Investment Ministry’s” Business Forum 2024: Purchase Options in Manufacturing Supply Chain Industries of Indonesia” were just held by the Indonesian Embassy and the Indonesian Investment Coordinating Board to entice Thai buyers, particularly in the fuel and metal areas.

Fuad Adriansyah, the Indonesian Embassy’s Deputy Chief of Mission, said the manufacturing sector is the largest contributor to the gross domestic product ( GDP ) of the Association of Southeast Asian Nations.

It generated US$ 760 billion ( about 25.3 billion baht ), accounting for 21 % of the Asean total GDP in 2022.

For Indonesia, he said the state has been enriched with abundant natural resources, particularly in coals and materials.

” Minerals such as copper, tin, ore and copper have fuelled many production companies, especially in the fields like electrics and electronics, automotive and the new market of electronic vehicles”, he added.

In contrast, the Indonesian government promoted funding in the supply chain sector because the government has shifted away from primarily exporting natural materials as a result of the restrictions on metal exports in 2020 and the metal export restrictions in 2023.

” While the transition has created some challenges, it still creates the opportunities for investors to build supply chain industries ]in Indonesia ] supported by an abundance of, comparatively, local labour and proximity of raw material sources”, he added.

He said Thailand is a key investor in Indonesia. From 2017–2022, Thai investors poured US$ 1.52 billion ( about 54.2 billion baht ) into about 1, 400 projects across Indonesia. In the first half of 2024, Thai investment value reached US$ 225 million.

He claimed that the Thai business sector has knowledge of developing the global supply chain, which accounts for more than half of Thailand’s production of supply chains.

With Thailand’s comparative advantages, Thai businesses can pursue better collaboration and grow together with Indonesia, he said.

As Asean members, Thailand and Indonesia, according to Tanita Sirisup, executive director of the Foreign Investment Marketing Division of the Thailand Board of Investment ( BoI ), recognized the importance of enhancing economic integration across all Asean nations.

With the 10 Asean countries ‘ combined nominal GDPs estimated at US$ 3. 6 trillion, she claimed Asean stood out as a promising location for foreign investment despite the uncertainty surrounding global trade.

It is projected to reach US$ 4.5 trillion driven by the rising domestic consumption, export-oriented manufacturing and the young workforce.

Asean nations must further deepen economic integration, advance sustainability and digitalisation, and expand trade and investment relations, she said.

Indonesia is one of Thailand’s most important trade and investment partners. With total investment applications worth US$ 230 million, primarily from projects in the air transport sector, it was ranked among Thailand’s top ten investors in the first half of this year.

For Thai investment in Indonesia, many Thai companies invest in energy, mineral mining, retail sectors and agriculture. She said there is still room for further investment.

It is crucial to concentrate on future growth engines that will promote sustainable development in both countries while both countries continue to strengthen their partnership.

She said the Thai government focuses on promoting investment in strategic industries including bio-based and renewable energies, smart electronics, new energy vehicles, digital and creative industries, and regional headquarters and international business centres.

Because both countries have high potential to create a resilient supply chain by utilizing their raw materials, natural resources, manpower, and available markets, Thailand and Indonesia can work together to achieve economic and industrial development goals, she said.

Thailand and Indonesia have the potential to collaborate with the manufacturing sector, which accounts for 34 % of Thailand’s GDP and contributes to exports, in light of the global shift in supply chain dynamics and the growing need for resource security.

Indonesia can make use of Thailand’s strong supply chain in automotive, electronics, chemical and petrochemical, as well as agro-processing. Likewise, Thai companies can benefit from Indonesia’s rich natural, agricultural and fishery resources and large domestic market.

” Together, the countries can work to produce value-added products for Asean and the world. Moreover, areas such as renewable energy, digital transformation, and infrastructure development offer further opportunities for investment and collaboration.

Both countries are putting more emphasis on sustainable development, and Thai businesses have a great opportunity to invest in the country’s growing green economy, she continued.

Continue Reading