Kazakhstan seeks ‘great gain,’ not the ‘Great Game’ – Asia Times

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Last week in Astana, I asked Roman Vassilenko, deputy foreign secretary, what Kazakhstan means by its so-called “multi-vector” international policy&nbsp, – a word often bandied about in scientific circles.

Vassilenko said that Kazakhstan has been able to secure and advertise its national passions because&nbsp, the Ministry of Foreign Affairs ‘ diplomatic&nbsp, reach has been&nbsp, intelligent and versatile rather than silly, aggressive, and intellectual. He said this without a sign of arrogance to be found.

Vassilenko put it this way:” Our diplomatic abilities are rooted in the Kazakh people’s traditional world view, which has for thousands of years protected their interests through diplomacy, not through war. Kazakhstan’s President Kassym-Jomart Tokayev carries&nbsp, on&nbsp, in the same history. We are sandwiched between great power and societies, and, for this reason, we have constantly strived to develop constructive, mutually polite, mutually beneficial relationships with neighboring nations”.

What’s more, Kazakhstan does not see itself as&nbsp, a pawn&nbsp, in someone else’s” Great Game”, and rejects any attempt to be treated as such. Rather, Kazakhstan&nbsp, maintains that it&nbsp, has chosen its own path of socio-political development. Like India, &nbsp, Kazakhstan, always alert to outside pressures, &nbsp, has no desire to buy into whatever web any great power may be spinning at any given time. &nbsp, &nbsp, It remains to be seen how well Kazakhstan can withstand great power arm-twisting when it happens.

Vassilenko&nbsp, insists that the proof is in the pudding:” We are a nation at peace with ourselves, at peace with our neighbors, and at peace with the rest of the world”, he said. ” And despite a difficult and tense geopolitical environment, we are able to maintain and develop relations with Russia, &nbsp, China&nbsp, and the West, not to mention the Arab, Turkic and broader Muslim world”.

Vassilenko is saying that the most rational path for Kazakhstan is to engage in commonsense, pragmatic&nbsp, realpolitik&nbsp, that observes international law and pursues humanitarian concerns. For this reason, Kazakhstan’s foreign policy, he says, &nbsp, is neither ideological nor dogmatic but seeks mainly to further the public good.

On a diplomatic roll

During our conversation, Vassilenko left no room for doubt that Kazakhstan, despite living in a world gone mad, has been on a&nbsp, diplomatic roll&nbsp, since the failed&nbsp, coup d’etat&nbsp, against President Tokayev in 2022. &nbsp, Kazakhstan has managed relations with its near neighbors with savvy and skill, and the country is, after all, stable.

Vassilenko said that Kazakhstan ] and “its foreign partners, including the West, must continue to seize the moment, &nbsp, carpe diem, i. e., do things as soon as possible because time is of the essence. We need to advance in three areas without hesitation – transport and logistics, rare earth metals and green energy, including green hydrogen”.

He thinks that” the moment is favorable to entice significant sums of long-term investment in the region.” When asked why the interest in Central Asia has soared, he responded that “governments and investors see that the process of&nbsp, Central Asian cooperation has gained momentum and is here to say. Additionally, Kazakhstan has implemented internal political and economic reforms to address sovereign risks.

Vassilenko refutes accusations that its neighbors are threatening its sovereign independence by engaging with its neighbors in the development sector. As long as the conditions are clear, favorable, and in the people’s interests,” we are not afraid to take investment capital from China, Russia, the US, or Europe.” Stated differently, Kazakhstan’s well-wishers should give it more credit when it engages its neighbors because it knows its neighbors better than anyone&nbsp, else. &nbsp,

Concerning debt traps – an issue often raised by Western media– Vassilenko said: &nbsp,” Yes, the Chinese have made loans to finance projects in Kazakhstan but]these loans ] are at very, very manageable levels. We are aware of the idea of ‘ debt traps’ but we are nowhere near the situation where we should be worried about ]over-indebtedness ] as a threat to our national sovereignty. You can be sure that Kazakhstan will not overload its sovereign balance sheet with debt&nbsp, that is unpayable by&nbsp, future generations”.

Bakhty-Tacheng border crossing

Vassilenko confirmed that Kazakhstan will build a third rail and road&nbsp, border crossing&nbsp, between Kazakhstan and China. In addition to crossings at Khorgos and Dostyk on the China-Kazakhstan border, we will proceed to build the third at Bakhty, in the north-east of Kazakhstan, adjacent to Tacheng, China. It will also be useful for Russia and the northeastern region of Kazakhstan. This is what I mean by’ carpe diem ‘ – Kazakhstan will seize opportunities&nbsp, on its terms&nbsp, when they arise.”

‘ Central Asia plus China ‘ format

” Central Asian countries,” Vassilenko emphasized”, have had very high-level cooperation with Beijing through the’ Central Asia Plus China ‘ format – and these are not simply beautiful words. This multilateral arrangement with China has been more productive and fruitful than many of the twelve other formats ]such as with the United States, the EU, South Korea, Japan, Gulf Cooperation Council, etc. ]. The five regional nations and China have established a permanent” Central Asia Plus China” secretariat, with President Xi Jinping himself serving as the president of Xi’an. We are unanimous in developing fruitful multifaceted cooperation that&nbsp, meets&nbsp, the fundamental interests of all countries and their peoples. This is a concrete expression of multilateralism.”

Kazakhstan has n’t &nbsp, buckled under pressure&nbsp, to take sides in one or another of the great powers’ ideologically motivated projects”. What does it mean to take sides? ” Vassilenko asks, adding :” We&nbsp, believe grand initiatives such as China’s Belt and Road Initiative, EU’s Global Gateway or G7’s Program for Global Infrastructure and Investment ( PGII ) are complementary as far as Kazakhstan is concerned as they help achieve&nbsp, our&nbsp, goal of turning&nbsp, Kazakhstan&nbsp, into a connecting hub in the center&nbsp, of this&nbsp, huge continent.”

He concludes: &nbsp”, We’re not looking to irk anyone but rather further our interests peacefully. And we think there is enough room for everyone to work together in a good way.

The deputy minister finished by&nbsp, quoting Tokayev‘s recent address to foreign diplomatic missions accredited in Astana:” Kazakhstan ‘s]diplomacy ] is very simple and clear – we do not believe in zero-sum games. We wish to replace the’ Great Game ‘ with Great Gain for&nbsp, all in the heart of Eurasia. We are interested in sustaining and growing trust, friendship, and strategic partnership with our neighbors as well as with all nations who are actively interested in expanding Kazakhstan’s cooperation.

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Clifford Capital’s CEO on scaling infrastructure debt financing | FinanceAsia

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Clifford Capital is an equipment credit leasing program focused on creation, distribution, and investment across infrastructure and other genuine assets globally.

The Singaporean government supports the business, which has a plan authority to boost exports and foreign investments, and has pledged to fund projects around the world since it was founded in 2012. &nbsp,

The largest transaction to date for Clifford Capital recently sold for$ 5 million, making it the fifth public infrastructure asset-backed securities ( IABS ) transaction. A subsidiary of Clifford Capital and a wholly owned and newly incorporated distribution vehicle of Bayfront Infrastructure Management ( Bayfront ), which also includes the Asian Infrastructure Investment Bank ( AIIB ) as a shareholder, is Bayfront Infrastructure Capital V ( BIC V ).

BIC V features a collection size of approximately$ 508.3 million multiply across 37 personal money and bonds, 36 tasks, 15 states and 10 market sub-sectors. BIC V has an original aggregate main balance of US$ 218.4 million of ready green and social resources, as defined under Bayfront’s Sustainable Finance Framework, which represent 4 % of the overall principal balance of the profile.

FinanceAsia&nbsp, recently caught up with P. Murlidhar ( Murli ) Maiya, Clifford Capital’s group chief executive officer, to discuss the infrastructure debt financing landscape and its scalability.

FA: Describe your company and the sweeping changes being made to the environment of structured financing options, especially in network purchases, on which Clifford Capital focuses.

Maiya ( pictured&nbsp, above ): &nbsp, Clifford Capital was established 12 years ago, with the support of the Government of Singapore, to address a financing gap in long-tenor credit for infrastructure companies and projects with a nexus to Singapore. We as a group enjoy over$ 5 billion in government guarantees, which give us the ability to raise money at a very competitive price, which in turn allows us to extend credit across long tenors.

Our main areas of focus have always been on the power and coastal infrastructure sectors. However, the concept of system has evolved significantly over time, especially with technological&nbsp, development and the growing emphasis on responsible and socially equal development. As a result, we internally redefined infrastructure to encapsulate all sectors that provide essential services to people and raise the standard of living.

From a credit standpoint, conducting an in-depth analysis of the organization’s or project’s likely cash flows has always been a part of infrastructure financing. One of the keys to our success has been our constant effort to uphold a high standard of analytical rigor throughout the credit process. This analytical rigor is readily applicable to what is now a much wider range of relevant infrastructure sectors, enabling us to provide clients with creative debt financing solutions even for those that were previously viewed as infrastructure.

FA: Could you describe some of the subtleties of these industries and how you see them as the originators of long-term debt financing deals?

Maiya: Beyond renewable energy and digital infrastructure, there is a lot of interest in the data center market, which will grow as demand increases as AI becomes more prevalent. Unlike conventional real estate projects, data centres often enter long-term contracts with hyper-scalers, like major cloud service providers, and these long trem contracted cash flows provide the basis on which non-recourse debt can be structured.

Given the important roles that social infrastructure plays in society and their advantages over traditional long-tenor financing, such as schools, universities, and hospitals.
In industrials and transportation, we see sectors like steel, cement, and aluminum in transition to cleaner and more energy efficient production methods. Financing for intriguing new technologies is also being fueled by a combination of policy support and corporate sustainability goals.

Additionally, the transportation sector is undergoing significant changes, particularly in the electric vehicle space. Parts of the electric vehicle ( EV ) value chain, such as charging infrastructure and batteries lend themselves to infrastructure-like financing solutions. This evolution demonstrates how important verticals, such as transportation and industrials, are both experiencing significant shifts in sustainability.

Lastly, for our natural resources vertical, our focus is on new resources like green hydrogen, green ammonia, and key mineral resources like lithium, nickel, etc. to propel the upcoming sustainable economy.

FA: Given your various strategic priorities, how do you decide which client opportunities to pursue?

Maiya: We primarily assist businesses with debt financing when they want to invest regionally or globally. We do this by supporting those with strong ties to Singapore. We look into any financing issues they might have in commercial markets. Notwithstanding our government support, we operate on a commercial basis, and always ensure rigorous credit assessment and market-based pricing.

Our industry groups all benefit from our credit analysts ‘ expertise. We have been making real progress on this front, and sustainability is another area of focus for us. In 2023, 52 % of new primary loans originated were for infrastructure projects that are green and/or sustainable.

FA: Could you elaborate on how sustainability is affecting the industry you run in?

Maiya: The rise of green and sustainable initiatives has a significant impact on the growth trajectory of infrastructure debt financing. Across client organisations, we’ve observed varying approaches, but they all converge on a common challenge: the immense funding needed for the green transition to achieve net zero emissions. The Asia-Pacific region receives only about 10 % of global funding, despite having a third of the world’s funding needs. This discrepancies offer significant opportunities for businesses like us.

Another powerful tool is blending finance, which can sometimes be a challenge in Asia, to unlock funds for sustainable development. Local governments, multilateral development banks, and other concessional capital sources are making tangible commitments to blended finance.

For instance, the MAS’s Financing Asia’s Transition Partnership ( FAST-P), a blended finance initiative that aims to mobilize up to$ 5 billion to finance transition and marginally bankable green projects in Asia.

Clifford Capital is also responsible for its commercial operations, and it is crucial to demonstrate positive commercial outcomes. By delivering returns to our private sector shareholders, we are also demonstrating our ability to combine public policy objectives with private capital initiatives. This demonstration demonstrates that it is possible to incorporate a public policy goal into a successful business model, allowing it to catalyze other sources of capital over time.

FA: How do you stand out from the competition when it comes to providing debt financing for infrastructure projects?

Maiya: Due to our ability to take on greenfield construction risk and longer tenor financing, we have a unique approach in comparison to most institutional capital providers. Institutional capital frequently struggles with construction risk, preferring to invest in already-active assets that generate cash flow.

Our area of expertise is in managing risks at this stage. We develop a specialized financing plan that addresses the needs of the borrowers while upholding a code of ethics for creditworthiness and market-clearing pricing. Due to the variations in contracts and economic business models, this combination calls for specialized technical skill sets that vary by industry. We have invested a lot of time in developing teams and procedures that make it easier for us to operate in the demanding world of infrastructure credit.

FA: How do you intend to expand your debt-free solutions to make room for the significant funding gap?

Maiya: Clifford Capital has a proven method for distributing infrastructure credit. We established the Infrastructure ABS asset class in Asia and still run a highly profitable securitization business under the name” Bayfront.” We also obtain loans from both primary and secondary loan markets, primarily from the banking industry, in addition to originating our loans from corporate clients. Then, based on their risk appetites, we then divide the loans into securitized portfolios and divide them into various tranches. We keep a sizable portion of these structures ‘ original losses.

Our end-to-end origination and distribution model makes the company’s ability to raise significant capital quickly, allowing us to fund higher credit volumes without having to rely solely on our own, expanding the company’s scalable business model. Through Infrastructure ABS, our efforts to bring institutional debt capital into the infrastructure market bridge the financing gap in the Asia Pacific region for green infrastructure. &nbsp,

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Italian police free 33 Indian farm labourers from ‘slavery’

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According to police, hundreds of American farm laborers have been freed from slavery in northeastern Italy.

According to police, two other Indian immigrants lured the 33 workers to Italy with the promises of jobs and a better future.

Instead, they allegedly had to work more than 10 hours per day, seven days a week, to make a meager income that was used to pay off the alleged gangmasters ‘ payments.

The two men- who were found with approximately$ 545, 300 ( £420, 000 )- have been arrested.

It is well known that labourers in Italy are being exploited, both by immigrants and natives. Frequently without permission and in extremely hazardous conditions, thousands of people work in domains, vines, and greenhouses scattered throughout the nation.

Just last month, an Indian fruit picker died after his arm was severed in a work accident.

Following the accident, which even left the man’s feet crushed, the man was allegedly left on the side of the road.

His company is currently being investigated for murder and criminal negligence.

The 33 men rescued by police in the Province of Verona had paid €17, 000 ($ 18, 554, £14, 293 ) or 1.5m rupees each in return for seasonal work permits and jobs, according to a police statement sent to the BBC.

To raise the funds, authorities said, some pawned their home assets, while some borrowed the money from their companies.

But they were only paid €4 per minute for their 10 to 12-hour time, with that amount settling any debt owed.

Their documents were also taken out as soon as they arrived in Italy, and they were prohibited from leaving their “dilapidated” rooms.

The police said in a statement that “every day, the staff piled into automobiles covered in canvas where they hid among containers of vegetables until they reached the Verona land for work.”

The employees were “forced to live in vulnerable and humiliating conditions” and “in overall infraction of health and hygiene regulations,” according to the apartment searches that revealed the workers.

The rescued workers have their documents returned, and social service and a movement organization are assisting them in moving to safer enclosure and working conditions.

According to police, the two alleged gangmasters are currently facing felony gang gang charges in connection with abuse and slavery.

Illegal laborers in Italy are frequently subject to the” caporalato,” a gangmaster system that forces middlemen to hire illegal laborers who are then forced to work for very low pay. Also legal guardianship is frequently paid far below the legal compensation by employees.

According to a study from the Italian National Institute of Statistics, nearly a third of the agricultural labor in Italy was employed by this technique in 2018. The training also has an impact on workers in the construction and service businesses.

After a woman from Italy worked 12-hour swings picking and sorting strawberries for which she received €27 per day, she died of a heart attack. In Italy, it was outlawed in 2016 after that same lady worked a 24-hour shift.

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Syed Ahmad Fuqaha believes there’s blue in the red ocean, and, in letting startups fail while it’s cheap

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  • 10th month as&nbsp, businessman with Katsana, an business mobility solutions provider
  • Shutting down a significant item taught difficult lessons about adapting to business challenges.

Syed Ahmad Fuqaha, founder/CEO of Katsana, from row, right, with his team.

” To cultivate fresh companies, you have to let them fail. Let them flunk when they are still on the cheap, soars Syed Ahmad Fuqaha, the founder and CEO of Katsana, who founded it in April 2014. Reflecting on a decade of entrepreneurship, he does n’t mince words about the company ecology:” Currently, there’s almost no street to fail. It’s the epitome of entrepreneurs. Innovation is about failing, failing strong and profitably. If someone wanted to know what the government should be doing, I’d suggest they may provide more chances of failing.

As his business celebrates its 10th anniversary, Fuqaha activists for a dramatic change in how we nurture fresh companies. His message is clear: make more options for startups to neglect quick and inexpensively. It’s a theory that flies in the face of some government initiatives, which Fuqaha, who was a boss with business JomSocial which was sold in 2013 to a Silicon Valley company, &nbsp, sees as extremely safe. In his watch, real innovation thrives on the freedom to take risks, slip, and study from those mistakes. &nbsp,

This counterintuitive approach to developing technology has shaped Fuqaha and Katsana’s voyage from a budding company to a focused business provider offering integrated fleet solutions&nbsp, with&nbsp, over 3, 600 customers, while offering useful lessons for entrepreneurs. Along the way he has raised US$ 1.39 million ( RM6.5 million ) in funding from Axiata’s Digital Innovation Fund ( ADIF ) managed by Intres Capital in 2016&nbsp, and US$ 535, 200 ( RM2.5&nbsp, million ) in&nbsp, venture debt from Malaysian Debt Ventures ( MDV ) in 2022. &nbsp,

Lesson 1: Understand when to cut your loses

Syed Ahmad Fuqaha believes there’s blue in the red ocean, and, in letting startups fail while it’s cheapFuqaha’s words are n’t just rhetoric – they’re born from experience. The rise and fall of DriveMark, one of the bank’s first advances, was perhaps best illustrated by the company’s own trip, which is punctuated by calculated dangers and proper pivots.

A smartphone-based scoring system called DriveMark was created to bridge the gap between driver behavior and insurance premiums. It was intended to promote safer driving. At its peak, it boasted an impressive 80, 000 to 90, 000 users. ” We came up with a solution that is very much scalable, using smartphones”, Fuqaha explains, highlighting the system’s accessibility and initial promise.

However, DriveMark soon encountered challenges unique to the Malaysian market. Malaysian insurance premiums are comparatively low compared to those in the US or the UK, where young or first-time drivers can be exorbitantly expensive. ” In Malaysia, on average, if I’m not mistaken, takaful is around US$ 150 ( RM700 ). For general insurance, the premium is around US$ 192.7 ( RM900 ) on average”.

This pricing structure presented a fundamental challenge to the business model of DriveMark. The majority of users fell into a less exciting category, whereas the top performers with the highest DriveMark scores could receive significant rebates of up to RM160, which were entirely funded by DriveMark. ” For a majority of users, the RM15-RM20 in rebate is just too small to be meaningful”, Fuqaha explains, highlighting the bell curve distribution of benefits.

]RM1 = US$ 0.214]

Ultimately, DriveMark’s business model proved unsustainable. Relying on insurance renewal commissions that averaged only RM70 to RM80 per user, the economics did n’t work out. Two years into the pandemic, Katsana had to make the difficult but necessary decision to stop using DriveMark despite some respectable income. ” We just decided to kill it”, Fuqaha states, acknowledging the need to adapt to market realities

The decision was n’t made hastily. In fact, Katsana spent a year exploring ways to pivot and salvage the technology. After a year of refuting the idea and attempting to convert it to a method for businesses to measure Scope 3 carbon emissions, particularly those involving mobility emissions, we shut DriveMark down in 2022, Fuqaha said. &nbsp,

User privacy and data protection were key components of the process. ” The shut down meant erasure of user data, as we did not want to abuse the consent they gave to DriveMark”, Fuqaha explains. &nbsp,

This decision to shutter DriveMark, while difficult, exemplifies Fuqaha’s philosophy of adapting. As a provider of solutions, Katsana was able to refocus its resources on more promising areas of its business, which ultimately led to a more sustainable enterprise market. &nbsp,

The driveMark experience served as a valuable lesson in Katsana’s decade-long journey, emphasizing the importance of adapting to market conditions and being willing to let go of initiatives that do n’t align with the company’s core strengths or financial viability.

Katsana's latest win was with Universiti Teknikal Malausia Melaka (UTEM) in a partnership with AVIS to equip 10 shuttle buses with a suite of solutions in the KATSANA Fleet Management ecosystem.

Lesson 2: The pandemic pivot: Finding the silver lining

As with businesses worldwide, the Covid-19 pandemic forced Katsana to reevaluate its operations. However, Fuqaha views this disruption as a” silver lining” that allowed the company to sharpen its focus.

Prior to the pandemic, Katsana was active in various telematics-related auto sector. The business also provided fleet management solutions for business clients like bus and taxi drivers, as well as GPS tracking solutions for private vehicles and the RunMark smartphone-based driver scoring system. They were also looking into potential opportunities in the insurance industry, and they were putting their knowledge and technology to use to create usage-based insurance products.

” We had a silver lining from the pandemic,” said the spokesperson. We made the decision to concentrate on the three areas that “made sense for us financially” and to stop providing tracking for private vehicles, Fuqaha said.

While there was money to be made in the private vehicle market, the economics simply did n’t work for Katsana’s high-touch operational model. ” For private vehicles, we have so many competitors out there. Fuqaha explains that there are numerous GPS trackers that can be purchased on Shopee for about RM70.

Katsana would primarily concentrate on its enterprise solutions, particularly fleet management for businesses, as a result of the strategic refocus. This allowed the company to leverage its strengths in developing sophisticated, tailored solutions that go beyond the capabilities of off-the-shelf products.

” What we are doing for enterprises, it makes a lot of sense and it is the best use of our capability”, Fuqaha explains. This change required removing the consumer market and concentrating on larger clients with more complex needs.

By streamlining its offerings, Katsana was able to focus its resources on developing more advanced fleet management solutions, including features for monitoring driver behavior ( building on its DriveMark experience ), vehicle performance, and operational efficiency.

This refocusing made it possible for Katsana to stand out in a noisy market. While many competitors offer white-label solutions from countries like China, Katsana’s intensified focus enabled it to develop unique, high-value offerings for enterprise clients. ” What we do is quite unique”, Fuqaha asserts, highlighting the company’s established expertise in providing sophisticated fleet management tools for larger operations.

Katsana went from being a company spread across multiple market segments to a more focused operation as a result of the pandemic-induced strategic realignment. This change enabled the business to escape the abyss of the pandemic and allowed for more sustainable expansion in the post-pandemic economy.

A Katsana exec installing fleet monitoring equipment on a truck.

Lesson 3: Strategic focus trumps rapid expansion

Fuqaha’s journey has included expanding regional, leading to ongoing projects in Indonesia and Brunei. This expansion predated the pandemic. However, he remains cautious about further expansion. ” It is an interesting proposition, but right now, if you want to have a broader presence over there, it is going to stretch us thin”.

This measured approach to growth demonstrates a maturation that comes from experience. Fuqaha has learned to play to its strengths and keep a laser focus on its core competencies as it continues to serve its existing regional clients as it pursues each opportunity rather than chasing every one.

When the pandemic struck, which presented significant challenges to businesses around the world, this strategic focus proved crucial. Katsana, however, managed to navigate the turbulent times without reducing its workforce, which currently stands at around 45 employees. The company’s resilience stemmed from a combination of its focused strategy and pragmatic decision-making.

” During the pandemic, we made a conscious decision not to hire anymore”, Fuqaha reveals, highlighting the importance of adaptability in times of crisis. He chose a more measured strategy as opposed to fighting against unchecked market forces. He also strategically used government funding, utilizing Malaysian Debt Ventures ‘ Covid Relief Fund for Startup program to boost finances.

Fuqaha was able to weather the storm effectively by maintaining its focus on its core competencies while utilizing government support mechanisms. &nbsp,

Looking to the future: A focused SaaS vision

Katsana enters its second decade with a more in-depth analysis and clearer vision than ever. ” Before the pandemic, we had a lot of things on our plate”, Fuqaha reflects. ” We are now more focused,” she said. No doubt, right before the pandemic, we were on the verge of profitability, even last year we were”.

This transition from a multi-faceted startup to a specialized enterprise solutions provider encapsulates many of the difficulties faced by tech companies in emerging markets. When focus and specialization are what is truly needed, Fuqaha’s story is one of learning to ignore the siren song of diversification.

Looking ahead, Fuqaha has set his sights on transforming Katsana into a Software as a Service ( SaaS ) company. This shift aims to leverage the company’s expertise in fleet management and telematics into a scalable, cloud-based solution. By adopting a SaaS model, Katsana can potentially expand its reach while streamlining its operations and lowering hardware reliance.

Fuqaha says,” We’re developing solutions that are quite unique,” giving a hint as to the sophisticated software features that will make up their SaaS offering’s foundation. This change allows Katsana to compete more effectively both domestically and internationally in line with global trends in enterprise technology.

As Fuqaha approaches his tenth year as a founder, his journey has revealed valuable lessons that could be applied to other startup founders. ” Opt for proven business models,” he advises, noting that red oceans still offer plenty of opportunities for those who understand their market and positioning. Startups are frequently encouraged to chase “blue ocean” opportunities. Red oceans frequently have enough space for multiple providers to coexist, each with their own distinctive offering.

Moreover, Fuqaha emphasizes the importance of nurturing existing customer relationships. The phrase” Existing customers are your best sales channel. Spend time with your current customers to become your supporters rather than just developing new features to make your products more appealing. Meet them at kopitiams, send them greeting cards, set up webinars. These are soft approaches that work”, he advises.

In a sector where many are looking for the next big thing, Katsana has found success by focusing on what it does best: offering top-tier fleet management solutions to businesses that are truly in need while also valuing and developing its existing customer base. After all, with a decade of hard-earned wisdom under its belt, Katsana, in the view of Fuqaha, is well-positioned to navigate the roads ahead, wherever they may lead.

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China convenes third plenum with focus on reforms and advancing modernisation

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WHAT’S THE THIRD PLENUM?

The second chamber has traditionally served as a launchpad for significant economic and social development objectives that define the country’s priorities for the coming years.

The event, which is known as the San Zhong Quan Hui in Mandarin, is one of seven meetings of the CCP’s Central Committee holding during the wealthy body’s five-year name.

The meeting usually occurs between September and November, the year after the National Congress. It was scheduled to take place next month, but it was postponed without cause.

The chamber is closely monitored because such events as the 1978 session, which saw China began its reform and opening up policy, have historically marked significant milestones in its history.

In 2021, Mr Xi first introduced the concept of” Chinese reform” in a statement to indicate the group’s jubilee, calling it” a new model for human society”.

WHAT’S ON THE AGENDA?

For this treatment, watchers are not anticipating extreme policies. Instead, objectives are for a scaling up of existing reform methods.

Analysts think the Chinese management may not want to overthrow the country’s economic woes, including the ongoing estate crisis.

The key words for this program may be uniformity and balance because China is currently facing an uphill struggle to deal with both domestic and international pressure, according to Dr. Liu Baocheng, director of the Center for International Business Ethics at the University of International Business and Economics.

The desired outcome of this meeting would be to keep Xi Jinping’s main leadership and, on top of that, to encourage more of the Communist Party’s leadership at various institutions, he said.

Politicians are putting their trust in the development of novel and cutting-edge solutions to spur economic growth. Authorities said this includes biology, clean power, artificial intelligence and the aviation industry.

This move shifts from its previous growth strategy, which relied on infrastructure and real estate, and raises questions about the level of support China’s property sector will get.

Measures so far have failed to resurrect the crisis-hit industry, with latest house price data also logging a drop.

Anticipation FOR Changes

The country’s second-biggest market is also grappling with a declining people, shrinking labour force, and weakened business trust.

Although China is expected to reach its growth goal of about 5 % this year, economists claim that Chinese policymakers need to start making structural adjustments to concentrate on long-term economic policy.

As regions are saddled with loan, the house crisis has worsened their situation, so they have been pressing the central government to foot the bill.

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China: Xi Jinping tackles slow growth as economy ‘hits the brakes’

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China’s economy stumbled in the second quarter, standard data reveals, just as the country’s best leaders gathered for a important meeting to solve its slow progress.

It grew 4.7% in the three months to June, falling short of expectations after a stronger start in the first three months of 2024. The government’s annual growth target is around 5%.

” China’s market hit the brake in the June fourth”, said Heron Lim at Moody’s Analytics, adding that experts are hoping for answers from the conference under way in Beijing, even called the Third Plenum.

The country’s second-largest business is facing a prolonged residence problems, rough local government debt, poor consumption and high unemployment.

In China, the outcome of the Plenum has influenced the course of history. Deng Xiaoping first opened China’s industry to the world in 1978, and Xi Jinping made hints in 2013 about loosening the contentious one-child plan.

And so there are objectives of this year’s Plenum, where President Xi Jinping is presiding over a closed-door meeting of 370-plus high-ranking Chinese Communist Party people.

The language on state-controlled multimedia has undoubtedly been encouraging.

An editor in The Global Times said a “wide collection of reform-focused safeguards” are “high on the plan” and may usher in a “new book”. Xinhua referred to” complete” and “unprecedented” measures. A “new age of transformation and beginning up” was the subject of the People’s Regular newspaper, which Deng famously coined in 1978.

Spectators, however, are unaware of how much room there is for striking suggestions or controversy in the Party under Mr Xi’s heavily-centralised management. Some people view the appointment as merely a rubber-stamping exercise for already-made choices.

The appointment may provide a quick fix, according to economists, who are also skeptical.

It has “little effect on near-term growth”, says Qian Wang, Asia Pacific chief analyst at Vanguard, because its target will be on longer-term and more important measures to “unleash the long-term development potential”.

However, experts will become watching for disclosures that signal the Party’s financial priorities.

Separate data from Monday showed that June’s fresh home prices dropped at the fastest rate in nine times.

This provides more information of the global property issue that has decimated China’s housing sector and caused the bankruptcy of eminently successful companies like Evergrande. There’s a chance that it could spread to different sectors of the economy.

” There are more than 4, 000 businesses in China and over 90 % are smaller, regional institutions which are very exposed to the housing market and local authorities bill”, says Shanghai-based analyst Dan Wang.

She thinks that group leaders will “push for the consolidation of little banks.”

Another problem is falling pricing, which is a sign of weak demand. Retail sales increased by only 2 % in June, which is below expectations and a sign that consumers are still cautious about spending and uncertain about the future.

” A major problem is the loss of family, firm, and investor confidence in the government’s ability to navigate the deadly financial environment”, said Eswar Prasad, former head of the International Monetary Fund’s China division.

Questions remain about Beijing’s willingness to offer the kind of solution that would appeal to both observers and the markets.

” The government is reluctant to turn to short-term stimulus plans such as cash transfer to families”, Dan Wang said. Instead, we anticipate that they will focus on strengthening supply chains and high technology once more.

That is in line with Beijing’s bets on high-tech industries such as renewable energy, AI and chip-making, and exports to revive the economy. Last month, China reported a record trade surplus-$ 99bn ( £76.4bn )- as exports soared and imports struggled.

But even that wager has challenging odds. Important trading partners like the United States and the European Union have imposed tariffs and other restrictions on everything from EVs to cutting-edge chips made in China.

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Teesta River Project: Should Bangladesh self-fund? – Asia Times

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The Teesta River, a vital lake in northeastern Bangladesh, has long been a crutch for crops, livelihoods and wildlife in the region. However, a pressing need for a comprehensive control and restoration project has been exacerbated by seasonal variations, such as extreme flooding during downpours and severe water shortages during dry spells.

Bangladesh is faced with a difficult choice as the Teesta River Project discussions get more serious: If the nation rely on foreign investments from China and India, or should it following the self-reliant way it properly charted with the Padma Bridge and fund the project internally?

Drawing instructions from the Padma Bridge knowledge, this article examines the possible benefits and drawbacks of funding the Teesta River Project on its own.

Possible advantages from self-funding

Bangladesh’s resolve and endurance are demonstrated by its decision to use its resources to finance the Padma Bridge following the World Bank’s removal. The Padma Bridge, then nearing completion, is set to be a game-changer for the government’s system, enhancing communication and boosting economic growth. This victory has sparked a sense of satisfaction among Bangladeshis and demonstrated its ability to carry out large-scale infrastructure projects separately.

First of all, funding the Teesta River Project internally would give Bangladesh complete control over the site’s planning, execution, and supervision. This freedom ensures that the project is free of external influences that may come with foreign investments and that it is in line with national priorities and interests. Financial independence also allows for greater flexibility in decision-making and project implementation, which can be essential for addressing regional needs effectively.

Next, self-funding for the Teesta River Project can have a significant impact on the local market. The construction and maintenance phases of the project would make several tasks for local professionals, workmen and companies, providing a much-needed monetary stimulus. Additionally, using local resources and contractors may promote local industries ‘ progress, from the design to the technology sectors, creating a multiplier effect that benefits the economy as a whole.

Third, undertaking a large-scale project like the Teesta River Project domestically can enhance the skills and expertise of local professionals, contributing to human resource development. Additionally, it provides a chance to strengthen local authorities and governance structures involved in project management and implementation. This capacity building is essential to the long-term viability and success of similar projects in the future.

Finally, self-funding can streamline project approval and implementation processes, reducing delays often associated with international funding and bureaucratic procedures. Additionally, having complete control over the project enables Bangladesh to change quickly and make informed decisions, keeping the project on track and meeting local needs.

Challenges of self-funding

The Teesta River Project’s financial constraints could have an impact on the national budget, one of its biggest challenges. Large-scale infrastructure projects require substantial investment, which could divert funds from other essential sectors such as health, education and social services. To balance these competing demands, careful planning and effective resource allocation are necessary.

The national debt burden could grow if the government decides to finance the project with domestic bonds or loans. Managing this debt responsibly is crucial to avoid long-term economic repercussions. It will be necessary to follow transparent and prudent financial management principles to prevent the project from compromising the nation’s fiscal stability.

Large-scale infrastructure projects call for a lot of technical and managerial expertise. It’s crucial to make sure local teams have the necessary abilities to handle complex projects, including those involving engineering and environmental management. Investing in capacity building and requesting technical assistance from international experts where necessary can help alleviate this issue.

Domestic funding involves financial risks, including inflation, currency devaluation, and economic downturns, which can impact the project’s feasibility and cost. Political unrest and policy adjustments also present a risk to the success and stability of the project. Robust risk management strategies, including contingency planning and strong governance mechanisms, are essential to address these challenges effectively.

India and China have both expressed interest in investing in the Teesta River Project, reflecting the region’s geopolitical significance. While foreign investments can bring in much-needed capital and technical expertise, they often come with strings attached. It is crucial to balance these concerns with national sovereignty. Bangladesh must carefully negotiate any foreign involvement to ensure that the project’s economic or political autonomy is maintained in line with its national interests.

Charting a path forward

The Teesta River Project’s funding domestically or through foreign investments has a number of complicated implications for Bangladesh’s future. The success of the Padma Bridge provides a strong case for self-funding, demonstrating the country’s capacity for self-reliance and the benefits of economic sovereignty. However, the challenges of financial strain, debt burden and technical expertise must be carefully managed.

A hybrid approach, where Bangladesh funds a sizable portion of the project while selectively looking for foreign investments and technical assistance, might be the answer. This approach would make use of the advantages of self-funding while reducing its drawbacks, making sure that the Teesta River Project serves the interests of northern Bangladeshis and contributes to the country’s sustainable development.

Md Tanvir Rahman is a postgraduate student at Daffodil International University’s Department of Journalism, Media, and Communication.

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China’s Q2 GDP misses forecasts, keeps stimulus calls alive

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China has increased infrastructure investment and invested money in high-tech production to counteract sweet domestic desire and a house crisis. In light of the house slump and mounting regional government debt, China’s economic progress has been uneven this season, with industrial output outpacing private consumption and stifling negative risks. RisingContinue Reading