Singapore assists enterprises in tapping AEC opportunities
The Singaporean government has been working hard to draw up policies and introduce measures to help its businesses to tap opportunities offered by AEC, expected to be formed on December 31.
Singapore assists enterprises in tapping AEC opportunities (Source: VNA)
Hanoi (VNA) – The Singaporean government has been working hard to draw up♉ poli🐟cies and introduce measures to help its businesses to tap opportunities offered by the ASEAN Economic Community (AEC), expected to be formed on December 31.
ASEAN is predicted to maintain an average growth of 5 percent from now to 2018, and become the fourth largest market in 2030 after the European Union, the United States and China.
With the advantage of capital and investment experience, Singapore will help its enterprises to move their low-value production activities to neighbouring countries where labour costs are cheaper.
For example, the country’s garment producers can shift their production lines to Vietnam or Thailand or those specialising in electronic products may turn to Malaysia.
The trend is predicted to increase slightly in the next two years and will increase strongly after 2018.
In order to help enterprises to seize opportunities from the AEC, the Singaporean government and trade associations and chambers have applied many measures and programmes to help small- and medium- enterprises (SMEs) to invest overseas.
Besides training a competent workforce, Singapore is also encouraging SMEs to take advantage of technology and innovation to cement competitiveness and boost growth with maximum assistance from government agencies such as the Agency for Science, Technology and Research (A*STAR) and Spring.
Enterprises that want to expand operations aboard will get special assistance from the International Enterprise (IE) Singapore and the government.
The Singapore Business Federation holds workshops every two months with the participation of representatives from Spring, IE Singapore and the Ministry of Trade and Industry to explain the AEC’s important fields to SME leaders.
Singapore has also launched an initiative called SkillsFuture to help businesses learn the necessary skills to train a highly productive and expert workforce.-VNA
Myanmar will only be able to join the AEC in 2018 since the country is yet to stand ready for a full integration, said the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).
The ASEAN Community is set to formally take effect on December 31. It includes the three pillars which are economics, politics and security and socio-cultural components.
Thailand, one of the ten countries with the strongest competitiveness in Southeast Asia, is ready for both opportunities and challenges from the ASEAN Economic Community, a Thai official has said.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
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Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
Singapore assists enterprises in tapping AEC opportunities (Source: VNA)
