Confederation of Asia-Pacific Chambers of Commerce and Industry

CACCI Profile Confederation of Asia-Pacific Chambers of Commerce and Industry

Vol. XLV, No. 7 July 2020

CACCI President Speaks In this Issue: at TOBB Online Forum on • CACCI releases latest Product and Service Council International Relations in the Newsletters ...... 2 Post-COVID ERA • CACCI President Joins Online Meeting on NZ-India Relationships ...... 3 • CACCI, TaiwanICDF paper highlighted in CoNGO contribution to HLPF 2020 ...... 4 • ICC Saudi Arabia Chairman Holds Online Meeting with CACCI Secretariat Executives ...... 4 • CACCI Secretariat Executives Meet with Indian Representative in Taiwan ...... 4 • CACCI Solicits Project Proposals for Funding by the CACCI Foundation ...... 5 • News Updates ...... 6 • Member Personalities ...... 15 • Product and Service Councils ...... 17 • Special Feature ...... 18 • Investment & Joint Ventures in the Region ...... 23 • Economic Cooperation News ...... 26 • Technology ...... 28 • Policy Updates ...... 30

Mr. Samir Modi, President of the Confederation of

was one of the special guest speakers at the online forum onAsia-Pacific “TOBB International Chambers of Relations Commerce in and the Industry Post-Covid (CACCI), Era” envisions a 5.2% contraction in global GDP in 2020 – the deepest global recession in eight decades, despite organized by the Union of Chambers and Commodity unprecedented policy support. Per capita incomes in the exchanges of Turkey (TOBB) on July 1, 2020. vast majority of emerging market and developing economies Mr. Modi was invited to speak on “Post COVID-19 are expected to shrink this year, tipping many millions back and CACCI: The Economies of Asia-Pacific Countries”. The into poverty. By 2021, cumulative output losses worldwide other speakers included Mr. Youseff H. Khalawi, Secretary are expected to reach US$8.5 trillion, wiping out nearly all General, Islamic Chamber of Commerce, Industry and The Economies of OIC Countries”; and Mr. Gunter Verheugen, gains of the previous four years. The global recession would AdvisorAgriculture to the (ICCIA), President who spokeof TOBB on and “Post Former COVID-19 Vice and President ICCIA: defaults.be deeper if bringing the pandemic under control took longer than expected, or if financial stress triggered cascading of the European Commission, who as Keynote Speaker gave the Asian Development Bank assessing the potential impact Focusing on Asia, Mr. Modi cited a recent report by a general evaluation of the relations between the EU and the rest of the World, especially USA, China and the UK in the In his presentation, Mr. Modi pointed out that the of COVID-19 on the region, pointing out the following: Post-Covid-19 and of Turkey-EU relations. containment measures to address the coronavirus Developing Asia will barely grow in 2020 as COVID-19 pandemic has, with alarming speed, delivered a disease pandemic hamper economic activity and weaken global economic shock of enormous magnitude, leading to external demand. The ADB forecasts growth at 0.1% for the steep recessions in many countries. The baseline forecast Continued on page 2 1 assetneed toprices. ensure At thatthe samethe monetary time the andcrisis fiscal presents support a window measures of boost productive capacities, rather than simply driving up

toopportunity withstand for economic “recovering shocks, better”. improve Renewed social global protection solidarity can help strengthen public health systems, build resilience

systems, and address the climate change emergency. implementingIn this stimulus regard, packages Mr. Modi to help noted confront that the many economic CACCI members are working with their respective governments in

challenges posed by the COVID-19 situation. At the same time, theirthey arerespective also instituting constituencies. measures aimed at minimizing the negative Heimpact reported of the pandemicthat during on the the business virtual operations conference of region in 2020, the slowest growth for the region since 1961. While growth in 2021 is expected to rise to 6.2%, GDP levels in on “Roadmap Towards Back-to-Business for Asia Pacific 2021 will remain below pre-crisis trends. Countries” jointly Organized by CACCI and FICCI on June 2, Hit hard by COVID-109, South Asia is forecast by 2020, CACCI member chambers from seven Asian countries – ADB to contract by 3.0% in 2020, compared to 4.1% growth onincluding the impact Australia, of the India,pandemic Georgia, on their the Philippines,respective economies, Japan, Sri predicted in April. Growth prospects for 2021 are revised down Lanka, and of course, Turkey - shared valuable information to 4.9%from 6.)%. countries are doing to mitigate the impact of the crisis on the Economic activity in Southeast Asia is expected to what the business sector and government authorities in their measurescontract by affect 2.7% thisdomestic year beforeconsumption growing byand 5.2% investment in 2021. Contractions are forecast in key economies as containment economy, and what measures are currently being set in place as part of efforts to put back the economy and businesses on including Indonesia (-1.0%), the Philippines (-3.8%) and the road to recovery. Mr. Modi also noted that CACCI has been working Asia.Thailand (-6.5%). On the other hand, Vietnam is forecast to strategies to deal with the pandemic, including the ASEAN grow 4.1% in 2020, the fastest growth expected in Southeast closely with other regional organizations in formulating Government Organizations in consultative status with the Business Advisory Council and the Conference on Non- to trade Centraldisruptions Asia’s and economic low oil activity prices. isGrowth expected is forecastto contract to by 0.5% compared with the 2.8 growth forecast in April due In conclusion, Mr. Modi expressed his hopes that, despiteUnited Nations the limitations (CoNGO) that the ongoing crisis has placed on recover to 4.2% in 2021. Meanwhile, restricted trade flows and declining activities to further enhance the value of our organizations tourism numbers have dampened economic outlook for the its resources, CACCI and its members will continue to pursue Pacific subregion. The sub-regional economy is forecast to contract by 4.3% in 2020, before rising to 1.6% in 2021. to our respective members and communities, to help rebuild Inflation for developing Asia is forecast at business confidence, and to ultimately achieve economic 2.9% in 2020, down from a forecast of 3.2% in April, reflecting recovery. depressed demand and lower oil prices. In 2021, inflation is expected to ease to 2.4% CACCI releases latest Product & The ADB report further points out that border closures, travel restrictions, and lockdowns that outbreak-affected Service Council Newsletters economies implemented to arrest the spread of COVID-19 will likely cut global trade by $1.7 trillion to $2.6 trillion. The Confederation of Asia- Global employment decline will be between 158 million and 242 million jobs, with Asia and the Pacific comprising 70% of total employment losses. Pacific Chambers of Commerce and Labor income around the world will decline by $1.2 Industry (CACCI) has published the trillion toMr. $1.8 Modi trillion—30% noted that, of whichfaced willwith be an felt unprecedented by economies latest editions of five Product and in the region, or between $359 billion and $550 billion. health, social and economic crisis, governments in developed Newsletter,Service Council Health (PSC) and Newsletters, Education economies have rolled out massive stimulus packages to namely: Food and Agriculture minimize the fallout of the pandemic. Entrepreneur, and the Tourism Newsletter.Newsletter, Grow, Asia-Pacific indeed critical to contain the pandemic and extend economic The Food and Agriculture He stressed that stronger global cooperation is support to countries hardest hit by the crisis. To protect jobs the Asian Council on Food and Agriculture. The fourteenth Newspaper is the publication of and prevent a further rise in income inequality, governments 2 in New Zealand, and organizations that are working to aid latest news and interesting reports on food and agriculture and empower women entrepreneurs. volume, released last May 2020, highlights the trends, the toin name the Asia-Pacific a few. region, which include urban farming, Asia-Pacific Entrepreneur hydroponics, and food security amid The the Health COVID-19 and pandemic,Education whichis the aims publication to inspire, of strengthen, the Young andEntrepreneurs promote Group-a pro-enterprise Asia Pacific, of the Asian Council on Health andNewsletter Education, is the officialserving publication as an effective platform for an exchange spirit among Asia-Pacific youth. of information among the sector interestingIts 21st volume,materials publishedfrom all over in of health and education in the June 2020,the containsregion thata selection includes of

volume,CACCI region. which Recentlytackles such released topics in innovative business ideas, asearly universal July 2020 health was thecoverage, fourteenth the The Tourism Newsletterreplicable projects, success stories effects of young entrepreneurs, and networking opportunities. of the coronavirus pandemic on of the Asian Council on Tourism. mental health, e-learning, and serves as the official publication educational reform. tourismVolume in22, the which age of was coronavirus, released CACCI Women Entrepreneurs in early July 2020, addresses The publication of the alsoand possibleincludes plans other of interestingmitigation storiesCouncil, Grow,of inspiring released itsfemale 21st featuresand recovery on the moving Muslim forward. tourism It Volume in June 2020. It features market in Taiwan, Mongolia’s dinosaur fossils, a virtual tour of entrepreneurs and how they are riding out the COVID-19 pandemic, ‘mumtrepreneurs’ and ‘girlbosses’ Turkey, and spring in Seoul.

CACCI President Joins Online Meeting on NZ-India Relationships

Mr. Samir the Federation of Indian Modi, President of the

Chambers of Commerce and Confederation of Asia-Pacific Industry (FICC) which is the Chambers of Commerce and biggest business grouping Industry (CACCI), was invited ofrepresenting India; a broad range of by the Wellington Chamber industry and service sectors aof discussion Commerce on (WCC)New Zealand- to an Indiaonline relationships. meeting on June Organized 26 for b. contactsestablish and moredialogues direct business-to-business Executive of WCC, the online India; and by Mr. John Milford, Chief c. betweentake Newadvantage Zealand andof meeting was also attended by Zealand and India, which the meeting Mr. Stephen Jacobi, Executive participantsand business agreed relations need betweenimprovement. New the upcoming 34th CACCI Director of both the New Zealand Aside from getting the Regional withConference the Meeting to be held of inthe October APEC International Busines Forum(NZIBF) Comprehensive Economic Partnership 2021 in Wellington in conjunction Directorand the APEC of the Business NZIBF Advisory and Vice-Chair Council scheduled at that time during which of(NZ); East Ms.Asia FionaBusiness Cooper, Council’s Associate RCEP with the participation of India, Mr. Ministers Responsible for Finance Working Group; and Mr. Fergus Grenfell, Modi(RCEP) proposed approved three soonest other channels preferably for delegation from India to join him. Mr. ModiThe willtwo trysides to organize agreed a bigto continue their regular dialogues on the howPolicy to Researcher further improve at WCC. the economic strengtheninga. conduct more economic dialogues ties between with matter in the months ahead. Discussions focused mainly on the two countries, namely:

3 CACCI, TaiwanICDF paper highlighted in CoNGO contribution to HLPF 2020

as “Accelerated Action and Transformative “A Paradigm toward an Equitable and Sustainable Future through the Realizing the ofPublic-Private Taiwan’s International Partnership Cooperation in the Asia- DecadePathways: of Pacific”, highlights the best practices Action and Growth,and Development Human Capital Fund (TaiwanICDF)Development, in Sustainable Agriculture, Economic Conference of NGOs in Consultative and its RCAP focused onDelivery the last forsix TaiwanICDF is one of the strategic For the past four years, the words:Sustainable ACTION Development.” AND DELIVERY CoNGO FOR partnersand Partnerships of CACCI for Sustainablein its efforts Future. to Relationship with the United Nations In a statement to HLPF sector in the Asian region. (CoNGO) has been working through SUSTAINABLE DEVELOPMENT. promoteThe the second interests example of the businessis one its Regional Committee in Asia-Pacific NGOs/CSOs in the region to work forum, CoNGO highlighted a paper (RCAP) to augment the potential for 2020 participants days prior to the andsubmitted focuses by on the grass Pan rootsPacific action South in East the with the United Nations, with a submitted by the Confederation of Asia Women’s Association (PPSEAWA) particular emphasis on the Sustainable illustrativeAsia Pacific examples Chambers of of Action Commerce and Development Goals (SDGs) and Agenda and Industry (CACCI) as one of two areas of Water for Sustainable Living, 2030. and Adaptive Yoga for Vulnerabilities For the United Nations High- Delivery that show identifiable results (notably for persons with disabilities level Political Forum (HLPF) on July 7 to replicable by others. The paper, titled and special needs). 16, 2020, the overall theme has been set ICC Saudi Arabia Chairman CACCI Secretariat Holds Online Meeting with Executives Meet with Indian CACCI Secretariat Executives Representative in Taiwan

M r . Yassin Alsuroor, Vice Chair of the International

Chamber of ChairmanCommerce of (ICC) ICC and concurrently

Saudi Arabia (and Executive Chairman of A’amal Group), touched base with executives of the CACCI Secretariat on July 13 to discuss the possibility of CACCI organizing a webinar during the upcoming B20 Summit tentatively scheduled on October 26- CACCI Director-General Mr. Ernest Lin (2nd from 27, 2020. The B20 is a forum through which the private sector right) had a lunch meeting on July 15 in Taipei with Mr. produces policy recommendations for the annual meeting Rishikesh Swaminathan Ravikumar, Deputy Director-General of the Group of 20 (G20) leaders. The B20 brings together of India Taipei Association (3rd from left). They were joined business leaders from across G20 member countries to reflect by Mr. Guann-Jyh Lee, Deputy Director-General, Bureau of the key role of the private sector as the main driver of strong, Foreign Trade, Ministry of Economic Affairs, Republic of sustainable and balanced growth. The B20 Summit serves China (Taiwan) (right); Dr. Madhu Cherukury, CEO, Allgenesis as the occasion for the B20 members to present their final Biotherapeutics Inc. (2nd from left); and CACCI Deputy policy recommendations to the G20 Presidency. CACCI has opportunitiesDirector-General for Mr.Indian Amador companies Honrado in Taiwan, (left). among others. been invited to participate in the activities of B20 in previous Discussions focused on business and investment years. This year’s B20 is chaired by Saudi Arabia. 4 CACCI Solicits Project Proposals for Funding by the CACCI Foundation

the Barisal Women

theChamber project of Commerceassisted theand Industryentrepreneurial (BWCCI), development of

less fortunate ones, inwomen, Barisal, especially which is thean old port located some

Dhaka in southern Bangladesh.353 kilometers from d. “Empowering Women Entrepreneurs in

Mongolia - The MNCCI Cosmetic Industry” in aimed at strengthening project is primarily owned cosmetic the capacity of female- conducting training to companies by

some 200 employees companies(both women engaged and men) in theof manufacture the 30 Mongolian of end- use cosmetics.

a. “Youth Business Sri Lanka in the regionTo boost and the help development them mitigate of the one receiving US$5,000: - that CACCIwould ishelp looking us forachieve projects the – small and medium enterprises (SMEs) either ongoing or still to be implemented ofProgramme” Commerce, in the Sri Programme Lanka – CACCIthe impact President of theMr. ongoingSamir Modi COVID-19 invites Managed by the Ceylon Chamber objective of the CACCI Foundation, pandemic on their respective businesses, facingparticularly unprecedented at this time when challenges business provided assistance (in the form enterprises – especially SMEs – are CACCI Primary and Affiliate Members of a loan of US$500 and mentoring struggling to survive. to submitThe project CACCI proposals Foundation for possible was support) to enterprising youths brought about by the pandemic and are funding by the CACCI Foundation. “Lifewho haveForever viable businessBeautiful-Organic plans but do not have financial resources; Project proposal/s can be implementestablished projects in 2006 aimed to at help promoting CACCI b. initiative of the Mongolian inquiries,submitted please to CACCI contact Secretariat the CACCI by entrepreneurshipPrimary and and Affiliate the development Members Mongolia” in Mongolia – An July 31, 2020, if possible. For further

National Chamber of Commerce Secretariat via e-mail at [email protected] . inof SMEs.the Asian The ultimatedeveloping objective countries is to milkand Industry from herders, (MNCCI), with the the project view assist the constituencies of chambers towas creating aimed a atfoundation procuring for yak’smilk to economic development of their production. respectiveto become countries. sustained contributors c. “Promoting Women Entrepreneurship Through Development of SMEs” in the followingSince four its projects, establishment, with each the CACCI Foundation has helped finance Bangladesh – Initiated by 5 News Updates

Modicare named 5th Great Mid-size organizations, and entities that have Workplace in India Representatives of NGOs in consultative statusobserver with status the Economic with the and Assembly. Social Mr. Modi said that for him, his people participate. This ensured the full and meaningfulCouncil (ECOSOC) participation were alsoand invitedvoices toof consideredcome first. Atimportant. Modicare, He doing adds, things “We differently and out of the ordinary, is The multi-stakeholder hearing, women and girls and youth. believe in love, we believe in care, and TV and social media channels, included we believe that giving back to our people awhich moderated was also dialoguelive streamed among on UNgender Web and givingModicare back tois ouralso communitya Great Place is very very important.” theequality challenges leaders and from opportunities Government andfor to Work-Certified Organization from civil society. The dialogue focused on April 2020 to March 2021. On its and the empowerment of women. The website, the awarding body notes the hearingaccelerating also actionfeatured for panel gender discussions equality andcompany development. recognizes The the aspirationsmanagement of with representatives of women’s hasemployees created and unique focuses practices on their for growth leader organizations as well as a Q&A segment. development which include Executive Modicare, one of India’s leading Coaching, cognitive workshops, and ASEAN-BAC Holds ranked 5th among India’s Great Mid-size Direct Selling companies, has been feedback; in addition to skill and Dialogue with Leaders at Work. aproduct-based host of Reward training. and To Recognition encourage 36th ASEAN Summit WorkplacesModicare’s for 2020 byFounder Great Placeand to Programs.and recognize Right employees, from the HR induction, conducts Managing Director is current CACCI ASEAN leaders are calling for which is often the first impression the President Samir Modi, who established employees carry, to the exit interview, the the company in 1996. On why he believes sensitivity displayed by the organization more effective public-private sector the company is a Great Place to Work, has a lasting impact on all employees. cooperation to fight Covid 19 and urgently finalize a regional Economic UN Women holds virtual multi-stakeholder hearing engagedRecovery Planwith (ERP). the ASEAN Business On June 26, leaders of ASEAN A high-level Dialogue.Advisory CouncilThe leaders (ASEAN highlighted BAC) via videoconference during their 17th meeting (HLM) of the United Nations andthe keyregional role thatlevels, the to privatemitigate sector the General Assembly will devastatingplays to help economic ASEAN, and both social at national impact be held in New York, of the pandemic and lift the region theme:on 23 “Accelerating September interactive multi-stakeholder hearing, to 2020, with the overall ensure the active participation of multi- towards economic recovery at the the empowerment of all women and ASEAN Chair, Prime Minister stakeholders in the process. earliest possible time. girls”.the realization of gender equality and The hearing was held on a As part of the preparations for H.E. Nguyen Xuan Phuc of Vietnam, the HLM, the President of the General forconveyed putting his together gratitude toa ASEANpackage BAC, of virtual platform on July 21, 2020 from led by 2020 Chair Dr. Doan Duy Khuong, 10am to 6pm EDT. It brought together Assembly, with the support of the United representatives of UN Member States Nations Entity for Gender Equality and actionable short-term recommendations and members of the specialized and key elements of the Post Pandemic the Empowerment of Women (UN- agencies with observer status with the Women), organized and presided over an Economic Recovery Plan with the General Assembly, intergovernmental support from Partner Joint Business 6 News Updates

Malaysia’s Senior Minister of International Trade and Industry, Datuk saidSeri that Azmin given Ali, the who crucial spoke role on of behalf the of Prime Minister Muhyiddin Yassin,

Commission,private sector, likewise he fully stressing supports that time the establishment of the High-Level Special

theis of Hanoi the essence Plan of forAction the towardsfinalization greater of a Councils and Sector Champions. ASEAN concerted ERP that must be anchored on

H.E.initiatives Hun fromSen, meanwhile,other ASEAN emphasized bodies. economicThe integration Thai Prime and Minister supply Chan- chain HighBAC ChairLevel KhuongSpecial first Commission and foremost on that the Cambodianpandemic has Prime accentuated Minister the o-chaconnectivity. and Indonesian Minister Airlangga urged the establishment of the ASEAN Hartarto also expressed concurrence chain and increase in intra-ASEAN trade with ASEAN BAC’s recommendation to KhuongCovid-19 also and emphasizedthe formulation the ofreadiness the Post throughurgency tothe improve immediate the regionalelimination supply of ofPandemic ASEAN BAC Economic and its Recovery partners Plan. to help Dr. the Commission through the Special finalize RCEP in the earliest possible. remainingIndonesia’s tariff barriers Coordinating and difficult ASEAN BAC strongly pushed for the Ministernon-tariff for barriers. Economic Affairs Airlangga finalization of RCEP but provides India Business Advisory Board as private all the opportunity to join up to the end Chan-o-Chasector advisory focused body. on the importance positiveof the year. note of the alignment of ASEAN of ASEANThai resilience Prime Minister in responding H.E. Prayut to theHartarto, importance speaking of a onDigital behalf ASEAN of H.E.for BAC’s Inrecommendations summary, the Chairwith tookthe future health emergencies as covered President Joko Widodo, took note of focus on ASEAN’s human resource the Leaders. The Chair urged ASEAN strong support to ASEAN BAC’s proposal development.sustainable development He likewise with particularextended interventions and directions made by by ASEAN BAC’s presentation. He gave with ASEAN and national governments Board to ensure strong private sector BAC to continue cooperating closely to set up the Special Business Advisory support for the establishment of the as it draws up the ERP. ensure no duplication with related High-Level Special Commission (HLSC) for self-sufficiency and competitiveness cooperation with ASEAN but must and Special Business Advisory Board (SBAB). MHP is Newest CACCI Lifetime Special Member

total production of

incubation and grow-out; processing; more than 700,000 marketing; and sales and distribution. productstons per to year.more than The entireThis enablesproduction maintenance process and enhances of strict company exports its biosecurity standards throughout the production facilities in70 the countries. Netherlands, It has quality control. Slovenia, and Slovakia, As part of its vertically- itsintegrated chicken businessproduction. model, Grains MHP such grows as wheatcorn, sunflowerand rape are and also soya grown to supportfor sale PrJSC Myronovskiy Hliboproduct and a distribution (MHP), a vertically integrated agrarian office in the UAE. holding headquartered in Kiev, Ukraine, MHP’s vertically-integrated to third parties. The company leases has become the newest Lifetime Special business model provides an ability to agricultural land located primarily in Member of the Confederation of Asia- control the quality of products “from the the highly fertile black soil regions of Pacific Chambers of Commerce and stagesfield to of fork”. chicken MHP production owns and processes: operates Ukraine. Industry (CACCI). grainmodern and facilities fodder at eachproduction; of the keyegg MHP is headed by its CEO and MHP is the leading Ukrainian major shareholder Yuriy Kosyuk. producer of poultry products, with a 7 News Updates

Business sentiment in Asia plunges to 11-year low: poll

Many nations are easing COVID-19-related lockdowns, but worries have mounted that another wave of infections could hurt economies that have been battered from weeks of curbs on travel and movement. includedCompanies Taiwanese fromcontract 11 Asia-Pacific manufacturer nations Wistron responded Corp, to the Thomson Reuters/INSEAD survey. Participants

OilThai Search hospitality Ltd. group Minor International PCL (MINT), Japanese automaker Suzuki Motor Corp and Australia-listed Business sentiment of Asian companies sank to that industrial output quickened for a second straight month China, where COVID-19 was first detected, reported an 11-year low in the second quarter, a Thomson Reuters/ last month, but a weaker-than-expected gain suggested that INSEAD survey found, with about two-thirds of the firms the recovery remains fragile. surveyed flagging a worsening COVID-19 pandemic as the strategist“It at tellsHL Bank us that Singapore. the recovery will take time and it biggest risk over the next six months. won’t beGovernments a V-shaped recovery,” have rolled said out Jeff stimulus Ng, senior measures treasury to While the pandemic’s initial impact was reflected support ailing economies. Singapore and Hong Kong, among in the March survey, confidence during this quarter fell by a third to 35, only the second time that the Thomson Reuters/ INSEAD Asian Business Sentiment Index has slumped below the most open economies in Asia, have backed sectors such as 50 since the survey began in the second quarter of 2009. airlines that are bearing the brunt of travel restrictions. A reading above 50 indicates a positive outlook. The The US Federal Reserve earlier said that it would last time the index showed a reading below that was in its likely holdHowever, its benchmark recessions interest in most rate nearmajor zero economies through debut quarter, when it hit 45. 2022, signaling it expects a long road to recovery. About 16% of the 93 companies surveyed also said that a deepening recession was a key risk for the next six are still expected to be more severe this year than forecast, months, with more than half expecting staffing levels and Reuters polls of more than 250 economists published in late business volumes to decline. May showed. “We ran this survey right at the edge when things Chaiyapat Paitoon, chief strategy officer at Bangkok- were getting really bad,” Antonio Fatas, a Singapore-based based MINT — which operates brands such as Marriott and week.economics professor at the global business school INSEAD, Four Seasons, and gets the bulk of its revenue from Europe — said of the“We survey can see conducted this complete between pessimism May 29 which and Friday is spread last said that the company had taken several cost-saving measures grow,”to minimize Paitoon the said. impact on its profits. “MINT’s main priorities are to survive, stabilizeReuters and across sectors and countries in a way that we haven’t seen before,” he said.

pandemic to economies in theVirus Asia- to cost Asia-Pacific US$3tn: S&P The damage from the COVID-19 would contract by 1.3%, compared with can help cushion the blow and provide a the 0.3% growth the ratings agency latestbridge Worldto the recovery.”Economic Outlook report Pacific region is predicted to reach US$3 previously forecast. However, regional that growthThe IMFin inAsia’s mid-June emerging said inand its trillion overThe twolatest years, estimate according is tohigher S&P economies would recover next year with Global Ratings. 6.9% growth, S&P said. output that S&P in April forecast for the “Asia-Pacific has shown some developing economies this year would region.than the US$2 trillion in lost economic success in containing COVID-19 and, likely contractS&P retained 0.8% before its forecast rebounding that Based on its estimate, economic by and large, responded with effective Taiwan’snext year andwith South5.9% growth.Korea’s economies Shaunmacroeconomic Roache said policies,” in a statement. S&P Global “This Ratings Asia-Pacific chief economist growth across the region this year this year would shrink by 1.2% and 1.5% 8 News Updates

ofrespectively, their economies,citing the nations’ governments’ success in The agency said that Thailand’s containing COVID-19, a swift reopening economy would fall 5.1% this year, down from a While 4.2% most contraction economies it forecast in the targeted fiscal easing and support from previously. the resilient technology sector. The ratings agency also held its Asia-Pacific region would see a sharp growth forecast for China at 1.2% this sheets,bounce asnext governments, year, the recovery companies looks and set remainsyear and fragile. 7.4% next year, but warned to be weighed down by weak balance that China’s private-sector confidence its forecast for India’s economy to a 5% decline this year, compared with households might try to bolster their S&P cut its forecast for Japan’s the 1.8% growth that S&P previously S&Pweak said. financial positions by saving more, economy, saying it would contract by predicted, citing the country’s difficulties paying down debt and spending less, 4.9% this year and grow 3.4% next containing the virus, an anemic policy year, adding that consumers have not “The downturn caused by consumption tax. responseS&P and also underlying cut its growth vulnerabilities, forecasts recovered“We from expect the effectscautious of consumers last year’s especially across its financial sector. one,”COVID-19 Roache did said. not start“This as means a balance- less sheet recession, but may end up as for Indonesia from 1.8% to 0.7% this year andin Japangrowth,” to Roache save moresaid. than before and predicted that Malaysia’s economy lastinvestment, even after a a slowervaccine recoveryis found.” and a COVID-19, and this will crimp spending would contract by 2%, compared with a permanent hit to the economyTaipei that Times will decline of 1.1% it estimated earlier. The agency further lowered TAITRA unveils VR platform at anniversary

companies compete.”

includingGovernment-backed Computex Taipei, the TAITRA Taipei organizes almost 40 trade shows a year, International Boat Show. InternationalWhile Cycle the Show pandemic and the Taiwan has

maderesulted an ineffort the to cancelation support Taiwanese of many exhibitions, Huang said that TAITRA has

businesses using technology, such as informationthrough hackathons center featuring and the Taiwanese Global products.Anti-COVID-19 Pavilion, an online

President Tsai Ing-wen, front row center, Minister of Economic Affairs Wang Mei- founder PeterThe VR Chou trade used show a VR system headset was to hua, front row third left, and TAITRA chairman James Huang, front row third right at developed by XRSpace Co Ltd. Company TAITRA’s 50th Anniversary celebration (CNA) demonstrate how buyers and sellers can The Taiwan External Trade use the system to interact, shake hands and explore a virtual exhibition space. “COVID is changing the way The XRSpace MANOVA VR Development Council (TAITRA) on July the world does business forever, and system would be available to the public 7 presented a demo of a virtual-reality we have to be up to the challenge,” from July and is the first VR system that (VR) trade show system at the council’s TAITRA chairman James Huang said at does away with the need for controllers, 50th anniversary celebration in Taipei, the ceremony.new normal. “Online This exhibitionsnew VR trade and relying solely on hand gesturesTaipei Times for pandemic.after several trade exhibitions have been product announcements will become interactivity, the company said. canceled this year due to the COVID-19 exhibition system will help Taiwanese 9 News Updates

Global Chamber Platform Holds Virtual Meeting

The Global Chamber Platform structuralaffected by reform COVID-19. of the For World their Trade part, to(GCP) exchange held a views virtual on meeting lessons on learned July 8 the GCP has already called for an urgent to bring its network members together its governing functions more effective, Organization (WTO) in order to make during the COVID-19 pandemic and policy recommendations for the GCP on companies.preserve a reliable enforcement of rules, Industry under Ministry of Road the global economic recovery. and ensureFurthermore, an equal playing the fieldGCP forhas all relevant authorities in the government. The GCP was launched in 2002 by TransportFICCI and has Highways, recommended and a othertwo- toEurochambres develop a coherent(Association framework of European for SME agenda at the WTO in the context theChambers group and of Commerceits relations and with Industry) partner ofprioritized its modernization. the creation ofAt an theambitious same Faster Adoption and Manufacturing of year extension of the second phase of organizations around the world. CACCI, has recognized the importance of a time, the Global Chamber Platform (Hybrid) and Electric Vehicles (FAME II) scheme to 2025, along with short-term hasas apartnered member with of the the GCP organization since 2003, on the scheme. ‘Booster Incentives’ for 12 months under severalregularly roadshow attends workshops. annual meetings and digitalization of the global economy, During the virtual meeting on which will only accelerate further post- COVID. In this regard, global rules on “This should be done within the overall existing budget allocation of Rs These included: thedigital workforce trade willto give need them to the be relevant agreed, 10,000 crore for Fame II,” it said, adding July 8, severalExpected topics economic were discussed. impact digitalaccompanied skills and by avoid a training skills mismatches scheme for demand for EVs in the short run and “booster incentives will help create of the pandemic on national/ continue the momentum.” 1. regional economies support organizations around the The government can consider for businesses worldwide. Business measures taken to mitigating two-wheelers and electric three- extending subsidy support for electric 2. economicExchange of damage best practices in the on world, such as Chambers of Commerce respective national/regional ofare the uniquely workforce placed with inthe this needed regard skill- to wheelers with swappable batteries to economies accompany the increasing digitalization Further, to increase EV uptake, encourage EV eco-system creation. Mr. Leitl has expressed his set for the employees of tomorrow. 3. Exchange on policy messages FICCI recommended retail finance for of the Global Chamber Platform confidence and optimism that through electric The vehicles government to be madecan also part come of priority sector lending. Infor anhis effective Chairman’s global statement, economic global coordination and cooperation issued afterrecovery. the meeting, GCP Chairman initiatives, a swift economic recovery is all the more possible, “especially if we up with a policy that incentivizes all major e-commerce players for converting Leitl mentions that according to latest are able to bring along our SMEs.” and Eurochambres President Christoph their last-mile delivery operations to all- Post-COVID support electric by 2025, beginning with year- estimates, the COVID-19 crisis is wise targetsFICCI (20% byhas 2021, 50%likewise by leading to the deepest global recession required for electric 2023 and 100% by 2025), it said. in decades, with a predicted up to 5% vehicles: FICCI towards setting up in-house R&D contraction in global GDP in 2020. The infrastructurerecommended to a come Rs 10-crore up with Make support in India products and develop advanced pandemic has particularly affected SME’s The Federation of Indian shockacross than the larger global companies economy, do. who This have is less resources to absorb the economic technology for electric two-wheelers. measuresChambers ofto Commerceenhance demand and Industry and why it is essential that financial support manufacturingA clear policyis essential that incentivizes for the investments(FICCI) has in suggested the electric a series vehicle of local players to invest in battery cell immediatemeasures reacheconomic vulnerable fallout. businesses, especiallyAccording SMEs, on timeto Mr. to mitigateLeitl, the of lithium-ion cells. prompted disruptions. country to move away from PVthe Magazine import (EV) sector despite the recent COVID- strong response from political leaders Global Chamber Platform welcomes the These suggestions have been submitted to government policy think worldwide in support of businesses tank NITI Aayog, Department of Heavy 10 News Updates

Wellington misses out on crucial infrastructure investment, says Chamber of Commerce

than Otago“We ($260m), don’t accept and theonly Minister just a tad of Finance’smore than assurances the Bay of Plenty ($170m) and Waikato ($150m).

that the regions ‘hardest hit’ ... have been prioritised, because that certainly hasn’t happened here.” Wellington was home to the country’s second-largest economy, with a population of more than half-a-million and more than 58,000 businesses, Milford said. It also had the“seriously forefront significant of the infrastructure region-wide infrastructure drive, including deficits”. an extra In April, Milford called for several projects to be at

Wellington has missed out “yet again” on securing Mt Victoria tunnel, a mass transit system between Wellington funds to fix the region’s ageing infrastructure, the Chamber Airport and Wellington Railway Station, a $1b Petone-toof Commerce says. Grenada highway, and fixing Wellington City’s struggling The Wellington region will receive $185 million wastewater system. from a $3 billion infrastructure fund to reboot New Zealand’s The city council put forward a $1.3b-plus wish- list to the Government in April, including money for safety revealedeconomy followingover the thenext coronavirus couple of pandemic.weeks, with Wellington convention centre. Most of the projects included in the fund will be improvements to the Island Bay cycleway and a new

City’s only confirmed project so far being a $14m upgrade of The bid included $650m for 10 “shovel-ready” its District Court. The project is expected to create up to 350 projects, $158m for pipeline upgrades and maintenance, at jobs, with construction expected to begin early next year. least $60m for projects which can begin in six to 18 months, Wellington Chamber of Commerce chief executive and $490m to kickstart the LGWM programme. The latter included $8m for temporary walking and fromJohn the Milford Provincial said the Growth announcement Fund. was another snub for the region, following years of under-investment and exclusion cycling improvements, and $80m for permanent walking, cycling and bus priority infrastructure. Wellington Deputy Mayor Sarah Free said without transportLocal programme, councils with were the alsoGovernment expected to tofund contribute the rest. 40% towards the $6.4b Let’s Get Wellington Moving (LGWM) government assistance, many of the projects faced significant delays because of rising construction costs and a stretchedStuff.co.nz “Auckland’s been allocated $500m, and Canterbury council budget. $300m. Yet, once again, Wellington misses out, receiving less ICC elects Mastercard CEO Ajay Banga as new Chair

The International Maria Fernanda Garza, CEO of Orestia and current Board

has elected MasterCard CEO Chamber of Commerce (ICC) electedmember, to as the ICC ICC First Executive Vice-Chair Board, – making strengthening her the first leadership woman Banga, who served as atto holdICC thiswith position. augmented Seven geographic, other members ethnic have and also gender been Ajay Banga as its new Chair.

ICC’s First Vice-Chair since June diversity. 2018, succeeded Paul Polman Prior to joining Mastercard, Ajay Banga served as who has now become an ICC Chief Executive Officer of Citigroup Asia Pacific. He served HonoraryThe Chair, election having of servedBanga as a member of United States’ President Barack Obama’s duringas Chair the for theICC pastWorld two Council, years. Commission on Enhancing National Cybersecurity and a ofpast member overseers of Mrthe Obama’s Weill Cornell Advisory Medical Committee College, for andTrade a Policy and Negotiations. Banga is also a member of the board held annually, also confirmed 11 News Updates

non-leisure travels, and re-open select of its compensation and governance than three months of various stages of committees.director of Dow Inc. as well as a member international tourists. is among the hardest hit by the more New ICC Chair Banga said of tourist destinationsIn explaining in thetheir country support, to his new position: “I am delighted to step communityThe International quarantines Air declared Transport all into the role of ICC Chair, taking over Yujuico said, “A status quo could prove over the country. PCCI President Amb. Benedicto V. to airline suppliers and the whole air Association (IATA) has estimated the from my friend Paul Polman. In this fatal not only to the airline operators but combined losses of Philippine carriers challenging time, I intend to build on the and tourism at $4.48 billion, with job work underway at ICC and to ensure that sparetransport parts supply and maintenance reliant on services, continuing as losses potentially reaching Manila548,300 Bulletin this the organisation, on behalf of business to deliver new equipment and supplying year alone. globally, continues to lead in promoting are small and medium-sized enterprises greater prosperity and opportunity for well as enterprises, a number of which all, which includes being a crucial voice manufacturers and/or suppliers of food Central Asian Countries, in the re-building of a sustainable and (SMEs) that provision each flight – inclusive global economy.” South Korea Launch services,products, etc. cutlery, sanitary paper, water, Business Council PCCI calls for easing of blankets,These cleaning SME suppliers and maintenance of goods and services are dependent on the business travel operation of the aircrafts to remain in restrictions forbusiness.” the IATF to ease restrictions on Yujuico said it may be instructive

otherbusiness considerations. travelers subject to health, safety and documentary protocols and

“We understand a sufficient airports.number At of the testing same time, and the quarantine IATF-EID InternationalOn JuneTrade 29, Association, 2020, a video the isfacilities also looking have been at allowing set up in passengers international to meeting was held between the Korea of Korea Cooperation Forum, and the secretariat of the Central Asia – Republic Photo: J. Gerard Seguia/ (Manila Times) take their COVID-19 test abroad one to two days before their departure. As an leaders of the Chambers of Commerce active member of the Confederation of and Industry of the countries of Central The Philippine Chamber of Asia-Pacific Chambers of Commerce and Asia to establishThe online the meeting Business was Council attended of government,Commerce and in Industry support (PCCI) of onairline July assistIndustry in the (CACCI) proposal and to the secure International a letter of the Republic of Korea – Central Asia. 1 issued an appeal to the Philippine Chamber of Commerce (ICC), PCCI can of Korea, the co-chairs of the secretariat travel restrictions and allow selected by the Deputy Minister of Foreign Affairs localoperators, air travel. to ease international business invitationTo to establishsupport thethe nature continued of travel Cooperation Forum, the leadership of the In a statement, PCCI urged the operationof business of people,” local airlines, Yujuico PCCI explained. endorsed Koreaof the International Central Asia-Republic Trade Association, of Korea the proposal of ACAP for the IATF- as well as representatives of diplomatic

Inter-Agency Task Force on Emerging Philippine carriers undertaking direct petitionInfectious of Diseasesthe Air Carriers (IATF-EID) Association and the EID to extend a preferential policy for ofmissions Central Asia. and heads of Chambers of Cabinet Economic Cluster to heed the CommerceThe and purpose Industry of of the countriesmeeting phase out the quota for international ofor quota connecting for non-leisure flights intravelers. international was to develop trade and economic passengerof the Philippines arrival, (ACAP)resume to scheduled gradually airports “Thisin the Philippinecountry in theair allocationcarriers- Korea and the countries of Central Asia. travel, allow selected local air travel, Incooperation this context, between the parties the Republic exchanged of international flights for business first allocation should be extended views on the initiative of the Korean Yujuicoto foreign added. business travelers once side to create a Business Council of the countriesexplore the to possibility fast track of processing entering into of restriction on business travel is lifted,” bilateral arrangements with selected The Philippine aviation industry Republic of Korea and Central Asian 12 News Updates countries. implementing projects in areas such as In their speeches, the leaders of the CCIs raised questions of further At the end of the meeting, thearbitration, parties tourismsigned anda Memorandum industry. in strengthening multilateral and reliable trade and economic cooperation between electronic form on the establishment of the countries, establishing relations a “Business Council of the Republic of between the business communities and Korea – Central Asia. Peters said in a statement that while Cebu CCI’s tri-city project to ramp up the regional economic forum’s summit- business in Cebu related meetings are not scheduled to decide if and how meetings would until November 2021, Wellington had composed of the CCCI, Mandaue purposes. Membership Organizations in Cebu go ahead for planning and security environment, planning to have such a Chamber of Commerce and Industry large volume“Given of thehigh-level current visitors global in (MCCI), Cebu Filipino-Chinese Chamber of Commerce (CFCCC), Mactan Export impractical,” Peters said. Processing Zone Chamber of Exporters New ZealandIn March, from New late 2020Zealand onwards was one is and Manufacturers (MEPZCEM) In an effort to stop COVID-19 Chamber Inc., and Philippine Retailers from wreaking havoc on Cebu’s economy, leadersAssociation and (PRA)management Cebu Chapter,in the cities was of the first countries to effectively close the Cebu Chamber of Commerce and formed to assist business owners, its borders to international travelers to Industry (CCCI) launched Project Balik the reopening of their operations in slow the spread of COVID-19, the illness Buhay (PBB) to balance public health in the region have agreed to cooperate preparationof Cebu, Mandaue for the new and normal. Lapu-Lapu, in restrictionscaused by the are coronavirus. still in place, with even and economic sustainability. Three cities a proposedThe country’squarantine-free strict border“travel activities in the campaign, is a series and aim to gradually re-open business. Among the business group’s opening Thetheir PBB communities is an 18-month through period a bubble” between New Zealand and multi-stakeholder plan of gradually re- of PBB Orientation Webinars for its Australia“If yet we tohad begin hosted despite an in-person being themember importance companies of andadapting the businessto the APECfloated we for wouldsome time. have seen thousands calibrated, scientific, and evidence-based community. The webinars will highlight transition from enhanced community minimize the risk of infection and virus quarantine (ECQ) to general community guidelines set by the project in order to of people entering NZ from late 2020 quarantine (GCQ). In order to resume The campaign also includes onwards, some from COVID-19 hotspots. business operations, businesses are spread, as employees return to work. We simply couldn’t guarantee these urged to comply with the strategic new health protocols. Peterspeople said. would be able to enter New testing of employees and compliance to ensuring that businesses understand Zealand APEC without groups being Australia, quarantined,” Brunei, and apply the different guidelines issued Canada, Chile, China, Hong Kong, To increase business by government agencies and local community’s awareness on the standardsgovernment in the units workplace. (LGUs) pertaining Mexico, New Zealand, Papua New importance of ramping-up the economy to business regulation and newThe Freeman health Guinea,Indonesia, Peru, Japan, the South Philippines, Korea, Malaysia, Russia, through Project BalikBuhay (PBB), a Coalition of Chambers and Business States and Vietnam. New Zealand to host virtual APEC Summit in 2021 Singapore, Taiwan, Thailand, the UnitedKyodo due to virus concerns

New Zealand has announced in place during the coronavirus pandemic.virtual summit due to border restrictions that the 2021 Asia-Pacific Economic Foreign Minister Winston Cooperation forum, originally slated to be held in Auckland, will go ahead as a 13 News Updates

Australian Chamber publishes Tourism Restart Plan

Australia’s foremost tourism experts have released a deliver that, as well as providing the plan for reopening the country and welcoming visitors back, as the industry looks to save businesses, jobs and livelihoods ownersnecessary who support are in the wake of the COVID-19 pandemic. for business The Tourism Restart Taskforce, launched by The hang on during this Australian Chamber – Tourism to reignite tourism across once-in-a-lifetimedoing their best to the country, has now released the Tourism Restart Plan in crisis.” response to the economic impact of the COVID-19 pandemic. Australian According to the group’s chair Dr Jeremy Johnson, Government “The plan provides a runway back to operations as we look Agencies, including to save the industries which create one of 13 jobs in the Austrade, the National COVID Coordination Commission, theAustralian group waseconomy.” formed in order to provide expert advice to Australian Chamber – Tourism chair John Hart said restarting domestic and international tourism. gettingTourism the Australia restart program and Treasury set in workedmotion. with the Taskforce the Morrison Government on a supply-side action plan for as the plan was being developed and haveACCI been Media integral Release to said. “We“Tourism hope this businesses plan will need help lead all timelevels to of prepare government – they can’t just open their doors in 24 hours and start trading,” Hart

ABC Dialogue: ASEAN members urged to engage and cooperate for economic recovery post COVID-19

andsupport, micro mainly SMEs. for health workers and health-related needs; a social safety net,

on the gradualIbu Felia and Salimcareful sharedre-opening her thoughts on several probable scenarios from the sectors with the lowest risk, of the economy. This included starting

adoptingsuch as agriculture, “smart” localised forestry, fisherylockdowns and remarks highlighting the recent manufacturing food and beverage; and hosted its inaugural virtual ABC Dialogue The ASEAN Business Club (ABC) wheneverShe necessary also shed in thesome face light of theon initiatives that ABC has embarked upon prevailing challenge of COVID-19. on July 9 titled “Corporate Indonesia’s including playing an active role as a Recovery Measures Post Covid-19” with member of the Joint Business Council of digitalIndonesia’s products imposition and provide of a 10% services VAT onin Ibu Felia Salim, Director of Eximbank the ASEAN Business Advisory Council During the ABC Dialogue, Indonesia,non-resident explaining foreign tech that firms tax thatrevenue sell servicesIndonesia. sector, Ibu Feliahaving is held an establishedprominent (ASEAN-BAC). public figure in the Indonesian financial Ibu Felia Salim discussed Indonesia’s from this sector is key to cross-subsidise roles in the financial sector including first policy responses in crisis mode, Exchange and Vice President Director long-termthe nation’s efforts fintech should development. focus on more More ofManaging PT Bank Director Negara of Indonesia, Jakarta Stock an mentioning that the Ministry of Finance importantly, Ibu Felia highlighted that Indonesian State-Owned Bank. quickly obtained parliamentary approval to re-posture the national budget to Tan Sri Dr. Munir Majid, thepolicy digital and divide. structural reforms, adapting temporarily allow the budget deficit to President of ABC gave the opening to the digital economySpeaking and on addressing what go beyond the statutory 3% limit. This was intended to make room for fiscal 14 News Updates

in Indonesia. ASEAN’s takeaway should be from donehow thein regionthe healthcare can become sector a platformfor the to ensure sustained bureaucratic reform this pandemic, Ibu Felia stated that pandemic.for globally strategic sectors as they had engagebeyond theand short-term cooperate fiscal with stimulus their Mr. Chew Seng Kok, Board Participants of the webinar by Governments, member states should suchactively as participatedIndonesia’s inexport the Q&A trends session, post and session moderator, commented raising questions on specific insights neighbours as a collective. Instead of thatMember the ofeffective the ASEAN measures Business imposed Club withdrawing from globalization, they inCovid-19 handling and the the pandemic‘s resilience impact of banks. in should also instead focus in rethink the medium globalisation term on IndonesiaPublic-private was also cooperation discussed. initiatives through regionalisation. Member states by Indonesia in handling the pandemic should be implemented in the long run ICC Calls on G20 Finance Ministers to Extend Debt time to create an appropriate process to Relief to Developing Countries enable fair, comprehensive and binding settlements in cases of debt distress— • Developmentand design debt Goals. relief for countries in – to: need that“Removing is aligned with thethe Sustainablespectre commensurateExtend the suspension with the anticipated of debt payments to 30 April 2022, containment and the economic crisis of sovereign debt from pandemic • economic uncertainty and scarring workers and citizens throughout the caused by the pandemic; world.is an absoluteThe required imperative investment to business, from Enable lower-middle and middle- the world’s leading economies is minute circumstances;income countries to obtain relief on compared to the social and economic to take Thea coordinated International action Chamber to avoid of • their external debts in appropriate costs of inaction,” the ICC points out. Commerce (ICC) is calling on the G20 the human and economic toll of the Replenish IMF facilities to enable ongoingsovereign coronavirus debt burdens crisis. compounding • Createthe suspension and fund of loanmechanisms repayments at otherto the Fundmultilateral through Aprildevelopment 2022; Member In a letter issued just before Personalities the G20 Finance Ministers meeting held • banks to facilitate the provision of during the second week of July, the ICC debt relief to eligible countries; – working in close partnership with the participationEstablish from new private institutional creditors Nguyen Quang Vinh is International Trade Union Confederation mechanisms to enable full VCCI Secretary General of(the engaged global voice citizens of the whoworld’s use working their people) and Global Citizen (a movement thein the DSSI; provision and of debt forbearance • in accordance with any expansion to collective voice to end extreme poverty full participation of private creditors by 2030) – told the G20 that its aim Address any potential barriers to the tois protect to ensure lives that and debtlivelihoods burdens in the do face not compromise the ability of governments in official debt relief efforts by providing coordinated clarification of COVID-19, for instance, by ensuring on theLooking implementation to the mid-term, of applicable the ICC that they have sufficient fiscal capacity regulatory frameworks to provideTo emergencythis end, supportthe ICC toletter help businesses to survive the health crisis. also calls on G20 Governments to chart a path to ensure that debt overhangs calls on G20 Governments to build on indo the not aftermath inhibit the of prospect the pandemic. of robust It Since 2017, Nguyen Quang Vinh commitments made in April 2020 - which explainsgrowth returning that extending to the globalthe window economy of has served as the Secretary General of inreflects light of concerns the worsening articulated outlook by for many the Vietnam Chamber of Commerce and national ICC committees and chambers Industry (VCCI), and is also the Vice emergency suspension and relief until President cum General Secretary of global economy over the next 18 months April 2022 should provide sufficient Vietnam Business Council for Sustainable 15 Member Personalities

maintaining relationships with partners, and networks with individuals and Development (VBCSD) organisations. SustainableVinh Developmentgraduated from (VBCSD) National in Joining VCCI since 1992, He participated in the 2010. Mr. Nguyen Quang Vinh has had 28 Banking Department and completed years of management experience in hisEconomics MBA in International University, Business Finance and & hisinternational career path relations to VCCI’s andInternational business establishment of the Office for Business sustainable development. Vinh devoted Sustainable Development (SDforB) andof VCCI the inVietnam 2006, Business the Global Council Compact for Export Management in 1998 from Cass Relations Department for 13 years, Vietnam Network (GCVN) in 2007 Business School, London, UK. being responsible for building and SBF Elects Lim Ming Yan as New Chairman transformationinternationalisation for andthe diversificationfast-evolving A t future.of businesses, as well as digital the Singapore Business and chambers (TACs), and two co-opted Federation’s members were appointed to form the are still “Itgrappling will not bewith a smooth-sailingthe economic 25-memberHaving SBF Councilhelmed forone a two-yearof the road ahead as many of our businesses largestterm from and 2020 most to successful 2022. companies However, I am committed to working General(SBF’s) fallout of the COVID-19 pandemic. Meeting18th Annual and the SBF Secretariat to deliver fresh ain wealth Asia, CapitaLand of knowledge Limited, and experience the newly perspectivesclosely with my and fellow programmes Council Members to our elected SBF Chairman brings with him Mr.(AGM) S.S. heldTeo of the movement in transforming the steppedon June 30, in not just the real estate industry but members. I look forward to being part down as SBFglobal Chairman markets assaid, well. “SBF will continue Chairman after serving three terms Lim, in his capacity as the new business landscape, equipping our participatebusiness leaders in shaping for aSingapore’s strong recovery future Yan succeeding him. strengtheningto work closely this with tripartite the Government, partnership and ensuring our members actively (totalling six years), with Mr. Lim Ming the unions and business leaders in representatives of trade associations in the global economy.” Eleven elected members, 12 to address hot-button issues like employment for our local workforce, Amb. Benedicto Yujuico is Keynote Speaker at PSR-RDC 11th National Convention Pilipinas;to MSMEs, PCCI’s which partnership has been with positively Small Businessaddressed Corp. by to the facilitate Bangko PCCI’s Sentral MSME ng

Hoping to inspire the members’ access to the collateral-free Philippine Chamber of inloans the loan offered structuring by the negotiations institution; and the Commerce and Industry (PCCI) former President of CACCI, graced the Yujuico presented loansengagement applications of a banking of MSMEs; expert andto assist the President Amb. Benedicto V. Yujuico, a PCCI’sPSRs, initiatives Amb. Sector Representatives of the Regional supporting the consumption of local products and 11th National Convention of the Private services.#PinasMunaTayo campaign promoting and continued Development Councils (PSR-RDC) as operationthe recoveryof Keynote Speaker. Amb. Yujuico invited the PSRs to This year’s convention was programs,visit the PCCI and Head services Office and to to learn hear morefrom conducted virtually from June 29 to businesses, Forward: Harnessing the RDC-PSR’s Role themabout whatsuggestions PCCI is doingto improve - its advocacies, doing in30, the 2020. New Its Normal,” theme, highlights “Together. the Moving. need theespecially challenges small, of the micro economic and standstill medium- sized enterprises (MSMEs) as they face to harness the role of the private sector, the regions. business and promote investmentsPCCI in the government in the new normal. includebrought the about proposal by measures to restructure to mitigate loans especially the PSRs, in undertakings of the spread of COVID-19. These initiatives

16 Special Feature

Why Google Is Investing in Taiwan’s Tech Talent By By Ralph Jennings, Contributor, Forbes

Google customers via has shown the training, a liking for and software development,certification giantTaiwan. Inopened 2013, forecasts athe data U.S. searchcenter Stephen Su, in the island. vice president and general it welcomed director of Five years later, engineers in Science and Taiwanmore than as 2,000part the Industry, of its acquisition International Technology of HTC’s under Taiwan’s smartphoneof the majority IndustrialStrategy Center design division Research Institute.Technology for $1.1 billion. graduates in Taiwan to increase “digital moreIn the samepeople year, in Taiwan while training that it would train 8,000 university hardware engineers and industries Google announced plans to hire 300 which can“Taiwan complement has a largeGoogle base [and] of topower” local mediaon the reports.island that’s already been which require closer integration of again5,000 tostudents help train in artificial more tech intelligence. talent, with a hardwareThose hub trainees, for decades, all with according less Now, Google is eyeing Taiwan join Google’s digital talent exploration software and hardware,” Su says, naming an eye toward advancing some of its than three years work experience, will AI and robotics as examples. digital tools and hiring trainees, analysts The U.S. search giant ultimately believe. program. Specifically, training through wants a relatively low-cost and secure Google keeps coming back to the end of this year will leave trainees base in Northeast Asia, says Standard spaceTaiwan for because research it offers and developmentthe tech giant in a with certification in Google digital thanChartered’s in Taiwan. Phoo. TheCosts, island including has madelabor, relatively low-cost, but highly educated marketing tools. “We’ve been investing run higher in Japan and South Korea in Taiwan’s talent for many years,” disputeAsia, analysts as well say. as Thesafe islandfrom government is also seen says Tina Lin, Google’s Taiwan general power supplies more stable in the past as a shelter from the U.S.-China trade givemanager. them “Thisthe kind year of wedigital embarked marketing on two years, he adds. a program to train 8,000 fresh grads to excellentTaiwan engineers already to feed offers a decades- cheaper prying into proprietary technology. need to support them in their digital labor and rent while “turning out “Many of these reasons go skills that we’ve heard companies really back to the same issues, like security in Google will consider hiring old, globally-recognized electronics andterms still of sort U.S.-China of gaining trade a presence relations and transformation journey.” contract manufacturing industry and maintainingusing the best a mixpresence of available in this resource part of Seng Wun, an economist in the private chip industry,” says Mark Natkin, some of the trainees itself, says Song managingChina director is not of Beijing-basedan option since IT senior East Asia economist at Standard Googleresearch closed firm Marbridgeits Chinese Consulting. search engine Chartered.Asia,” says Tony Phoo, Taipei-based banking unit of CIMB in Singapore. This month, Google added “Many will be employed by Google,” he Taiwan to a Ph.D. fellowship program says. “TheGoogle rest will can stilltap into be connected Taiwan’s in 2010 over hacking and censorship “talentback to thepool” company for product in the future.”and service efforts. “You would probably on that mentoring for computer science development while marketing digital front not consider China to be amongForbes the students.that offers Last month, $10,000 Google stipends announced and best of choices,” Phoo says.

tools to the island’s B2B and B2C 17 Product & Service Councils

Asian Council on culminated in a decision to move to Food and Agriculture to be visited daily from February to Tokyo toShe study met tourism Akio, a at teacher Daito Bunka who October. From November to January, Sri Lankan asparagus farmer University from 2006. season’sasparagus harvest. cultivators have to lay down puts down roots in Nara village fresh fertilizerAlthough to getshe ready never for thelacked next hisspeaks native Sinhala, Nara Prefecture.one of Sri Lanka’s official languages, and they moved to settle in motivation, Udara’s journey has not After giving birth to their son, been straightforward. As a mother and now 9 years old, Akio encouraged Udara raisingentrepreneur, her child she hasand tomanaging balance the to take up a hobby or find a job she would household.early morning starts of a farmer with enjoy. She worked in a range of jobs over Even though she gets some a few years without finding something she was passionate about, and when that,her husbandtoo. brought up farming as a Althoughhelp from herexhausting, friendly neighbors,she focuses Udara on possible change, she was skeptical about puttingmostly doesher work the heavyin a liftingpositive herself. light, looked like hard work,” she explained “I was against it because it known for little more than its ancient Kansai lilt. “But after going to a farming moments.framing the challenges she faces in a way In a small western Japan village workshop,in fluent JapaneseI realized that with I liked a sometimes it.” that she Some can take of joythat from support the difficult has Lankan farmer has put her heart and burial mounds, an asparagus-loving Sri encourageThe people yearlong to work workshop in the farm was hercome featured from her in Sri homeland, Lankan too.media, Udara’s with soul into showing she belongs, despite run by the agriculture ministry to peopleJapanese at home farming hailing exploits her for have following seen sticking out like a green thumb. Nara Prefecture,Udara Kametani, since she 36, started has grownout as sector to solve the issue of major labor a wide variety of vegetables in Asuka, shortages, especially in rural areas, due her dreams against heavy odds. to Japan’s aging population. Lectures ran Now a few years into her the only foreign female farmer in her area eightfor around months. four months before students tofarming what she career, produces. Udara “I iswant looking to start to about four years ago, but it is asparagus took part in on-the-job training for about branch out and to add more variety that has become her true passion. As her operation has grown, she has been Four years on, she has built a andgrowing cassava,” summer she said. vegetables you don’t prefectures.able to provide fresh produce to around business growing produce ranging from see often in Japan such as winged beans 50 storesThe in village her area with and a neighboringpopulation istatsoi, most an dedicated Asian leafy to green,growing plus asparagus, romaine however.lettuce and broccoli, among others. She Not happy just toiling on her thatfarm, she Udara has alsoa plan grows to grow vegetables various infruits her theof someKitora 5,500 Tumulus, is known which for features its many a inbackyard the near for future. her family to eat and notes ancient kofun mounded tombs, including According to Udara, asparagus is the world’s oldest constellation chart. fairly self-sufficient even when left alone Butmural with from little the else seventh going on, century Asuka with has and can reach nearly 2 meters tall if not Having lived in Japan for 14 trimmed. Although it can be harvested years, she said she only occasionally withafter thicker one year, and manylonger farmers spears to wait take for to farm.returns to Sri Lanka, and only when she seen its population decline as younger market.three years so they can be rewarded can dragHer herself awaycommitment from her belovedis residents move to find opportunities on Moreover, asparagus, as a offer in Japan’s large cities, said Udara’s perennial plant, produces for as long as husband Akio Kametani, 49. commendable and shows she has what But Udara is committed to asparagus and sold them this spring. it takes to make her business a success, putexpanding down roots. her vegetable business in the 10 years.While Udara waiting finally for harvested her perfect her but when asked if she feels special to region where she and her family have asparagus, she grew other produce be the only woman from outside Japan through her television in Sri Lanka. She working in her farming community, Udara’s Japanese journey began Udara remains modest. “I personally and dramas and was inspired to dive twobut hergreenhouses focus remained she set on up making to grow the somethingdon’t think different.”it’s terribly unusual,” she said deeperwas exposed into the to someculture. Japanese This interest shows green spears her main business. The with a grin. “But it makes me happyJapan toTimes do

asparagus are 50 meters long and have 18 Product & Service Councils

Asian Council on Tourism institutional response mechanisms. For example,physical a infrastructure ‘green tax’ for and tourists creating can Sustainable Tourism and generate revenues for environmental Fisheries Key to Growth in protection. Such fees serve as an Post-COVID Pacific and regulate the impact of tourism onadditional SIDS’ fragile benefit natural for local environment. populations Developing countries of Asia and

Photo: Unsplash / Nicolas Weldingh forSIDS conservation may consider swaps innovative to expand financing their milestonesthe Pacific arein infections experiencing and deathsunbalanced have instruments like blue bonds and debt lefttolls countless of the COVID-19 devastated. pandemic. Yet, we must Grim collection, harmonization and use of look at the economic and social impacts represent a main source of SIDS’ marine fiscal space. Open data sharing, and the of heavy reliance on fisheries, which fisheries data can be strengthened for in small island developing States (SIDS), willwealth jeopardize and bring these much-needed income streams public integrated and nuanced analysis on the where setbacks are likely to undo years revenues. The COVID-19 pandemic crisis state of fish stocks. of developmentCompared gains to other and pushdeveloping many Given the limited capacity of people back into poverty. as a result of a slowdown in fisheries the health-care systems of many Asia- have done well in containing the spread createactivity. a However, small window it is important for stocks to note to Pacific SIDS, shutting down access to countries, SIDS in the Asia-Pacific region that the COVID-19 pandemic may also many of these economies was a wise closures have contained the human cost and necessary short-term policy choice. of the the virus, virus. the Yet economic while rapid and bordersocial recover if it leads to a global slowdown controlOpening is ‘travel now important. bubbles’ with countries impacts of the pandemic on SIDS will of the commercial fishing industry. where theIn virusthe longer has been term, brought the effective under Despite the tourism and fisheries withsectors’ Special susceptibility Needs Development to shocks, ESCAP’s Report: place the Sustainable Development Leveraginglatest report, Ocean the Asia-Pacific Resources Countriesfor the implementation of the 2030 Agenda Goals (SDG) even farther out of their for Sustainable Development must reach. This is worrying as SIDS in Asia take priority. This entails ensuring and the Pacific were only on track to resources and developing sectors andSustainable tourism Development will remain of Smalldrivers Island of sustainable use of existing ocean reach SDG 9: Industry, Innovation and Consumption and Production and as Developing States, emphasizes fisheries Infrastructure and SDG 12: Responsible that provide productive employment, Decent Work and Economic Growth, a sustainable development in small island including specific types of tourism and crucialthey had driver in factof inclusive regressed development in SDG 8: developing States of Asia and the Pacific. developmentfisheries. SIDS canand do greatermore to embraceregional andThey their are importance among the for most livelihoods. important cooperationthe blue economy is an toimportant foster sustainable element One reason SIDS’ economies sectors inIn theirthe short contribution term, addressing to output and key to reaching all SDGs. pandemic is their dependence on for creating an enabling framework. tourism.are severely Tourism impacted earnings by the COVID-19 exceed the consequences of the COVID 19 Regional cooperation is especially erapandemic supportive must of taketourism priority, development but the important given the nature of fisheries long-term global context will usher in an as a common property resource and the 50% of GDP in Maldives and Palau and SIDS. increasing demand from the emerging remote locations of most Asia-Pacific comprised 30% of GDP in Samoa and middlein Asia-Pacific class of SIDS.developing This isAsia due and to the an has provided a stark reminder of the restrictingVanuatu in entrance 2018. Measures to countries to contain and The COVID-19 pandemic haltingthe COVID-19 international pandemic, travel, will including have a profound impact on the development of ageing society in the developed countries price of weaknesses in health systems, on the Pacific Rim. social protection and public services. with estimates of international tourist As part of post COVID-19 It also provides a historic opportunity these economies in 2020 and beyond, are pro-environment, pro-climate recovery, new foundations for andto advocate pro-poor. for Progress policy in decisions the region’s that sustainable tourism and fisheries in Asia- arrivals declining globally by 60-80% Pacific SIDS must be built. These sectors in 2020. The pandemic has particularly must not only have extensive links to SIDS through sustainable tourism and affected the cruise ship industry, which Enhancinglocal communities economic and resilience economies, must but future.fisheries are vital components of a global onplays these an important economies role is in manyalso aSIDS. result also be resilient to external shocks. roadmap for an inclusive and sustainable The severe impact of COVID-19 IPS News Agency focus on building both the necessary 19 Product & Service Councils

Taiwan 1st in world to resume Asian Council on Water, cruise travel amid Energy, and Environment coronavirus pandemic ‘Green points’ restaurant award program unveiled

Taiwan’s Environmental

EPA Minister Chang Tzi-chin, second customersProtection Administrationcan earn “green (EPA) points” has from right, and other officials at a news unveiled a reward program whereby conference in Taipei (CNA) practice, he said, adding that it then after dining at environmentally friendly handedrestaurants, out. with 1 billion points valued leftover food into fertilizer or to produce at NT$10 million (US$337,439) to be As part of the government’s established mechanisms to convert Other efforts included travel withTaiwan the hascruise become ship theExplorer first biomass energy. usersefforts registered to boost on the its economy Green Points amid app the Dreamcountry docking in the at world the port to of resume Keelung ship on the use of plastic utensils, as well as COVID-19 pandemic, the EPA said that encouraging recycling and restricting products and hotels with “green” would receive 5,000 points each time June 30 The before service beginning is part operationsof the Dream in promoting environmentally friendly July. pointsthey eat for at each an environmentallyuser. friendly restaurant, up to a maximum of 15,000 programcertifications. would persuade people to “green” restaurants nationwide, whose setCruises to depart brand from owned Keelung by the and Hong will Kong- stop choose “green”The agency restaurants hopes as that a top- the goals areThere to minimize are waste more of than resources 250 based Genting Cruise Lines. The ship is down approach to minimizing waste at Kinmen, Matsu, and Penghu—the ingredients prevents environmental grownby practices ingredients such and as allowing not offering diners release.outlying islands of Taiwan—starting July damageof resources, caused Chang during said. transportation, Using local disposable utensils, prioritizing locally 26, according to the company’s press while opting for ingredients that are Hung Shu-sing said. in season helps cut down on the use of to customize their portions, EPA official The “island-hopping” itinerary pesticides and fertilizer. themarks coronavirus the revival pandemic of the with global multiple cruise numerous measures to reduce the industry, which has been battered by environmentalThe agency impact has of implemented the food and a complete suspension of services Green points can be exchanged worldwide.reports of outbreaks on cruise liners for a wide range of environmentally industry, EPA Minister Chang Tzi-chin friendly products and discounts on separatingsaid, citing itsfood food leftovers waste policy. from regular services provided by eco-friendlyTaipei Times People were not in the habit of quarantineThe and588 crewmust memberseach receive on the a tourism operators, the agency said. Explorer Dream will undergo a 14-day trash until the agency promoted the Maritimenegative nucleicand Port acid Bureau. test result Rigorous before Climate fund targets $2.5 they carry out operations, said the and a focus on getting new projects billion in clean energy an initial investment of $10 million investment for SE Asia hygiene, disinfection, and disease control Philippines. underway in Vietnam, Indonesia and the thepractices crew. will be implemented onboard to ensure the safety of passengers and to make a meaningful impact on climate philanthropic donors is aiming to trigger change,” “Wesaid need Mason to mobiliseWallick, billionsClime Explorer Dream weighs 75,338 A new climate fund backed by Capital’s managing director, who sits gt and can host up to 3,630 passengers, in Southeast Asia and aid the region’s on the SEACEF investment committee. $2.5 billion of clean energy investment thebut resumedit is expected operations. to serve no more than 1,800 passengers at the earlyTaiwan stages News of The South East Asia Clean green recovery after the coronavirus. offMoney the ground, is most he needed added. to fill a gap in funding to help early-stage projects get Energy Facility () is managed by of the world’s people, is experiencing Singapore-based Clime Capital, with Asia-Pacific, home to two-thirds 20 Product & Service Councils

Asian ICT Council

Krabi to become first ‘smart airport’ in Thailand with 5G

The Thai government is teaming up with telecommunications juggernaut economic growth, leaving nations services as a part of the nation’s ‘smart rising urbanisation, population and Huawei to bring 5G networking and power while keeping promises to cut airport as a pilot project. scrambling to provide enough electric heat-trapping emissions. airport’ The initiative, National starting Broadcasting with Krabi users would account for around 65% of and Telecommunication Commission Southeast Asian countries must end worldwide 5G subscriptions within the their relianceLast on year, coal researcherspower and switch said next four years. (NBTC) and the Department of Airports As mobility and networking industry experts GSMA told Tech Wire climate change and tackle air pollution. for(DOA) technical have signed cooperation a 5G Smart and services Airport expected to 5G network rollouts this Butto clean the region energy, is tostruggling meet pledges to wean to itselfcurb memorandum of understanding (MoU) Asia recently, only temporary delays are coal in favour of clean alternatives to last week. Under the terms of the year. Even so, Thailand has taken the lead off abundant, locally produced cheap MoU, 5G technology solutions will be in Southeast Asia by officially becoming developed and applied to Krabi airport the first nation in the area to have burning fossil fuels, the main contributor first, before expanding to the 28 other commercially available 5G networks in to climate change. China is today the airports overseen by the DoA throughout various parts of the country. world’s biggest emitter of greenhouse the country. The two biggest telco operators gases blamed for global warming. in Thailand that are responsible for the TechnologiesAdditionally, Thailand, is also the in line Thai to to tackleSEACEF climate change, describes focused itself on as the a subsidiary of Huawei, known as Huawei national 5G coverage – Advanced Info “first-of-its-kind” philanthropic initiative Service (AIS) and True Move Universal high-risk funding needed to get new support, solutions, and equipment that sign another MoU to provide free 5G tech Communication (TUC) – will also Internationalbe supplying Airport. the 5G signal coverage clean energy projects up and running. It at the airports, starting with Krabi project.is worth 10 million baht (approximately will look to invest broadly in projects and US$322,800) to enable the smart airport businesses that include wind and solar Takorn believes that the smart Tanthasit, said that the installation of 5G the new operating procedures for travel power, mains grid infrastructure, energy NBTC secretary-general, Takorn airport concept is necessary following efficiency in buildings, and electronic is expected to “start within a month”. dependent Thailand, and that the signing mobility and storage, Wallick said. and movement in heavily tourism- infrastructure“Huawei by willHuawei provide and additionalthe telcos Early-stage capital is “in very innovations and services at the airport investorsshort supply”, to reduce a situation their exposure exacerbated and of this MoU will help “to improve the by the coronavirus pandemic pushing andquality NBTC of telecommunicationis hopeful that it will services help The fund, which hopes to attract for free to ensure passengers’ safety in promoteand safety the standards travel of foreign in Thai investors airports limit development budgets, he added. the new normal era after the Covid-19 and tourists to Thailand when all the outbreak, such as robots that can detect government’s lockdown orders are an additional $40 million in capital from equipmentpassenger for density passengers’ in airport luggage,” areas, he lifted.” foundations and development banks, added.thermal scanners, and UV treatment aims to mobilise more than $2.5 billion private sector. The developments mark Thaworn Senneam added that the deal in clean energy investment from the was on Deputypar with transportthe national minister digital Foundation International, Wellspring undertaken on a national scale in So far it is backed by Sea Change Climate Initiative, High Tide Foundation, Southeastthe first Asia. 5G smartBefore airportthe coronavirus project 5G-powered solutions can provide transformation strategy, and believes Philanthropies, Packard Foundation and Children’sGrantham Investment Foundation, Fund Foundation Bloomberg pandemic broke out across the globe, itreal-time comes to support travel and and airport help drive operations public confidence in health and security when leaderGlobalData in 5G was applications forecasting and the usage Asia Reuters Pacific (APAC) region to be the global Techwire Asia (CIFF). in the country. by 2024, estimating 1.14 billion APAC 21 Product & Service Councils

a direct hotline for women experiencing CACCI Women Entrepreneurs Council entrepreneurs.stepped in with With$500 justemergency this minimal grants thepsychological transition to or online social sales, problems, and a to Chuluuntsetseg and 15 other women mentorships to guide businesses in Funding Women materials.support, ChuluuntsetsegShe shifted her wasproduct able line to Entrepreneurs on Mongolia’s disseminatepublic information information partnership on domestic with tofind include new, localcotton suppliers masks and for gloves her raw to COVID Front Line violence.the Ulaanbaatar police department to address the nationwide shortage of Small entrepreneur personal protective equipment. She Chuluuntsetseg is among the worked with mentors to expand her

from the Lotus Rapid Response Fund. businesswomen receiving assistance online sales, including using Facebook’s government’s“boost” option product and the expos,WBC’s whichnew online have One of 47 graduates of the WBC’s shopping mall instead of relying on the business incubator, she launched a A Tsagaan Sar (New Year) sales event Chinasewing closed, business she lost producing her source bed of linens raw entrepreneursbeen canceled duringare thenow pandemic. registered in 2018. and blankets; but when the border with More than 6,000 women

materials. Her business received another with the WBC, most of them severely blow when the government, for the first dedicatedaffected by thesupport pandemic. programs These womenduring The majority of the female in the retail and service sectors, which thetime Mongolian in literally Lunar centuries, New Year. canceled This is the a face unique barriers, and warrant arelabor sensitive force in to Mongolia downturns is concentratedin consumer February celebration of Tsagaan Sar, spending like those in the current this extraordinary crisis. The WBC onholiday these when Tsagaan people Sar spend sales lavishlyoften take on has made a good start by sustaining a stimulus package includes relief for gifts, and small businesses that depend moresmall entrepreneurs group of female-led who fuel businesses.Mongolia’s crisis. While the government’s Covid-19 economicHopefully, engine.support follows for the many out loans to stock up on inventory in Asia Foundation small businesses, none is designated the weeks before the holiday. When the specifically for women. The Asia lockdown began at the end of January, Mongolia’sFoundation Women’s conducted Business a rapid surveyCenter the celebration was scrapped, leaving of a sample of 30 businesswomen at businesses overstocked and in debt. Young Entrepreneurs open,(WBC) keep in Ulaanbaatar, up with accruing who all costs, said theyand Group — Asia Pacific were struggling to keep their businesses pay employee salaries. Software company founder The women surveyed also cited who turned down SoftBank at the additional burden of being primary 23 set to become billionaire caregivers for their families while trying to keep their businesses alive. Schools Small entrepreneur Chuluuntsetseg and kindergartens have been closed he calls a “life-changing episode.” since January, and many families have no At 23, Shunji Sugaya had what somebackup cases, plan fordangerous, childcare. asConfinement increased at home has been challenging and, in She receivedChuluuntsetseg’s no assistance business from wasthe It was March 2000, and Sugaya one of them. Her profitability collapsed. founderhad just of won what an was award then called at a SoftBank business sincedomestic the lockdown. violence has significantly Corp.,contest was where a judge. Masayoshi He sent Son Son, an email the affected In women a rare and moment children’s of positive safety government, either as a small business news, the Asia Foundation’s Mongolia or as a disabled person. She had no choice but to close her business down. to thank him, the two met up, and before strategies to equip WBC clients to Many other women entrepreneurs also long SoftBank offered to buy Sugaya’s endureoffice and recently operate rolled in this environment. out several closed up shop, either temporarily or idea for $2.8 million or for Sugaya to join The Foundation’s the Lotus Rapid indefinitely. Most of the women from the the company and receive stock options. Response Fund provided critical survival dominoWBC employed effect. other women, and their Sugaya turned it down. businessThe closures Rapid hadResponse a devastating Fund “It gave me a big boost in confidence, as I was a student — I was so tools, including emergency cash grants, happy I could dance,” he said. “We were 22 Product & Service Councils

and later developed remote support SoftBank, KDDI Corp. and Komatsu Ltd., services. Optim has since expanded its Optim has ventured into Southeast Asia, remote-control technologies. Its Optimal startingaccording with to Vietnam, the company’s and it’s starting website. to Biz line, a management platform for expand into North America and Europe, multiple devices including smartphones Optim also offers agricultural according to Sugaya. withand tablets, functions helps such companies as remote control locking and secure employees’ mobile equipment, drones equipped with AI-based image devices to prevent data leakage. The analysis capabilities. They can recognize and the ability to wipe lost or stolen insects and pest damage and spray amountagricultural of chemicals chemicals used. only on the declined and decided to do it ourselves.” product accounts for about 40% of affected areas, reducing labor and the very grateful for the offer but we politely Japan’s mobile device management stock has surged, so has its valuation. remotemarket, supportaccording tools to the that company. allow sharing To be sure, while the company’s So Sugaya started his own of screensThe with company devices also at developsdifferent company, Optim Corp., which now locations and remote operation. Optim trades at about 57 times book provides business management and Internet of Things technologies. The With the government handing value, and about 172 times estimated platforms using artificial intelligence earnings. The company posted revenue its virus relief efforts, Optim decided of ¥6.7 billion last fiscal year and made bet has paid off, with Sugaya joining the Son. toout provide¥100,000 free to alluse residents of its as Optimal part of ¥117 million in profit. It has a market ranks of billionaires in Japan alongside Optim’s shares have gained Remote product, which connects PCs to value of about $1.6 billion. “I really don’t care” about the money, Sugaya said. Some two decades 79% this year after rising as much as smartphones by screen sharing. That after he turned down Son’s offer, he says 7.9% Wednesday, as doing business will help people avoid unnecessary follow.that if the company continues to create remotely has become a necessity during trips to local government offices in the new things, revenue and profit will the coronavirus pandemic. Sugaya’s net process ofOptim’s claiming thetechnologies money, company are worth, derived mainly from his roughly nowspokesman used Keiichiin industries Yokoyama said.including “In 20 years, I want us to be a 64% stake in the company, has surged to construction, health care, retail and industriescompany thatwith AI people and IoT.’” would point to about ¥108 billion ($1 billion), according Billionaires Index that excludes shares and say, ‘Optim changed all Bloomberg kinds of pledgedto a calculation as collateral. by the Bloomberg The virus has accelerated the finance. Major business partners include shift from analog to digital business Investment & Joint Ventures in the Region president.practices “Digitalization at companies has progressed in Japan, ataccording great speed to Sugaya, during whothe past is Optim’s three months,” he said. “It feels like quite a Taiwanese defense think tank A Taiwanese defense tailwind.” research institute has agreed to work to work with Microsoft on with Microsoft Taiwan on seeking defense technologies technological applications in national school, whenSugaya, he nowcreated 43, wasgames a computer and sold defense. themprogrammer to his friends as far backfor a as few elementary hundred The government-funded Institute for National Defense and Optim, which he founded in yen. Security Research (INDSR) inked a letter video advertising services. It got of intent with Microsoft Taiwan on June into2000, AI started and IoT out as providing it worked internet with talent and academic exchanges in the 22. The collaboration will be focused on telecommunications giant Nippon form of workshops and other activities Telegraph & Telephone Corp. to create an internet connection service. Optim came Photo: CNA INDSR'swhile exploring Division possibleof National application Defense fields, CNA cited Su Tzu-yun, head of could set up the connection themselves up with software so that subscribers Resources and Industries, as saying. 23 Investment & Joint Ventures in the Region

Vincent Shih, assistant general Ørsted and TSMC sign from INDSR and Microsoft cooperation counsel at Microsoft, stated that the Su went on to say that findings landmark renewable energy deal on various technologies can later be LOI will pave the way for the company’s applied to fields such as management whilefurther partnering development with in talent Taiwan’s incubation, most medicalof defense research. resources, digital security, prominentIoT centers, defense as well think as national tank. security battlefieldINDSR management, Chairman Huoh and militaryShoou- Greene stressed that Taiwan and the offer advantages for Taiwan’s national AIT Deputy Director Raymond Yeh remarked that the collaboration will appreciation for the American Institute ofU.S. threats. are partners that will work together defense capabilities. He expressed toward ensuring democracy Taiwan in the News face in Taiwan's (AIT) support.

GoBear, Mambu, CredoLab team up to accelerate Asia lending business Ørsted and Taiwan Semiconductor Manufacturing Co.,

EU-based cloud banking thatLtd. (TSMC)is the largest-ever signed a corporate contract powerof its andplatform alternative Mambu credit will scoring partner provider with purchase agreement (CPPA) on July 8 Asian financial services startup GoBear Photo: Metro News Central thatkind offerswithin state-of-the-art, the renewable energy smart field.green CredoLab to accelerate its lending Ørsted is a Danish company business across Asia, according to a Mambu statement on June 29. applicants”. Taiwan’senergy solutionsTSMC is the to world’s its wholesale, largest GoBear’sMambu’s lending architecture, composable which banking is granular assessments possible of their business, and residential customers. solution will form the core system in leader in green manufacturing. with additional markets to follow. GoBear in 2018 partnered with semiconductorTSMC will foundry offtake full and production a world- set to expandGoBear, in the which Philippines is headquartered this year, ThailandCredoLab and to launch Vietnam. smartphone The feature Easy Apply in Indonesia, the Philippines, seven markets: Singapore, Hong Kong, lenders to extend credit using AI. from Ørsted’s 920MW Greater Changhua in Singapore, currently operates in allows banks, financial institutions, and 2b & 4 offshore wind farm. The 20- Thailand and Vietnam. year fixed-price contract period starts Indonesia, Malaysia, the Philippines, generateCredoLab a credit chiefscore executivefor customers Peter once GreaterMatthias Changhua 2b Bausenwein,& 4 reaches whoBarcak cannot said prove the their company’s creditworthiness ability to commercial operations in 2025-2026. Mambu’s cloud-native banking platform lets users build a needs-based TSMCPresident underlines of Ørsted Ørsted’s Asia-Pacific, pioneering said, banking or lending solution that is more in the conventional financial system “The agreement between Ørsted and agile and cost-effective than the legacy andmade move it “uniquely into lending positioned in a tocontrolled support approach to core banking, Mambu said. GoBear as they diversify their business role in the development of renewable Meanwhile, CredoLab, also energy in the Asia-Pacific. In Taiwan, based in Singapore, develops digital way”. we are already constructing the Greater scorecards based on smartphone device GoBear chief lending officer Changhua 1 & 2a offshore wind farm. metadata using an AI-based (artificial Mike Singh said using fintech solutions, Combined with our Greater Changhua intelligence) algorithm that looks such as those from Mambu and CredoLab, are2b &making 4 project, offshore which wind is nowa cornerstone one step through millions of datasets to find the would help it bring access to responsible closer to a final investment decision, we most predictive behavioural patterns credit to more of the region’sThe Business 296 million Times before converting them into alternative unbanked or underbanked population. in Taiwan’s transitionRadio Taiwanfrom fossil-based International insurancecredit scores. companies This to enables make “the lenders most to renewable energy.” such as banks, consumer finance and

24 Investment & Joint Ventures in the Region

Kong. UK’s Schroders Buys Majority Stake in Hong Kong Fund Allan Lee and Kelvin Wong will continue Manager Pamfleet Pamfleet managing directors

to lead teams based in Hong Kong, Shanghai and Singapore and will be Hong Kong-based real estate relationships.joined by Canon Yau, who will lead the business’s institutional investor fund manager Pamfleet is about to Infinitus Plaza in Hong Kong — one of Schroders’ investment in become part of a £421.4 billion ($522.2 Pamfleet’s commercial projects billion) global asset management giant after the Hong Kong-headquartered firm Schroders made clear that there Investments,Pamfleet comes acquired just its over own aon-the- year signed a deal to sell a majority stake of groundafter its real UK estate rival, Aberdeenfund management Standard agreement,its business theto London’s value-add Schroders real specialist PLC. Under the terms of the will be no changes to the management of Pamfleet’s existing funds, while the undisclosedpresence in amount. Asia by purchasing Hong will soon become known as Schroder newly expanded company will have Kong-based Orion Partners for an Pamfleet, with Andrew Moore set to stay access to the broader investment expanded its presence on the European theon asregion. chief executive, running the UK capabilitiesFollowing and distribution the acquisition, network the of Just last year Schroders firm’s real estate investment business in Schroders’ global business. Blue Asset Management, which also Moore and Singuz Lo, alongside Owen, specialisescontinent byin purchasingvalue-add Germany’sstrategies, The 19-person Pamfleet team Schroder Pamfleet board will comprise as well as acquiring pan-European existingwill now Schroders’ become staff part in the of region the newwill value-add hotel investment specialist Schroder Pamfleet entity, while some Schroders chief operating officer for real Algonquin. estate Melinda Knatchbull and Amy Cho, Mingtiandi be joining the newly enlarged operation. chief executive officer of Schroders Hong

Novo Holdings to set up office in Singapore as it expands and acquisitions at Everlife Asia, which venture Economic stage biotech Development and medical Board providesbusiness solutions development for healthcare and mergers and investment scope to Asia chairmantechnology Beh operations. Swan Gin told the Straits research industries in South-east Asia and India. Straits Times Times on July 2: “Novo’s Asia team will entrepreneursbe an exciting addition and ventures. to our burgeoning ecosystemNovo of Holdings healthcare - the innovators, venture arm of Novo Nordisk Foundation - Google, Deutsche Bank Agree provides seed and venture capital to to 10-Year Cloud Partnership development-stage companies and

Deutsche Bank AG have agreed to form thetakes life significant sciences sector. ownership It also positionsmanages a long-termAlphabet partnership Inc.’s that Google will see andthe Novo Holdings Asia Head Amit Kakar in growth and well-established ones in

Life science investor Novo a portfolio of diversified financial assets. largestU.S. technology lender. company provide cloud While the company has been computing“The capabilities partnership to with Germany’s Google scienceactively investments investing in teams. Asia, the region Holdings will set up its Asia office representsNovo a new said opportunity it was drawnfor the lifeto our strategic transformation,” Deutsche in Singapore. The Denmark-based Singapore in part due to the talent pool Cloud will be an important driver of company, which has US$62 billion (S$86 billion) in assets, is expected to focus on Bank Chief Executive Officer Christian three fields in the region. investments in leading life sciences and innovation in biotechnology and Sewing saidThe contractin a joint is statement set to last aton least July companies,One second is tois to make also provide sizable medical technology companies. 7. expansion capital to high-growth life The team will be led by Mr. Amit make a cumulative return on investment Kakar, the firm’s newly appointed head 10 years and Deutsche Bank expects to of Asia. Mr. Kakar previously headed sciences firms and third, to invest in 25 Investment & Joint Ventures in the Region

the alliance, according to people with knowledgeof 1 billion eurosof the ($1.1 matter, billion) who through asked Googleconducted as itearlier tries tothis show year. that its cloud The deal is a notable win for information. The companies also plan not to be identified disclosing private customerbusiness can was service HSBC the Holdings financial Plc. sector. But and share the resulting revenue, which ThomasTo date, Kurian, Google’s the onlyhead majorof Google’s bank to make joint investments in technology could lead to engineers from both firms cloud division, has made the financial developing products together, they said. industryThe one ofcompanies his key customer have signed targets a warned against e-mails containing cuts, includingSewing spending a year on ago information unveiled since joining in late 2018. suspiciousCentral News links Agency which (CAN). could Facebook lead to a strategy centered around deep cost the installation of malware. In other a former executive at German software non-binding letter of intent and plan technology. He also hired Bernd Leukert, to finalize the contract in theBloomberg coming change their passwords for certain efforts to digitize its operations. months, they said in the release. instances, users would be asked to giant SAPThe SE, companies to accelerate declined the bank’s to comment on how much Deutsche Facebook works with iWIN, accounts, even though it was completely theunnecessary. important role of two-factor Taipei Computer Association to authentication,Facebook the setting up emphasized of a strong savingsBank will it expects pay for to Google’sgenerate from services, the boost cybersecurity arrangement.and the bank didn’t indicate what cost password, and the assigning of a reliable anothercontact person person. was A suspected warning system of signing to euros in Europeanattempts to banksmodernize in their recent IT, organizationFacebook iWIN and has with joined the Taipei hands innotify was thealso owner recommended of the account as an effective in case years have started pouring billions of with the child protection non-profit move. data onto the cloud. That has lured the The social network also asked frequently opting to put more of their ComputerThe Association alliance came (TCA) as to phishing, improve users to report instances of fake news in Microsoft Corp. and Amazon.com hacking,the level ofand cybersecurity online scams in Taiwan.led to more big U.S. providers including Google, instances of theft, according to the Taiwan News order to help protect cybersecurity. Inc., according to a Bloomberg survey

Economic Cooperation News

occurs within each jurisdiction.” South Korea to step up efforts The letters were signed and The accord allows organic to help Uzbekistan win arrangement that took effect on May 30. admission to WTO consumerexchanged protection between Lyzettefor the Lamondin,Canadian productsInformation certified in Taiwanfrom or Canadathe executive director of food safety and to be sold as organic in either market. that Canada is Taiwan’s second-largest Food Inspection Agency, and Agriculture sourceAgriculture of imports and Foodfor organic Agency products, shows and FoodAccording Agency Director-Generalto an overview Hu Jong-i on May 27. Government of Canada, “the recognitions alsoafter thesigned US. an organic equivalence posted on the official Web site of the arrangement,On June which 4, Taiwan according and theto the US origin, and processed foods of plant origin,apply tolivestock agricultural and livestock products products, of plant as well as aquaculture products grown Zealand,Agriculture Australia and Food and Canada. Agency, was the Taiwan and Canada have signed or produced in each jurisdiction or fifth such deal reached, after Japan,Taipei TimesNew letters for an organic equivalence

whose final processing or packaging 26 Economic Cooperation News

colonies. UK launches Australia, New trade negotiations,” Australian Minister Zealand trade talks forKingdom Trade, will Tourism formally and commence Investment free- Simon Birmingham said in a speech Talks on an Australia-EU highlighting the nation’s drive to trade deal are already under way and Birmingham said that Canberra would with China. taskalso with like tonegotiations conclude on them several this trade year, diversifyThe trade British as it is lockedgovernment in disputes has but he added that would be a tough Separate negotiations commencedagreements takingin Wellington, place simultaneously. where British heralded its departure from the EU as High Commissioner Laura Clarke said an opportunity to deepen trade relations that it made sense to deal with Australia with global partners. While talks have and New Zealand at the same time, given already taken place, formal negotiations their close economic ties. had beenHowever, delayed Birmingham until the UK said left that the While not mentioning China talks with Australia and New Zealand on bloc in January. The UK on June 17 launched even with an Australia-UK deal, volumes by name, New Zealand Prime Minister free-trade agreements, with Canberra’s were unlikely to return to those seen in tradingJacinda partners. Ardern said that Wellington top trade official voicing hope that a deal whenthe 1970s its trade — beforewas focused the UK on joinedits former the was also aiming to broaden its rangeAFP of could be reached this year. European Economic Community and “Australia and the United Senen M. Perlada added. Philippines set to ink pact to export halal products to Indonesia Jakarta-based Philippine withCommercial Indonesia. Attachè Jeremiah Reyes echoed the necessity to have an MOU The Philippines and Indonesia are set to enter a government-to- the HalalThe Export initial Board draft level of which the MOU will has already been tabled for approval at facilitate the export of Philippine halal government (G2G) agreement to Philippine Commercial Attaché Jeremiah products to Indonesia. then be circulated with the Department C. Reyes discusses possible areas of transmittal to the Indonesian side. cooperation with the Indonesia Product of Foreign Affairs for Business subsequent Mirror This was relayed in a webinar on Assurance Agency (BPJPH), headed by June 24, by the Department of Trade and Professor IR Sukosot Industry-Export Marketing Bureau (DTI- South Korea to step up efforts EMB), Philippine Trade and Investments to help Uzbekistan win Center-Jakarta (PTIC-Jakarta), Philippine admission to WTO Trade Training Center (PTTC), and the business-to-government mechanisms. B2G mechanism is the direct application regulations.Philippine Chamber of Commerce and mechanism involves a memorandum of the business entity, while the G2G IndustryProfessor (PCCI) on IR Indonesia’s Sukoso, head new of halal the of understanding between the two South Korea's finance ministry discussed the new regulations of Halal Product Assurance Body (BPJPH) countries. The MOU will be an instrument said it will step up bilateral and for the subsequent establishment of multilateral efforts for Uzbekistan Indonesia, which called for a mandatory mutual recognition arrangement (MRA) to be admittedFinance intoMinister the WorldHong TradeNam- for halal certification and accreditation Organization (WTO). thehalal territoriescertification ofof productsIndonesia. that Theseenter, “The most straightforward between the two markets. changesare distributed, prompted and the are Philippines traded within to andki and foreign Sardor economic Umurzakov, relations, Uzbekistan's held way to solve halal certification issues is deputy prime minister for investment Indonesia to further strengthen the to have a G2G agreement. We need to economicseek possible ties cooperationof the two economies. on halal with also agreed to speed up preparations for capacitate, particularly our certifying talks in Seoul on July 7, during which they Sukoso underscored two options webodies, are dealingso that theywith,” are DTI-EMB in line withDirector the bilateral agreements with the countries a possible free trade agreement (FTA), for international cooperation: G2G and the ministry said in a statement. 27 Economic Cooperation News

Indonesia-Australia Comprehensive

EconomicTrade Partnership Minister Agreement Agus (IA- SuparmantoCEPA) entered said into Indonesianforce. workers in health care, telecommunication, transportation, tourism and other

and could get up to six months of training andsectors work were experience eligible toin joinAustralia. the program South Korean Finance Minister Hong The government is aiming for Nam-ki (R) and Sardor Umurzakov, Uzbekistan’s deputy prime minister 100 Indonesian workers to join the andAustralia, communication especially tools.textiles, automotive program in the first year, while the products,The electronics, minister stated fishery that products the two number of participants is expected to countries had also agreed to increase Hong and Umurzakov "agreed graduallyIn increasethe implementation to 500 within fiveof theto continuestatement bilateral said. and multilateral theyears. program, the government will efforts for Uzbekistan's entry to WTO," the number of working holiday visas to 4,100 from initially 1,000. He expressed South Korea and Uzbekistan partner with the Indonesian Chamber hope that, by the sixth year of the IA- have already completed a feasibility of Commerce and Industry (Kadin), CEPA, theFurthermore, quota for thisIndonesia type of visaand study on the FTA, and "agreed to the Indonesian Employers Association Australiawould reach have 5,000. also decided to prioritize accordingswiftly start to domesticthe statement. procedures The two to (Apindo) and the Indonesian-Australian countriesbegin negotiations also agreed on to a make bilateral efforts FTA," to Business Council (IABC). and electric vehicles as well as technical expand economic ties in various areas, it The IA-CEPA, which was ratified andindustry vocational partnerships education in food and agriculture training said. by the House of Representatives in twoFebruary countries. and With took the effect trade on pact, July the 5, according to the trade minister. efforts to clinch FTAs with more eliminates trade tariffs between the (TVET) within the first year ofJakarta IA-CEPA, Post partnersSouth as relations Korea of has the been world's making two export of some Indonesian products to Trade Ministry expects a boost in the largest economies have soured recently over trade and the COVID-19 pandemic. China and the U.S. accounted for nearly Technology 40% of South Korea's combined exports in 2019. month ofThe decline country's amid exports the fallout fell 10.9% from Japanese firms testing AI tech talent. thein June new markingcoronavirus the pandemic, fourth consecutive although to recruit talent artificial While intelligence companies to efficiently see hirethe the pace slowed as major economies the hiring process and saving recruiters’ benefits of AI, such as standardization in around the globe slowlyYonhap began News to resume Agency business activities. time by automating high-volume tasks, they are still far from relying completely on the technology due to concerns Indonesia, Australia to roll out about it yielding inappropriate or worker exchange program ofdiscriminatory thousands decisions.of applicant resumes “Using AI in screening tens

Indonesia will conduct a implementinghas helped us AI cut in assessing total labor videos time sent by worker-exchange program with 75%. From May, we have also started Many Japanese companies have already shifted to online interviews and director of recruitment at SoftBank Corp. by applicants,” said Tomoko Sugihara, Australia to boost its human resources. seminars for recruiting new employees The plan was announced by a senior due to the coronavirus pandemic, but The major mobile carrier, which government official just days after the some have gone a step further by testing 28 Technology

resumehires more sheets. than 1,000Sugihara people said a year,humans has coronavirushiring, including infections, the also final said interview, it will see if the outcomes match the objectives stilltrained go AIthrough with dataresumes from and 1,500 videos past online this year to curb the risk of itof depends the users, on analysts how the said. user uses it. It can that AI has “rejected,” in case promising recruiting activities. “Machine learning is only a tool, candidates were overlooked. considerShinji utilizing Kawakami, AI technology professor in future more,” said Toshihiro Kamishima, senior Other companies are also researcheronly do what at humans the Nationalcan do and Institute nothing using AI to automate or streamline of Advanced Industrial Science and at Business Breakthrough University, said that even before the coronavirus Kamishima also noted that taskssome at part the ofinitial the stages recruiting of recruitment. workflow, pandemic, companies had become thereTechnology. are cases where the outcome of especially repetitive and high-volume increasingly interested in collecting and machine learning contains unconscious fromanalyzing a large data pool in ofthe applicants. recruiting process andRecruiter shortlist chatbots candidates. are used to interview in a bid to identify the right candidates use of sensitive features such as gender, applicantsSome and subsequentlyare introducing grade, rankAI- agebias or even race. if the training dataset avoids Manually reading resumes is For example, if a particular assess a candidate’s word choices, ofseen hiring by manynew graduates firms as extremelyen masse in time- the racial group lives in a certain area, speechpowered patterns video and analysis facial softwareexpressions to consuming given the Japanese practice to a deluge of resumes, he said. spring of each business year, which leads toinputting learn a racialdata about characteristic. where they reside culture.to see whether he or she is fit for the waste not to use human resources data would indirectly prompt the computer role beingData offered on pastand toapplicants the corporate who “They began to think it’s a is monitored all the time and the model were not hired or who have left the “It is important that the system decisionscollected overin hiring the years,” as the Kawakami interviewers’ said. and sharing a document that records “They also want to make more accurate informationis reviewed such continuously. as the intended Keeping use, andfirm, deciding including assignments what success when theythe training data and evaluation factors achieved, may also prove useful in hiring trusted.”decisions, influenced by his or her dislikes But and using likes, AI or cannot machine always learning be recruit eventually joins the firm, human in recruiting requires a careful selection whenis useful,” it occurs.” Kamishima said. “The key Co.,resources which officials has decided at companies to complete say. all of input data and regular assessments to is always to be able to fix the problemKyodo Major brewer Kirin Holdings

Supersensitive e-skin transforming them into real-time will change how humans pressure, vibration, and haptics, through communicate and visualized electronic impulses," neglected,write authors. which hinders "[But] their the practical comfort, A team of material scientists safety, and health of e-skins are always While previous studies have applications to a great extent." from China and the U.S. has designed a worked to improve the self-healing, ofnew other type ofe-skin electronic designs skin (e-skin)while alsothat of e-skin models, the authors argue that accountingretains all thefor flexibilitycrucial human and lightnesscomfort Photo: Science Advances theseshape memory,have done and little electroluminescence to improve the actual experience of wearing an e-skin. resistance. factors, likeThe breathabilityself-powered and patch bacterial is the journal Science Advances, the team In a new study published in ofTo other solve models this problem, while also the factoring team created in the an e-skin that maintained the sensitivity incredibly sensitive and can detect even approach to designing e-skin differs the smallest physical cues in a face or fromof researchers previous models describes in a few how important their addition to using this to improve the life- need for antibacterial and biodegradable joint, such as a frown or eye-twitch. In In fact, the authors write that materials and breathability when worn. like qualities of futuristic robotics, the ways. when comparing the breathability of this easy-to-wear e-skin can also improve "[E]-skins are able to detect and patients and their loved ones. e-skin to other common materials, they communication between paralyzed quantify a diversity of environmental stimuli, including temperature, humidity, found it was more breathable than a pair 29 Technology of jeans. emotions and are also the main external To achieve this, the researchers communication channels for general formsdesigned of acid an e-skinand alcohol by sandwiching to create paralyzed patients," write the authors. together silver nanowire between are"By monitored sticking an during e-skin normal on the and forehead, frown regular and repeatable voltage signals nanofiber generators. By adjusting the ratio between the nanowire, acid, and alternating movements. Tiny muscle alcohol, the team was able to tune the movements caused by microexpression e-skinantibacterial was, the resistance researchers of thefound e-skin. that can be easily captured by the voltage When testing just how antibacterial the signal variations." Photo: Science Advances The sensitivity of the e-skin after a 24-hour incubation period with also allowed the researchers to easily common bacteria E. coli and S. aureus, distinguish from different types of the e-skin killed 54% and 88% of the micromovements that researchers markersmicromovements, of different such emotional as slow states. blinking respective bacteria colonies. the e-skins were able to pick-up versus rapidWhile there blinking, is still that more may work be Beyond its bacterial resistance, the team also tested how biodegradable say could have important clinical the e-skin was and found that it nearly communicateapplications, especially emotions forand patients thoughts who to to be done to ensure these e-skins completely degraded (more than 90%) may be mostly paralyzed and struggle to can stand the test of time (e.g. future- in only 30-days. Compared to other deviceproofing can them improve against how excess we sweatinteract or e-skins -- let alone wearables -- that anddoctors other or facial family expressions members. are the most pollutants) the authors hope that their end up inWhen landfills tested after theiron usefulnesshumans, "Frowning, blinking, smiling, Inverse expires, 30-days is a step-up. with our physical world. intuitive platforms to convey human

Policy Updates

Australia lunch, minister for government services a reciprocal agreement with the US, Australia considers bar on requirementsStuart Robert and said how that to government reassure whereby authorities in both countries offshoring of personal data is examining data sovereignty thewould other be without able the to need directly to go through request localinformation authorities. from companies based in governmentthe public thatmoves their towards data its is goal secure. of As things stand, the Australian Transparency and trust are critical as the companies disclosing data to overseas making allThe government speech came services after Australia’s digitally jurisdictionsPrivacy Principles to ensure require that the Australian recipient available by 2025. Angelene Falk, called for changes to laws. However, the restriction is not legislationinformation designed and privacy to facilitate commissioner, data- does not breach the Australian privacy sharing with other countries. In a currently contained within the IPO bill – something Falk said should be changed Parliament House, Canberra Global Government Forum submission to the Parliamentary Joint before the bill is passed. Committee on Intelligence and Security, The Australian government is which is currently scrutinising the Brunei considering legislating to ensure that requiredInternational to protect Production Australian Orders citizens’ (IPO) all sensitive government data is held personalBill, Falk data.said that better safeguards are Brunei to impose $3 entry and exit fees on land border domestic companies. travellers in Australian data centres owned by The IPO bill is intended to pave the way for Australia to set up Speaking at a National Press Club 30 Policy Updates

travelling. Travelling documents must pay through the online system prior to Travellers must report daily to medical officers and undergo a second Immigrationbe valid at leastand National three months Registration before Covid-19 swab test on the 13th day. the travel date, as required by the A valid health certificate to leave the travellerscountry will except cost anotherthose on $30. diplomatic or Department under the MinistryBorneo of Bulletin Home The charges apply to all Affairs (MoHA). said. Kuala Lurah Immigration Control Post official governmentA traveller business,who tests authorities positive (Rasidah Hj Abu Bakar/The Scoop) Cambodia

Visitors to Cambodia must pay hospitaland shows and symptoms undergo requiring up to four hospital tests residents and foreigners travelling $3,000 deposit treatment will be taken to a state through Startingland Augustcontrol 1, allposts citizens, or the traveller die, a funeral and cremation checkpoints in Brunei Darussalam must for Covid-19 costing $100 each. Should

will cost $1,500. All of these costs will pay exit and entry charges known as ‘Caj also be automatically deductedBangkok from Postthe personPerkhidmatan’ for a return (CaP), trip. which is BND3 per $3,000 deposit. person forThe a one-wayimplementation trip and BND6for Exitper Hong Kong and Entry Charges Order, 2020 was Hong Kong launches US$15.5- announcedDespite by the Ministrythe of Financelatest million subsidy plan to and Economy (MoFE) on July 9. encourage hiring of fintech for Brunei citizens and residents to leave Travellers entering professionals announcement, however, the prohibition Hong Kong has launched a the country is still being maintained, Cambodia will be required to pay a as advised by the Ministry of Health US$3,000 deposit by cash or credit card (MoH). Those who intend to leave and clearance from the Prime Minister’s travelfor “Covid-19 insurance service cover, charges”the government at the new HK$120 million (US$15.5 million) enter Brunei are still required to obtain hasairport announced. upon arrival, and have $50,000 in wage subsidy plan that will encourage According to the MoFE, A message posted on the companies in the financial sector to hire Office (PMO). 1,000 financial technology professionals over the next 12 months. “The charge will not be applicable to detailedTwitter account list of related of the Officecharges of theapproved Prime The government will subsidise occupants of a vehicle belonging to Minister and dated June 16 contains a asthe part salary of ofthe oneFinTech full-time Anti-epidemic new hire the Government of His Majesty or a Secretariat of Civil Aviation. with HK$10,000 every month for a year government of another country when by the Ministry of Health and the State used for official purposes; a vehicle Scheme for Talent Development (FAST), belonging to the military forces of Brunei; Upon arrival at the airport, and companies can apply for the funds vehicle being used for firefighting, travellers will have to pay a $5 charge for from July 2, according to Christopher ambulance or police purposes; a vehicle transport to a testing centre, followed by Hui Ching-yu,FAST is the the city’s latest Secretary in a series for being used for funerals; public officers centre”$100 for while a Covid-19 waiting test. for Anresults overnight costs Financial Services and the Treasury. in the Government of His Majesty in the stay at a stipulated hotel or “waiting execution of their official duties; a child for three meals. Other charges include of plans launched by the Hong Kong of the age of two years or below; consular $30, and a further $30 per day is charged government to prevent more job losses officers and consular employees as and to create new jobs. The city’s defined in Article 1 in the First Schedule $15 for The laundry, remainder $5 daily of forthe medicaldeposit unemployment rate hit 5.9% in the three to the Consular Relations Act (Chapter surveillance and $3 for security services. months from March to May, its worst in 15 118) and members of their families; Schedule to the Diplomatic Privileges years. The rate of unemployment among and a diplomatic agent as defined in the will be returned provided the passenger, those aged 15 to 25 stood at 18.2%. The and the rest of the people on their flight, scheme is part of the government’s HK$6 (Vienna Convention) Act (Chapter 117).” inhave their negative chosen test accommodation. results. Even so, they billion Anti-epidemic Fund, which aims Those who intend to travel by must self-isolate for 14 days after arrival to create about 30,000 jobs in the next land are advised to register, apply and 31 Policy Updates

medium enterprises, she said. situation and challenges or policies for two years, according to Hui. is not fully aware of the local energy Candidates qualifying for FAST assist non-SMEThe central corporates, bank may according receive in a statement. jobs must be Hong Kong residents tothe benchmarkMs Indrawati’s rate on presentationbonds bought toin decarbonisation,”It has received the government criticism from said with qualifications such as a university degree or other accredited certification in artificial intelligence, blockchain, rupiahparliament. in stimulus The government to other sectors will of bear the many quarters over its support, usually information technology, accounting the full cost of extending 329.3 trillion inthrough countries Japan’s such export as Indonesia credit agency, and registeredor business in Hong management. Kong and commenced Companies Vietnam,for the construction as well as new of coal-firedplants at home.plants applying for FAST funds must be toeconomy, reach an it showed.agreement with the central The government said it was The finance ministry expects business before January 1, 2020. They must also be conducting substantive bank on the composition of the so- “essential” to cut carbon emissions under fintech activities at a fixed physical office called burden sharing this week that the Paris Agreement to combat climate in the city. auctions,may involve Ms privateIndrawati placement said. The of central bonds change, which is already affecting many scheme. Government-ownedCompanies will have six Cyberport months with the monetary authority and market exemptions,countries including however, Japan. such as when tohas hire been candidates appointed upon to administer approval theof there areJapan’s no alternatives latest move to coal includes for the funding. bank’s interest burden from funding cost,the deficit she said. is seen at 37 trillion rupiah annually, or 54.8 per cent of the total energy stability of a country seeking to to hire,” “Thesaid subsidy Gordon is notTsui particularly Luen-on, build a coal-fired station provided it uses chairmanhigh, but itof willthe Hong encourage Kong companiesSecurities The central bank is ready to so-called clean coal technologyReuters from Association. lawmakers.share the burden of financing the budget Japan. South China Morning Post deficit, Governor Perry WarjiyoBloomberg told the Nepal Japan Indonesia Nepal Partially Lifts Ban on Indian Private News Channels Japan tightens rules on support Indonesia government nears for overseas coal-fired plants deal with central bank on deficit funding Nepal’s cable television channels.operators on July 13 partially lifted the ban imposed on Indian private news

Indonesia’s central bank may A meeting of cable operators buy billions of dollars of sovereign bonds decided to lift the ban on the Indian news at zero interest, or below its benchmark channels with only a few news channels measuresrate to help to counter the government the fallout financeof the Sharmastill banned told in reporters. Nepal, Vice “A president few news of coronavirusa wider deficit pandemic. arising out of stimulus television operators’ association Dhurba full cost of an expanded health care The Japanese government on channels airing objectionable content Bank Indonesia may bear the powerJuly 8 saidplants it after will tightenfacing criticism state-backed over operatorsare still banned stopped in the thecountry.” transmission itsfinancing support criteria for the for dirtiest overseas fossil coal-fired fuel of all IndianOn July private 9, cablenews televisionchannels and social safety net budget of 397.6 The move marks a partial shift except Doordarshan, accusing them of trillion rupiah (S$38.4 billion) by buying airing reports hurting Nepal’s national government bonds at zero interest rate, sentiment. Finance Minister Sri Mulyani Indrawati someaway fromnon-governmental Japan’s strong officialorganizations backing told lawmakersDiscussions in parliamentare also onongoing June for coal but includes exemptions, leaving Communications and Information 29. new approach will have. Nepal’s Ministry of skeptical“As about a principle, how much the government impact the for taking action against Indian news for the monetary authority to pick up will not provide assistance for new coal channels.Technology thanked the cable operators repurchaseabout 123.5 rate trillion to help of micro-, bonds small at 1 and per cent discount to the seven-day reverse projects to those countries where Japan On July 10, Nepal sent a 32 Policy Updates

‘’diplomatic note’’ to India, urging New The periodic commuting arrangement will allow Singapore million rubles (US$72,400), in Russia’s Delhi to take steps against the broadcast first moveThe awayextra from revenues a flat taxwould rate hold long-term immigration passes for of materials which it called “fake, baseless introduced in 2001. residents and Malaysia residents who theand Indian insensitive media. as well as abusive” to the country and its leadership by a section of medicationbe used for and “treating funding children complicated with businessAfter and work at least purposes three consecutivein the other came under strain after Defence Minister surgeries,severe rare Putin diseases,” said. buying expensive country to enter that country for work. The India-Nepal bilateral ties short-termmonths in theirhome country leave, and of work,thereafter they theRajnath Lipulekh Singh inauguratedpass with Dharchulaa 80-km-long in He said the 15% tax would only may return to their home country for strategically crucial road connecting entirebe applied income. to income people make on continue work for at least another three top of theRussia’s 5 millionruble economic mark, output not their fell consecutivere-enter their months, country said the of statement. work to inaugurationUttarakhand onof theMay road 8. claiming that it The requirements, health Nepal reacted sharply to the protocols and application process rejected the claim asserting that the road 12% year-on-year in April and 10.9% passed through Nepalese territory. India wouldin May, not according return to to pre-crisis the government. levels of NDTV The central bank predicted that Russia involved for entry and exit into Malaysia lies completely within its territory. AFP and Singapore will be published 10 days Russia growth before 2022. before their implementation. Singapore a “fast Onlane” June agreement 8, Singapore with gradually China whichreopened allowed its borders the resumption by launching of Russia to hike taxes on high earners after coronavirus Singapore, Malaysia aim to start cross-border travel for long- havingessential to business seek approval and official from travel. the Russian President Vladimir term pass holders, authorities.But restrictions apply, such as travellers essential travellers the nation would increase taxes on high Putin on June 23 said that from next year, Currently, long-term pass laid out measures to tackle the economic holders arriving in Singapore – other earners, the first hike in decades, as he than those who have spent the last 14 perioddays in at certain dedicated countries facilities. or regions – fallout of the COVID-19 pandemic. have to serve a 14-day stay-home notice Addressing the public in a also agreed to develop other schemes for challengeslengthy televised after the speech, epidemic Putin saidand Malaysia and Singapore have the country is facing huge economic Russia ranks third in the world cross-border movement, such as a daily associated restrictions on business. countries.cross-border This commuting will take into proposal account the for work purposes for travellers from both for the totalnovel number coronavirus. of cases, with nearly The Causeway linking Singapore & 600,000 However, people having it has tested reported positive a Malaysia (Straits Times) required health protocols and available sides.medical resources in both countries to associated with the infection than other ensure the safety of the citizensStraits of Timesboth countriesconsiderably where lower the number epidemic of deaths was long-termSingapore pass holders and Malaysiaand essential have Announcing an extension of the agreed to start cross-border travel for Taiwan severe, with the total toll at 8,359. business and official travellers. The and healthcare workers, Putin suggested Taiwan to loosen regulations government’s financial aid to families target isThe to have reciprocal the necessary green systems lane and processes in place on Aug 10. and attract more foreign withthat rare the nation’sdiseases. income tax policy be professionals changed to finance treatment of children will allow travel for essential business and official purposes between the two President Tsai Ing-wen on Putin said that from Jan. 1 next countries. Those eligible will have to year, the tax rate would rise from 13% theirabide itineraries. by measures, including taking to 15% on incomes of more than 5 Covid-19 swab tests and submitting June 12 said Taiwan will lower the bar 33 on residency requirements to attract Policy Updates

Foreigners who entered Vietnam values.circulation It will of talentcontinue between hosting Taiwan, exchange the programs,U.S., and other seminars, partners and sharing networking similar events, according to the AIT. since March 1 but remain stranded due Taiwan News anotherto Covid-19 month. travel restrictions can have their temporaryThe move stay involves permits a one-month extended Tajikistan President Tsai Ing-wen speaks with AIT extension to the current policy, issued Director Brent Christensen (CNA) in mid-May that allowed foreigners New Tajikistan legislation will entering the country on a tourist visa, more foreign professionals as the island heavily penalize anyone sharing e-visa or visa exemption since March 1 to nation strives to further advance its inaccurate information have theirWith stay the automatically latest announcement extended technological competitiveness. until June 30.

the parliament of Tajikistan will make it made by the Immigration Department around the“Since world,” 2018, remarked we have issued Tsai at720 a illegal toNew disseminate legislation false approvedinformation. by givenunder thefree Ministry permit of Publicextensions Security until on Employment Gold Cards to talents from Tuesday, foreigners will be automatically Vietnam within the time period without Talent Circulation Alliance (TCA) event. Under the amendments to the July 31, meaning they could leave TaiwaneseThe TCA is authoritiesa program co-foundedlast April. by the Administrative Code voted by Tajikistan’s Those who entered Vietnam AmericanGold Institute Cards inare Taiwan the four-in-one (AIT) and parliament on June 10, anyone providing undergoing official procedures. “false” or “inaccurate” information about Covid-19 in the media or on social media before March 1 are also eligible to workersvisa issued a work by the permit, Taiwan alien government resident could be fined 580 to 1,160 somoni have their stay automatically extended to grant qualified and skilled foreign ($56-112)– nearly twice the minimum until the end of July if they could prove “We plan to further loosen monthly wage. Legal entities such as they were stranded in Vietnam due to regulationscertificate, and re-entryfor hiring permit. foreign news outlets could be fined 8,700- the Covid-19 pandemic as confirmed professionals and increase incentives in11,600 administrative somoni detention. ($844-1,124). Those by relevant diplomatic missions, or for companies that hire them,” Tsai said. convicted could also face up to 15 days could provide documents issued by She added that given future challenges Vietnamese authorities to confirm and Individuals found guilty under they were quarantined or treated for the proposed measures could be fined, Covid-19, among other reasons. and opportunities, the country also parliament approved amendments to permit extensionAny foreigner has to who declare has beentheir needs to“The strengthen main conclusion citizens’ bilingualthe TCA the CodeAs of bothAdministrative houses of Offenses, Tajikistan’s it given automatic temporary residence reachedcapabilities is Taiwanand digital needs skills. to transform regulations. itself into an ‘international talent to take effect. residencyThose and who health do statusnot fall as into per now needs onlyRadio the Free president’s Europe/Radio signature Liberty the aforementioned categories or who Christensen. “If the people of Taiwan are hub’,” observed AIT Director Brent Vietnam Vietnam’s existing laws. then connected to the world, Taiwan will commit violations shall be subjectVN Express to equipped with the necessary skills and Vietnam extends automatic own future for decades to come.” stay for stranded foreigners as naturallyThe succeed TCA andaims be to able facilitate to chart the its Covid-19 continues

Published monthly by the Secretariat, Confederation of Asia-Pacific Chambers of Commerce and Industry Ernest Lin, Director General; Amador R. Honrado, Jr., Editor Abby Moreno, Assistant Editor; Wendy Yang, Contributing Editor; 7F-2, No. 760, Sec. 4 Bade Road, Taipei 10567, Taiwan; Tel: (886 2) 2760-1139; Fax: (886 2) 2760-7569 Email: [email protected]; Website: www.cacci.biz