CACCI Profile

Confederation of Asia-Paciﬁ c Chambers of Commerce and Industry

Vol. XXXVIII, No. 3 March 2015

CACCI President leads Members to gather in HK on October ﬁ rst-ever presidential 29-30 for the 29th CACCI Conference visit to Bangladesh

(Left) CACCI Planning Committee meets in Hong Kong on February 4, 2015 to CACCI President Mr. Jemal Inaishvili discuss preparations for the 29th CACCI Conference. (Right) CACCI and KCC leads a 9-member delegation to officers pose for a group photo. Bangladesh on February 2-3, 2015.

his year’s 29th CACI Conference in 2015. He said that ACCI President Mr. Jemal TConference has been scheduled the KCC will do its best to make the CInaishvili led a nine-member to take place on October 29-30, 2015 2015 Conference a memorable and delegation to Dhaka, Bangladesh for a in Hong Kong. To be hosted by the successful event. two-day visit from February 2-3, 2015. Kowloon Chamber of Commerce The Planning Committee The Bangladesh trip was a milestone on (KCC), the two-day annual gathering considered a list of possible themes and two counts. It was Mr. Inaishvili’s first of CACCI members will be held at the topics for the 29th CACCI Conference Presidential visit since he took the helm Regal Airport Hotel. as compiled by the Secretariat. CACCI Continued on page 2 The dates and venue for the Director-General Amb. Victor C. Y. 2015 Conference were decided Tseng noted that the list was generated INSIDE THIS ISSUE during the CACCI Planning from a survey conducted earlier seeking Committee Meeting held on February suggestions from members on issues  CACCI launches 1st Hydropower 4 at the Regal Kowloon Hotel in they believed are of current concern to and Clean Energy Excellence Hong Kong. Chaired by CACCI businessmen in the region. Award President Mr. Jemal Inaishvili and After exchanging views on the  MNCCI invites CACCI members attended by 30 representatives members’ suggestions and taking into to two business events in from 11 CACCI member-countries, account the additional proposals made Mongolia the meeting primarily discussed by the members around the table, the  YEGAP celebrates a decade of preparations for the 29th CACCI Planning Committee decided that service Conference, focusing mainly on the the theme and topics of 29th CACCI  PCCI invites more Japanese dates and venue, the Conference Conference should be forward- firms to access Asean market via theme and topics, suggested format looking; should focus on policies investments in Philippines and program, and possible line-up of and measures that the business sector  Mongolian Chamber takes active speakers. and governments in the region can role in facilitating enforcement of KCC Chairman Mr. Conrad Lee undertake to take full advantage of national policy on water issues expressed his Chamber’s appreciation the opportunities offered not just by  CACCI Profile to go digital to CACCI for giving the KCC the markets in the Asia-Pacific region but  Regular Features opportunity to host the 29th CACCI Continued on page 2

1 Members to gather As regards the Conference venue, . . . Continued from page 1 the KCC said that the Regal Airport Hotel has been voted as the Best by countries in other parts of the world Airport Hotel in the World in 2014. It as well; and should be able to attract a has the following features that make broad range of audience, particularly it an ideal venue for the Conference: young businessmen. (a) with over 1,170 guest rooms; (b) In light of the above, the convenient location (just 24 minutes to Committee agreed that the Hong Kong Central by train); (c) excellent facilities Conference should carry the theme and amenities; (d) plenty of tourist “Asia Beyond Limits”. As regards attractions nearby; and (e) reasonable CACCI Planning Committee discuss the specific topics, the Committee room rates starting from US$232/ final dates and theme of the 29th requested the KCC and the CACCI day net, with free in-room WiFi, CACCI Conference in Hong Kong. The Secretariat to coordinate with each complimentary breakfast, free access to meeting, hosted by KCC, was held at other on identifying issues that they gym and pool. the Regal Hotel. deem are relevant to the agreed theme, More information about the taking into account those submitted speakers. Mr. Inaishvili requested the Conference (e.g., Tentative Program, earlier by member chambers as well meeting participants to submit to the registration procedure, hotel booking, as those suggested by the meeting Secretariat any additional suggestions etc.) will be sent to all members as soon participants. they may have in this regard, adding as these are available. In the meantime, The CACCI Secretariat was tasked that the invited speakers should be CACCI President Mr. Inaishvili is to coordinate and follow up with the prominent enough to attract a large calling on all members to already note KCC and the other meeting participants audience from CACCI members both down this year’s Conference in your on their suggestions for the Conference from overseas and locally. calendar of activities for 2015. 

CACCI President . . . Continued from page 1 The delegation also had the opportunity impact business relationships between to network with FBCCI officers, Bangladesh and CACCI member members and other local businessmen; countries. He said that Bangladesh of CACCI in September 2014. It was visit a leading pharmaceutical needs more trade and investments also the first-ever CACCI Presidential company; and experience some of the to become a middle-income country visit to Bangladesh. tourist attractions and places of interest and invited investments from CACCI Organized and hosted by the in Bangladesh. members. Mr. Akram expressed his Federation of Bangladesh Chambers The visit also resulted in the hopes that FBCCI and CACCI would of Commerce and Industry (FBCCI), recruitment of several CACCI Lifetime continue to work together for mutual the visit was aimed at providing Special Members from Bangladesh, development and progress. the CACCI visitors the opportunity and gave further impetus to recruit In his response, CACCI President to promote CACCI in Bangladesh more in the near future. Mr. Inaishvili said that Bangladesh and explore possible joint business is a beautiful country having all ventures and investment cooperation Discussion Meeting with opportunities to develop its economy with their Bangladeshi counterparts. Representatives of the Bangladesh further. Given its population of about The CACCI delegation was composed Business Community 165 million, Bangladesh represents of key chamber officers and leading The FBCCI organized a a big market with a rapidly growing businessmen from Australia, Georgia, Discussion Meeting between the market-based economy. Reports Hong Kong, India, Iran, Nepal, the CACCI delegation and some 100 indicate that Bangladesh has seen a Philippines, Taiwan and Turkey. business leaders of Bangladesh on the dramatic increase in foreign direct The two-day program for the morning of February 2 at the Ballroom investments, he stated. Mr. Inaishvili Presidential visit allowed the CACCI of Pan Pacific Sonargaon Hotel. added that Goldman Sachs recognized delegation to meet with various In his Welcome Remarks, the Bangladeshi economy as one of government officials to exchange views FBCCI President Mr. Kazi Akram eleven countries as having a high on trade and investment issues as well Uddin Ahmed said that the CACCI potential of becoming, along with the as identify areas where Bangladesh Presidential visit would greatly push BRICs, among the world’s largest and CACCI member countries may forward the agenda of regional business economies in the 21st century. Given strengthen their economic relations. integration and generate long-term Continued on page 3

2 CACCI President . . . Continued from page 2 all these developments, Mr. Inaishvili stressed that Bangladesh should tell the world about its extraordinary achievements on economic front as the country’s successes are mostly unknown to most countries. “It is a success story. The (Left) FBCCI President Mr. Kazi Akram Uddin Ahmed and FBCCI officers warmly country has achieved a lot since its welcome CACCI President Mr. Jemal Inaishvili and the CACCI delegation to Dhaka independence, especially in the last (Right) CACCI delegates make a courtesy call on Honorable Finance Minister Mr. 10 to 15 years. Everyone should see it Abul Maal A. Muhith, M.P. because it is completely different from what I was expecting,” Mr. Inaishvili said. Prime Minister’s Foreign Affairs Adviser Dr. Gowher Rizvi, who attended the Discussion Meeting as the Chief Guest, said that people outside Bangladesh are indeed not fully aware of how much progress the country has achieved over the years. He urged the CACCI visitors to encourage all in (Left) CACCI delegates pay a visit to the office of Bangladesh’s Minister of their respective countries to understand Agriculture Honorable Begum Matia Chowdhury, M.P. (Right) Executive Chairman the new narrative and new stories of of the Board of Investment Dr. Seyed Samad speaks to delegates about the country’s Bangladesh. He said that the country incentive policies for foreign investors. can do much more in the coming years, adding that the country will not have to wait until 2021 to have a status of middle-income country as it may achieve the status much earlier. FBCCI First Vice President Mrs. Monowara Hakim Ali also sought greater cooperation between FBCCI and CACCI members in the coming days. Mrs. Ali, who is also member of the CACCI Executive Committee, encouraged the CACCI visitors to work (Left) FBCCI First Vice President Mrs. Monowara Hakim Ali, second from left, as ambassadors for Bangladesh in their hosts a farewell dinner for all delegates at the Hotel Holiday Villa (Right) Members respective countries by narrating their of the CACCI delegation pose for a souvenir shot during the farewell dinner. achievements that the country has made so far. Bangladesh and chambers in CACCI much economic growth is happening CACCI Vice President Mr. member countries as CACCI is a every year. Pradeep Kumar Shrestha from Nepal very big organization. He encouraged CACCI Deputy Director General said that Bangladesh has become a businessmen from Bangladesh to join Mr. Amador Honrado gave a short good example for other countries in CACCI as Lifetime Special Members. presentation on “The Role of Chambers progress despite the current political CACCI Vice President Mr. Peter of Commerce in Promoting Regional turmoil it is experiencing. Development McMullin from Australia praised the Trade and Investment Opportunities in has taken place and growth is steady, he economic development and progress the Asia-Pacific Region.” Mr. Honrado noted. He urged Bangladesh to become that Bangladesh has made over the said that, in order to help their members an active member of CACCI to reap past decade and acknowledged the meet the challenges of globalization the benefits of regional growth and business opportunities he personally and at the same time take advantage of development, pointing out that it would witnessed during the visit. He noted the opportunities it offers, chambers of be a win-win situation for chambers in that Bangladesh is a county where so Continued on page 4

3 CACCI President . . . Continued from page 3 commerce must provide services that will enable their constituencies to reach out into the global market.

Courtesy call on the Minister of Finance Following the networking lunch hosted by FBCCI after the (Left) The delegation visits the Parliament building as part of the city tour (Right) Discussion Meeting, the CACCI Visitors from CACCI and FBCCI tour the manufacturing facilities of Beximco delegation proceeded to the Ministry Pharmaceuticals. of Finance premises to make a courtesy call on Honorable Finance Courtesy call on the Executive advantage of the opportunity to see Minister Mr. Abul Maal A. Muhith, Chairman of the Board of Investments personally for themselves what is M. P. Minister Muhith informed the The courtesy call on the Minister happening in the country. delegation that 2014 was a very good of Agriculture was followed by a year for Bangladesh, saying that the meeting with the Executive Chairman Visit to Beximco Pharmaceuticals government’s economic policy allowed of the Board of Investment Dr. Seyed The CACCI delegation visited the the country to withstand the previous Samad at the BOI premises. During the premises of Beximco Pharmaceuticals five years of global recession. The meeting, the delegates learned about Ltd. where they were received by the country also recorded good export the incentive policies and incentives for company’s key officers led by Mr. performance in the past five years, with foreign investors. Dr. Seyed reported Shamim Momtaz Executive Director, annual growth at two-digit levels. He that the country recorded 6% annual Manufacturing. Mr. Momtaz made a said that Bangladesh has the smallest growth in investments for the past brief introduction on the company’s budget versus GDP in the whole region, two decades, with the growth rate for activities. The delegation was given a much of it going into infrastructure foreign direct investments recorded at tour of the company’s state-of-the-art development, particularly to address double-digit levels from 2009. manufacturing facilities. the power shortage problem as well as to improve transportation and Meeting at FBCCI President Office Brief city tour communication facilities. He added that From the Ministry of Agriculture, The delegation also had the focus has also been given on human the delegation was invited by FBCCI opportunity to visit the Parliament resources and manpower development. President Mr. Akram to his office building as part of the city tour. Given the achievements in recent years, at Standard Bank, of which he is Minister Muhith said that he looks Chairman. There was an exchange of Farewell Dinner toward 2015 with great hope. information and ideas on the current The day ended with a Farewell situation in the country’s banking and Dinner hosted by Mrs. Monowara Courtesy call on the Minister of financial sector. Hakim Ali at the rooftop of the Agriculture Hotel Holiday Villa in Dhaka. Some From the Ministry of Finance, Gala Dinner 50 officers and members of FBCCI the CACCI visitors proceeded to the The FBCCI hosted a Gala Dinner attended the dinner for further office of the Minister of Agriculture – with cultural show – for the CACCI networking with members of the Honorable Begum Matia Chowdhury, delegation at the Ballroom of Pan CACCI delegation. It also served as M.P. Minister Chowdhury informed Pacific Sonargaon. The Chief Guest was another occasion for the visitors to the delegation about the country’s the Honorable Minister of Commerce once again thank the host chamber major achievements in agriculture, Mr. Tofail Ahmed, M. P. Also present for the excellent arrangements made particularly in alleviating the food was Mr. Md. Shariar Ahlam, M.P., for the visit and for their very warm shortage problem. She also shared State Minister, Minister of Foreign hospitality. They also reiterated their the successes achieved by the country Affairs. Both Minister Ahmed and invitation for FBCCI to attend the 29th in organic farming and the various State Minister Ahlam expressed their CACCI Conference scheduled to take technologies being utilized by local appreciation to the CACCI delegation place in Hong Kong in late October farmers in growing potato and rice. for visiting Bangladesh and for taking 2015. 

4 CACCI launches 1st Hydropower and Clean Energy Excellence Award

he Confederation of Asia-Pacific development of hydropower and clean TChambers of Commerce and energy in the Asia Pacific region. Industry (CACCI) on February 13 The nominees could be individuals announced the launching of the 1st – entrepreneurs, subject specialists/ CACCI Hydropower and Clean Energy experts, researchers, academicians, Excellence Award, and requested all advocates/activists, independent power Primary Members to submit their producers, inventors, media personnel, Excellence Award will be announced nominations. bankers, authors or institutions, private during the Gala Dinner of the 29th Initiated by CACCI Asian Council organization, public corporation/ CACCI Conference to be held on on Water, Energy and Environment agency, financial institution, research October 30, 2015 in Hong Kong. (ACWEE) under the chairmanship institution, civil society organization or All Primary Members are of Mr. Gyanendra Lal Pradhan from media agency– in the energy industry. encouraged to participate in this Award Nepal, the 1st Asia-Pacific Hydropower To be conferred annually, Program. The deadline for submission and Clean Energy Excellence Award this award is an encouragement to of nominations to the CACCI is presented by CACCI as recognition recognize their efforts and to honor Secretariat is July 31, 2015. For more of the person or institution that them for undertaking further endeavors. details on the nomination and selection has contributed significantly to the The winner of the 1st Asia- mechanics, please contact the CACCI sustainable promotion, support and Pacific Hydropower and Clean Energy Secretariat at [email protected]. 

MNCCI invites CACCI members to two business events in Mongolia

19th SME’s Product, Service and Ulaanbaatar Partnership Annual Technology International Trade Fair International Trade Fair Organized by MNCCI and Co-organized by MNCCI and the supported by the Ministry of Food and Mayor Administration of Ulaanbaatar Agriculture and Ministry of Industry City, the Ulaanbaatar Partnership of Mongolia, the five-day event is Annual International Trade Fair is the largest trade fair in Ulaanbaatar, expected to attract more than 100 Mongolia, aiming to present domestic international standard exhibition booths & foreign SME’s commodity products covering products of food, textile, and services promoting its business lights and arts. between interested parties. During the five-day event, Participants will be able to learn business meetings, B2B meetings and about the latest trend of international consultations will also be organized for standards of import brands and the new the delegates. technology and products. Meanwhile, For more details on the Trade representatives from SMEs will Fair, please contact: Ms. Namjilmaa, he Mongolian National Chamber have the opportunity to facilitate Head of Exhibition and Trade Fair Tof Commerce & Industry their business talks concerning on Department, MNCCI or Mr.Battulga. (MNCCI) will organize the “19th SME’s transaction, investment and various Ch, Senior Officer, Exhibition and Product, Service and Technology kind of cooperation with partners from Trade Fair Department, MNCCI International Trade Fair” on June all over the world. through the following e-mail addresses: 11-15, 2015, and the “Ulaanbaatar For more information on the [email protected], Partnership Annual International Trade fair, visit the event website at http:// [email protected], Fair” on September 10-14, 2015 in en.mongolchamber.mn/index.php/news [email protected] Ulaanbaatar, Mongolia. /339-2015-02-11-093032 

5 Chamber Personalities YEGAP celebrates a decade of service h e Y o u n g Mian Muhammad Adrees TEntrepreneurs takes charge as FPCCI G r o u p o f A s i a president Pacific (YEGAP), one of the product a n d s e r v i c e councils of CACCI, celebrated its 10th year anniversary on February 2015. YEGAP recently r e l e a s e d a n anniversary issue complete with a photo gallery and a diary of all the Mian Muhammad Adrees was breakout sessions to commemorate the the many entrepreneurs who we still elected as new Federation of Pakistan momentous occasion. have not reached out to.” Chambers of Commerce and Industry The creation of YEGAP was In just 10 years, Ms. Periquet (FPCCI) president following the approved during the 68th Council said that YEGAP has achieved real 2015 election of office bearers of the Meeting of CACCI held in Phnom members in 27 countries; hosting the chamber. Penh, Cambodia on May 2004. The most attended breakout sessions during The newly-elected president committee was formally launched and the annual CACCI Conferences; setting is the chairman and chief executive held its inaugural meeting during the up a global network of counterparts in officer of Sitara Chemical Industries 20th CACCI Conference held in New the region; attendance and recognition Ltd. He is also the chief executive Delhi on February 18, 2005. in various entrepreneur summits; and officer of the Aziz Fatimah Medical In her message, YEGAP Chairman promoting entrepreneurship in the Asia and Dental College Faisalabad. He Ms. Anna Marie Periquet wrote, “As we Pacific region. holds chairmanship positions in various celebrate YEGAP’s 10th Anniversary “It has been a tremendous organizations such as Caustic Soda in 2015, we remain optimistic and opportunity for us to build the Young Manufacturers Association (CSMA) confident that together we can really Entrepreneurs Group of Asia Pacific and Pakistan Chemical Manufacture think big and move forward more with all of you. And it has only been Association (PCMA). boldly. It is our hope that we will all 10 years. Expect bigger things to Mr. Adrees was the president of find new sparks of inspiration that will come from the YEGAP in the next the Faisalabad Chamber of Commerce translate real life-changing experiences 10 years, and beyond,” Ms. Periquet and Industry from 2004-2005. He not only for ourselves but more so for concluded.  was the director of the Pakistan Industrial Development Corporation from 2008-2011. He is also involved in social works. He is a managing CACCI Proﬁle to go digital trustee of Aziz Fatimah Hospital, the largest private hospital in Faisalabad. eginning July this year, CACCI Profile will change from a print publication He is also a trustee of Aziz Fatimah Bto a digital edition available as a Portable Document Format (PDF) viewed Educational Complex and Bashir electronically. This change will allow for a more timely and efficient publication, Naziran Islamic Foundation. while reducing overall printing and distribution costs. Mr. Adrees is an economics and The new format will be sent to all subscribers’ email. Readers can view the psychology graduate from Punjab issue on screen, print out the file, or download to their desktops or tablets to read University. He took further business later. If you have not provided the CACCI Secretariat your e-mail address and management studies from the City of would like to continue to receive future issues of the CACCI profile, please send London Polytechnic, and leadership your name and e-mail address to [email protected] with the subject heading courses from McGill University in “CACCI Profile Digital Subscription.” Montreal, Canada.

6 PRODUCT & SERVICE COUNCILS Asian Tourism The latest Singapore SME 1000 holiday. While having no problem Council (SME1000) ranking found the turnover securing contracts from customers, for the top 1,000 SMEs was S$28.3 some companies couldn’t muster Thai tourism body billion (US$20.94 billion) for the enough manpower to deliver. reviews ways to boost period June 1, 2013 to May 31, 2014 - Director General of the Viet Nam Andaman tourism an 8.71 percent slide from the previous Textile Group, Le Tien Truong, said in year. Net profit saw a slight dip of 0.8 2015 the textile industry will require percent to S$3.38 billion. more than 3 million workers. Without a sound strategy to maintain a low turnover rate, Vietnamese textile companies will have a hard time finding enough labor to fulfill their contracts. Companies must pay more attention to establishing labor policies that improve workers’ benefits such as better compensation practices, better The Tourism Authority of Thailand working environments and supporting a has drawn up development plans for According to DP Information robust social life outside of work, said the Andaman Coast that aim to improve Group (DP), which ranks the top 1,000 the Truong. Viet Nam News facilities and management practices to SMEs based on their revenue, the attract quality tourists to the area. key reason for the fall was manpower Asian ICT Council Kalin Sarasin, chairman of the constraints. board of TAT, said the agency had Based on DP’s 2014 SME Singapore tops global collected plans from tourism operators Development Survey, 49 percent speed index for and related authorities in Phuket, Krabi, of SMEs surveyed cited difficulties broadband links and Phang Nga. Kalin said the province in hiring staff as a major business needed to improve their infrastructure concern, and 48 percent cited high and facilities while enhancing security manpower costs. and safety. Kurt Wee, president of the They must also improve Association of Small and Medium community-management systems, Enterprises, said: “SMEs have been especially in relation to wastewater and facing a tighter labor market and more resources. Kalin said the plan was to competitive wages. All that has added combine the three provinces into one to costs.” The Straits Times cluster and market it overseas. Singapore is now the world’s The TAT on February 6 met Asian Textile and fastest broadband nation, according to with 150 local operators, tourism Garment Council a global speed index watched closely associations, and related authorities in by many international authorities and Phuket to hear about issues the industry Vietnam’s textile ﬁ rms Internet service providers (ISPs). is facing there and seek ways to face high turnover The US-based Ookla’s Net Index strengthen each province. The Nation - started in 2008 - shows that internet users in Singapore have had the fastest Asian SME Council broadband links, of around 104 Mbps, since December last year. Top Singapore SMEs’ Singapore edged out Hong revenue ‘hit by labor Kong - which held the position for 19 woes’ consecutive months - to claim the top Difficulties in hiring staff and spot. the high labor costs when they can be Lunar New Year (Tet) celebrations Since then, Hong Kong with its found are being blamed for a revenue may again prove disruptive to the download speed of around 95 Mbps has slump among the 1,000 top small and textile industry as companies have been in second position, followed by medium-sized enterprises (SMEs) in previously found it difficult to get South Korea (80 Mbps) and Japan (67 Singapore. employees back to work after the Mbps). The Straits Times

7 ECONOMIC COOPERATION NEWS

Energy ties with Russia Mongolian government show that percent of the enterprises want to ‘important for China’ 66.4 percent of Japan’s export value maintain their existing level of China should maintain close to Mongolia — 39.9 billion yen — business, while only 1.3 percent wants cooperation with Russia in the energy was made up of automobiles and their to scale back their operations. sector and accelerate a new natural components, followed by machinery at The most common reason for gas pipeline project, said Vice-Premier 18.5 percent and chemical engineering business expansion is expected sales Zhang Gaoli on February 13 in Beijing products at 5.1 percent. Japan Times growth of 85 percent, followed by during his meeting with Alexei Miller, sizeable growth potential of 45 percent president of Russia’s state-owned Investors eye Myanmar’s and greater receptivity for high-value natural gas giant Gazprom OAO. rich potential for rice added products at 17 percent, the Zhang said the two neighbors growing survey said. achieved great success in the energy Myanmar may go back to being It also noted that 51.4 percent of industry last year and will focus one of the world’s major rice exporters Japanese firms in Vietnam expected on making their cooperation more in five to 10 years, as many Thai and their operating profits to surge in 2014, effective for mutual benefit. foreign investors are looking to expand compared with the year before, while Based on bilateral agreements, in rice mills and farms in the country. 54.8 percent hoped their profits in 2015 China and Russia will accelerate the Thai traders and experts all believe would surpass those reported in 2014. construction of a western natural gas that Myanmar has great potential to Viet Nam News pipeline linking Russia’s Siberia and become a major rice producer in the northwestern China. near future because it has plenty of land Singapore ﬁrms see “The two nations should with good quality soil for raising rice, potential in Philippines also actively explore cooperation abundant water and a strategic location In terms of regional markets, the opportunities in upstream resources for distributing rice. Philippines sometimes gets overlooked, development, energy project Vichai Sriprasert, honorary with Malaysia and Indonesia on construction and equipment president of the Thai Rice Exporters Singapore’s doorstep, and China and manufacturing,” Zhang said. China Association, said last week that some India dominating the wider region. Daily rice millers and exporters have started But trade and investment between exploring Myanmar to establish mills the Republic and the Philippines is Japan, Mongolia sign and parboiled rice processing plants moving ahead strongly, spurred by its economic partnership after realizing the country’s potential robust economic growth and consumer agreement to produce large quantities of the demand. Japan and Mongolia have signed commodity for export. Singaporean companies, ranging a bilateral economic partnership “Thai investors are studying from consumer brands, food and agreement that will expand trade and Myanmar’s investment laws and beverage to infrastructural developers, enhance the strategic partnership regulations. Once all issues are have a presence in the Philippines, between the two countries. clarified, they can start investing in a the second-most-populous nation in The agreement was signed few years,” he said. The Nation Southeast Asia, with more than 107 by Prime Minister Shinzo Abe and million people, after Indonesia. his visiting counterpart Chimed Japanese ﬁrms eager to Annual economic growth has Saikhanbileg at the prime minister’s expand in Vietnam averaged 6.69 percent every quarter office in Tokyo on February 10. Over About 66 percent of the 458 since 2012. the next decade, it is expected to Japanese firms based in Vietnam, plan The latest Singapore firm to remove tariffs on about 96 percent to expand their business during the spot the significant potential is TEE of the combined total value of trade next one or two years, a recent survey International. between the two countries, which was pointed out. This February, the firm announced valued at 41.8 billion yen in 2012. The survey was conducted by the its first foray into the nation to jointly It will be the 15th EPA for Japan Japan External Trade Organization build a 25-megawatt power plant, a once it takes effect following Diet (JETRO). move that executive director Edwin approval, and the first for Mongolia, The JETRO survey of Japan- Neo expects to boost the group’s according to the Foreign Ministry. affiliated companies in Asia and budding infrastructure segment. The Statistics for 2012 from the Oceania in 2014 showed that 32.4 Straits Times

8 PCCI invites more tourism, the retirement industry, Japanese ﬁrms to information – technology related access Asean market services, the capital market, agriculture via investments in and agri-business, land development, Philippines and energy exploration. The PCCI president said that hilippine Chamber of Commerce Japanese companies would access the Pand Industry (PCCI) President Asean integrated market by developing Dr. Alfredo Yao told a 100-man or strengthening their presence in the delegation from the Japan Chamber of Philippines. A high-level delegation from JCCI met Commerce and Industry (JCCI) that He pointed out that many Japanese with the Philippine private sector for the Philippines is primed for Japanese companies have already positioned an economic dialogue on new business companies planning expansion in themselves in the Asean by including opportunities in the Philippines. From the ASEAN region in the emerging the Philippines as part of their global left are Alfredo M. Yao, president of ASEAN Economic Community due supply chains. the Philippine Chamber of Commerce to the country’s improving standing in More partnerships could evolved and Industry; Ambassador Kazuhide global competitiveness and fast rate of from opportunities in manufacturing, Ishikawa of Japan; Tomas I. Alcantara, economic growth. technology transfer, services, and president-CEO of Alsons Consolidated He made the statement as Yao emerging industries such as tourism, Resources, Inc.,; and Miguel B. Varela, welcomed the high–level delegation retirement industry, IT-related services, PCCI chairman. during the Philippines-Japan economic capital markets, agriculture and agri- dialogue on February 5 between the business, land development, and energy of Ambassador Kazuhide Ishikawa Japan CCI, PCCI and the Philippine – exploration. and Dr. Akio Mimura, JCCI chairman Japan Economic Cooperation Council. The PCCI head urged the Japanese and a former chairman and current As head of the country’s largest and Filipino businessmen to exchange advisor of Nippon Steel and Sumitomo business organization, Yao said that best practices, business missions, and Metal Corporation, for maintaining the partnership of PCCI with the JCCI the conduct of trainings and other types and further encouraging the interest has been evolving from manufacturing of business networking activities as of more Japanese companies to to technology transfer to services and these lead to potential tie-ups beneficial come to the Philippines and pursue emerging industries. to both countries. potential collaborations with Philippine This evolving partnership covers Yao acknowledged the leadership companies. Manila Bulletin 

Mongolian Chamber • 38% industrial by introducing cleaner production takes active role in • 44 % agricultural (23% irrigated management tools facilitating enforcement crops, 21% livestock cleaning and • To b u i l d u p l e g a l , e c o n o m i c of national policy on watering) conditions for introduction of latest water issues • 13% municipal technologies • 5% cooling of thermoelectric plants • To develop government and private haring borders with Russia and The Council to facilitate sector’s partnership in water sector SChina, Mongolia is a landlocked enforcement of national water policy • To deliver government regulations, country in northeast Asia. It has a land under Mongolian National Chamber of rules, programs on Water etc. area of 1.564.100 km2 with population Commerce and Industry (MNCCI) has • To support implementation of water of 3 million. Water resources are not been established on 14th April 2010 management, integrated water distributed equally and vary depending with the slogan “No water-no business”. resource management in Mongolia on geographic location, natural The Council aims to promote During World Water Day zone, region, structure and content investment, deliver policy decisions celebration held every March 22, of containing sediments. Total water to entrepreneurs, exchange ideas, the Council organizes events, fairs, resources for Mongolia are estimated experiences for developing water sector discussions to raise awareness on water at 608.3 km3. Of these resources, in Mongolia. The Council consists of issues among the public, improve the 63.5% is surface water and the 36.5% representatives of private entities, NGOs, management of water resources at the is actually groundwater. But the ratio academic institutions and government industries and to introduce advanced of groundwater to surface water officials in charge of water issues. technique and technology. consumption is 80:20. Main purposes of the Council are: The Council looks forward to Water consumption withdrawals by • To increase water use efficiency playing an even more active role in sector are as follows: at industrial, agricultural sectors water sector development. MNCCI 

9 INVESTMENT & JOINT VENTURES IN THE REGION

 Malaysia’s E&O launches luxury condo project in conglomerate, announced on February 15 that it would Taiwan - Eastern & Oriental (E&O) has embarked invest a record 7.5 trillion won ($6.8 billion) in the retail, o n i t s f i r s t tourism and construction sectors. The investment plan regional launch expanded about 31.5 percent from 5.7 trillion won last in Taiwan for year. “Despite the worsening business environment, we i t s e x c l u s i v e shouldn’t hold back on investments (to seek growth),” condominium Lotte Group chairman Shin Dong-bin was reported as project – the 18 saying in a recent executives’ meeting. “We have to build East at Andaman momentum for growth, while preparing for changing – which is being (consumer) trends.” The group’s record investments d e v e l o p e d a t are in line with its Seri Tanjung Pinang (STP) on Penang island. E&O deputy market expansion managing director Eric Chan on January 22 said that i n t h e r e t a i l Taiwan marked the strategic market in the Asia-Pacific sector, including for E&O to launch 18 East at Andaman, which is located fashion outlets within phase one of the STP. E&O signed an exclusive and supermarket partnership with Taiwan’s leading marketing agency b u s i n e s s e s – Taiwan Realty Property group - to start the regional a t h o m e a n d launch for the property project in Taiwan. Chan and David a b r o a d . T h e Chin, the executive director of Taiwan Realty, a division retail giant will allocate 3.4 trillion won, the largest share of Taiwan Realty Property group, signed the agreement, of its 2015 investments, into its retail businesses, focusing where the latter will market the property to Taiwan on omnichannel retailing, according to officials. The citizens. Chan said 18 East at Andaman is a luxurious Korea Herald resort seafront condominium with a private 4.5-acre waterpark exclusively for residents only. The Star  Daum Kakao eyes China mobile game market - Daum Kakao, a leading Web portal and mobile messenger  Japan Post to purchase huge Australian firm - Japan service in South Korea, said on February 11 that it would Post Holdings Co. announced on February 18 that it has make a foray into the Chinese mobile game publishing made an agreement to acquire Australian major logistics market. Established in 2012, Daum Kakao’s mobile player Toll Holdings Ltd. for about 620 billion yen platform, Kakao Game, has published more than 600 (US$5 billion). The acquisition will be the largest ever games developed by 300 game companies, becoming deal for Japan one of the largest mobile game platforms in Korea. Some Post Holdings. of the mega-hit mobile games launched through Kakao The aim is to Game include puzzle game “Anipang” and “Cookie Run”, i n c r e a s e i t s which features a gingerbread man running to escape from p r o f i t a b i l i t y an oven. Aiming to publish the first mobile game in China and enter the in the first half of this year, the company said it would i n t e r n a t i o n a l establish a task l o g i s t i c s force consisting business on a full-fledged scale by placing Toll Holdings o f a r o u n d 5 0 — which has an advantage in the Asia Pacific region — employees from under its umbrella. Toll Holdings, established in 1888, is the firm’s Chinese an Australian freight and logistics firm with more than b r a n c h a n d t h e 1,200 bases in over 50 countries and regions including Seoul office, no Japan, Europe and the United States. It has about 40,000 later than March. employees. Although Japan Post Holdings plans to go “ D a u m K a k a o , public this autumn, it has sought ways to develop a which has a vast growth strategy due to a downturn in its domestic postal pool of experts, will spare no effort to find and support service as its core business. The Yomiuri Shimbun competent Korean mobile games and help them make meaningful achievement in China,” said Lee Seung-won,  Lotte to boost investment in tourism, retail, head of Daum Kakao’s games division for China. The construction - Lotte Group, the country’s fifth-largest Korea Herald

10 CACCI Profile, March 2015 FAIRS & EXHIBITS IN ASIA-PACIFIC

DATES NAME OF FAIR VENUE Apr. Tradefair Pvt. Ltd., Tel: 91-22-2871-5207, India 2015 (Further Information) Email: [email protected], URL: www.chemprotechindia.com/) 1-3 Int’l Shoe & Leathergoods Fair Tokyo Apr. (F-Works Co., Ltd., Tel: 81-3-5623-5110, Japan 16-19 Int’l Lighting Technologies Exbn. Istanbul Fax: 81-3-5623-5114, Email: Apr. (UBM, Tel: 90-216-425-6300, Email: Turkey [email protected], URL: www.isf-web.jp/) [email protected], URL: www.istanbullight.com) 1-3 Int’l Green Energy Expo Korea (Green Dague Apr. Energy Expo Korea Office, Tel: 82-53- Korea 21-23 Food&HotelVietnam2015 (Singapore HCMC 601-5371, Email: energy@energyexpo. Apr. Exbn Services Pte Ltd, Tel: 65-6233- Vietnam co.kr, URL: www.energyexpo.co.kr/eng/) 6638, Email: [email protected], URL: foodnhotelvietnam.com/) 1-3 Int’l Mining & Oil/Gas Expo (Mongolia Ulaanbaatar Apr. Mining Expo Organizers, Tel: 976-11- Mongolia 21-24 KOREA PHARM 2015 (Kyungyon Exbn Goyang 344488, Email: info@mongolia-mining. Apr. Corp, Tel: 82-2-785-4771, Fax: 82-2- Korea org, URL: mongolia-mining.org/us/) 785-6117, Email: gskim@kyungyon. co.kr, URL: koreapharm.org) 2-4 Int’l Travel & Tourism Fair (Iteca Baku Apr. Caspian LLC, Tel: 994-12-4041-000, Azerbaijan 21-24 2015 Inlegmash (ZAO Expocentre, Tel: Moscow Fax: 994-12-4041-001, Email: tourism Apr. 7-499-795-2514, Email: inlegmash-expo Russia @iteca.az, URL: www.aitf.az/2015) @expocentr.ru, URL: www.inlegmash- expo.ru/) 6-8 SE-Asian Healthcare & Pharma Show K.L. Apr. (ABC Exhibitions Int'l Sales Office, Tel: Malaysia 21-25 TURKEYBUILD Istanbul 2015 (YEM Istanbul 45-6221-7912, Email: bhullar@abcex. Aprl. Exbns, Tel: 90-212-266-7010, Email: Turkey com, URL: www.abcex.com/) [email protected], URL: www. yapifuari.com.tr/eng) 8-11 Taipei AMPA & AutoTronics (TAITRA, Taipei Apr. Contact: Ms. Patty Lin, Tel: 886-2-2725- Taiwan 22-24 Water Malaysia 2015 (PROTEMP K.L. 5200 Ext. 2621, Email: ampa@taitra. Apr. Group, Tel: 60-3-6140-6666, Email: Malaysia org.tw, URL: www.taipeiampa.com.tw/) [email protected], URL: www.watermalaysia.com/) 9-11 Int’l Sporting Goods & Leisure Expo HCMC Apr. (VEAS Co., Ltd., Tel: 84-8-3842-7755, Vietnam 23-25 TECHNITEX 2015 (PT. Peraga Jakarta Email: [email protected], URL: Apr. Nusantara Jaya Sakti, Tel: 62-21- Indonesia www.sportexvietnam.com/) 649-3717, Fax: 62-21-639-0062, URL: www.indointertex.com/) 9-12 Manila International Auto Show (WSI, Manila Apr. Tel: 632-531-6350, Fax: 632-533-2026, Philippines 23-25 Health Expo 2015 (KIECO, Tel: 82-2- Seoul Email: [email protected], URL: Apr. 761-2512/2515, Fax: 82-2-761-2517, Korea www.worldbex.com/Event/Mias) Email: [email protected], URL: www.healthexpo.co.kr/) 9-12 Textile & Garment Industry Expo (CP HCMC Apr. Exhibition, HK Head Office, Tel: 852- Vietnam 23-25 Int’l Exbn for The Energy Industry Oil Karachi 2511-7427, Email: [email protected], Apr. & Gas (Pegasus Consultancy, Tel: 92- Pakistan URL: www.vfabric.com/sgtextile/) 21-111-734-266, Email: info@pogee. com.pk, URL: www.pogeepakistan.com) 12-17 7th World Water Forum Expo & Fair Dague Apr. 2015 (Secretariat, Tel: 82-2-6009-9435, Korea 23-26 Malaysia Int'l Cafe Show (Exporum, K.L. Email: [email protected], Apr. Tel: 82-2-2051-3322, Fax: 82-2-2051- Malaysia URL: eng.worldwaterforum7.org/main/) 3326, Email: [email protected], URL: cafeshow.com.my/) 13-16 HK Electronics Fair (HKTDC, Tel: Hong Kong Apr. 852-1830-668, Email: exhibitions@ 23-26 Giftionery Taipei 2015 (TAITRA, Taipei hktdc.org, URL: www.hktdc.com/fair/hk Apr. Contact: Jason Lin, Tel: 886-2-2725- Taiwan electronicsfairse-en/) 5200 ext 2613, Email: giftionery@taitra. org.tw, URL: www.giftionery.net/) 14-16 Tashkent Int’l Healthcare Exbn (ITE Tashkent Apr. Uzbekistan, Tel: 998-71-113-0180, Uzbekistan 23-26 IDMA 2015 (Parantez Group, Tel: 90- Istanbul Email: [email protected], URL: Apr. 212-347-3164, Fax: 90-212-212-0204, Turkey www.ite-uzbekistan.uz) Email: [email protected], URL: www.idma.com.tr) 14-17 The Precision Engineering Industry Singapore Apr. Event (S’pore Exbn Services Pte Ltd., 27-30 Hong Kong Gifts & Premium Fair Hong Kong Tel: 65-6233-6638, Email: mta@sesall Apr. (HKTDC, Tel: 852-1830-668, Fax: 852- world.com, URL: www.mta-asia.com/) 2824-0026, Email: [email protected], URL: www.hktdc.com/) 16-17 ChemProTech India (Koelnmesse YA Mumbai

11 CACCI Profile, March 2015

TECH NOLOGY Drones to aid farmers in Recycling reduces Director of the Corrugated Packaging India detect crop diseases bacterial loading for Alliance. Packaging World Farmers in Gujarat and corrugated shippers Panasonic to enter robot Rajasthan could soon have an Testing and analysis conducted vacuum market unmanned aerial vehicle flying over by the University of California-Davis Panasonic Corp. will launch its their fields to survey their crops, and toxicology experts Haley & first home-use robot vacuum helping them map crop diseases Aldrich investigating the cleanliness cleaner — the Rulo — on the along with assisting insurance of corrugated shipping containers domestic market on March 20, the companies in settling claims. confirmed that all corrugated company has announced. Weather forecaster Skymet has containers tested met acceptable The already conducted a pilot project in sanitation levels. domestic parts of Gujarat to map the groundnut “One hundred percent of the market is crop along samples evaluated were below the dominated with sanitation levels of 1,000 colony by the Agriculture forming units [CFU] per swab for the Roomba, Insurance organisms tested,” says Maryann from US maker iRobot Corp., which Company Sanders, Senior Toxicologist, has a 60 percent market share. (AIC) of India Microbiologist, and Regulatory This spring will also see the and will soon Compliance Specialist at Haley & entry of British maker Dyson Ltd., be flying across field in the coming Aldrich. famous for its powerful cyclone type summer. The 1,000 CFU per swab vacuum cleaners. All eyes will be on "Remote sensing through threshold used by the study was how well Japan’s biggest home unmanned aerial vehicles allows defined by Dr. Warriner from the appliance maker can compete with nondestructive sampling to observe University of the foreign companies. agronomic indicators every square Guelph, the The Rulo is expected to retail for meter. We did a pilot project last year Food Safety about 100,000 yen, excluding tax. and will increase its coverage across Authority of While other makers mainly go for Rajasthan and Gujarat this year," said Ireland, and round or square-shaped devices, the Jatin Singh, CEO of Skymet. the New Panasonic product’s most The technology has been in use South Wales conspicuous feature is its triangular in the United States and other Food Authority. The U.S. Food and shape with rounded corners, like a developed countries to map crop Drug Administration does not have rice ball. It is able to get into and position, control farm subsidies, guidelines for packaging bacterial clean the corners of a room where detect pests, monitor nutritional and levels. dust gathers easily. It also features water stress on crops, and even spray “The single-use approach for learning functionality that enables it fertilizer and pesticides on crops. corrugated containers minimizes the to remember and focus on cleaning Skymet, along with the AIC potential for contamination. After places where there is a lot of dirt. The and Gujarat government, used they are used, corrugated containers company is aiming for at least a 30 satellite remote sensing technologies are returned to the paper mill for percent share of the domestic market and drones across 10 villages in recycling. The recycling process for high-end robotic vacuum cleaners Morbi district of Gujarat last year. greatly reduces bacterial loading,” retailing for 70,000 yen or more. The Times of India says Dennis Colley, Executive Yomiuri Shimbun

Published monthly by the Secretariat, Confederation of Asia-Pacific Chambers of Commerce and Industry Victor C. Y. Tseng, Director General; Amador R. Honrado, Jr., Editor Jacqueline Uy, Associate Editor; Wendy Yang, Contributing Editor; Julia Hsu, Assistant Editor 14/F, No. 11, Songgao Road, Taipei 11073, Taiwan; Tel: (886 2) 2725-5663/4; Fax: (886 2) 2725-5665 Email: [email protected]; Website: www.cacci.org.tw

12 CACCI Profile, March 2015

POLICY UPDATES (A compilation of rules, laws and policies on trade and investments in CACCI member countries)

Hong Kong India price,” an industry source said in an interview on February 16. The Star Hong Kong to cut taxes, boost welfare Indian economy seen growing 7.8 after protests drag growth percent next fiscal: DBS Hong Kong's government plans to The Indian economy has bottomed Mongolia reduce taxes, increase welfare spending out and it is expected to grow at about Mongolia parliament may vote on and support tourism-related businesses 7.5-7.8 percent in next fiscal beginning casino bill to boost economy after economic growth slowed last year. April 2015, DBS Group Research said Mongolia's parliament may vote on Measures announced in its budget on February 23. draft legislation to develop multi-billion include reducing personal tax by as "Implications of this revised set of dollar casinos to lure gamblers away much as HK$20,000 this financial year, data (on GDP and inflation) on other from hubs like Macau, seeking to providing extra allowances for the poor economic aspects are ascertained. stimulate a slumping economy and and elderly, and waiving some fees for Nonetheless, lead indicators affirm that diversify away from the mining the tourism industry, the government the economy has bottomed out and is industry. said. bound to improve from here on. At a meeting on Feb. 12, the Gross domestic product growth "GDP growth in 2015/16 could be country's Cabinet Secretariat approved a slowed to 2.3 percent in 2014, and in the range of 7.5-7.8 percent, lifted by draft of a bill that would target private moderated to 0.4 percent in the fourth a firm manufacturing sector and robust partnerships to build two casinos quarter from the preceding three domestic demand," the Singapore-based targeting China's high-roller gamblers, months. research firm said. according to an email to Reuters from The government faces the It said interpretation of new set of the Ministry of Justice. additional challenge of trying to restore data by Reserve Bank and Finance The move comes as countries confidence after pro-democracy protests Ministry will be watched closely, across Asia from Vietnam to South froze parts of the city late last year. specially for monetary policy and fiscal Korea are building large-scale casino Bloomberg policy guidance. Economic Times India resorts to lure the region's wealthy gamblers, particularly from China, to Indonesia Malaysia boost consumer spending, leisure industries and economic growth. Indonesia to set up trading centers Malaysia extends zero duty on crude Reuters overseas palm oil exports Malaysia is extending the zero The government plans to set up a Nepal number of marketing and distribution duty on crude palm oil (CPO) exports Brand registration expected to boost centers overseas to help extensively for March based on the newly released Nepal coffee exports market Indonesian products as part of CPO reference price at 2,232.88 ringgit (US$623.22) per ton, which is still Nepal has registered the Nepal an ambitious target to triple exports by Coffee collective trademark for Nepali 2019. below the 2,250 ringgit per ton price threshold that will trigger the export coffee in the European Union (EU). The Around 10 marketing and registration of the brand is expected to distribution centers would be set up in duty. The exemption on CPO export help boost exports and value as locations that have bright prospects to European importers have been showing serve as sales hubs, such as in China, in duty has taken many by surprise especially after the government interest in buying Nepali coffee, traders the Jebel Ali Free Zone (Jafza) in the said. United Arab Emirates and in the Varna announced last week on the possibility of resuming the export duty regime that Furthermore, the move is expected Transit Trade Zone in Bulgaria, a trade to help improve the quality of the ministry official said. had been suspended since September last year. products traded in the EU. “There are at least five products Shyam Prasad Bhandari, president that we will try to market from them, “Many industry players and analysts had anticipated that the CPO of the Nepal Coffee Entrepreneurs’ such as furniture, home decorations, Association, said that the collective jewelry, textiles and textile products export tax would resume in March given the recovery in the locally trademark for Nepali coffee was and footwear,” the trade ministry’s registered in the EU two months ago, director general for national export delivered CPO prices currently hovering at 2,290 ringgit-2,300 ringgit and that this had paved the way for development, Nus Nuzulia Ishak, said selling Nepali coffee under the same The Jakarta Post per ton – higher than the threshold recently. logo in the 27 countries in the EU.

13 CACCI Profile, March 2015

POLICY UPDATES

Meanwhile, Nepal has been The report noted that investments Ningxia Night Market, a favorite working to register the Nepal Coffee should also regain buoyancy as lower with Chinese visitors, will launch the trademark in the US, Hong Kong, oil prices mean better profits.“…And service by late February, and other Norway, Sweden, South Korea, Japan construction regains momentum with a shopping areas like Qingguang and and Canada. Ekantipur bunch of large PPP [public-private Shida are expected to follow. partnership] projects finally taking off,” Around 5 million people visit the Japan it said. Business Mirror Ningxia market in western Taipei each Japan aims to commercialize seafloor year, half of them being foreign tourists, mining in 2020s Singapore with people from China occupying a The Japanese government is Singapore to tweak policies toward large percentage, according to Lin aiming to commercialize the mining of foreign workers Ting-kuo, head of the Ningxia Night rich seafloor deposits around Japan of Singapore will tone down policies Market Tourism Association. such mineral resources as copper in the intended to reduce its reliance on Allowing them to swipe their 2020s, according to officials. foreign workers and increase taxes on mainland Chinese bank cards rather The nation has relied on imports to top earners to help create an innovative than paying in cash could give a boost meet demand for mineral resources like economy and reduce inequality, Finance to Taiwan's 300 night markets, which copper, lead, gold and silver since many Minister Tharman Shanmugaratnam Lin estimated represent business domestic mines were shut down by the said. opportunities worth hundreds of billions end of the 1970s. Mining these In his annual budget speech on of Taiwan new dollars based on average resource-abundant seafloor deposits February 23, Mr. Tharman said the spending of NT$100-NT$200 (US$3-$6) could help shake off Japan’s reputation government would address the per person. China Times as a nation with few resources. difficulties employers have faced in a At a press conference at the end of tightening labor market by softening its Vietnam January, Tetsuro Urabe, a professor crackdown on hiring and boosting Vietnam's border trade still faces many emeritus of the University of Tokyo, spending on programs that encourage barriers could hardly conceal his excitement. He innovation. Inadequate infrastructure and was announcing the discovery of a The moves signal a slight shift in supporting services are among the deposit about 1,400 meters below the the government’s earlier efforts to limit challenges that Vietnam must overcome ocean surface off Okinawa Prefecture’s foreign-worker numbers. Instead, the to become a hub for cross-border trade, Kumejima island. The Yomiuri Shimbun government will focus on increasing especially as Asean will soon become productivity growth—now flat or an integrated economic community. Philippines negative—to try to help employers Infrastructure at border gates such Exports and consumer spending seen struggling to fill vacancies and counter as storage areas, inspection equipment to boost economy the effects on Singapore’s slowing and connecting roads were among the The Philippine economy is economy. hurdles that must be addressed to expected to strengthen its growth this “The government will refine the improve cross-border trade, according year on the back of robust consumption pace of increase in foreign-worker to Nguyen Van Hoi, deputy director of and exports data. levies since foreign-worker inflows the Ministry of Industry and Trade's “We expect more bubbly consumer have slowed down markedly,” said Mr. Department of Mountainous Area spending in the coming quarters as a Tharman, who is also deputy prime Trade. result of high job generation and minister. “However, the tight labor At a recent forum with drastically lower inflation due to the market is now a reality.” The Wall international development partners on collapsing crude-oil prices,” said a joint Street Journal improving border trade, representatives report by the First Metro Investment from Lai Chau, Dien Bien, Cao Bang Corp. (FMIC) and the University of Taiwan and Ha Giang provinces said most of Asia and the Pacific (UA&P). Taiwan night markets to accept the roads serving border gates were It said that while the free-falling Chinese UnionPay cards narrow. Mountainous roads and a lack crude-oil prices have markedly changed Chinese tourists in Taiwan will of investment in supermarkets, border the outlook for emerging countries, the soon find another layer of convenience markets, storage centers and parking Philippines is one of the countries when a popular Taipei night market areas also made it difficult for predicted to benefit from the “new begins accepting UnionPay cards. businesses. Vietnam News normal.”