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Thai Government to Enhance Oversight of E-commerce

Thailand’s business sector saw significant growth in July 2024, with a 14% increase in new business registrations compared to the same period in 2023. This marks a continuing trend of expansion, fueled by government economic stimulus measures and improvements in tourism. A total of 7,837 new businesses were established in July 2024, with registered capital reaching 237.04 billion baht, a 42% increase from the previous year.
The top three business categories with the highest number of new registrations were general construction, real estate, and restaurants/food shops. This trend aligns with the overall seven-month period data, where a total of 54,212 new businesses were registered, representing a 0.16% increase compared to the same period in 2023. Interestingly, while new business registrations are on the rise, there was a slight decrease (11%) in the number of businesses that ceased operations in the first seven months of 2024 compared to the previous year. This trend is attributed to a shift in the business registration landscape over the past decade, moving away from retail, wholesaling, and manufacturing towards service-oriented businesses.
These service businesses now represent over half of newly registered businesses, with a strong concentration in real estate, restaurants, shipping, and logistics. Furthermore, the number of foreign investment entities receiving permission to operate businesses in Thailand also experienced a significant surge, increasing by 22% to reach 460 in the first seven months of 2024. This contributed to a 54% increase in total investments from foreign entities compared to the same period in 2023. Japan, Singapore, the United States, China, and Hong Kong were the top five origins of these investors.


Digital trade saw remarkable growth in Cambodia

The e-commerce and digital trade sectors in Cambodia have witnessed remarkable growth in recent years, reflecting the country’s dynamic and resilient economy, thanks to government initiatives to promote digitalization.

Cham Nimul, Minister of Commerce, made the remarks while presiding over the opening ceremony of the workshop on ‘Cambodia’s Digital Economy and Engagement with E-DISC’ (ERIA Digital Innovation and Sustainable Economy Center), on Monday at the Hyatt Regency Phnom Penh.

The workshop was attended by numerous participants from line ministries and stakeholders.

Nimul said that the ministry has implemented policies and programs to foster a conducive environment for digital businesses. “The e-commerce and digital trade sectors in Cambodia are currently experiencing significant growth following the Covid-19 pandemic, highlighting the dynamism and resilience of the country’s economy,” she said.

This sector is driven by innovative entrepreneurs, a young population and an increasing level of digital interconnectedness, she added.

The Commerce Minister further said that the government has introduced the Cambodia Digital Economy and Society Framework 2021-2035 and the Cambodia Digital Government Policy 2022-2035 to utilize digital technology to enhance societal and economic efficiency.

Digital business development is a pillar in building the digital economy and social policy framework of Cambodia 2021-2035, which focuses on supporting the entrepreneurial ecosystem and startups by strengthening entrepreneurship and promoting startups in terms of capacity and financial resources.

For full article, please read here



Author: Chea Vanyuth

Source: Khmer Times 

Brunei-Australia partnership hits milestone

Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah reflected on the significant strides that have been made in building a robust and lasting relationship between ASEAN and Australia, and resulting in positive results, benefiting not only for the two countries but also the broader regional community during a Sunset Santai reception yesterday.

“Australia remains an important trading partner for Brunei and the economic relations have continued to develop over the years. Despite the COVID-19 pandemic, the total trade between Brunei and Australia had doubled, mostly due to the exportation of crude oil, fertiliser and seafood to Australia,” said the minister.

“In 2021, the total trade was BND2.44 billion; BND4.04 billion in 2022 and BND3.17 billion last year with Australian produce, especially dairy and farm products are very popular in Brunei as well as a continued local demand for quality meat products where almost all of the country’s lamb and mutton imports are from Australia hence Brunei continues to welcome Australian investments in its diversification efforts,” he added.

“As we commemorate the 50th anniversary of ASEAN-Australia Dialogue Relations this year, our cooperation has evolved to cover a wide range of sectors across the three ASEAN community pillars.

“As one of ASEAN’s largest trade and investment partners, Australia has played a pivotal role in ASEAN’s economic development and growth as showcased through frameworks such as the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA), Regional Comprehensive Economic Partnership and Comprehensive and Progressive Agreement for Trans-Pacific Partnership,” the minister said.

Source: Borneo Bulletin

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Ground-breaking ceremony marks port expansion

A new port trade zone (PTZ) will drive economic growth through the enhancement of export-oriented industrialisation and the promotion of sector diversification as well as employment growth, said Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah during the ground-breaking ceremony for an expansion project of the Muara Container Terminal yesterday.

The project, to be completed by the second quarter of 2027, includes the development of a PTZ aimed at streamlining trade processes and supporting regional industrial growth.

The expansion is also set to transform Muara Container Terminal into a vital hub for international trade and investment, fostering economic growth and enhancing connectivity between the Sultanate and China. The project not only underscores both nations’ commitment to economic partnership, but it also positions Muara Port as a strategic gateway to regional and global markets.

Spearheaded by Muara Port Company Sdn Bhd (MPC), the project also marks a historical milestone in the Brunei-China relations.

Dato Seri Setia Dr Awang Haji Mohd Amin Liew said, “Over the past few years, Brunei and China have shared a strong bond of friendship and cooperation, which is further strengthened by the establishment of the Brunei-Guangxi Economic Corridor (BGEC) in September 2014, which has been serving as an exemplary gateway for both nations to collaborate and establish synergistic business activities, infusing new momentum into the Belt and Road Initiative and furthering Brunei Vision 2035.” The minister also highlighted the project’s importance. “In 2022, the Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) region saw a notable increase in total trade in goods, rising by USD65.8 billion, spanning a vast area of 1.6 million square kilometres and home to a population of 79.8 million. As a key node in BIMP-EAGA, Muara Port plays a crucial role in facilitating trade between the region and western China through the International Land-Sea Trade Corridor,” he said.

He added, “With MPC’s expansion plan and efficient port handling productivity, we will be able to facilitate the expected growth in the import and export of cargo from the development of local and international trade.”

Ultimately, he said, “these efforts will facilitate in transforming Muara Port into a major regional shipping and transshipment hub”. Minister of Primary Resources and Tourism Dato Seri Setia Dr Haji Abdul Manaf bin Haji Metussin, Minister of Development Dato Seri Setia Awang Haji Muhammad Juanda bin Haji Abdul Rashid, Minister of Transport and Infocommunications Pengiran Dato Seri Setia Shamhary bin Pengiran Dato Paduka Haji Mustapha and Deputy Minister of Finance and Economy (Economy) Dato Seri Paduka Haji Khairuddin bin Haji Abdul Hamid were also present.

Source: Borneo Bulletin

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Youth engagement key to future innovation: ASEAN secretary-general

Youth need to remain actively involved in ASEAN affairs. Youth must also focus on their vision for the future and participate in ASEAN’s ongoing work, ASEAN Secretary-General Dr Kao Kim Hourn said.

He said this during his keynote address on ‘Cooperation, Collaboration, and the Youth: The Bedrock of Innovation and Sustainability’ at the Pro-Chancellor Arts Centre, Universiti Brunei Darussalam on Tuesday.

He added, “ASEAN leaders have committed to regular dialogues with youth, with annual meetings involving youth leaders from all 10 ASEAN member countries.”

Dr Kao also highlighted during the 42nd ASEAN Summit in Indonesia in 2023, youth leaders provided recommendations on four key areas. The areas were enhancing the regional ecosystem for youth entrepreneurship, improving digital literacy, accelerating inclusive digital transformation, and leveraging economic opportunities through digital platforms.

He also highlighted the importance of incorporating youth perspectives into ASEAN’s new Vision 2045 and strategic plans for its three pillars: political-security, economic, and socio-cultural. “As we finalise these plans, it is crucial to include the voices of the youth,” he added.

Dr Kao underscored the vital role of youth as future leaders, innovators, and influencers. “The landscape has changed dramatically with technology advances. It is important for our youth as the future leaders and change makers, educators, innovators and influencers.

Source: Borneo Bulletin

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Bruneian tourism to Malaysia surges by 169pc

The number of Bruneian travelers visiting Malaysia last year surged by 169 per cent, with a total of 811,833 Brunei tourists recorded, compared to 301,757 in the previous year. This significant increase reflects the growing appeal of Malaysia as a destination for Bruneians, not only for its diverse culture, culinary delights, and natural attractions but also as a popular honeymoon destination.

In a move that is expected to further enhance economic cooperation between the two nations, the Sarawak Trade and Tourism Board (STATOB) will begin operations in Brunei in the fourth quarter of this year, focusing on boosting trade and tourism.

These insights were shared by Chargé d’Affaires at the Malaysian High Commission in Bandar Seri Begawan Mrs Nur Ezira Mahadi, during a dinner commemorating the 40th Anniversary of Diplomatic Relations between Malaysia and Brunei Darussalam. The event, held at the Royal Berkshire Hall, Tarindak D’Polo, Jerudong last Sunday, was hosted by the Malaysian High Commission in conjunction with the working visit of Malaysia’s Foreign Minister to Brunei for the 25th Meeting of the Implementation of the Exchange of Letters between the two countries.

Source: Borneo Bulletin

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Expanding contractor participation key to Brunei’s energy future

Permanent Secretary (Energy) at the Prime Minister’s Office Hajah Farida binti Dato Seri Paduka Haji Talib yesterday called for expanding the participation of contractors in the opportunities available within the power sector through fostering strategic partnerships with the hope of driving the nation’s energy future. 

She said this in her remarks during the launch of the Power Vendor Forum yesterday at the Prime Minister’s Office (PMO).

Emphasising the government’s steadfast commitment to enhance the power sector to be fit for the future, the permanent secretary, who was also the guest of honour, said, “Our effort lies with the Department of Energy’s vision of achieving ‘Energy Security for Brunei Darussalam’s Prosperity’. Our goal is to ensure a sufficient and reliable power supply, while optimising our power systems to meet current and future demands. This vision is critical for our nation’s continued growth and development. By working together, we can create a power sector that not only meets our needs but also drives our economic and social progress.”

In the face of global energy challenges and the urgent need for robust solutions, she said, ”It is imperative that we harness the collective strength of the energy industry. The power sector is not just a cornerstone of our economy; it is the underlying source that powers homes, businesses, and industries. Ensuring its robustness and resilience is a responsibility I believe we all share.”

She added, “We recognise that the key to achieving this lies in developing a dynamic and competitive market where contractors of all sizes can participate and succeed. The forum is a testament to that commitment. It is a platform designed to connect businesses with upcoming opportunities, facilitating access to projects and services that will propel our sector forward.”

The half-day vendor forum, centred on power and renewable energy was organised by the Department of Energy, in collaboration with the Department of Electrical Services (DES). 

The theme, ‘Connecting Businesses with Emerging Opportunities’, has a direct link to the Department of Energy’s vision that aligns with the national strategic agenda under Brunei Vision 2035. 

The overarching intent is to create the foundation for a dynamic and competitive market for power and renewable energy.

The forum aimed to provide local and international contractors the opportunity to meet and form strategic partnerships as well as to widen the range of potential contractors in power projects. 

The forum began with a keynote presentation from Deputy Permanent Secretary (Energy) at the PMO Pengiran Haji Jamra Weira bin Pengiran Haji Petra, which provided an overview of the power sector landscape in the Sultanate. 

It proceeded with panel sessions by DES Acting Director Ahmad Ridza bin Dato Seri Setia Haji Abdul Rahman and Department of Energy Head of the Energy Transition Division Shirley binti Sikun. 

The forum was attended by 61 companies, with over 212 individuals from businesses in the Sultanate, South Korea, Malaysia, Singapore and Thailand. A vendor clinic was also organised by the DES. 

Source: Borneo Bulletin

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Investing in digital tools, infra key to connecting indigenous biz to global markets

Asia-Pacific Economic Cooperation (APEC) member economies can invest in digital tools and infrastructure to connect indigenous businesses to global markets, thus enriching markets and ensuring the benefits generated by trade are inclusive and sustainable.

“It is important to highlight that one of the most promising developments in recent years is the rise of digital tools and technologies that can help Indigenous entrepreneurs access export markets and compete on a global scale. For Indigenous businesses, digital tools offer a gateway to global markets that were previously inaccessible,” Renato Reyes, Senior Official for APEC Peru, said in a news alert.

Reyes said e-commerce platforms, social media and digital marketing enable indigenous entrepreneurs to showcase their products and services to an international audience, connecting directly with consumers who value cultural heritage and sustainability.

He said digital tools can help indigenous businesses overcome some of the logistical challenges related with international trade.

“Online payments systems, digital supply chain management, and virtual trade shows allow businesses to manage their operations more efficiently and connect with buyers and suppliers across borders,” he added.

A home to a rich tapestry of indigenous cultures, Reyes said investing in digital tools and infrastructure to connect indigenous businesses to global markets promotes the trade and services that leverage indigenous knowledge and expertise and ensure that trade policies support sustainable development.

This, as many indigenous communities, particularly in remote areas, still face significant barriers to accessing digital technologies, including limited internet connectivity and a lack of digital skills, he said.

“Public and private sector must work together to address these gaps, ensuring that indigenous entrepreneurs have the tools and knowledge they need to succeed in the digital economy,” he added.

As sustainable economic growth is a key priority for APEC, Reyes said, indigenous businesses have a key role to play in achieving this goal.

“Trade offers a powerful means of achieving economic empowerment, allowing Indigenous peoples to leverage their resources, knowledge and skills allowing them to operate in sectors such as tourism, agriculture, creative industries, among others, where they bring unique products and services that reflect their cultural heritage and sustainable practices,” he added.PHILEXPORT News and Features

ESG data, reporting also make business sense

Companies can collect environmental, social and governance (ESG) data from various sources and innovative technologies like artificial intelligence (AI), machine learning and data analytics are increasingly used to collect and analyze these data, according to sustainability curricula.

“The advantage of collecting such (ESG) data –it is not only for reporting to the government but also the company themselves have the idea of what they are doing right and what they are doing wrong. And this in turn also translates to where their costs can be reduced. So ESG is not only important from a social responsibility kind of point but it also actually makes business sense,” Deloitte India Executive Director Amrita Ganguly said in a webinar.  

Ganguly presented the key content of the United Nations Industrial Development Organization’s (UNIDO) Learning and Knowledge Development Facility (LKDF) sustainability curricula during its official launch on May 14.

The curriculum materials support industrializing countries to better comply with sustainability regulations, implement sustainability initiatives, and drive overall sustainable development.    

Ganguly said a systematic and planned ESG data collection helps to efficiently collect, measure, record and disclose the correct data.

“Robust ESG data empower decision-makers for identification of potential risks, seize opportunities, and enhance long-term value,” she said.

Ganguly said standards which companies bring out of these kinds of ESG data include the Global Reporting Initiative (GRI), standards developed by Sustainability Accounting Standards Board (SASB), framework developed by Task Force on Climate-related Financial Disclosures (TCFD), and reporting framework of Carbon Disclosure Project.   

ESG data collection methods include internal sources; external sources; emerging technologies; and surveys, questionnaires and stakeholder engagement, she said.

“Companies collect ESG data from their own records and operations. This may involve analyzing financial reports, HR (human resources) records, and sustainability reports to assess their environmental impact, employee practices, and governance policies,” she added.

Ganguly said external data sources include publicly available information, such as government reports, regulatory filings, and data from third-party ESG research providers.  

“Companies often distribute surveys or questionnaires to collect specific ESG data from their stakeholders, including customers, employees, suppliers and investors,” she said.

Ganguly also underscored the importance of tracking ESG data.

“Of course measuring performance, it is not only a fringe concern but it actually gives a very good insight into whether the operations of the company are in line or not. Benchmarking is another important aspect so the company can actually understand with respect to the industry peers, with respect to say energy performance, water performance, waste management,” she added.

Ganguly further said ESG data is also imperative in identifying trends, patterns and anomalies that might not be immediately obvious; ensuring compliance to avoid legal or financial penalties; and allowing organizations to track progress toward sustainability goals and objectives.

“ESG data can identify potential risks and vulnerabilities, allowing organizations to take proactive measures to mitigate them,” she added.

Manufacturers need to build a culture of cyber resilience—expert

By following three key principles, manufacturers can integrate cyber resilience into their organizational culture to help boost their own security and that of the other organizations in their business networks, according to an automation and technology expert.

Blake Moret, chief executive officer of US-based provider of industrial automation and digital technologies, in a recent article published by the World Economic Forum, said a cyber attack on a manufacturer can have significant knock-on effects that can even spread beyond the industry to other organizations along the supply chain.

“The global spread of manufacturing production facilities creates complex supply chains in which producers are also often consumers. Manufacturing is also inherently intertwined with other sectors such as logistics, energy and information technology. And so, any disruption to the manufacturing process can cascade throughout many other sectors—and around the world,” he said.

Moret further shared that heightened connectivity and data transparency has made manufacturing the most targeted sector for cyber attacks for three years in a row. It now accounts for 25.7% of attacks, with ransomware involved in 71% of these incidents.

However, he also noted how the manufacturing sector faces challenges building cyber resilience. Chief among these is the cultural mindset gap between enterprise and industrial environments, with the latter often prioritizing physical safety over cyber safety.

Technical challenges are also a major barrier. Outdated legacy systems and connected assets within industrial control systems have left many manufacturing organizations unprepared to repel sophisticated cyber threats.

Manufacturers are also often reluctant to take factories offline to make upgrades in security or deal with cyber attacks, said Moret.

Additionally, manufacturing is influenced by external forces such as the global inflation and rising energy costs, which add to manufacturers’ hesitancy to make improvements.

Another complication is that manufacturers must navigate various regulations and industry standards concerning human and product safety, data protection and cyber security.

Moret said that regardless of these complexities, the manufacturing sector must deal with cyber challenges so it can explore new technologies in a secure manner. He outlines three cyber resilience principles that companies can apply to their operations:

•    Make cyber resilience a business priority. This principle emphasizes the need for cultural change and a comprehensive cyber security governance. It also covers the importance of securing budget and resources, while also creating incentives to ensure that cyber security is an objective embraced by all stakeholders.
•    Drive cyber resilience by design. This means integrating cyber resilience into every aspect of processes and systems. A risk-based approach must be used to incorporate cyber resilience into the development of new products, processes, systems and technologies.
•    Engage and manage the ecosystem. This principle underlines the importance of fostering trusted partnerships and raising security awareness among stakeholders. Rather than having one organization exert control over a supply chain of other actors, an ecosystem approach involves encouraging all entities in a business network to collaborate to address issues like cybercrime.

Source: PHILEXPORT News and Features
Photo source: Canva
August 27, 2024

More Chinese investors entering Thai property market

Investment funds from China being used to snap up condos and houses for later resale, property consultant says
An increasing number of companies funded by Chinese investors have been buying properties for rent and sale in key economic cities, and the government’s plan to increase the leasehold period for foreigners from 50 to 99 years is expected to further boost this trend, consulting firm Property DNA said.
The proposed plan also aims to increase foreign ownership in condominiums from 49 to 75 per cent of usable space.
“These companies, established under Thai law or through a joint venture with Thai partners, have been using investment funds from China to buy condominiums and houses in big cities,” Property DNA’s managing director Surachet Kongcheep said on Monday.
“They aim to sell or rent these properties to wealthy Thais or foreigners later on, especially those looking for residences in Bangkok, Pattaya and Phuket,” he added.
The firm estimated these Chinese-funded companies have invested over 100 billion baht in these cities in the past 15 years.
Surachet said that if the proposed plan to increase the foreign property ownership ratio and leasehold period was approved, it could spur more Chinese investors to enter the Thai property market to snap up units in anticipation of increased demand from foreigners.
“Thai property developers estimate that the new rules would help expand the sales among foreign buyers, but it could be these companies, operated by Thai nominees or Thai joint investors, that will sweep up all the supply,” he said.
The Department of Business Development reported that in the first half of 2024, Chinese companies invested 382.06 billion baht in Thailand, or 9.48% of all foreign direct investment. This put China in third place of countries investing the most in the kingdom, following Japan (993.35 billion baht, 24.65%), and Singapore (473.57 billion baht, 11.75%).
The top five industries/sectors to received the most investment from China are automotive and parts (19.47 billion baht), tyres and inner tubes (16.86 billion baht), property not for own residence (14.62 billion baht), steel and iron manufacturing (13.65 billion baht), and electricity generation and distribution (12.93 billion baht).

Source : THE NATION

Cambodia becomes world’s second largest producer of raw cashew nuts, CAC says

Cambodia has become the world’s second-largest producer of raw cashew nuts, with a total production of 830,000 tonnes in the last seven months of 2024, according to the report of the Cashew Nut Association of Cambodia (CAC).

CAC said, there has been a significant increase in cashew exports to Vietnam, amounting to over 780,000 tonnes valued at $1,092 million. This represents 36.7 percent increase in volume and 28.1 percent increase in value.

Uon Silot, President of the Cashew Nut Association of Cambodia (CAC), told Khmer Times on Sunday that this increase is not accidental because, since May, the CAC has seen a significant increase due to cashew nut crops adapting to the El Nino phenomenon, while the area under cultivation has also slightly increased as well.

It may be recalled that on September 2023, the CAC announced that Cambodia might be impacted by about El Nino phenomenon. The association has issued some guidelines both for CAC members and farmers, in general, to be prepared to maintain a good harvest. “The CAC instructions were adapted hence the yields increased,” said Silot.

The world’s first-largest producer of raw cashew nuts is Ivory Coast, while Cambodia overtook India as the second largest. India dropped to the third place due to climate change.

Silot said, “This information is important as it could attract more foreign investors. When thinking of cashews, we should think of Cambodian cashews.”

CAC wants to attract more investment for local processing so that the cashew policy 2022-2027 can achieve greater results.

“This is what the CAC and other parties have always dreamt of, because the more factories we have, the more jobs we can create in the community, reduce migrant workers and help farmers maintain a fair price by providing value-added to our farmers by reducing a large number of brokers,” Silot emphasised.

For full article, please read here



Writer: Mom Kunthea 
News: Khmer Times 

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