ASEAN SME NEWS

 
Latest ASEAN news

Brunei introduces Long-Term Pass to boost investment and skilled workforce

Brunei Darussalam has introduced a Long-Term Pass (LTP) policy to attract foreign investment and skilled professionals, ensuring a more business-friendly environment.

Minister of Home Affairs Yang Berhormat Dato Seri Setia Awang Haji Ahmaddin bin Haji Abdul Rahman announced the initiative during the 21st Legislative Council (LegCo) Session on Tuesday.

Effective December 31, 2024, the LTP allows eligible foreigners to reside in Brunei for up to five years with a multiple-entry visa. It applies to three categories:

Long-Term Social Visit Pass – For foreigners with family ties to Brunei citizens and permanent residents who do not yet qualify for permanent residency.

Long-Term Business Visit Pass – For company owners and foreign investors who meet economic contribution criteria, including job creation for locals and tax compliance.

Long-Term Professional Visit Pass – For foreign experts in fields where Brunei lacks skilled professionals, based on government assessments.

Source: Borneo Bulletin

Read the full article here


ZF selects 75 Thai suppliers to boost global auto part exports

ZF (Thailand) Co Ltd, a subsidiary of the global auto parts supplier ZF Group from Germany, has selected 75 Thai suppliers as part of its strategy to establish Thailand as a hub for manufacturing and exporting auto parts to vehicle manufacturers worldwide. ZF (Thailand) hosted a matchmaking event, named ZF Thailand Supplier Day 2025, in collaboration with BOI. The event took place in the Grand Ballroom of Rama Gardens Bangkok and was attended by 430 representatives from 200 Tier 2 and Tier 3 auto part suppliers.

ZF (Thailand) operates as a subsidiary of ZF Group, one of the world’s largest Tier 1 auto parts suppliers with operations across Europe, America, Asia-Pacific, and Africa. As a Tier 1 supplier, ZF Group directly supplies components and systems to vehicle manufacturers, while sourcing components from Tier 2 suppliers, who in turn procure raw materials from Tier 3 suppliers.

ZF (Thailand) is a leading manufacturer of transmission, suspension, and chassis components, supplying major vehicle manufacturers in Europe, America, Japan, South Korea, and China. Since 1996, ZF (Thailand) has invested in five factories in Rayong and Chonburi. As part of its expansion strategy, the company aims to increase its procurement in Thailand from €50 million (1.8 billion baht) per year to €500 million (18 billion baht) within five years.That ZF’s decision to strengthen its presence in Thailand aligns with its strategy to mitigate the impact of intensifying global trade wars. The company plans to transform Thailand into a key hub for auto part exports to ensure stability and growth in its global operations.

The event was also attended by Daniele Pontarollo, Executive Vice President of Materials Management and Chief Procurement Officer of ZF Group in Germany.

Read more: Click!

Cambodia shifts focus to high-tech industries amid strong economic growth

The Cambodian government is prioritizing the diversification of its industrial sector by transitioning from labour-intensive industries to knowledge-based and high-tech industries. With a 15.7 percent export growth in 2024, the government is positioning Cambodia as a regional production hub.

The economy is projected to achieve a growth rate of approximately 6 percent of GDP in 2024 and around 6.3 percent in 2025, as outlined in the medium-term public finance framework. The industrial sector remains a key driver, contributing about 8.5 percent to economic growth in 2024 and is projected to expand by approximately 8.6 percent in 2025.

Speaking at the closing ceremony of the Annual Review 2024 and 2025 Planning Conference of the Ministry of Industry, Science, Technology & Innovation (MISTI) on Wednesday, Permanent Deputy Prime Minister Vongsey Vissoth, who also serves as the Minister in Charge of the Office of the Council of Ministers, highlighted Cambodia’s increasing economic diversification over the past decade.

He noted that the Kingdom has established more trading partnerships and attracted increasing investments in high-value sectors beyond the garment industry, such as electronic component manufacturing and automobile assembly. As a result, both garment and non-garment manufacturing have become the largest contributors to the country’s economic growth.

“Exports in 2024 grew by 15.7 percent and more Cambodian products are entering regional and international markets,” he said. “In the medium and long-term development process, Cambodia must strengthen and accelerate the development of its industrial sector and adapt and diversify the economic structure and base that have supported growth for more than two decades to suit the current socio-economic situation, so that it can continue to sustain high growth in the long term and become more resilient.”

For full article, please read here

Source: Khmer Times 

BEDB and Tipolis sign agreement to explore innovative investment initiative in Brunei

The Brunei Economic Development Board (BEDB) and Tipolis Pte Ltd, a Singapore-based developer of next-generation special economic zones, have signed an agreement on February 25, 2025 to assess the feasibility of a potential joint project in Brunei.

The agreement initiates the specific feasibility study and contract negotiations, aligning with Brunei’s diversification efforts under its national vision Wawasan 2035.

The signing ceremony took place at the main auditorium of the Design and Technology building in Anggerek Desa. 

Source: Biz Brunei

Read the full article here