The Japanese Ministry of Foreign Affairs said in a statement released earlier this week that it has notified ASEAN countries that it had completed the legal procedures to amend the First Protocol of the ASEAN-Japan Comprehensive Economic Partnership (AJCEP). The original partnership took effect in 2008 and was Japan’s first multilateral trade agreement. The first protocol was signed by Japan in February 2019 and in March and April of the same year by the ASEAN member states.
Japanese Prime Minister Shinzo Abe recently declared a state of emergency for the coronavirus pandemic and unveiled a massive stimulus package to help the economy overcome the crisis.The rescue package, which at JPY108 trillion (US$992 billion) or about 2.7 times Malaysia’s gross domestic product (GDP) is the biggest in Japan’s history.
While growth in Southeast Asia remains robust, data from the first half of 2019 indicates it has been slower than forecasted. The most recent Asian Development Bank (ADB) data suggests that Southeast Asia has grown less than anticipated, resulting in slight downward revisions to growth forecasts which now stand at 4.8 percent (2019) and 4.9 percent (2020), down from 4.9 percent and 5.0 percent, respectively.
Offering investment opportunities in everything from zippers to bullet trains, Vietnam has long been recognised as a hub for foreign direct investment (FDI) – and a recent report has just confirmed that.The United States (US) News and World Report last month ranked Vietnam eighth in a list of 29 best economies to invest in, and the next closest ASEAN countries on the list were Malaysia (13th), Singapore (14th) and Indonesia (18th).
With technologies such as artificial intelligence (AI), big data and the Internet of Things (IoT) rapidly permeating society, ASEAN’s youth will need to reinvent themselves to stay relevant in the job market.Fourth Industrial Revolution technologies are stamping their mark in everything from agriculture to the legal profession – streamlining processes, increasing productivity and reducing costs.The “manufacturing for export” strategy has served as the main economic pillar of most ASE
Schneider Electric’s extensive use of Industrial Internet of Things (IIoT) technologies in its factory in Batam has earned it the distinction of being one of the first two factories in ASEAN to join the World Economic Forum’s (WEF) Global Lighthouse Network.A French multinational company, Schneider Electric specialises in energy management and automation and has operations in more than 100 countries.
Myanmar’s garment industry has cemented itself as an important engine of sustainable development, with the country now the region’s latest hub for low-cost clothing. With minimum wages lower than China, Cambodia and Vietnam – all neighbouring countries with established garment manufacturing sectors of their own – Myanmar has attracted orders from international retailers such as Adidas, Gap, H&M and Marks & Spencer.Leading the country’s manufactured goods expo
Vietnam’s already strong economic outlook received another boost last week after Japanese investment bank Nomura named it the biggest winner from the United States (US) – China trade war, with its economy surging by 7.9 percent as a result of one year’s worth of trade diversions leading up to the first quarter of this year.The standoff has seen gross domestic product (GDP) gains in several other countries, though none of them are anywhere as close to Vietnam’s. Taiwan are the next bi
From socks and sneakers to washing machines and watches, Asian countries are hoping the United States (US)-China trade war will permanently boost manufacturing as brands dodge the row by choosing cheaper locations to make their goods.Business has fanned out from China, often referred to as the 'Factory of the World', into Vietnam, Cambodia, India and Indonesia for years.But the shift has accelerated as the world's two biggest economies slap tit-for-tat tariffs on each other.&am
While many large companies in ASEAN are piloting Fourth Industrial Revolution (Industry 4.0) initiatives in manufacturing, few small and medium enterprises (SMEs) have managed to integrate them in their processes successfully. Industry 4.0 manufacturing can be defined as the integration of internet-enabled technologies which allow networking in the production process.
Sandvik Coromant’s “digital thread” which spans throughout its factory in Gimo, Sweden, has seen it win international recognition from the World Economic Forum (WEF). Part of Swedish global industrial engineering group Sandvik, Sandvik Coromant is at the forefront of manufacturing tools and machining solutions that drive industry standards and innovations in the metalworking industry.The raised labour productivity in the company’s Gimo plant as a result of extensive automation saw th