Malaysia Economy
Malaysian Corporations’ Total Revenue Growth Between 2017 and 2023
BRUNEI Business
“We firmly believe in supporting our local MSMEs, recognising their pivotal role in the economic fabric of our nation. Through this series, we aim to empower and enable small and medium-sized enterprises to thrive and grow, contributing to the prosperity and development of our local economy.”- Mohd Isa Liew Mohd Amin Liew, Head of Business Banking at Baiduri Bank, on empowering MSMEs through workshops on Corporate Governance and B2B Business Development.
Indonesia E-Commerce
TikTok Bets Big on Indonesia
Cambodian Chinese social media platform TikTok is investing US$1.5 billion (RM7 billion) to drive e-commerce in Indonesia. This plan involves merging TikTok Shop Indonesia with Indonesian e-commerce company Tokopedia to create a joint-venture (JV) which will be 75.01 percent owned by TikTok and 24.99 percent owned by Tokopedia’s parent company GoTo. GoTo is the largest digital ecosystem in Indonesia. This JV aims to enhance the country’s e-commerce sector, particularly Micro, Small & Medium Enterprises (MSMEs) which make up 90 percent of all online retailers.
Presently, Indonesia has the largest e-commerce market in Southeast Asia with revenues reaching US$51.9 billion (RM242.21 billion) in 2022. This is around 52 percent of the total market volume in the region. The country’s e-commerce market is expected to reach a value of US$69.57 billion (RM324.68 billion) with users numbering 244.70 million by 2027.
Indonesia Tourism
Indonesia Expands Visa-Free List
Indonesia’s President Joko ‘Jokowi’ Widodo has reportedly directed the country’s Directorate General of Immigration of the Ministry of Law and Human Rights to expedite the addition of 20 countries into a visa-free list. This move is aimed to boost tourism arrivals into the country and enhance its tourism revenue to IDR200 trillion (RM60.18 billion) in 2024.
The proposed countries include Australia, China, India, South Korea, the United States, the United Kingdom, France, Germany. Netherlands, Japan, Russia, Taiwan, New Zealand, Italy, Spain, the United Arab Emirates, Saudi Arabia, and Qatar.
The decision to expand Indonesia’s visa-free list came as a result of a meeting between President Widodo and members of his Cabinet. The meeting also saw 13 airports proposed as priority airports for visa-free travel. These are located in Yogyakarta, Lombok, Komodo, Sam Ratulangi, Batam, Jakarta, Surabaya, Makassar, Banda Aceh, Jayapura, and Kertajati.
Philippines Trade
Philippine Foreign Direct Investment between 2018 and 2022
MALAYSIA Transportation
“Besides enhancing the reputation of Malaysian firms among the international business community, the success of Malaysia Airports Holdings Bhd (MAHB) and other Malaysian companies could boost Malaysia’s gross national income through repatriation of profits and dividends.” – Yeah Kim Leng, Sunway University Professor of Economics, on MAHB’s continued success in overseas operations
MALAYSIA Investment
“Trials are underway to implement AI algorithms to assist in diagnosing medical conditions. These AI tools are being tested for their ability to analyse medical imaging, pathology reports and clinical data, with the goal of providing more accurate and timely diagnostic insights.” – Nantha Kumar Subramanian, KPJ Healthcare Chief Digital Officer, on KPJ’s efforts to incorporate smart technologies in diagnosis processes.
CAMBODIA Banking
Cambodia Online Banking Penetration Rates between 2018 and 2023
SINGAPORE Logistics
SingPost Partners with Google for AI Transformation
Singapore Post (SingPost) and Google Cloud have partnered to accelerate SingPost’s digital transformation and sustainable growth. This collaboration aims to empower SingPost’s workforce with user-friendly AI tools, boosting productivity, streamlining tasks, and facilitating seamless collaboration with external partners and customers.
SingPost has successfully migrated its on-premises data centre workloads to Google Cloud, achieving significant cost savings of 30 percent in IT operations. This migration also enables SingPost to harness Google Cloud’s AI-optimised infrastructure for intricate AI workloads while ensuring scalability and sustainability.
SingPost also utilises Google Cloud’s Vertex AI platform, foundation models, and Document AI to create an AI solution that improves eCommerce logistics. In addition, SingPost is implementing Duet AI within Google Workspace to boost employee productivity and collaboration, allowing developers to create purpose-built applications effortlessly.
Cambodia Economy
Cambodia and Vietnam Boosting Economic Ties
During his Vietnam visit, Cambodian Prime Minister Hun Manet spotlighted the economic partnership possibilities between Vietnam and Cambodia. He emphasised enhancing supply chain connections and maximising trade agreements. Cambodia aims for 6.6 percent GDP growth in 2023 and has seen a four-percent rise in Foreign Direct Investments (FDI), including a $73 million (RM338 million) Vietnamese project.
Manet highlighted untapped potential in production supply chains and the Regional Comprehensive Economic Partnership. He encouraged Vietnamese investment in Cambodia’s high-tech agriculture, digital technology, and other sectors, and urged Cambodian investors to diversify into Vietnam.
Vietnamese Prime Minister Pham Minh Chinh echoed the need for increased investment and collaboration in various sectors. Vietnam currently has over 200 projects in Cambodia, totaling $2.9 billion (RM13.4 billion) in capital, making Cambodia a prime destination for Vietnam’s foreign investment.
Thailand Investment
“Thailand is committed to maintaining a favourable investment climate for Japanese investors. This commitment is demonstrated through a number of measures, including visa exemption for short-term business-related purposes.” – Srettha Thavisin, Thai Prime Minister, on facilitating Japanese investments into Thailand
Malaysia Commodities
Malaysia ICT
YTL and Nvidia: Revolutionising Malaysia’s AI
YTL Power International Bhd (YTL) has joined forces with NVIDIA Corp to bring cutting-edge artificial intelligence (AI) infrastructure to Malaysia by mid-2024. This initiative will include the deployment of the fastest supercomputers in the country. YTL’s plan involves utilising Nvidia H100 Tensor Core GPUs and Nvidia AI Enterprise software to enhance the efficiency of AI production.
The collaboration stems from a meeting between Nvidia’s CEO, Jensen Huang, and Malaysia’s Prime Minister, Datuk Seri Anwar Ibrahim. The partnership received commendation from Tengku Zafrul Abdul Aziz, the Minister of Investment, Trade, and Industry, for its alignment with Malaysia’s New Industrial Master Plan 2030.
This AI infrastructure will find its home in YTL’s Green Data Centre Park situated in Johor, under the management of YTL Communications. It will provide AI computing services across the nation, with the ultimate goal of elevating Malaysia’s economic complexity and technological prowess.
MYANMAR Investment
“India is one of the largest contributors to Myanmar’s investment inflow. This demonstrates the substantial potential for greater investment in Myanmar. The gamut of potential industries encompasses textiles, mining, oil and gas, energy, healthcare, information technology, and agrochemicals.” – Moe Kyaw Aung, Myanmar’s Ambassador to India, on Myanmar’s potential for higher inflow of Indian investments
Singapore Trade
Brunei Oil & Gas
Fueling Brunei’s Chemical Industry Growth
Brunei Methanol Company (BMC) has inaugurated its onshore loading facility, significantly boosting local methanol supply for value-added processes. This move is seen as a competitive advantage, offering cost-effective, domestically-sourced methanol over international imports.
The facility has attracted interest from companies like Polygel Industries, which previously relied on imports. Strategic partnerships are anticipated to enhance downstream opportunities, particularly in sectors like automotive components and medical equipment. Established in 2007 and operational since 2010, BMC has been pivotal in job creation and technology sharing, contributing to Brunei’s green economy and SME development. The new facility aligns with Brunei’s economic aspirations and commitment to CO2 emission reduction and resource efficiency.
Vietnam Energy
“AES values its strong business relationship with Vietnam, where we have been a strategic partner delivering reliable power while supporting Vietnam’s long-term energy transition goals.” – Juan Ignacio Rubiolo, AES Corporation’s Executive Vice President, on Vietnam’s mutually-beneficial energy transition policies
Cambodia Economy
Cambodia’s GDP Growth Rate between 2020 and 2023
Philippines Agriculture
Philippine Agricultural Production Value Growth Rates in 2023
Cambodia Business
“The significant increase in new business registration truly shows the confidence of business people and investors in Cambodia’s peace, political stability, and favourable opportunities for doing business.” – Penn Sovicheat, Cambodian Ministry of Commerce’s Secretary of State and spokesman, on the 11,500 new businesses established in Cambodia in 2023
Malaysia Investments
Malaysia Tops Global Business-Friendliness
Malaysia has been recognised as the most favourable global business location, surpassing others in cost-effectiveness and efficient corporate processes, according to the Mercator Entity Management Report 2023.
The report cites Malaysia’s electronic filing options, minimal documentation requirements, swift registration processes, and the approval of corporate decisions through written resolutions as key factors. The absence of nationality requirements for directors, quick incorporation, and minimal annual reporting add to its appeal. With e-signatures accepted, physical presence is also unnecessary.
Australia, Singapore, Portugal, and the United Kingdom follow Malaysia in global business-friendliness. The Asia-Pacific region shows a diverse landscape, with Malaysia standing out as a cost-effective hub. Sri Lanka and Jersey join Malaysia as the most inexpensive countries for multinational corporations, with streamlined processes and reduced costs.
