Page 4 - Southeast Asia

Southeast Asia fast emerging as centre of gravity for tech industry

After decades of playing second fiddle to China and Japan, the region of about 675 million people is drawing more tech investment than ever

SICCI highlights role played by outgoing PM Lee in building ties with India

The Singapore Indian Chamber of Commerce and Industry (SICCI) has highlighted the key role outgoing Prime Minister Lee Hsien Loong has played in building relations between the city-state and India. Much has been achieved in expanding Singapore's bilateral ties with India, with many of our members having business interests (in India). Thanks to your leadership and support, SICCI Chairman Neil Parekh wrote in a letter to Lee, who will hand over on May 15 the leadership of the country to his deputy Lawrence Wong. "The Comprehensive Economic Cooperation Agreement (CECA), under your government's leadership, has not only dramatically benefitted Singapore-India ties but also attracted some of the best talents to Singapore, a testament to the success of your policies and agreements, Parekh said in his appreciation letter to the 72-year-old leader. The CECA was signed on June 29, 2005, as a free trade agreement to strengthen Singapore-India bilateral trade. Your close rapport with India's .

Torrential rain, flood and landslide hit Indonesian island, 14 dead

A flood and a landslide hit Indonesia's Sulawesi island, killing 14 people, officials said Saturday. Torrential rain pounding the area since Thursday triggered a landslide in Luwu district in South Sulawesi province, said local rescue chief Mexianus Bekabel. Floods up to 3 meters (10 feet) have affected 13 sub-districts as water and mud covered the area. More than 1,000 houses were affected, with 42 of them swept off their foundations. A search and rescue team worked to evacuate residents using rubber boats and other vehicles. More than 100 residents have been moved to mosques or relatives' houses outside the affected area, National Disaster Management Agency spokesperson Abdul Muhari said Saturday. Seasonal downpours cause frequent landslides and floods in Indonesia, a chain of 17,000 islands where millions of people live in mountainous areas or in fertile floodplains. Torrential rains in April triggered landslides and killed 20 people in Tana Toraja district of South Sulawesi ..

Thai firm to pay $20 mn to settle with US over Iran sanctions violation

A Bangkok -based plastics firm has agreed to pay USD20 million to settle with the US over 467 egregious violations of Iran sanctions, the US Treasury announced on Friday. SCG Plastics Co. used US banks to process USD291 million in sales of Iranian high-density polyethylene resin from 2017 to 2018, according to the signed settlement agreement between the firm and Treasury's Office of Foreign Assets Control. The resin, used for product bottles and industrial items, was manufactured by an Iranian joint venture owned in part, by SCG Plastics' parent company, SCG Chemicals and the National Petrochemical Company of Iran, which is a government entity. The settlement states that SCG Plastics used shipping and documentation practices that obfuscated the product's Iranian origin and Iranian parties' involvement, which caused banks to unknowingly process transfers in violation of OFAC's sanctions on Iran. As a result of these transactions, significant economic benefits were conferred to Iran'

Southeast Asia 'woefully off track' on green investment, says Bain & Co

"We believe that an acceleration of effort by countries, corporates and investors is imperative as Southeast Asia remains woefully off-track," said Kimberly Tan, GenZero's managing director

At least 18 dead, 2 missing as landslides hit Indonesia's Sulawesi island

A search and rescue team found 18 people killed by landslides on Indonesia's Sulawesi island and are still looking for two missing, officials said Monday. Rescuers found about 14 bodies in Makale village on Sunday afternoon and four in South Makale, said Mexianus Bekabel, the chief of Makassar Search and Rescue. We are still looking for two more victims, but fog and drizzle made the search difficult and officers in the field were overwhelmed, Sulaiman Malia, chief of the Tana Toraja district Disaster Management Agency, said on Monday. Loosened by torrential rain, mud poured from surrounding hills onto four houses just before midnight Saturday in the Tana Toraja district of South Sulawesi province, said local police chief Gunardi Mundu. He said a family gathering was being held in one of the houses when the landslide hit. Dozens of soldiers, police and volunteers joined the search in the remote hillside villages of Makale and South Makale, Mundu said. Rescuers early Sunday managed t

India-Singapore bilateral trade grows 18.2% to $35.6 bn in FY 2022-23

The bilateral trade between Singapore and India rose to USD 35.6 billion in 2022-23, a growth of 18.2 per cent on the year, a senior diplomat at the Indian High Commission here said on Saturday. Singapore is India's eighth largest trade partner (2022-23), with a share of 3.1 per cent of India's overall trade, T Prabakar, the First Secretary (Commerce) at the high commission said. He was addressing the Institute of Company Secretaries of India (ICSI) Third International Conference being held in Singapore from April 5-6. Trade between Singapore and India saw a growth of 18.2 per cent in the year and rose to USD 35.6 billion in 2022-23, Prabakar said. Our imports from Singapore in FY 22-23 were USD 23.6 billion, a growth of 24.4 per cent, and exports to the city-state totalled USD 12 billion, up 7.6 billion in the previous financial year," he told some 100 delegates at the conference. In terms of India's exports, Singapore is the sixth largest export destination in the world, and in

Indonesia's prez-elect holds talks with Malaysian leader on bolstering ties

Indonesian President-elect Prabowo Subianto held talks Thursday with Malaysia's leader on bolstering bilateral ties as part of a regional visit that has also taken him to China and Japan. Prime Minister Anwar Ibrahim said he and Subianto discussed next steps to strengthen bilateral ties, and also exchanged views on their political experiences. Our political journeys are almost similar as we were both tested with various challenges before being appointed," Anwar said in a statement on Facebook after their meeting. He said Subianto also recalled his secondary education at a school in Kuala Lumpur. May Malaysia-Indonesia relationship continue to be strengthened for our common good, he added. Subianto, who is currently defence minister, will succeed Joko Widodo in October. The wealthy ex-general chose Beijing for his first official visit after his February election victory in a bid to emphasise the countries' robust ties amid rising tensions in the South China Sea. In his Monday meeting

Southeast Asian countries consider ways to boost 'green financing'

Senior finance and central bank officials from Southeast Asia and major economies met Thursday in the scenic Laotian city of Luang Prabang to discuss ways to help the region build resilience against shocks like the COVID-19 pandemic and natural disasters brought on by climate change. The need for faster progress was dramatically apparent as the city and surrounding region were engulfed in heavy smoke from fires some set to clear forests for crops, some ignited by record high temperatures and tinder-dry conditions. The air quality index early Thursday was nearly 300, or very unhealthy. Laos and other countries in Southeast Asia have committed to seeking more sustainable ways to feed their people and power their economies. The question is where the money will come from to do that. Green finance is among several items on the agenda of the finance meetings of the Association of Southeast Asian Nations related to countering the mounting impacts of global warming. The officials also were

ICG rebased at northern, southern flanks of Andaman and Nicobar Islands

Two Indian Coast Guard ships have been rebased at northern and southern flanks of the Andaman and Nicobar Islands at Diglipur and Campbell Bay respectively."In a major boost to maritime security in Andaman & Nicobar islands, @IndiaCoastGuard ships Rajtarang & Rajkiran have been rebased at northern & southern flanks of Islands at Diglipur & Campbell Bay respectively," the Indian Coast Gurad said in a post on 'X'."The rebasing will ensure enhanced coastal security, #MaritimeLawEnforcement, EEZ surveillance, search & rescue, pollution response, & swift response to maritime contingencies," it added.Meanwhile, the Indian Coast Guard has strategically based additional hovercraft at Jakhau, close to the Indo-Pakistan maritime frontier and a capital ship at Vadinar in the Gulf of Kutch, according to an official statement issued on Monday.ICGS Samudra Pavak, a specialised Marine Pollution Control Vessel, will now operate from the new Coast Guard Jetty at ...

Viksit Bharat 2047: Northeast India as logistics gateway to Southeast Asia

The govt's focus on developing logistics infrastructure in the Northeast region (NER) marks a significant step towards unlocking the region's economic potential and promoting inclusive growth

Indonesia election: Unofficial vote count points to first round Prabowo win

Prabowo had about 59 per cent of votes according to three pollsters, based on ballots counted in a sample of voting stations nationwide

DTDC enters Malaysian market, strengthens presence in Southeast Asia

Express logistics company DTDC on Wednesday said it has entered the Malaysian market through its subsidiary, DTDC Global Express PTE Ltd, with the inauguration of an office in Kuala Lumpur. This newly established office, which further strengthens the company's global footprint, including in Southeast Asia, will offer enhanced trans-shipment solutions to its clients in Southeast Asia and the Australian peninsula, DTDC said in a statement. DTDC is already present in Singapore and Australia. As part of its global expansion plans, the company collaborated with Aramex last year to enhance its capabilities in cross-border logistics. Malaysia shares a healthy import and export relationship with India and has a prevalent Indian diaspora, according to the company. The newly established office will provide export and import services to and from India, Singapore, and Australia, along with handling local deliveries in Malaysia, it said. "The expansion in Malaysia will add to our capabilitie

Bhutan unveils Gelephu City project extending from India to SouthEast Asia

"We are in a unique position to reap great benefits if we seize the opportunity, make good plans, and work together diligently," said the Bhutanese King in his address

WHO urges partners to continue fostering collaboration to end AIDS by 2030

On World AIDS Day, WHO called upon member states, partners and communities in the Southeast Asia Region and around the world to continue fostering collaboration to address the challenges in ending the disease by 2030 and empower communities to lead in shaping the response forward. Globally, an estimated 39 million people are living with HIV. In 2022, around 1.3 million people acquired HIV and around 6,30,000 people died from AIDS-related causes, said Dr Poonam Khetrapal Singh, the WHO Regional Director for South-East Asia. In the South-East Asia Region, an estimated 3.9 million people are living with HIV, accounting for around 10 per cent of the global burden. In 2022, an estimated 1,10,000 people became newly infected with HIV and 85,000 people in the region died of AIDS-related causes. This accounted for over 13 per cent of the global burden of AIDS-related death, Dr Khetrapal Singh said. Over the past decade, the Southeast Asia Region had substantial progress with a remarkable .

Hyderabad-based CtrlS Datacenters announces plan to invest $2 bn in 6 years

Company expects to hire more than 1,000 people, especially senior leaders

Between manufacturing and services, can AI show India a third way to grow?

Even if generative artificial intelligence has been overhyped, it's safe to assume that ChatGPT-type bots will only get better at routine tasks like writing computer software

Climate change pushes Southeast Asia to finally start sharing power

The urgency for Southeast Asian nations to switch to clean energy to combat climate change is reinvigorating a 20-year-old plan for the region to share power. Malaysia and Indonesia inked a deal in Bali, Indonesia last month to study 18 potential locations where cross-border transmission lines can be set up. Those links could eventually generate power roughly equivalent to what 33 nuclear power plants would produce in a year. They are economically and technically feasible, and now are supported by regional governments, said Beni Suryadi a power expert at the ASEAN Centre for Energy in Jakarta, Indonesia. The Association of Southeast Asian Nations or ASEAN is a political and economic gathering of 10 countries across a vast region, from tiny Brunei and Singapore to military-controlled Myanmar and fast-rising economic power Vietnam. Experts describe imports by Singapore of hydroelectric-generated power from Laos via transmissions through Thailand and Malaysia as a pathfinder project,

Southeast Asia hold first joint navy drills near disputed S China Sea

The Association of Southeast Asian Nations began its first joint naval exercise on Tuesday at a time when several member countries are responding more strongly to increasing Chinese assertiveness in the area. The non-combat drills, named ASEAN Solidarity Exercise, include joint maritime patrol operations, search and rescue operations, and humanitarian and disaster relief, Indonesian military chief Adm. Yudo Margono said. He said the five-day exercise in Indonesia's Natuna waters aims to boost military ties among the ASEAN nations and enhance interoperability. The drills also involve civilian groups involved in humanitarian relief and disaster prevention. ASEAN nations have taken part in naval exercises before with other countries including both the United States and China but this week's drills are the first involving just the bloc and are being read by many as a signal to China. China's nine-dash line, which it uses to demarcate its claim to most of the South China Sea, has brou

Vertex Ventures' SEA and India arm raises $541 mn, expands investor base

Vertex Ventures Southeast Asia and India (VVSEAI) on Tuesday said it has raised USD 541 million (about Rs 4,489 crore) in a funding round. The VVSEAI Fund V exceeds its target fund of USD 450 million (about Rs 3,734 crore) and is 80 per cent larger than VVSEAI Fund IV raised in 2019, the company said in a statement. The new Fund V raise comes on the heels of cash-on-cash returns from VVSEAI's portfolio and successful exits from its investments in companies such as Grab, FirstCry, XPressBees, Recko, and others. The fund is backed by existing and new limited partners like Japan Investment Corporation (JIC), International Finance Corporation (IFC) and DEG (a German development finance institution), sovereign wealth funds, financial institutions, corporates and family offices across Asia and Europe. "Our earlier funds have had superior cash-on-cash returns and are outperforming benchmarks. This track record led most of our investors from VVSEAI Fund IV to return as investors in VVSEAI