Category: Business

Indonesia is planning to expand cattle imports from South Africa and Mexico to reduce its complete reliance on supply from Australia, Secretary General of the Ministry of Trade Suhanto has said.

According to Suhanto, Indonesia is in the process of trade negotiations with Mexico on an agreement to import cattle to ensure supply for domestic demand. Meanwhile, the plan to import 50,000 cattle from South Africa was mentioned by Coordinating Maritime Affairs and Investment Minister Luhut Binsar Panjaitan at his meeting with South African President Cyril Ramaphosa.

Suhanto said the import of cattle from both South Africa and Mexico will be implemented so that Indonesia will not completely rely on supply from Australia as Australian cattle prices tend to increase every year, affecting domestic prices.

Data from Indonesia’s Central Bureau of Statistics (BPS) shows that Australia is the largest exporter of cattle to Indonesia. In 2017, Australia’s cattle imports to Indonesia reached 85,192 tonnes. By 2018, this number had increased to 100,623 tonnes, and in 2019 it was 122,684 tonnes. In 2020, Indonesia imported 105,160 tonnes but in the following year, it imported 122,863 tonnes./.

Source: Vietnam News Agency

President Ferdinand R. Marcos Jr. has successfully advertised the Philippines as a conducive business destination for foreign investors, according to Makati Business Club (MBC) chair Edgar Chua. Chua said envoys whom he had talked to will be fully supportive in bringing investments to the Philippines. “I think the President has also been able to successfully advertise the country as a place to do business. I’ve been talking to a number of ambassadors and they have been impressed by the President,” Chua told reporters in an MBC event over the weekend. The MBC senior executive said being able to bring in investments from Marcos’ foreign trips will generate much needed jobs in the country. The Department of Trade and Industry (DTI) said about USD88 million worth of investments from Marcos’ foreign trips may materialize this year. “It’s not so large as yet, but the potential is as we announced before, we have a pipeline that we were able to build up amounting to around $70 billion,” DTI Secretary Alfredo Pascual said in a briefing on Wednesday. “They will contribute to our manufacturing, renewable energy and IT-BPM industries. Collectively, they are expected to generate approximately 17,800 direct employment.” Among the countries that the Chief Executive visited in his first year of office are Singapore, Indonesia, the United States, Thailand, China, Japan, and European countries. For the second State of the Nation Address, the business group’s wish list include ease of paying taxes, policies on apprenticeship, and public-private partnership (PPP). “Given the very limited fiscal space that the government has, then the PPP should really be pushed so that we don’t slow down the country. We need to continue and even expand our growth rate,” Chua said. The MBC previously said PPP projects will boost the country’s long-term economic growth and play a vital role in developing needed infrastructures

Source: Philippines News Agency

Minister of Planning and Investment Nguyen Chi Dung on July 14 met with representatives of the US government agencies, organisations, businesses, investment funds and large corporations to promote cooperation in innovation and technology; research, exchange experiences and attract resources to building an international financial centre; and promote and attract investment to high-tech projects in Vietnam.

At the meeting with the New York Economic Development Organisation (NYCEDC), the two sides exchanged experiences and discussed cooperation possibilities in the fields of innovation, technology research and development, and startup business ecosystem development.

The minister suggested that the NYCEDC continue to support Vietnam in the socio-economic development. He also had a working session with a representative of the New York Stock Exchange (NYSE) about the NYSE’s experiences in developing capital, stocks, bonds, and derivatives markets to support Vietnam in the building of a financial centre.

Dung also had a meeting with Andrew Spinler, Chairman and Chief Executive Officer (CEO) of the Financial Services Volunteers Group (FSVC), during which the two sides discussed in-depth expertise on the experience of building financial centres in Vietnam and the next steps for Vietnam to realise its important goal in the short and long terms.

On the same day, he met representatives of large enterprises and corporations that are members of the Business Council for Promoting International Relations (BCIU), expressing his hope that US’s businesses will continue to promote investment cooperation, increase contributions to Vietnam’s socio-economic development and comprehensive partnership between the two countries in the coming time.

Corporations showed their interest and belief in Vietnam’s business investment environment, and committed to continue to expand investment in the Southeast Asian country in the coming time.

Minister Dung and Patrick Santillo, Vice President/CEO of BCIU, chaired the Roundtable on orientation and investment cooperation opportunities between Vietnam and the US.

He also worked with KKR Investment Fund, one of the world’s leading large investment funds. KKR committed to continuing to promote investment cooperation, strengthen Vietnam’s connection with international partners and businesses, and bring in experiences and experts to support Vietnam in building and developing an international financial centre.

Dung affirmed that relationship between Vietnam and the US is in a good period. This is an important foundation for promoting economic, investment and trade cooperation, bringing benefits to both sides.

He said he hopes that in the coming time, Vietnam will attract high quality project from US investors in order to improve Vietnamese enterprises’ capacity to participate in the global value chain./.

Source: Vietnam News Agency

Prime Minister Pham Minh Chinh on July 15 ordered prioritising capital for production and trade to fuel growth in tandem with stabilising macro-economy, controlling inflation and Government and public debts while ensuring major balances of the economy.

Speaking at a teleconference to review the activities of the State Bank of Vietnam (SBV) in the first half and launch its tasks for the remainder of this year, PM Chinh asked the central bank to pursue active, flexible and effective monetary policy while accelerating decentralisation and administrative reform.

Capital should be geared toward priority areas and growth driving forces, while loan interest rates must be cut to facilitate citizens and businesses’ access to credit, he said.

The PM ordered that the forex rates must be managed actively and flexible, with the global and domestic situations taken into consideration. Drastic and effective efforts must be exerted to carry out a scheme on restructuring credit institutions and dealing with bad debts for the 2021-2025 period.

As the size of the domestic corporate bond market remains modest compared to those of other countries and the set target, he ordered the raising of capital through bond issuance to support economic recovery.

The leader called on the business community, together with the SBV and banking sector, to further strive to save costs, renovate corporate governance, step up digital transformation, and propel green growth and circular economy.

Ministries, agencies and localities were also urged to work closely with the bank and credit institutions to tackle difficulties in production and trade, especially via fine-tuning policies and mechanisms and reforming administrative procedures./.

Source: Vietnam News Agency

The government is awaiting the passage of bills that would modernize the salt industry. Bureau of Fisheries and Aquatic Resources (BFAR) national director Demosthenes Escoto said the law needs updating. ‘The existing law that we have on salt is still the old salt law, the old Iodization Act. There is a written initiative in the Congress and Senate, so the House of Representatives will pass the bill. For Senate, it will be open for deliberation on the plenary,’ he said in a statement on Saturday. In May, House Bill (HB) 8278, or the proposed Philippine Salt Industry Development Act, was approved with an overwhelming 287 votes. The measure is listed by the Legislative Executive Development Advisory Council as one of the priority measures of President Ferdinand R. Marcos Jr. Under the measure, salt – whether unprocessed or processed – is classified as a basic agricultural product with all its necessary legal and regulatory implications. “The DA shall also ensure that salt is a priority commodity to be produced locally in areas or regions identified in this Act, as well as in the development plan for the salt industry,” the bill read. HB 8278 also creates the Philippine Salt Industry Development Council to ensure the unified and integrated implementation of the roadmap and accelerate the modernization and industrialization of the Philippine salt industry. The Senate versions are still under scrutiny. ‘The good thing is that these particular bills have been included as priority bills of the President. We are hoping that by this year, a new salt law will be implemented and will be effective,’ Escoto added. Republic Act 8172 or An Act Promoting Salt Iodization Nationwide (ASIN), signed in 1995, is meant to protect and promote the health of the people, maintain an effective food regulatory system, and provide the entire population with proper nutrition. The Department of Trade and Industry, Cooperative Development Authority, Department of Environment and Natural Resources, and Department of Science and Technology are also mandated to assist and support local salt producers/manufacturers in upgrading their production technologies; assist in the formation of cooperatives of local salt producers/manufacturers; develop and implement comprehensive programs for the acquisition of design and manufacture of salt iodization machines and transfer of salt iodization technology; and identify areas that are suitable for use as salt farms to protect them from environmental risks to ensure the sustainability of iodized salt production. Department of Agriculture (DA) Undersecretary for Fisheries Drusila Bayate suggested that vital agencies be granted access to the integrated plan of the national government to effectively align with the operational requirements, like facilitation of production, identifying suitable locations for salt farms, and making infrastructure investments. ‘The government has an integrated plan that will match the logistic need, plan of DPWH (Department of Public Works and Highways), the farm-to-market road, and tourism road. If there is any development plan from a local government na hihingi siya ng (that needs) appropriation, it should be within that big plan,’ she said in another statement. Escoto and Bayate joined DA Senior Undersecretary Domingo Panganiban in a meeting with a consortium of private sector representatives at the DA Central Office in Quezon City on Friday. Proposals presented focused on the establishment of a national network of advanced salt production plants through investment and policy interventions. They also discussed the weakening condition of the Philippine salt industry due to various factors, among them climate change, land conversion, and economic globalization. Panganiban advised BFAR and the private sector to collaborate to accelerate the modernization and industrialization of the Philippine salt industry

Source: Philippines News Agency

The trade turnover between China and Russia may exceed US$200 bln by year-end 2023, Valentina Matviyenko, speaker of the Federation Council, or senate in Russia’s parliament, said after a meeting with Chinese President Xi Jinping.

“It was noted in general [during talks] that the trade turnover is growing sustainably, even at a higher pace than earlier, despite all the challenges, unlawful restrictions and attempts to arrest the development of our nations. All the grounds are in place to state that we will cross the US$200 bln mark in mutual trade turnover as of the end of this year,” the senate speaker said.

More than 70% of mutual settlements between Russia and China are being executed in the two countries’ respective national currencies, Matviyenko noted. “I am absolutely confident that the friendship between Russia and China, that Sino-Russian cooperation not only have strong current prospects but will also have a great future,” she stressed.

Source: Lao News Agency