The UK Government, through the UK Foreign, Commonwealth & Development Office and in collaboration with ASEAN, has launched an online toolkit to encourage cross-ASEAN trade and investment to strengthen regional supply chains for medical technologies. The toolkit showcases the attractiveness of the ASEAN MedTech sector, complemented by interactive tools for MSME use.

ASEAN is among the world’s fastest-growing markets for MedTech, with a projected compound annual growth rate of 9.2% - faster than the global average of 6.8%. There are multiple advantages that make the ASEAN region ideal for MedTech investment: an attractive labour market, availability of raw materials, evolving infrastructural support, integrated supply chain and a growing and dynamic market have made ASEAN the top destination for both ASEAN & international investors, as evidenced by strong growth in foreign direct investments.

This toolkit:

• Consolidates top of mind questions for MedTech MSMEs & global firms to explore pan-ASEAN investment
• Serves as a knowledge base to understand incentives & regulations across MedTech opportunities
• Discovery platform for MSMEs on supplier database and/or navigate suppliers in the region
• Showcases case studies how global MedTech companies have leveraged strengths of each ASEAN country to set up a regional value chain.

Visit www.aseanmedtech.com to find out more.

ASEAN and WIPO launched the ASEAN Intellectual Property (IP) Register at the 55th ASEAN Economic Ministers' Meeting. The Register, powered by a state-of-the-art information exchange system and maintained by WIPO, is a one-stop IP information portal that incorporates up-to-date IP data on patents, trademarks and designs from all ten ASEAN Member States (AMS). It enables all stakeholders from policy-makers to private sectors and innovators to conduct IP searches seamlessly for the ASEAN region.

Access the ASEAN IP Register here.

Source: ASEAN Secretariat

ASEAN Tariff Finder is an online platform designed to support traders to maximise benefits from ASEAN’s free trade agreements. This is a tool to help businesses, especially Micro, Small and Medium Sized Enterprises to get the latest information on the preferential tariffs applied by ASEAN Member States under various multilateral/bilateral free trade agreements. It also sets out the rules of origin criteria used to determine a product’s eligibility for preferential tariff treatment. With this search engine, traders will save time and resources in their transactions, since all tariff information they need is now readily available on the website. 

Cambodia is leaping its track in transition to clean energy, with solar farms set to double their electricity this year to the national grid.

A report from the Electricity Authority of Cambodia (EAC) showed that solar farms are set to generate approximately 720MW of electricity this year to the grid, an increase from 827MW generated in 2024.

The government is boosting building new energy plant projects to generate clean energy for the grid, said Keo Rattanak, Minister of Mines and Energy.

The projects will increase Cambodia’s share of clean energy generation capacity to 70 percent by 2030 from more than 62 percent at present, Rattanak said.

“Comparing Cambodia with other countries in the region, excluding Laos, if we can produce 70 percent by 2030, Cambodia will be ranked second among the 10 ASEAN countries with the highest clean energy, and this clean energy will provide many benefits in other areas,” he said in an annual meeting held last week.

The expansion of solar power is in line with the Cambodian Government’s policy to achieve zero carbon emissions by 2050.

Since 2019, the government has ceased issuing licenses to new coal-fired power plant projects.

The main sources of renewable energy are hydropower, solar energy and biomass energy. The country also buys electricity from neighbouring countries, especially during the dry season.

For full article, please read here


Source: Khmer Times

The Council for the Development of Cambodia (CDC) is in the process of improving the ease of doing business in Cambodia aimed at attracting foreign investment as companies are likely to switch locations amid trade war pressure, said Sun Chanthol, Deputy Prime Minister and First Vice Chairman of the Council for the Development of Cambodia, yesterday.

CDC is reviewing the existing regulations and procedures to identify points for reform with the target of eliminating complexity in doing business and creating a more transparent investment environment, said Chanthol.

“To attract investment in the context of likely-to-happen trade war pressures, CDC is reviewing to do more reforms, to identify the issues, and create more incentives to investors,” he said.

The meeting brought together representatives from provinces to discuss improving the ease of doing business and investment application registration.

“CDC is committed to creating a friendly investment environment for all national and foreign investors by improving and giving competitive incentives, simplifying business registration processes,” he said.

Last year, Cambodia attracted 414 fixed-asset investments worth a total investment capital of $6.9 billion, up 40 percent from $4.92 in the year before.

For full article, please read here

Source: Khmer Times

The Thai government has announced a bold vision for 2025, aiming for economic expansion and increased foreign investment. By focusing on sectors like Future Industries, AI Data Centers, Electric Vehicles, Precision Agriculture, and Food Technology, public investments are projected to exceed 700 billion baht.

The Thai government has set an ambitious 2025 agenda to drive economic growth and attract significant foreign investment, focusing on five sectors: future industries, AI data centers, electric vehicles, precision agriculture, and food technology. Public investments in these sectors are expected to exceed 700 billion baht.

Key projects include two hyperscale AI data centers and a semiconductor supply chain investment, aiming to enhance capabilities in AI, 5G, IoT, and semiconductor manufacturing. These initiatives will create job opportunities and raise investment thresholds for large-scale projects, encouraging economic activity and securing long-term benefits.

Tourism remains crucial in Thailand’s recovery plan, with campaigns like “Charming Thailand” promoting unique experiences. The Tourism Authority targets a 7.5% revenue increase by engaging in 23 global markets and celebrating Thai-Chinese relations. Efforts also emphasize sustainability, solidifying Thailand’s responsible tourism leadership.

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Port Authority of Thailand to diversify operations beyond traditional cargo services, establish new subsidiaries.

The Port Authority of Thailand (PAT) has revealed sweeping plans to transform Bangkok's Klongtoey Port into a sophisticated smart hub spanning 2,353 rai (about 375 hectares), encompassing smart city, smart port, and smart community developments.

Central to the transformation is the Bangkok Logistics Park, projected to reduce national logistics costs by 1.41 billion baht. The development will feature advanced traffic management systems, including dedicated truck parking facilities and a "Truck Q" technological solution to ease port congestion.

The comprehensive master plan is expected to be finalised within six months, marking a significant step in Thailand's ambition to establish itself as a regional logistics hub.

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Brunei Darussalam has achieved a notable milestone, ranking 13th out of 136 countries globally in the Islamic Finance Development Report 2024: From Niche to Norm, marking its return to the top 15 rankings, according to the Brunei Darussalam Central Bank (BDCB).

The report, based on 2023 data, highlights Brunei’s strong position in the Islamic finance industry, with an Islamic Finance Development Indicator (IFDI) score of 29 points.

The global average IFDI score also saw a rise, increasing from 9 points in 2023 to 12 in 2024, reflecting a positive trend in the development of the Islamic finance industry.

The IFDI measures the development of the Islamic finance industry across five key indicators: Financial Performance, Governance, Sustainability, Knowledge, and Awareness.

Malaysia and Saudi Arabia maintained their positions as the top two Islamic finance markets in 2023, while the United Arab Emirates secured third place, overtaking Indonesia.

Total global Islamic finance assets grew by 11 per cent, reaching USD4.9 trillion in 2023.

Sector growth in Islamic finance

The report highlighted strong performances across several key sectors: Islamic banking experienced a 12 per cent growth, reaching USD3.6 trillion in assets, with Afghanistan, Iraq, and Bahrain leading in growth rates.

The sukuk market increased by 9 per cent, driven by higher sovereign issuances, new market offerings, and a rise in green and sustainability sukuk issuances, bringing the total outstanding amount to USD863 billion.

The takaful sector achieved modest growth, reaching USD86 billion despite facing competition from conventional insurance options and monetary tightening pressures.

Islamic banking dominated the global Islamic finance asset distribution in 2023, holding a 73 per cent share, followed by sukuk (18 per cent), Islamic funds (5 per cent), other Islamic financial institutions (3 per cent), and takaful (2 per cent).

BANGKOK — Thailand will make history at this month’s World Economic Forum (WEF) in Davos, Switzerland, as it signs its first-ever free trade agreement with European nations. The Thailand-EFTA Free Trade Agreement, scheduled for January 23, 2025, will connect Thai businesses with four wealthy European markets – Switzerland, Norway, Iceland, and Liechtenstein – while potentially paving the way for broader European Union trade talks.

The landmark deal, which brings Thailand’s total free trade agreements to 16, comes at a time of growing economic ties between the partners. Trade between Thailand and EFTA nations reached 11.46 billion dollars in the first eleven months of 2024, marking a significant 24.94 percent increase from the previous year.

“This modern free trade agreement is comprehensive and goes beyond traditional trade and investment frameworks,” says Poonpong Naiyanapakorn, Director of the Trade Policy and Strategy Office. The agreement incorporates high environmental and sustainability standards, positioning Thailand as a key manufacturing hub in the region.

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Investments in Thailand are expected to gain momentum this year, following a surge in applications for investment incentives by 35% in value terms to 1.14 trillion baht last year, the highest level recorded since 2014, led by large foreign direct investment (FDI) projects in data centres and cloud services, says the Board of Investment (BoI).

The digital sector topped the rankings by value for the first time in 2024, with 150 projects worth a combined 243 billion baht in pledged investment.

Major projects in this sector included applications to set up large data centres by units of large technology and cloud services companies such as Google (Alphabet) from the US and Australia's NextDC.

The electronics and electrical appliances sector came second, with an overall project value of over 231 billion baht, followed by the automotive sector (102 billion baht), the agriculture and food sector (87.6 billion baht) and petrochemicals and chemicals (49.1 billion baht).

"Investors' response to our policy to promote Thailand as a safe and neutral location for large digital sector and smart electronics projects was very impressive last year," said Narit Therdsteerasukdi, secretary-general of the BoI.

"We expect this trend to get even stronger in 2025 following the set up of Thailand's Semiconductor Board and the need for more companies to mitigate risk in view of the current geopolitical situation."

Mr. Narit said the board will this year continue to organise roadshows in all key FDI source markets, including China, the US, Japan and Europe to promote its policies and meet potential investors.

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