THE United States has long been a global leader in technology and innovation, and for the last several decades, the San Francisco Bay Area has dominated the conversation. Today, the landscape is fast evolving, with the rise of other prominent startup hubs across the US – notably New York City, Austin and Boston in more recent years.

Still, the San Francisco Bay Area undoubtedly boasts the longest history in the tech industry. Silicon Valley, in particular, has seen the growth of tech giants like Apple, Google and Meta. So, what makes the Bay Area so special?

Even after all these years, the Bay Area continues to rank first across many notable global innovation and startup ecosystem rankings in 2023, such as those by Startup Genome and StartupBlink.

This is due, in large part, to its constant evolution in tandem with changes in the global startup and innovation scene. It is an ecosystem that has been meticulously cultivated over decades, with an established and solid foundation of research institutes, think tanks, venture capital (VC) and regulatory infrastructure.

Top-notch research institutions like Stanford University and the University of California, Berkeley, which are in close proximity, provide an available and diverse talent pool that feeds the ever-growing demand for innovation talent. Startups and companies also get to be active participants in cutting-edge research with these institutions that propel new innovations. This is supplemented by strong networks that companies get to connect to, share ideas and form new partnerships with.

Investment is another key building block of a successful startup ecosystem. The Bay Area’s high concentration of investors, corporates and specialised financial institutions mean the availability of smart monies for startups in the immediate area.

This is hugely appealing to tech startups. In fact, San Francisco topped Pitchbook’s Global VC Ecosystems ranking this year, with close to 2,000 funds and a fund value of over US$260 billion. In August 2023 alone, three startups raised US$100 million each in the Bay Area – cybersecurity startup Resilience, artificial intelligence startup Modular, and sales and martech platform Apollo.ai.

While incidents such as the collapse of Silicon Valley Bank in March 2023 did shake confidence initially, specifically in smaller financial players, the ecosystem has made a quick recovery – a testament to the strength of the Bay Area’s foundation.

Despite the overall economic downturn and funding winter, VC funding in the Bay Area remains strong.

According to Pitchbook’s 2023 Global VC Ecosystem ranking report, there is a sizeable gap between the VC ecosystems of San Francisco and other hubs. From the third quarter of 2017 to Q2 2023, US$364.5 billion was invested into San Francisco-based startups, which is almost twice the amount raised from the second-highest ranked city in the US. Singapore ranked fifth in Asia within the same period, with US$39.5 billion.

The US as an innovation and technology partner

Beyond startups, the innovators of the Bay Area continue to push groundbreaking advancements in deep tech across all sectors. For instance, San Francisco-based OpenAI launched ChatGPT late last year, taking the world by storm. Fuelled by both global demand and pressing societal issues, such as climate change and ageing populations, startups in the area have remained on the forefront of such much-needed technological advancements. The flow of talent, expertise and ideas have helped facilitate this.

Singapore companies, too, see the US as a great innovation partner, and have increasingly ventured there for growth.

In healthcare, the US has long been recognised as a mature and reference market. Singapore biomedical company Lucence first entered the US market in 2020, with support from Enterprise Singapore (EnterpriseSG), and has since posted several Singaporeans to its San Francisco facility.

The company chose the US largely because the relatively high acceptance of personalised medicine and liquid biopsy is shared by both US clinicians and regulators. Earlier this year, Lucence managed to secure Medicare approval for its diagnostic testing solution, bringing Singapore-grown technical expertise to scale in the US. Beyond making its solution more accessible to everyday Americans, obtaining Medicare approval also lends credibility worldwide, given the US’ position as a global leader in precision medicine.

Similar to personalised medicine, the alternative protein market in US is more developed and widely accepted, given the growing demand by consumers seeking more environmentally friendly products. In March, EnterpriseSG led a foodtech-specific mission for startups to explore opportunities in the Bay Area. Startups on the trip, such as ImpacFat which develops cultivated fish fat, were very interested to find research partners in the Bay Area to further enhance their product and concurrently look for investors.

Apart from startups, many large Singapore corporates have entered the Bay Area. In 2019, ST Engineering established an office for its corporate VC unit in Silicon Valley, as part of its proactive engagement with the startup ecosystems. Singtel set up a corporate VC arm in San Francisco to invest in promising startups with world class technology whose solutions could eventually be incorporated back at the group level or diversified into new growth areas.

Accelerating entry into the US

The journey from Singapore to the Bay Area is not without its challenges. To help Singapore companies gain a foothold into the Bay Area, EnterpriseSG established an acceleration programme through its Global Innovation Alliance (GIA) initiative in 2019. Working with in-market players like Plug and Play helps to open doors for Singapore companies and provides insights into navigating the complexities of starting in a new city.

We see greater opportunities for Singapore companies in the market, especially in healthcare and biomedical, sustainability, digitalisation, advanced manufacturing and more. To facilitate the growing demand from more Singapore companies looking to establish a presence in the Bay Area, EnterpriseSG recently opened its San Francisco office, located in San Mateo.

Together with our offices in New York and Los Angeles, the new San Francisco overseas centre will provide Singapore companies with customer insights, help them identify projects and connect with the right partners as well as navigate regulations.

The US and Singapore have always enjoyed close economic ties, and EnterpriseSG will continue to look out for new areas of cooperation to deepen our bilateral relationship.

The writer is executive director of Americas and Europe at Enterprise Singapore

Source: The Business Times. Link: Here

A four-day press and study tour of the Cambodian cashew production chain in Phnom Penh, Kampong Thom, Kratie and Stung Treng provinces was organised by the Ministry of Agriculture, Forestry and Fisheries in collaboration with the Ministry of Commerce. The visit, which is supported by the EU, is being held from November 29 to December 2.

Speaking at the opening of the tour on November 29, the agriculture ministry spokesperson Im Rachna stated that the visit was attended by over 50 participants. These included representatives from the agriculture and commerce ministries, the EU, Germany’s international development agency GIZ and 30 media outlets.

Rachna said that the three-night and four-day visit, attended by 40 journalists, was an opportunity to learn about the cashew production chain from planting and harvesting to processing and market potential.

She added that the visit would also provide comprehensive awareness of the agriculture ministry’s efforts to promote production in alignment with the “National Cashew Policy 2022-2027,” issued by the commerce ministry to propel Cambodia to become the ‘Cashew Emperor’.

“The visit is a testament to the close cooperation between all stakeholders, such as the government, businesses and representatives of the media, to enhance the cashew production chain and the EU’s contribution to the sector through clear and accurate means of communication,” she said.

Bryan Fornari, head of cooperation of the EU delegation, noted that the cashew value chain is extremely important, which is why the EU is fostering relationships and collaborating to further promote it in the country.

For further read, please click here


Author: Orm Bunthoeurn
Source: The Phnom Penh Post 

Brunei’s total trade rose by 5.2 per cent in July compared to June. The increase was due to the rise in exports value by 30.9 per cent. However, imports value fell by 20 per cent.

Exports in July was valued at BND1,177.1 million, where mineral fuels represented the major contributor to the Sultanate’s exports at 81.3 per cent followed by chemicals (16.4 per cent) and machinery and transport equipment (1.1 per cent).

The five main imports by commodity for July were mineral fuels (58.6 per cent) followed by machinery and transport equipment (15.5 per cent), food (eight per cent), chemicals (6.8 per cent) and manufactured goods (5.8 per cent).

The main export markets in July were Australia (23.4 per cent) followed by Singapore (19.6 per cent) and China (13.8 per cent). The largest export commodities to these countries were mineral fuels and chemicals.

The biggest import partners were Malaysia (32.7 per cent) followed by Saudi Arabia (15.8 per cent) and Kazakhstan (15.5 per cent).

His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam said that to build inclusive and resilient economies, APEC must continue advocating for a rules-based multilateral trading system that ensures equal opportunities and fair competition.

His Majesty said this during a titah at the APEC Economic Leaders’ Retreat (Session II) at the Moscone Center, San Francisco in the United States (US) on Friday.

Accompanying His Majesty was His Royal Highness Prince ‘Abdul Mateen.

The retreat began with opening remarks from US President Joe Biden as the APEC chairman for 2023. He then invited President of Peru Dina Boluarte as incoming chair of the APEC AELM, to deliver her remarks. Peru will host the APEC meet in 2024.

Discussions during the retreat focused on interconnectedness and building inclusive and resilient economies. His Majesty also highlighted the importance of regional economic integration initiatives such as the Regional Comprehensive Economic Partnership (RCEP), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Indo-Pacific Economic Framework (IPEF) in unlocking the full potential of APEC economies for greater prosperity.

In this regard, His Majesty emphasised continued commitment to establishing the Free Trade Area of the Asia Pacific (FTAAP) as a priority within APEC.

His Majesty further recognised APEC’s role as a driving force for innovation as well as the opportunities and risks presented by the rise of artificial intelligence, and underscored the importance of responsible use of technologies and promoting research and development to ensure that APEC continues to be an innovative and forward-looking region in the digital era.

In addition, His Majesty called for engagement with all stakeholders with a focus on youth and micro, small and medium enterprises, and promote their digital skills development to nurture innovation while adopting policies that facilitate international market access which will empower them to compete globally. In this pursuit, His Majesty highlighted that APEC’s role through ECOTECH as an incubator of ideas is vital to the APEC process.

His Majesty concluded by conveying Brunei Darussalam’s full support towards Peru’s chairmanship of APEC next year.

At the conclusion of the AELM, the APEC Leaders’ 2023 Golden Gate Declaration ‘Creating a Resilient and Sustainable Future for All’ was issued.

As part of the outcome of the APEC 2023, a joint statement of Brunei Darussalam, Indonesia, and Malaysia on the occasion of the 30th APEC Economic Leaders’ Meeting (AELM) was also issued.

Source: Borneo Bulletin

Read the full article here

Contributing towards the development of Brunei’s downstream oil and gas sector, creating more local business opportunities through economic spin-offs and propelling the nation closer towards achieving Brunei Vision 2035 and supporting the Economic Blueprint of Brunei Darussalam, the Petroleum Authority of Brunei Darussalam and Brunei Economic Development Board (BEDB) signed the Implementation Agreement for the Pulau Muara Besar (PMB) Phase 2 Development Project with Hengyi Industries Sdn Bhd (Hengyi) at a ceremony at The Empire Brunei yesterday.

It is anticipated that with Phase 2 project’s completion, an addition of over 2,000 employment opportunities will be created with 50 per cent of the figure allocated for Bruneians from the start of operations in 2029, contributing to Brunei’s socio-economic development.

Under the project, the complex will include the development of processing facilities such as a 1.65MMTA ethylene cracker with a 2.5/2.2MMTA purified terephthalic acid/polyethylene terephthalate (PTA/PET) plant, as well as three new jetties. The project will also equip the complex to produce more types of refined petroleum products such as ethylene, polyethylene, butadiene, and polypropylene that will serve as vital raw materials for downstream industries, spanning from textiles to agriculture and automobile to electronics manufacturing.

Minister at the Prime Minister’s Office (PMO) and Minister of Defence II Pehin Datu Lailaraja Major General (Rtd) Dato Paduka Seri Haji Awang Halbi bin Haji Mohd Yussof as Co-Chair of the PMB Development Steering Committee; Minister at the PMO and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah as Chairman of the Foreign Direct Investment and Downstream Industry Steering Committee; Minister of Development Dato Seri Setia Awang Haji Muhammad Juanda bin Haji Abdul Rashid as Co-Chair of the PMB Development Steering Committee; and Zhejiang Hengyi Group Co Ltd Chairman and Hengyi Chairman Qiu Jianlin were the guests of honour. PMB Development Steering Committee members were also present.

Source: Borneo Bulletin

Read the full article here

The government has approved the construction of two hydro-power projects with a capacity of 170 Megawatts (MW), valued at almost $450 million.

The initiatives will benefit not only the province but also contribute significantly to the nation’s power supply, according to the Council for the Development of Cambodia (CDC).

The group approved Khmer Electrical Power Co Ltd’s investment of $447.5 million for the ventures on November 21.

The Stung Russei Chrum Kandal Hydropower Plant, located in Koh Kong’s Mondul Seima district, will have a capacity of 70MW. The 100MW Stung Veal Thmor Kambot facility is located in the province’s Thma Bang district.

The construction of the plants is expected to create 230 new jobs and will adhere to a Build-Operate-Transfer (BOT) model, in which the company will erect and administer the stations for a contracted period of time before handing over control to the government or private sector. 

Koh Kong provincial governor Mithona Phouthong stated on November 22 that the investment will considerably enhance the country’s economic growth. She emphasised the role of increased electricity supply in attracting more investors and tourists to the province.

“Every production chain, including services, all need electricity, so when there is more … it will help attract more investors to Cambodia,” she remarked.

For further read, please click here


Author: Hin Pisei
Source: The Phnom Penh Post 

In a heartening development for trade and diplomatic ties, the Ambassador of Indonesia to Cambodia, Dr. Santo Darmosumarto, has expressed unwavering optimism about the burgeoning trade potential between the two countries. At a recent business dinner hosted by the Indonesian embassy, Ambassador Darmosumarto confidently predicted that the trade value between Indonesia and Cambodia could soar past the $1 billion mark by the end of 2023.

Indonesia has steadily climbed the ranks among Cambodia’s trade partners, currently holding the sixth position, trailing only behind major players like China, the United States, Vietnam, Thailand, and Japan. Recent data from the General Department of Customs and Excise (GDCE) of Cambodia reveals a significant increase in trade between these Southeast Asian neighbors, with a total value of $808.07 million. This represents an impressive 18.6 percent growth compared to the previous year.

The Ambassador highlighted the cultural and culinary similarities that bind the two nations together, explaining, “Indonesia has a lot in common with Cambodia, with the most basic similarity being the food we eat, as rice is the staple diet for both our countries. Usually, when people eat rice, there’s usually some common denominator there.” Such shared elements of culture and cuisine have fostered a growing appreciation for Indonesian products, particularly in the food and beverage sector among Cambodian consumers.

For full article, please read here

Author: Surya Narayan 

Source: The Better Cambodia 

MOVING to clean energy and managing water risks are among the key issues for South-east Asia that will feature at the upcoming United Nations climate summit (COP28), experts from consulting firm BCG said on Friday (Nov 10).

On the topic of the energy transition, “the region needs confidence that the rest of the world is going to decarbonise in tandem”, said Edmond Rhys Jones, BCG partner and associate director, as part of a panel that discussed COP28. The conference will kick off in Dubai on Nov 30.

“There are also huge business opportunities here; we need a huge amount of new green technology to be scaled and deployed. We need new manufacturing capacity on established technologies like solar and wind, but also new ones like hydrogen,” he said.

Receiving more clarity around the “speed and shape” of the energy transition will be a great benefit to the region, Jones added, albeit acknowledging that “finding consensus on some of the language around the energy transition” could be a challenge.

The energy transition will also need to take place in parallel with protecting prices for end customers, which is a sensitive topic, said Marko Lackovic, managing director and partner at BCG.

Another complication is that South-east Asia has many coal-based power plants which are relatively new or still in the pipeline to be built. The phase-down of such assets will be a pertinent question for the next two or three decades. 

That said, South-east Asia can also play a key role in the energy transition. Indonesia, for instance, sits in the value chain for battery technology with its vast nickel reserves. The country is also a potential market for two-wheeler electric vehicles, said BCG managing director and partner Marc Schmidt.

Water resilience

Water is another big topic that BCG is watching. Water adaptation and resilience featured strongly at last year’s COP27, said Dean Muruven, associate director at BCG. Separately, the UN held a global conference on water this year, the first in almost 50 years.

“What we’ve seen is there’s a lot more movement, with water as a priority topic (on) the global agenda, both in the public sector and private sector. And there’s increasing recognition that we need to stop just admiring it as a risk, and shift that mindset towards resilience thinking. We genuinely believe that this is a strategic topic,” he said.

There is room to enhance tech innovation in South-east Asia to deal with water challenges, as well as by tapping nature-based solutions. Wetland restoration could be especially valuable in this region, said Muruven.

“Water needs to be a C-suite topic; it needs to be discussed in the boardrooms at a strategic level. This is not anything new for C-suite. If you go back to the World Economic Forum risk reports for the last 10 years, water is always in the top five, but we’ve never seen real, meaningful action,” he said.

Strong voice

It is important for South-east Asia to feature prominently in the COP process, said Varad Pande, partner and director at BCG. The region is not only rich in biodiversity, but also vulnerable to climate shocks.

He expects to see a “strong voice of Asean” at COP28, with a lot of activity at country pavilions, and announcements of national adaptation plans and new alliances.

“I think you’ll see a lot of activity on collective power and collective action of South-east Asia, both to demonstrate our commitment as a region, but also to attract the kind of capital that we need to unlock climate action,” he said.

To be sure, there could be challenges. One of the biggest hurdles at COP28 could be on deciding who pays for the “loss and damage” fund to help poor nations facing climate disasters.

Said Jones: “I think the loss and damage conversation is really hard, because it raises such domestic political difficulties for so many parties involved. There are humans in these negotiating rooms, and there is passion in the room. I really hope that some progress can be made, but I think that’s going to be challenging.”

Source: The Business Times. Link: Here.

A NEW survey released by HSBC showed that nearly half, or 45 per cent, of companies in South-east Asia have plans to expand their supply chain in China over the next 12 months.

Some 92 per cent of Indonesia businesses expressed an interest in expanding their supplier networks in China over the next three years, just a shade higher than the 89 per cent of companies in Vietnam and 87 per cent in the Philippines.

The survey findings were made public on Monday (Nov 6) in conjunction with this week’s China International Import Expo (CIIE) in Shanghai.

This sixth edition of the survey was the first to be conducted since Covid-19 restrictions in China were lifted in January this year, with participation from over 3,300 companies in 16 countries including the US, South Korea, Canada, the UK, France and Germany.

Overall, about three-quarters (73 per cent) of respondents expect to increase their supply chain footprint in China over the next three years, with about 25 per cent indicating the increase will be “significant”.

HSBC said that its survey findings suggest that many of China’s longstanding fundamentals, including its deeply integrated supply chain networks, continue to attract international firms.

A key reasons why companies are expanding in China is the ease of managing supply chains, with 28 per cent of respondents feeling this way. This, however, is down from 32 per cent who said so in 2022, despite the fact that China remained largely closed off to the rest of the world last year.

“This reflects the growing complexity of global supply chains, with businesses pushing to diversify and localise their networks and regulators imposing tariffs and restrictions on strategically important goods,” the report noted.

HSBC said that as supply chains continue to evolve, this could have an impact on China over time. The survey found that 27 per cent of companies expect to move their supply chains to new locations over the next three years.

Just over a quarter (26 per cent) said they expect to place a greater focus on strategic suppliers within their supply chains.

Some consolidation is also on the cards: over a quarter (26 per cent) expect to place more focus on strategic suppliers within their supply chains.

Manufacturing leads the way

By sector, it is companies in the manufacturing space that are particularly interested to grow their supply chain in China, with 74 per cent of respondents saying they are likely to increase it over the next three years.

Within the manufacturing industry, food and beverage (F&B) producers were the most keen to expand their China supply chains – 86 per cent said that they would do this over the next three years. In second spot was the computer and electronics manufacturing industry, with 71 per cent of companies there saying they would do so.

HSBC’s survey also found that international companies are attracted by China’s digital economy and the country’s leading position in e-commerce, artificial intelligence and digital payments.

Almost nine in 10 respondents (87 per cent) noted that China’s fast-growing digital economy is opening up new investment opportunities.

HSBC said that digitalisation remains a focus for international businesses in China. Technology and innovation, and digital capabilities and platforms, represent two of the top three investment priorities for businesses in the next 12 months.

On average, companies reported plans to invest 8 per cent of their global operating profit on technology and digitisation for their Chinese operations.

In the area of sustainability, renewable energy and electric vehicle (EV) production are seen as having the greatest growth potential. Respondents also see China, with its large domestic market, as an attractive place to develop and test new technologies and products.

Commenting on the survey findings, Barry O’Byrne, chief executive officer for HSBC Global Commercial Banking, said that China is “hardwired” into the global economy.

“While its relationship with business is evolving and economic headwinds remain, it’s still a critical market for many international firms. From its advanced manufacturing base, to its potential in renewable energy and EVs, and fast-growing digital economy, China offers a range of growth opportunities for international businesses,” he added.

Source: The Business Times. Link: Here