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ASEAN for Business Bulletin Feb-Mar 2023: Utilising AHKFTA; Promoting the Growth of Digital Startups in ASEAN

February 2023 Issue (link)
ASEAN-Hongkong, China Free Trade Agreement (AHKFTA) has entered into force for all ASEAN Member States and Hongkong, China in February 2021. Find out more information on how businesses could take advantage of AHKFTA to improve competitiveness in our bulletin.

March 2023 Issue (link)
The Framework for Promoting the Growth of Digital Startups in ASEAN provides policy guidelines in six key areas to enhance ASEAN Member States' policy and business environment for digital start-ups. Our bulletin features the opinion from Tech for Good Institute on the role of the Framework in shaping digital startups' growth for good in the region. 

Indonesia's Ministry of Industry to enforce controls against illegally imported thrift shoes

The Indonesian Ministry of Trade has announced that it will enforce strict controls to prevent the illegal import of used or secondhand shoes, also known as thrift shoes. The move is aimed at protecting the local footwear industry, which has been negatively impacted by the import of illegal shoes. The Ministry stated that it will work with other government agencies to increase monitoring of imports and strengthen border controls to prevent the entry of illegal thrift shoes. The Ministry also called on the public to refrain from buying illegal imports, which could pose health risks.

ASEAN-BAC pushes QR Code route to advance MSMEs

ASEAN BAC (ASEAN Business Advisory Council) is promoting the use of QR codes as a means to advance micro, small and medium-sized enterprises (MSMEs) in the region. The QR codes will enable MSMEs to conduct transactions in a cashless and contactless manner, which will help them to expand their customer base and improve their efficiency. This initiative is part of the ASEAN BAC's efforts to support the growth of MSMEs in the region and to promote digitalization.

ASEAN Central Bank supporting green finance transition: BI

The central banks of ASEAN member states are supporting the transition towards green finance, according to Bank Indonesia's Deputy Governor, Dody Budi Waluyo. Waluyo noted that several ASEAN central banks have issued guidelines or frameworks to promote sustainable finance, and that they are working together to harmonize these policies. The ASEAN central banks are also collaborating with international organizations to develop green finance initiatives, such as the ASEAN Green Bond Standards and the ASEAN Social Bond Standards. This supports the region's efforts to promote sustainable development and address climate change.

Minister discusses financial sector at bilateral meeting with US ABC

Indonesia's Minister of Finance, Sri Mulyani, discussed the country's financial sector at a bilateral meeting with representatives of the US-ASEAN Business Council (ABC). The meeting covered several topics, including Indonesia's efforts to promote sustainable finance, improve the investment climate, and strengthen the financial sector's resilience. The ABC expressed its support for Indonesia's economic reform agenda and discussed ways to enhance economic cooperation between the United States and Indonesia. The meeting is part of Indonesia's efforts to engage with foreign investors and promote investment in the country's economy.

ASEAN consistently contributing 3% to global GDP: Indonesia's Minister of Finance

According to Indonesia's Minister of Finance, Sri Mulyani Indrawati, ASEAN member states consistently contribute 3% to global GDP, despite the challenges posed by the COVID-19 pandemic. She noted that ASEAN is the fifth-largest economy in the world and has a combined population of over 650 million people. She also highlighted the importance of regional cooperation in addressing common challenges and promoting sustainable development. Sri stated that ASEAN is committed to promoting peace, stability, and prosperity in the region and is open to working with other countries and regions to achieve these goals.

Indonesia to showcase F&B industry's capability at Hannover Messe 2023

Indonesia is set to showcase its food and beverage industry's capabilities at the Hannover Messe 2023, the world's largest industrial trade fair, in Germany. The Indonesian Ministry of Industry will be working with the Indonesian Trade Promotion Center (ITPC) in Hamburg to organize the country's participation in the event. The focus will be on promoting Indonesia's food and beverage products, such as coffee, cocoa, spices, and processed foods, to potential buyers in Europe and other parts of the world. The Indonesian government hopes that the event will help to increase exports and attract foreign investment to the country's food and beverage industry.

Indonesian finance minister holds bilateral meeting with EU-ABC

The Indonesian Finance Minister, Sri Mulyani Indrawati, held a bilateral meeting with the European Union (EU) to discuss cooperation in the fields of finance, investment, and trade. They also talked about the COVID-19 pandemic and its impact on the global economy, as well as efforts to promote sustainable development and green finance. The EU expressed its commitment to supporting Indonesia's economic growth and reform efforts, while also emphasizing the importance of promoting human rights and good governance.

Indonesia's effort to do climate action aligns with ASEAN: minister

Indonesia's efforts to mitigate climate change and promote sustainable development are in line with the ASEAN's efforts to combat climate change and environmental degradation. The Indonesian Minister of Environment and Forestry, Siti Nurbaya Bakar, expressed Indonesia's commitment to implementing climate-friendly policies, such as increasing the use of renewable energy and reducing greenhouse gas emissions. She also emphasized the importance of cooperation between ASEAN member countries to achieve common goals, such as reducing plastic waste and protecting biodiversity. The ASEAN is a regional organization comprising 10 Southeast Asian countries.

Pupuk Indonesia aims for Indonesia to become world's ammonia hub

Pupuk Indonesia, a state-owned fertilizer company, aims to establish Indonesia as the world's ammonia hub by investing in the construction of ammonia plants in the country. The company plans to build four ammonia plants with a total production capacity of 3.8 million tons per year. The plants are expected to create more than 22,000 jobs and contribute to the country's economic growth. Pupuk Indonesia believes that Indonesia has the potential to become a leading player in the global ammonia market, as the country has abundant natural gas resources that can be used as a raw material for ammonia production.

Japanese business association observes IKN development progress

The Japanese Business Association in Indonesia (JBAI) has observed the development progress of the Indonesia-Japan industrial estate (IJIE) known as Kawasan Industri Kaltim (KIK) in North Kalimantan. The JBAI delegation visited the KIK area to assess the infrastructure, facilities, and services available for investors. The IJIE is expected to attract Japanese companies to invest in Indonesia and boost economic cooperation between the two countries. The KIK area is strategically located near natural resources and transportation routes, making it an ideal location for industrial development. The JBAI expressed its satisfaction with the progress made in developing the IJIE and reiterated its commitment to promoting Japanese investment in Indonesia.

BPOLBF, NTT govt prepare local products for ASEAN Summit

The Labuan Bajo Flores Tourism Authority (BPOLBF) and the government of East Nusa Tenggara (NTT) province are preparing local products to be showcased at the ASEAN Summit in Indonesia. The products, which include coffee, woven fabrics, and seaweed-based products, will be exhibited at the Indonesian pavilion during the summit. The initiative aims to promote the potential of local products and boost the economy of NTT. BPOLBF also plans to introduce its maritime security capabilities and services at the summit. The ASEAN Summit is an annual meeting of leaders from the ten ASEAN member countries.

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