Singapore (VNA) – The formation of the ASEAN Economic Community (AEC) at the end of this year could create massive motivation for the Singaporean economy, experts say.
HSBC Singapore’s Chief Executive Guy Harvey-Samuel said if the AEC is implemented well, Singapore’s GDP would be 9.5 percent higher by 2030, compared to if there was no such community.
However, the impact of the AEC on Singapore businesses is likely to be gradual.
Glenn Maguire, ANZ Research’s Chief Economist for the South Asia, ASEAN and Pacific region explained ASEAN leaders aimed the AEC would become fully operational by 2025.
He acknowledged that in the short term, the AEC would spur more Singapore businesses to move production of lower-value goods to countries where labour is cheaper. Hence, the AEC’s creation brings about more awareness of the opportunity to expand abroad, and will create more standardization of customs procedures, making it easier to ship goods and encouraging outsourcing of production processes to other countries.
Besides, Harvey-Samuel said the formation of the AEC will also result in more cross-border movement of services and investment, leading to the expansion of financial products and services in the region. It could also further consolidate Singapore’s position as a financial hub.
The pace at which Singaporean companies move abroad would increase slightly in the next two years, and accelerate more in 2018 and 2020.-VNA
Singapore took the lead in the eight Expat Explorer country league table with expatriates praising good opportunities for career development, appealing salaries and excellent quality of lives.
Singapore will focus on three sectors – jobs, resources and technology – to boost the economy’s competitiveness and generate opportunities and jobs for its people.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Marina Bay, Singapore (Source:telegraph.co.uk)
