AEC Feed

President Joko “Jokowi’ Widodo has urged Asean and India to enhance cooperation in the small and medium enterprises (SMEs) sector, given that more than 80 per cent of economic drivers in both regions are SMEs.
“We need to push SMEs to enhance innovation and their digital economy,” Jokowi said during the 14th Asean-India Summit in Vientiane.
“We also need to support the Asean-India Business Council as a forum and networking facility for economic actors in private sectors,” he added.
Jokowi stressed the importance of capacity building and technical assistance for SMEs in the region as part of efforts to strengthen the regional block’s cooperation with its counterparts, such as the relationship with India, which has been maintained for 24 years.
During the 20th anniversary of Asean and India relations in December 2012, the two entities agreed to strengthen connectivity in a bid to improve regional integration.
“I am sure optimal connectivity will boost cooperation in trade, investment and tourism including people-to-people contact,” Jokowi said.
Asean-India trade value amounted to US$59.7 billion (Bt2 trillion) in 2015, with Indian investment to Asean countries recorded at $605.9 billion in 2014, before doubling to $1.25 trillion in 2015. – The Jakarta Post

Indonesia ‘must focus on
core economy to thrive’
President Joko Widodo has urged his Cabinet to focus on Indonesia’s core economic strengths, in order to secure a strong position amid global competition.
“With that we can set out our position and differentiation. We can set the brand of the country and resolve problems and stances among the competition,” Jokowi said.
The statement was conveyed during the opening of a Cabinet plenary meeting held at the State Palace yesterday. It was Jokowi’s first meeting with the Cabinet after attending recent international forums, namely the G20 Summit in China and the Asean Summit in Laos.
From the meetings with heads of state at both the G20 and at the Asean summits, Jokowi concluded that tight competition between countries was very visible. Every country was participating in the race for global investment and capital flows, he said.
To that end, Jokowi stressed that Indonesia must define its core business and economy to ensure a strong position in the global economy. – The Jakarta Post

MAS shows steady progress
in plan for turnaround
Malaysia Airlines Bhd (MAS) is showing steady progress in its turnaround plan and is working towards generating more revenue while maintaining stringent cost discipline.
Chief executive officer Peter Bellew said that amid external challenges, the focus has so far been on managing costs and continuing product improvements in food, on-time performance and new business class seats.
Bellew noted that in the second half of 2016, the group was working hard on revenue generation, with more aggressive marketing and sales initiatives, apart from maintaining strict cost discipline.
“MAS made continued progress in what is traditionally our weakest quarter. Competition both domestically and globally remains intense and I expect it will intensify in the second half of the year.
“We need to move quickly to maximise revenues and I am confident with the steady progress seen, we will succeed,” he said in a statement.
The airline posted a weaker performance for the second quarter due to soft demand during Ramadhan, with passenger load factor down to 68.6 per cent from 68.9 per cent in the first quarter. |– The Star

Japanese IT investors
eye Da Nang in Vietnam
A new agreement between Japan and Da Nang signals the first Japanese IT investment in Da Nang and the beginning of an effort to lure more investments from the Asian economic powerhouse to the city and central Vietnam.
Over 160 representatives from Japan Trade Promotion agency, Tokyo Business Association and Japanese Business Association, as well as 37 Japanese investors, explored cooperation and investment opportunity at the city’s industrial parks and Information Technology Park.
The agreement was signed at a conference on IT and communication investment and cooperation between Japan and Da Nang on Thursday. – Viet Nam News