Asia’s economic growth remains intact, but at slower rate: Malaysian authority

He said in line with regional economic expansion, investors are attracted to higher Asian assets and investment portfolios, while the number of high net-worth individuals is rising. This augurs well with the centre’s positioning to focus on private clients’ wealth and trust business.
“Trade agreements aimed at lowering trade barriers and encouraging economic growth are getting more traction.
“Its potential is now enhanced further by efforts to intensify the integration through the establishment of the Asean Economic Community in 2015, to advance multilateral trade,” he said in his keynote address at the Labuan International Financial Lecture Series. 
The Regional Comprehensive Economic Partnership is another mega-regional trade agreement in negotiation.
The 16 participating countries account for almost half of the world’s population and almost 30 per cent of its gross domestic product.
“Not forgetting also the Trans-Pacific Partnership agreement, which brings immense opportunities. 
“With increasing globalisation and technology advancement, the world is becoming seamless, resulting in it becoming more connected and interdependent. 
“For the industrious, the free movement of goods and services, including capital movements, present opportunities. 
“When presented in an era of high information accessibility, the new economy is likely to be characterised by digital technological gains and flow movements of unprecedented scale, scope and speed,” he said. 
In the process, however, the future inevitably brings the attendant risks of rising dissatisfaction with claims of unfair competition and practices.
“This is especially so when nations and governments are slow in the transition to embrace the change, with limited resources to reign in leakages, and the damaging consequences of the rise of the industrious, including those unscrupulous parties benefiting from a more open world.” – The Star

Century Pacific Food snaps |up Kamayan licence for United States and Canada markets

Leading canned food producer Century Pacific Food Inc has acquired the licence to bring leading shrimp paste Kamayan to the United States and Canada, a move seen to boost its international food portfolio.
Through wholly owned subsidiary Century Pacific Seacrest Inc, the group bagged the licence to the Kamayan trademark for North America and Canada.
Kamayan is one of the top brands in the US market for shrimp paste – a popular condiment in Philippine cuisine, locally known as bagoong.
The brand has grown its presence in the US since entering the market in the 1980’s. 
It is being sold in leading Asian food stores across the West and East coasts, catering primarily to large Filipino communities there. – Philippine Daily Inquirer

Vietnam’s prime minister |lists six power plants vital to the country’s development

Vietnamese Prime Minister Nguyen Xuan Phuc has listed six hydropower plants that play a vital role in the socioeconomic development of Vietnam.
They include stations in northern localities, namely the 2.4-gigawatt Son La in Son La province, 1.2GW Hoa |Binh in Hoa Binh province, 1.2GW Lai Chau in Lai Chau province and 342-megawatt Tuyen Quang in Tuyen Quang province.
The other two are 720MW plants in the Central Highlands province of Gia Lai and 400MW in southern Dong Nai province.
Phuc asked the Ministry of Industry and Trade to coordinate with ministries and sectors to build a special mechanism for these major plants in managing operations and electricity rates.
He asked Electricity of Vietnam to study appropriate organisational structures and production and business management methods, which could be applied in these facilities.
He also asked investors and managing units of the plants to assure safety and security in their operations.— Viet Nam News, Hanoi

$4.7 bn FDI projects now at |implementation stage |in Brunei, says government

NINE foreign direct investments with a total investment value of over US$4.7 billion (Bt165 billion) are in their implementation stage in Brunei, the Energy and Industry Department at the Prime Minister’s Office said on Friday.
These companies include Brunei Fertiliser Industries (ammonia and urea production), Western Foods and Packaging (margarine manufacturing) and Hiseaton Fisheries (B) (integrated fishery project).
Head of the FDI Action and Support Centre Hjh Norul Hasanah Hj Hassanol Asshari said that from 2017-19, all the FDI projects will be operational and create 1,600 direct job opportunities in the country.
There are eight FDI companies that are already operational, including pharmaceutical, manufacturing, biotechnology, business services and downstream oil and gas firms.
These investments are worth about $900 million and have created job opportunities for over 400 people, 75 per cent of whom are locals. 
There is scope to increase employment to another 700 through indirect opportunities.
The centre has received 27 proposals from investors, 14 of which are in the pipeline and 13 are operational and implemented. – Brunei Times