Photo Credit: New Straits Times
Economy, Investment and Trade
China-ASEAN expo seeks to boost cooperation
(12 September 2017) China and ASEAN member countries look to strengthen cooperation in trade and investment during the 14th China-Asean Expo (CAEXPO) and China-Asean Business and Investment Summit (CABIS). China’s Ministry of Commerce spokesperson Gao Feng says bilateral cooperation on production capacity and investment cooperation will be the key agenda. The theme for the 14th CAEXPO and the CABIS is “Building the 21st Century Maritime Silk Road, promoting regional economic integration through tourism”.
China main driver in Southeast Asia’s growth, raises concerns
(10 September 2017) China has invested heavily in Southeast Asia focusing on infrastructure to realise China’s Belt and Road initiatives. Exports to China from Indonesia and Malaysia grew more than 40 percent in the first half of the year. Despite the economic benefits, there are increasing concerns that economic dependence on China increases the ASEAN region’s vulnerabilities to geopolitical risks.
Co-working giants compete in Southeast Asia
(12 September 2017) China-based shared working space provider, UrWork, took part in an early round of funding that raised US$3 million for Indonesian start-up, ReWork. The fundraising will be used to expand ReWork’s operations in Indonesia. This follows closely after US giant WeWork announced its plans to acquire Singapore-based SpaceMob. iResearch analyst Yu Kexin believes that the co-working sector is still in its infancy stage and has room to learn from mature operating models.
Smart bike-sharing company Mobike to launch in Malaysia
(6 September 2017) China-based smart bike-sharing company Mobike launched its dockless bike-sharing service in Malaysia. In Malaysia, Mobike has partnered with Malaysian real estate developer S P Setia for a tailored service to the local market. This is the third ASEAN country Mobike has ventured into, following its rollout in Singapore and Thailand. Competition is heating up as Chinese rival Ofo and Singapore-based Obike both have presence in Malaysia and Thailand.
China gold producers seeking acquisitions of Indonesian mines
(12 September 2017) Shandong Gold Group and China Gold International Resources Corp., both major Chinese gold miners, are among firms seeking to acquire EMR Capital’s Indonesian gold and silver mine in the North Sumatra province. EMR Capital is estimated to make up to US$1.5 billion from the sale of the mine. Gold producers are actively seeking acquisitions as the price of the precious metal continues to rally amid geopolitical concerns, such as North Korea’s missile ambitions.