Economy, Investment and Trade
Indonesia remains committed to anti-dumping measures with China, amid accusations from Chinese steel manufacturers
(5 August 2018) Indonesian Ambassador to China, Djauhari Oratmangun claimed Indonesia abides by the steel export procedures to China. The statement was made in response to China’s anti-dumping probe against stainless steel imports from the European Union, Japan, South Korea and Indonesia recently. In 2016, Indonesia started to export its stainless steel worth US$14.2 million to China. In a year, the export value shot up to US$689 million. The value of Indonesian steel exports to China is the highest compared to other 19 countries from the European Union plus Korea and Japan.
Malaysia could use US-China Trade War to its advantage
(4 August 2018) Malaysia could benefit from the ongoing trade war between the United States and China by attracting foreign investors, according to Malaysia’s Prime Minister, Tun Dr Mahathir Mohamad. Malaysia would provide a good alternative for foreign investors to invest since the country is not directly involved in the trade war. He said Malaysia is prepared to receive an influx of investors and is always ready for foreign investments. The escalating trade war between the US and China increased on 1 August 2018 when president Donald Trump’s administration announced another 25 percent tariff on China’s imports valued at US$200 billion.
Thai’s tourism sector could lose 670,000 Chinese visitors within the second half of 2018 due to Phuket boat tragedy
(2 August 2018)Thailand’s Ministry of Tourism and Sports reported that the country’s projected number of Chinese tourists for July-December could be reduced by almost 670,000 to 5.1 million following the Phuket boat tragedy which had killed nearly 50 people last month. Many of the passengers aboard were Chinese tourists. Economists claim that the incident could cost Thailand’s economy almost US$1 billion in 2018. The primary factor for the significant reduction in the number of Chinese tourists is due to calls from Chinese people to boycott Thailand.
Myanmar withdraws visa requirement to present US$1000 upon arrival
(3 August 2018) Myanmar has removed one of its new visa requirements which demands Japanese, Chinese and South Koreans to possess US$1,000 in cash upon arrival, a week after the immigration ministry issued the policy. The new system was suspended following widespread criticisms made by industry players, claiming the new policy will hinder tourists from coming to Myanmar. Hotel and tourism minister, U Ohn Maung stated most travellers use credit cards instead of cash, and it would be difficult for families to show US$1,000 for each person. The immigration department currently issues visa on arrival (VOA) to tourist from China, Hong Kong and Macau as an initiative to boost the tourism industry wheareas visa exemptions are given to Japanese and South Koreans.
ASEAN, China launches the first maritime exercise in Singapore
(4 August 2018) The first ASEAN-China Maritime Exercise, a two-day tabletop exercise was held on Thursday at RSS Singapura-Changi Naval Base amid the lingering maritime disputes in the South China Sea. Hosted by the Republic of Singapore Navy (RSN), more than 40 officers from 10 ASEAN members and China, came together to develop plans to tackle simulated scenarios to be used during the ASEAN-China Maritime Field Training Exercise which will be held in China this October. Code for Unplanned Encounters at Sea, which was already adopted by ASEAN Defence Ministers’ Meeting-Plus countries in 2017, will be a part of the plans for the field exercise.