JAKARTA — Myanmar attracted the most foreign direct investment of any of the world’s so-called “least developed countries” in 2017, even as the nation’s reputation plummeted over its forced expulsion of tens of thousands of Rohingya Muslims. The $4.3 billion worth of realized FDI that went into the resource-rich Southeast Asian country put it on top of the global economy’s bottom division of 47 nations, according to a report by the United Nations Conference on Trade and Development. Myanmar edged out second-place Ethiopia, with Asian neighbors Cambodia and Bangladesh taking third and fifth spots. Even so the nations remain far behind Association of Southeast Asian Nations peers such as Indonesia and Vietnam.
JAKARTA — China is starting to build its largest offshore wind-power facility in the latest move in an accelerating shift in Asia away from solar to wind and other renewable energy sources. Work began in late October on the facility off Nanpeng Isle in China’s southern Guangdong Province. The project has a planned capacity of 400,000 kilowatts, and its developer, China General Nuclear Power Corporation, expects it to generate about 1.46 billion kilowatt hours of power annually when it goes on stream in 2020 Wood Mackenzie, an energy consultancy, sees wind-generated capacity in the region growing by a factor of 20 over the next decade, powered by Beijing’s plans for a 15-fold expansion. Guangdong plans to build 23 offshore wind farms by 2030, according to China’s official Xinhua News Agency. Meanwhile, Asia’s solar-powered electricity capacity is set to fall this year for the first time since 2001, as countries such as China cut subsidies.
JAKARTA — A spokesperson for the EU stated that the bloc “wants to continue to negotiate ambitious and balanced trade agreements with key partners in the region — this is what we have been doing with Japan, Korea, Singapore and Vietnam.” A “no deal” Brexit could work in one of two ways. While it would risk sidetracking the EU from tricky trade talks with Asia, Brexit could also make the bloc “more interested” in international agreements,” according to Joergen Oerstroem Moeller, a senior visiting fellow at the ISEAS-Yusof Ishak Institute, a think tank at the National University of Singapore. The EU “will not want to appear paralyzed or inward-looking after Brexit,” Moeller said.
NUSA DUA — Chinese billionaire businessman Jack Ma slammed Western economies as over-regulated during a frank exchange with World Bank chief Jim Yong Kim at a conference in Bali. “In Europe they don’t like me, in America they don’t like me,” Ma said, drawing laughter from an audience at the International Monetary Fund/World Bank annual meeting that included government representatives from around the world. “In Europe a lot of people talk about regulations, they love to discuss about the worries, asking what ya gonna do. In America they have their system,” said Ma, who will step down as chairman of Alibaba Group Holding, the Chinese internet giant he founded, in September next year
NUSA DUA — Asia is not yet feeling the effects of growing trade friction between China and the U.S., due to the internal strengths of the region’s “solid” economies, according to Takehiko Nakao, president of the Asian Development Bank. The trade dispute “is not as damaging right away,” Nakao told the Nikkei Asian Review on the sidelines of the International Monetary Fund-World Bank meetings being held in Nusa Dua on the Indonesian island of Bali. “The Asian economies are solid,” Nakao said, but he also warned that any escalation of the tariff war between the world’s two biggest economies could hit Asian exporters hard. “If it escalates, if it damages supply chains, as East Asia is connected to [global] supply chains, it could have a dire impact,” Nakao said. The fear is that complex supply chains, in which multinational companies make or source parts for finished goods in countries across Asia before final assembly, often in China, could be disrupted. But for now, domestic demand within Asia’s bigger economies could offset the impact of the trade restrictions, Nakao said earlier at the forum.
SINGAPORE — The decision by Vietnam’s ruling Communist Party to endorse General Secretary Nguyen Pho Trong as the country’s next president is akin to China’s shift to centralized rule under Xi Jinping — albeit with more limitations. The presidency has been vacant since last month’s death of Tran Dai Quang, and Vietnam’s National Assembly is expected to rubber-stamp Trong as the replacement during a monthlong session starting on Oct. 22. “The central committee has discussed about the merging for quite a long time, therefore the recent move — though it might seem accidental due to Mr. Quang’s death — it should be seen as deliberate,” said Nguyen Khac Giang, Senior Political Researcher at the Vietnam Institute for Economic and Political Research in Hanoi. “It will be the new normal of Vietnamese politics.”
SINGAPORE — “Yes, hello, fruits?” Shouting above the din, vendor Sini Mohamad leans forward into a conga line of office workers edging between dozens of lavishly provisioned stalls in Singapore’s Tekka Market. It is lunchtime, and crowds throng the market as dozens of hawker stalls dish out noodles, rice and curries. Most ignore Mohamad’s appeals. But he keeps at it, alongside stallholders selling meat, fish, vegetables and spices. The lunchtime crowd offers a fleeting chance for butchers and grocers to persuade passers-by to do a bit of grocery shopping before they head back to work, their palettes whetted by the aromas of spices and herbs clinging to the steamy market air.
JAKARTA — While European Union leaders were in the middle of another round of Brexit talks in Salzburg this week, the European Commission was pitching a plan to boost Europe’s infrastructure links with Asia. The commission, a key EU decision-making body, estimates that Asia needs 1.3 trillion euros ($1.5 trillion) a year in infrastructure spending over the next few decades. European infrastructure upgrades will cost a projected 1.5 trillion euros between 2021 and 2030, it said. EU foreign ministers will vote on the plan ahead of a meeting of leaders of 51 countries across Asia and Europe in Brussels next month. Financing details are hazy, with the commission suggesting that it draws on existing EU funds, loans from development banks and public-private partnerships. Some analysts say the plan — titled “The European Way to Connectivity” — suggests that the EU is proposing an alternative to China’s flagship Belt and Road Initiative, an ambitious collection of road, rail and port projects in 60 countries spanning Asia, Europe and Africa.
SINGAPORE — In an era of business buzzwords like “unicorn” and “fintech,” a commercial model built on spitting into a tube might not seem the most propitious idea. But Asia’s nascent DNA testing sector is likely to expand as related technology becomes more affordable and as scientific research advances. Behind the trend is the region’s growing affluence. As tens of millions of people move from the countryside to cities across Asia, so-called “lifestyle” conditions such as diabetes and heart disease become more commonplace as people eat more processed food and replace physically-taxing employment such as farming with sedentary office work. Peering into a person’s DNA can yield insights about susceptibility to particular health conditions or diseases — and a growing consumer awareness of such advances is driving much of the DNA sector’s Asian growth, note companies involved in testing.
DUBAI — The food stalls ringing the interior of Little Manila in Dubai make for a nostalgic evocation of the real thing — and serve as a home away from home for some of the estimated 750,000 Filipinos in the United Arab Emirates. Across Dubai there are dozens of similarly themed restaurants and shops, sometimes even entire streets, catering to expatriate worker communities from India, Indonesia, Pakistan, Sri Lanka, Thailand and several other Asian countries. Much of the talk in these establishments now centers on the thousands of stranded workers who are availing of a temporary amnesty provided by the government to fly home after having any prospective punishments for visa infractions revoked.