KUALA LUMPUR — Despite more than a year of tit-for-tat tariffs in the US-China trade war and anxiety about its cost to the world economy, foreign direct investment into Southeast Asia continued to grow strongly last year, even as global levels flatlined. Newly-published estimates from the United Nations Conference on Trade and Development (UNCTAD) suggest that, out of a global FDI spend of US $1.39 trillion in 2019, member-states of the Association of Southeast Asian Nations received $177 billion, breaking the region’s 2018 record of $155 billion. While Southeast Asia’s 2019 total was substantially less than European Union’s $305 billion or the United States’ $251 billion, its inward FDI is increasing while the EU’s dropped 15% and the US’s stayed the much the same.
PHNOM PENH –Towering over low shops and French colonial–era townhouses grows a new city in tribute to the politics of the present Phnom Penh was long known as a relatively low-rise city, at least compared to towering neighbours such as Bangkok, Jakarta, Ho Chi Minh City, and Singapore. These cities all saw their skylines shoot up in recent decades – long before Phnom Penh’s belated boom – as their country’s economies expanded and modernised. Cambodia, too, has seen heady economic growth over the past two decades, rarely dipping below 8%. Yet the ravages of war and foreign occupation from the late 1960s until at least the early 1990s meant catch-up for the capital’s skyline did not come until midway through the current decade.
GEORGE TOWN — Not many people give Malaysia’s opposition much hope of ending the Barisan Nasional’s 13 election winning streak, when the country goes to the polls next Wednesday May 9th. “For a government to rule for 60 years in a democracy, it shows there is something wrong with the country,” said Harindra Singh, a volunteer canvasser with the Democratic Action Party, the biggest of the 4 parties that make up the opposition coalition. The Barisan Nasional, or National Front, has governed Malaysia since independence from the UK in 1957. In the last elections held almost 5 years ago to the day, the Front lost the popular vote by 3% but still won enough of a majority of parliamentary seats to once again form a government.
SINGAPORE — With the US and China squaring up over trade, getting the 16-country Regional Comprehensive Economic Partnership (RCEP) signed by the end of the year seems increasingly important for the 10 member states of the Association of Southeast Asian Nations (ASEAN). That urgency has been sharpened by US withdrawal from the Trans-Pacific Partnership (TPP), now an 11-country deal rebranded as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) after being signed in Chile in March. Singapore’s prime minister clearly wanted to get a message across when hosting the ASEAN summit at the weekend. “The fact is that we do not have a TPP,” Lee Hsien Loong told journalists after the meeting. “We have a Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which has made it more urgent that we proceed with this [RCEP].”
KUALA LUMPUR — For fifth time in less than a decade, thousands of yellow-clad supporters of an electoral reform movement called Bersih (Malay for ‘clean’) jammed streets in Kuala Lumpur on Sunday in their latest demonstration seeking change. But for the last year and a half, the group, which is backed by Malaysia’s opposition parties, have been seeking change at the top – the resignation of Prime Minister Najib Razak over lurid corruption allegations involving a state development fund called 1MDB. Najib is accused of trousering around $US700 billion allegedly siphoned off from 1MDB, public money that was supposed to help Malaysia meet its target of becoming a developed country by 2020 but which allegedly ended up in the prime minister’s personal bank accounts. Najib claimed the money was a Saudi Arabian donation, most of which was repaid. As well as being cleared of wrong-doing by the attorney-general, the prime minister has parried all comers so far, including his own deputy Prime Minister Muhyiddin Yassin, who was fired after criticizing the boss over the allegations of financial impropriety.