Regional trends in global sourcing
As businesses assess their operational capacity needs for a predicted bumpy recovery, to recalibrate during and post-pandemic, it is crucial to understand what brought us to this point and where it is likely leading us.
The Pacific Basin Economic Council (PBEC), Monash University Malaysia and KPMG, together with contributions from PBEC members, are pleased to publish this report on global sourcing, reviewing the most recently announced supply chain and sourcing movements in the region, charting a new course in Asia Pacific.
We have seen some encouraging end of 2023 results coming through these past week from Asian economies like Vietnam, Philippines and South Korea in particular export data, but whilst there is optimism for 2024 amongst economists for certain ASEAN economies including Thailand, Indonesia, Malaysia & India. It can’t hide the fact overall there is still alot of risks around and a real lack of support for SME’s still suffering to adapt to the lack of demand and price sensitive consumers….
30 days Visa Free travel reciprocated between Singapore and China. 🇨🇳 On January 25, representatives of the Government of the People’s Republic of China and the Government of the Republic of Singapore signed the Agreement between the Government of the People’s Republic of China and the Government of the Republic of Singapore on Mutual Visa Exemption for Ordinary Passport Holders in Beijing. The agreement entered into force on February 9, 2024 (Lunar New Year’s Eve). Read More: https://www.ica.gov.sg/news-and-publications/newsroom/media-release/mutual-30-day-visa-exemption-arrangement-between-singapore-and-the-people-s-republic-of-china
The Pacific Basin Economic Council International Secretariat held a roundtable dialogue luncheon at the Beefbar in Central in January 2024 for Hong Kong based Board of Directors and their representatives. 12 members enjoyed an excellent 3 course meal and shared their latest insights on regional and domestic economic and geopolitical concerns and areas for PBEC to be focused on in 2024. Chairman Andrew Weir MBE JP welcomed former Emeritus PBEC Chairman Dr. Wilfred Wong GBS JP and fellow board members…
PBEC CEO Michael Walsh attended and spoke at the recent 2023 Global Chinese Economic & Technology Summit hosted by strategic partner KSI – Strategic Institute for Asia Pacific held on 6-7th November 2023. Senior Government officials and dignitaries were in attendance at the welcoming VIP Gala Dinner and Opening ceremony. Chief Minister of Sabah, Yang Di-Pertua Negeri of the State of Penang spoke on the importance of the Malaysia/China trade relations and encouraged more investment flows in both directions now…
GS1 HK Summit 2023 brought together Government Officials, Legislative Council members, industry experts, and business leaders to explore Digitalisation & Sustainability for Future Business on 14th November 2023 at HKCEC. The annual industry event commenced with Mr. Lam Sai-hung, Secretary for Transport and Logistics as the Guest of Honour. The Hon Jeffrey Lam, Member of Executive Council & Legislative Council, The Hon Frankie Yick, Member of Legislative Council, The Hon Peter Shiu, Member of the 14th CPPCC National Committee & Legislative…
Creating a Resilient and Sustainable Future for All We, the Economic Leaders of APEC, met in San Francisco, California, on November 16-17, 2023. Three decades after the United States hosted the first APEC Economic Leaders’ Meeting on Blake Island near Seattle in 1993, it is clear our steady commitment to APEC’s mission has helped our region become a vanguard of global growth. Here in San Francisco, we emphasized that effective policies require, above all, responsiveness to all our people and…
The President of the Republic Dina Boluarte on Friday 17th Nov 2023, received the Pro-Tempore Presidency of the Asia-Pacific Economic Cooperation (APEC) forum for 2024 from United States President, Joe Biden. The handover took place in a ceremony led by the U.S. Head of State, who underscored some issues addressed during this year’s summit, such as the participation of women in the economic sector and the use of technological advances. In turn, Mrs. Boluarte invited the 21 APEC member economies…
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Dr. Morgan Carroll resides in Hanoi, Vietnam and recently stepped down as the Director of Environmental, Social, & Governance (ESG) at Vingroup and VinFast. He was responsible for developing and implementing global ESG strategies in Vingroup and VinFast to enhance the business sustainability culture. He is originally from South Africa and resides in Vietnam. Dr. Morgan has demonstrated proficiency in the complex Environmental Social Governance landscape for multiple MNC’s and sectors which is a key area of focus for the…
Airbus Corporate Jets and Jet Aviation invited PBEC members to visit one of the latest large cabin aircraft available in the shape of the A220CJ, a fabulously designed interior to cater upto 28 passengers in maximum comfort. Ideal for Government delegations and MNC’s in APAC to move around in secure and safe surrounding on your own schedule.
A PBEC Insight: AI is being implemented in various ways within supply chain management, leading to significant advancements in operational efficiency and decision-making. Here are some examples of how AI is currently being used: Demand Forecasting: AI algorithms analyze historical sales data, market trends, and external factors to generate accurate demand forecasts, enabling organizations to optimize inventory levels, reduce costs, and meet customer demands effectively. Route Optimization: AI-powered systems optimize transportation routes by considering factors like traffic congestion, delivery time…
The year ahead will be pivotal for many board members. During the KPMG INED Forum, PBEC Chair Andrew Weir, KPMG’s Global Chair of Asset Management and Real Estate, outlined 10 critical areas for directors to focus on and better navigate the opportunities ahead. These areas include accelerating digital transformation, leveraging Gen AI and bolstering cyber defences. See attached mini report.
PBEC welcomes our newest member Stephan Kochem from SICA – Swiss Insurance & Capital Advisors – leading specialists in the global reinsurance market with a particular focus on expanding their unique offering to Asian clients and new markets in the renewable energy, O&G & real estate sectors. Learn more about Stephan here: https://www.sica.ag/en/stephan-kochem-en/ – he visited Hong Kong and Manila in April and arranged proposals for some our PBEC members already in the re-insurance coverage for coal-fired power stations in…
Congratulations to PBEC’s Board of Director Peter Burnett who received his OBE in person from Her Royal Highness Princess Anne in Windsor two years on from being bestowed this wonderful award & recognition for all the work he has done. In 2022 Peter was honoured by Her Majesty, Queen Elizabeth in her last New Year’s Honours but due to Covid restrictions the official ceremony was postponed till 2024. PBEC is so very proud of you. Click images to enlarge
“Lots happening this week at ABAC/APEC in San Francisco around resilience of supply chains, sustainability, financial inclusion, digitisation, AI, etc – not to mention that all important meeting between two Presidents. And then there’s Boeing showcasing the first autonomous, battery-powered air taxi called “wisk” in a fetching bright yellow livery which can’t be missed ! The target price point is an Uber fare. I offered to be the first hailing passenger!” said PBEC’s BoD Peter Burnett OBE, BBS, JP
On October 29th 2023 – PBEC’s Sebastian Man hosted a small group of distinguished leaders in HK including PBEC CEO Michael Walsh for a dinner with the Former Consul General of the USA to HK and Macau Kurt Tong. He joined The Asia Group LLC a business advisory firm in 2019 with offices across Asia and HQ in Washington D.C. Kurt Tong is Managing Partner and member of the Executive Committee at The Asia Group, where he leads consulting teams…
PBEC – Pacific Basin Economic Council is by invitation ONLY a members based institution, that supports connectivity and cross-border regulatory standardisation efforts within APAC for all technological advancements, through dialogue, engagement and collaborative efforts.
PBEC’s focus is to continual attain recognition as the most comprehensive multilateral platform for APAC business leaders to engage with, advocating key trade issues of importance under a fair rules based system, thus promoting cooperation amongst member States to achieve inclusive, sustainable economic and social development in Asia and the Pacific.
Despite the uncertainty about what lies ahead for global trade, there are still reasons for optimism about its resilience and its enduring role as a catalyst for positive change, and these are encapsulated in the current trends that are shaping the landscape.
As 2024 Q2 draws to a close, economies in Asia Pacific are facing what is projected to be a modest slowdown to approximately between 3.5% to 4.2% on average according to the IMF. But this paints over some of the risks within individual economies, such as the deeper property sector, corrections in China and Vietnam which remain important factors in both. This trend reflects macroeconomic factors but also the impact of persistent corruption and un-tethered growth of the last decade in these sectors.
Geopolitical tensions, including the conflicts in Ukraine and the Middle East and security threats to shipping in the Red Sea, have continued to disrupt global supply chains, and shipping/container prices which get passed on to consumers.
ESG factors have become mainstream and are now a top concern for Boards of Directors. Proper ESG implementation can help businesses and regional Government authorities address current social cohesion challenges and seize future opportunities. On this episode of the Value Prop, we are joined by David Ching Heng Hoe, CEO of Ong & Ong Vietnam and a board member of the PBEC, who shares his insights, challenges and opportunities on the real estate sector and major infrastructure developments in the Mekong region, in particular in Vietnam and Laos, including the company’s pioneering work in social housing projects since 2007 which is now firmly on the agenda of regional Governments in SE Asia.
You have the chance to hear Andrews perspectives first-hand on this and the Asian region.
Invitation to register for online webinar: On the 3 July 2024 at 10AM UK / 4PM Vietnam/Thailand / 5PM Hong Kong/Malaysia/Singapore & Philippines time, PBEC’s Vina Capital will host its Mid-Year Vietnam Economy & Market Review & Outlook Webinar. PBEC’s Michael Kokalari, Chief Economist, and Linh Vu, Head of Research, will review macroeconomic and stock market performance in H1 2024 and share their outlooks for the remainder of the year. After their remarks, a Q&A session from the audience will…
The Pacific Basin Economic Council is hosting a round table dialogue with experts involved in the Asia-Pacific Economic Cooperation (APEC) forum. We are joined also by The APEC Business Advisory Council (ABAC) members who are appointed by APEC’s 21 member economies to represent business interests in the Asia-Pacific region. The dialogue will feature ABAC representatives from Australia, Hong Kong, and the Philippines, as well as the APEC- Asia Pacific Economic Council Int’l Secretariat Executive Director. PBEC’s Chair, Andrew Weir MBE…
