SOUTH EAST ASIA
Whiff of Chinese crime syndicates in Northeast's drug problem
India's northeastern states are witnessing an influx of drugs originating from Myanmar, linked to Chinese entities and insurgent groups like the Arakan Army. Recent seizures underscore the issue, with experts warning of the role of Chinese crime syndicates. Measures like sanctions and stricter regulations are suggested to counter this escalating drug trade.
South Asia air pollution fell in 2022, but remains major killer: Report
In 2022, South Asia saw a surprise improvement in air quality, leading to a global decline in pollution, likely due to favorable weather conditions, according to a new report released Wednesday. However, the region still suffers from the world's most polluted air, causing its residents to lose more than 3.5 years of life expectancy on average, warns the annual Air Quality Life Index (AQLI).
China spent $15.3 bln on Pacific exercises in 2023, internal Taiwan estimates show
In 2023, China allocated about $15 billion, or 7% of its defense budget, to military exercises in the Western Pacific, according to a Taiwanese estimate. This investment underscores Beijing's focus on regional military activity amid rising tensions over Taiwan and maritime disputes. Taiwan's internal report highlights China's significant spending on naval and air missions, with more than 1.7 million hours logged at sea. This expenditure contrasts with Taiwan's own defense budget, reflecting the strategic importance China places on the Western Pacific.
India surpasses China to become Russia's top oil buyer in July
In July, India surpassed China as the largest importer of Russian oil, with imports reaching a record 2.07 million barrels per day (bpd), or 44% of India's total oil imports. This increase was driven by discounted Russian crude following Western sanctions against Russia. In contrast, China imported 1.76 million bpd from Russia due to lower profit margins for Chinese refiners. India's growing demand for Russian oil is reshaping global trade flows, as traditional buyers like China reduce their purchases.
3PL players continue to drive industrial & logistics leasing in H1 2024
In the first half of 2024, India's industrial and logistics sector saw strong demand from 3PL, engineering and manufacturing, and FMCG sectors, as per CBRE South Asia. Although leasing moderated, a rebound is expected later. Bengaluru, Delhi-NCR, and Kolkata were top performers. The government's PLI scheme bolsters domestic manufacturing.
World youth unemployment rate lowest for 15 years: UN
Global youth unemployment has reached its lowest level in 15 years, according to the United Nations, although recovery from the Covid-19 slump has been uneven across regions. The number of 15- to 24-year-olds not in employment, education, or training (NEET) remains a concern. The UN's labour agency highlighted that the economic benefits post-Covid-19 pandemic are not universally felt.
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TuneCore to ramp up India investments amid strong growth
TuneCore, a digital self-publishing music service, will boost its investments in India, which has become its third-largest market for new artist additions and revenue growth. Chief Executive Andreea Gleeson highlighted that India is the company's second-largest office globally by headcount, with 83 employees based in Mumbai since 2020.
PhonePe eyes South East Asia, Middle East for its global foray
Sources told us that PhonePe is looking to set up local subsidiaries in these geographies, apply for a payment licence, and offer domestic digital payment systems there. With the Indian experience, the PhonePe leadership is confident of getting a toehold in these emerging economies. This comes as the National Payments Corporation of India plans the adoption of UPI outside India.
Northeast has full potential to become hub of production and business of SE Asia, says Union Minister Sonowal
Union Minister Sarbananda Sonowal and other NDA MPs from Assam expressed gratitude to Prime Minister Narendra Modi for the region's development over the past decade. They highlighted key projects like new bridges over the Brahmaputra and the Guwahati Ring Road, emphasizing Modi's role in transforming the Northeast into a budding economic hub.
Quad foreign ministers announce plan to expand IPMDA to Indian Ocean region
The Quad also said that it was working for early operationalisation of its South Asia programme through India's Information Fusion Centre for the Indian Ocean Region.
Act East Policy gets new momentum as EAM Jaishankar, NSA Ajit Doval visit South East Asia simultaneously
India accelerated its Act East Policy under Modi 3.0 with External Affairs Minister S Jaishankar and NSA Ajit Doval visiting Laos and Myanmar. Jaishankar attended Asean meetings, while Doval engaged with Myanmar's leadership. Highlights included India's rising engagement with Asean and Bimstec to counter China's influence. Doval also attended a Vietnamese Communist Party leader’s funeral and held discussions.
India to push its Indo-Pacific agenda at meet of Quad EAMs
India aims to advance its Indo-Pacific agenda through the Quad foreign ministers meeting in Tokyo. Discussions will cover China's maritime actions, North Korea’s nuclear programmes, Philippines-China tensions, and Taiwan Straits. Ahead of this, Jaishankar will visit Laos, ASEAN and EAS chair. US criticized Modi's Moscow trip, causing Australia's discomfort; Japan abstained. India and US NSAs discussed Quad.
PM Modi stresses on BIMSTEC's role as engine for economic, social growth
Prime Minister Modi reiterates India's commitment to BIMSTEC during a meeting with foreign ministers of member states. Discussions revolved around strengthening cooperation in connectivity, energy, trade, health, and security. The focus remains on utilizing BIMSTEC as a catalyst for economic and social development in the region.
India pushes to link South Asia with South East Asia via BIMSTEC
India is spearheading efforts to enhance connectivity between South Asia and SE Asia through BIMSTEC, starting with a Foreign Ministers meeting ahead of the Summit in Bangkok. India is hosting the BIMSTEC Ministerial and NSA meetings, planning a Business summit, and establishing three centres of excellence, including one on maritime transport. China's growing presence in the Bay of Bengal region is raising security concerns for India, the primary security provider in the area.
Corporates embrace more flexibility amidst the hybrid work model
About 30% of occupiers are expected to expand their use of flexible office space over the next 12 months, while 17% are likely to consolidate their offices into fewer locations, CBRE said in its latest ‘2024 India Office Occupier Survey’.
IMEC will prove to be one of 'biggest game-changers' of 21st century: President Murmu
The IMEC envisages a vast road, railroad and shipping networks among Saudi Arabia, India, the United States and Europe with an aim to ensure integration among Asia, Middle East and West.
Does the future of South Asian cuisine lie in the Middle East?
Food in other South Asian countries has changed since 1947. One of the biggest influences is the Gulf states, where millions from across this region have flocked to work. This has become the place where South Asian cultures and cuisines really connect, meeting Middle Eastern food and coming back here in shawarmas and other foods
Very strong relations with India; co-producing armored vehicles: US Defence Secretary Lloyd Austin at Shangri La Dialogue
At the Shangri La Dialogue in Singapore, US Defence Secretary Lloyd Austin praised the strong US-India relationship. He talked about advancements in co-producing armoured vehicles and fighter jet engines. He emphasised the shared values between the two nations and predicted continued progress and momentum in the partnership. The strong ties are important for the two countries amid trouble in the Indo-Pacific region.
Oyo posts maiden annual net profit of Rs 100 crore in FY24: founder Ritesh Agarwal
Oyo reported its first profitable fiscal year in 2023-24 with a net earning of nearly Rs 100 crore. Founder Ritesh Agarwal highlighted growth prospects in key markets like Nordics, South East Asia, US, and UK. Fitch Ratings upgraded Oyo's credit rating, acknowledging its strong performance.
Tamil Nadu warns job seekers to remain cautious while accepting jobs in Southeast Asia
The Tamil Nadu government warns against deceptive job offers from Southeast Asia, urging caution among job seekers. Instances of coercion into illicit activities prompt legal action against offenders. The Non-Resident Tamils’ Welfare Department intervenes, rescuing victims and stressing the importance of thorough background checks. Vigilance is crucial to protect against exploitation and abuse in foreign employment.
Chabahar pact important milestone; to provide connectivity to Afghanistan, Central Asia: PM
PM Narendra Modi highlighted India's milestone Chabahar port contract for Afghan connectivity, promoting regional trade via the International North-South Transport Corridor and India-Middle East-Europe Economic Corridor. The agreement involved IPGL's investments and debt, and the INSTC offers an alternative trade route to Russia, bypassing the Suez Canal.
Manipur violence accounted for 97% of displacements in South Asia in 2023: Report
Conflict in South Asia in 2023 saw 69,000 displacements, primarily by the Manipur violence during the Tribal Solidarity March, sparking ethnic clashes and land disputes among the Meitei and Kuki communities.
'I want India to be capital of South East Asia,' says PM Modi
Prime Minister Narendra Modi envisions India as the capital of South East Asia, emphasizing that India's progress poses no threat to anyone and benefits the world. In an interview with Republic TV, he highlighted Kolkata and Guwahati's potential as major centers and stressed India's positive impact on global rankings and perceptions. Modi emphasized India's role in global initiatives, such as making Africa a G20 member, and noted India's proactive approach in fostering international relations based on proximity rather than distance.
Thailand extends visa exemption program for Indian tourists
Thailand has extended visa exemption for Indian and Taiwanese tourists until November 11, 2024, to boost tourism and economy. The country aims to attract 80 million tourists by 2027, emphasizing the sector's vital role in the economy.
Partition of India broke Northeast's natural connectivity: S Jaishankar at Kirori Mal College
External Affairs Minister S Jaishankar criticized the partition of India for disrupting the natural connectivity of northeastern states and affecting growth due to political barriers and administrative issues. He emphasized that the Northeast's growth should have been slowed down due to these factors. Jaishankar also noted that the current economic stability in the Northeast is improving, but urged Delhi to first look east and appreciate the potential of the Northeast.
Suits & Sayings: A toast to Tuscany
ET’s weekly roundup of the wackiest whispers and murmurs in corporate corridors & policy parlours.
The Executive Centre announces change in leadership for South Asia, Middle East
Rajat Kapur to be MD for North India, UAE and Saudi Arabia, while Manish Khedia to take charge of South India, West India and Sri Lanka
Southeast Asia 'woefully off track' on green investment, Bain says
Bain & Company's report highlights South East Asia's inadequate green investments leading to rising emissions. Urgent actions needed to tackle fossil fuel reliance, increase clean energy, and implement carbon pricing for sustainable growth.
Coworking firms take on lease 31 lakh sq ft office space in Jan-Mar, up 7pc annually: CBRE
In its latest report on the Indian office market, real estate consultant CBRE noted that flexible operators became second largest contributor to the total gross demand for office spaces during the quarter ended March 2024.
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