Singapore, Malaysia eye end-2026 RTS Link completion; VinFast sets sights on India
This week in Asean:
- Indonesia: Presidential frontrunner grilled on defence spending
- Vietnam: Singapore-based firm opens ‘Asia’s largest’ insect protein factory
- Singapore-Malaysia: MOU inked on Johor-Singapore Special Economic Zone
Dear BT reader,
Do you frequently commute between Singapore and Johor Bahru (JB)? In a few years’ time, it could take you a mere five minutes to make the journey. No more squeezing onto public buses, and certainly no more sitting in hours-long Causeway traffic.
This is all thanks to the JB-Singapore Rapid Transit System Link, a 4 km light rail service that will ferry passengers to and fro. First announced in 2010, the project had faced multiple delays until 2020, but is now on track to begin operations by end-2026.
Singapore and Malaysia have also agreed to cooperate on the Johor-Singapore Special Economic Zone, enhancing cross-border flows of goods and people and strengthening the business ecosystem within the zone to support investments. With this, Johor finds itself one step closer to achieving the type of success that Shenzhen has enjoyed, said the state’s Chief Minister Onn Hafiz Ghazi. Our Malaysia correspondent Tan Ai Leng speaks with analysts about the “Shenzhentrification” of Johor and what it takes for Malaysia’s southernmost state to achieve longer-term success.
Speaking of rail services, Indonesia also has plans to build an underground light rail transit system in Bali that connects the island’s international airport to its popular tourist areas to ease congestion and relieve the effects of overtourism. To complement its efforts, Bali’s tourism and transport ministries aim to promote the island’s less popular northern attractions. Our Indonesia correspondent Elisa Valenta speaks with an expert on the need for quick action by the authorities to manage tourism activities.
Staying in Indonesia, campaigning for next month’s presidential election is heating up. At the last election debate on Jan 7, frontrunner Defence Minister Prabowo Subianto was grilled on Indonesia’s defence spending and his military procurement strategy, among other matters. Read Elisa’s piece for the low-down on the debate.
BT’s Outlook 2024 series continues with two fresh pieces from our regional team – the first by our Vietnam correspondent Jamille Tran, who writes about Vietnam’s busy year ahead and its report card for 2023; the second on South-east Asia’s growth prospects for 2024 by Zhao Yifan and yours truly.
Now, I could keep going, but a wise man once said: “Always leave them wanting more.” We will catch you again next Friday, but do keep scrolling for more good reads. As always, thank you for your invaluable support for The Business Times. Have a beautiful weekend.
Trending
What’s happening: On Saturday (Jan 13), voters in Taiwan will head to the polls to pick a new president. Candidates include frontrunner Lai Ching-te, who currently serves as vice-president to outgoing President Tsai Ing-wen; Hou Yu-ih, who hails from Taiwan’s main opposition Kuomintang party; and Ko Wen-je, who set up the Taiwan People’s Party in 2019.
Why you should care: Taiwan’s choice for president has far-reaching consequences for China-US ties. Taiwan has been one of the largest flashpoints in the rivalry between the world’s two major powers.
Asean in Brief
- Vietnam EV maker VinFast to invest up to US$2 billion in India The company, which is looking to make inroads into the world’s third-largest vehicle market, said that it will build an integrated EV facility in the southern state of Tamil Nadu. Read more
- Grab’s Vietnam rival Be Group secures 739.5 billion dong in fresh funding to boost expansion As of December last year, Be Group has a network of 300,000 car and motorbike drivers on the platform, serving nine million users across 40 provinces and cities in Vietnam. Read more
- Singapore-based biotech firm Entobel opens Asia’s largest insect protein factory in Vietnam A Singapore-based biotech company, Entobel, has opened a new insect protein production plant in Vietnam that it says is the largest of its kind in Asia. Read more
- Malaysia’s high-rise home rental growth averages 5.5% in Q4 2023: survey While the country-wide increase was 5.5 per cent, the capital Kuala Lumpur saw a surge of 28.4 per cent. Read more
- Thailand moves to ban recreational use of cannabis in setback for nascent industry Thailand is proposing a ban on recreational use of cannabis and hefty penalties on offenders under a new bill that seeks to end a legal vacuum after the country became first in Asia to decriminalise the plant. Read more
- Philippine inflation slows to 22-month low amid rice price spike The government may further cut the tariff on rice imports to help cool prices, National Economic and Development Authority head Arsenio Balisacan said. Read more
- Rice prices in Asia poised to stay elevated on tight market The rice market is set to remain tight at the start of 2024 on India’s ongoing export restrictions and an expected boost from festival demand, providing impetus for elevated prices to climb even higher. Read more
- Asia-Pacific ‘highly exposed’ to climate change risks; Singapore the sole exception: Fitch South and South-east Asian economies are the most exposed to flooding risks in the Asia-Pacific, particularly nations with lower gross domestic product per capita as well as weaker governance and infrastructure preparedness. Read more
