Call it home; Bring it home
This week in Asean:
- Indonesia: Hopes to work with Singapore in hosting world-class events
- Thailand: Central bank ramps up efforts to cut household debt ratio
- Cambodia: To open Techo International Airport – the world’s 9th largest airport – in 2025
- Philippines: Secures US$5 billion investment pledges from Germany and US
Dear BT reader,
Have you ever dreamed of spending your retirement on a laid-back beach in Penang?
The Malaysia My Second Home (MM2H) visa scheme, introduced in 2002, allows non-Malaysians to retire and live in Malaysia for an extended period. The programme has attracted significant interest, especially from China, Japan and Bangladesh.
Despite recent updates to the programme’s criteria to make it more appealing, including a path to permanent residency, all new applications are currently on hold pending parliamentary approval. This raises questions about whether the prolonged delays will dampen applicants’ interest. Our Malaysia correspondent Tan Ai Leng spoke with industry players to find out.
Swiftonomics continues to make its impact on the region. With Taylor Swift’s six exclusive shows boosting Singapore’s 2024 growth forecast, Indonesia is eyeing partnership opportunities with the Republic to host world-class events, not just limited to concerts, but sports and cultural events too.
The country aims to explore joint events or benefit from tourism spillover to its Batam and Bintan islands, which are close to Singapore. Our Indonesia correspondent Elisa Valenta spoke to Minister of Tourism and Creative Economy Sandiaga Uno to understand Indonesia’s aspirations.
Infrastructure, a prerequisite for tourism, remains a priority in the region. The Laos-China Railway, operational for just over two years, has seen increasing ridership and has become a major tourist attraction. Meanwhile, Cambodia is set to replace its longstanding Phnom Penh International Airport with a new Techo International Airport.
Built on a 2,600-hectare plot of land – roughly the size of 3,700 football fields, the upcoming Techo airport boasts of being the world’s ninth-largest airport and positions itself as the country’s answer to world-class infrastructure. Our journalist, Goh Ruoxue, interviewed the Cambodian conglomerate behind the project for an exclusive preview.
How would the power play between the US and China affect Asean is an age-long question. During recent meetings with Asean leaders, German Chancellor Olaf Scholz expressed his desire to strengthen economic ties with Thailand, Malaysia, and the Philippines. As Europe’s largest economy, Germany aims to diversify its trade relations in Asia and reduce its dependence on China.
This aligns with the “China plus one strategy adopted by many European and American countries. Malaysia’s chip industry, for example, has benefited from this trend, attracting investment from global tech giants, including Austria’s AT&S, the US’ Intel and Nvidia, as well as Germany’s Infineon. Consider adding Malaysia to your global electronics watchlist if it is not already there.
I hope you have enjoyed this week’s reads. Be sure to check out more stories in the sections below, and we will see you next Friday!
Trending
The Philippines secured about US$5 billion in investment pledges from German and US companies this week, targeting emerging sectors such as healthcare, energy and digital infrastructure. With a growth rate of 5.6 per cent, the country is Southeast Asia’s fastest-growing economy in 2023 and is poised for further growth with this influx of foreign capital.
Asean in Brief
- Laos-China Railway a boon for recovering tourism sector The Laos-China Railway has been operational for a little over two years now, and this US$6 billion project – built with the intention of reducing cargo transit times and transportation costs – has since become a major tourist attraction in itself. Read more
- Standstill in approvals for Malaysia’s residency visa may dent foreigners’ interest Malaysia continues to remain an attractive option for foreigners looking at a residency visa scheme, but the prolonged standstill in approvals for the Malaysia My Second Home (MM2H) programme is wearing their patience thin and could hurt interest. Read more
- Indonesia’s new capital city Nusantara progressing well as efforts to attract foreign investment continue The first phase of the lengthy process to develop Nusantara, Indonesia’s brand new capital in East Kalimantan, is more than 70 per cent complete, said Bambang Susantono, the chairman of Indonesia’s Nusantara Capital Authority. Read more
- Beyond concerts, Indonesia seeks to collaborate with Singapore in holding major sports events Indonesia is keen to join hands with Singapore to host international events including concerts and sports events, but there are no concrete plans yet towards this end, said its Minister of Tourism and Creative Economy Sandiaga Uno. Read more
- Vietnam ready to commercialise 5G in 2024 as part of digital infrastructure push Vietnam’s Ministry of Information and Communications has announced bidding documents for the usage of three blocks of frequency radio wave bands for 5G commercial deployment. Read more
- Thai central bank ramps up steps to cut 91% household debt ratio The Bank of Thailand is rolling out more measures to ensure the success of a debt restructuring to reduce about US$454 billion in outstanding household obligations. Read more
- Cambodia’s Techo set to be main international airport next year Touching down next year in Cambodia is a modern airport that will boast of being the world’s ninth largest. It is set to take over as the South-east Asian country’s key international airport, replacing the longstanding Phnom Penh International Airport. Read more
- Asia turns up the music to pull concert crowd Live concerts are all the rage these days, and Asia’s red-hot live entertainment scene is about to get hotter. As countries haul in billions in tourism revenue from concert goers, more cities across the region are splurging to amp up their appeal. Read more
