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The purpose of this newsletter is to alert UK business to what UKTI sees as the main headlines in the Pacific Rim, South East Asia & Hong Kong. It is meant to be no more than a snapshot. To go to a chapter – Click on heading, press `Ctrl’, then left click. Feedback, comments and contributions to the UKTI strategy are always welcomed. Further information on any of these subjects is also available. Feedback & Ask Mike-Your chance to comment on the format & content of future ebulletins Taiwan – Comments from the new administration in Taiwan; Skillogy, a UKTI involved success; report on the 10th TBBC plenary Indonesia – Indonesia 47th among the 118 countries in relation to openness and international trade; UKTI activity Korea – Growth 5% & Inflation at 4.9%; EU/Korea FTA; UKTI activity Singapore – HRH visit to Sembcorp, Economic overview; Water Week; UKTI activity & showcasing UK excellence in Healthcare Philippines – Embassy staff move; Economic news Thailand – DPM’s UK Visit; Economic overview, June; Cabinet package to ease cost of living Vietnam – Economic headlines - Interest rates at 21% inflation over 26%; UKTI activity Malaysia – Chief Veterinary’s UK Visit; Islamic finance Hong Kong & Macao – Visit by Lord Mayor of City of London; HK Commodity Exchange; Country-themed Catalogue shows in Macao General Items of Interest - Jan-Apr 08 Trade figures - all markets 
Taiwan
Sir Thomas Harris congratulates his TBBC Co-Chair Leslie Koo on his Honorary OBE at the TBBC plenary reception, Edinburgh, 16 June
Bill Rankin, of TBBC sponsor’s Mott Macdonald, discusses business opportunities at the Regeneration & Renewables session, TBBC plenary, Edinburgh 17 June
Co-Chairs Leslie Koo & Sir Thomas Harris (with guest Edinburgh Councillor, Tom Buchanan) sign off a letter to respective Trade Ministers welcoming Taiwan’s commitment to deregulation. The final report of the 10th TBBC Plenary events is attached below.
Sectors which benefited form proactive work from the UKTI team included nanotechnology, energy and railways. The UK business Skillogy signed a £5million with a Taiwanese company which will develop their business both in Taiwan and Shanghai.
Indonesia
An encouraging report from the World Economic Forum placed Indonesia 47th among the 118 countries in relation to openness and international trade capabilities. Hong Kong topped the list, followed by Singapore, Sweden, Norway and Canada. Malaysia ranked 29th, China 48, Thailand 52 and Vietnam 91. Indonesia was reported as being good at attracting international trade with its relatively competitive tariff barriers, but border controls and distribution channels continue to create obstacles. Indonesia scored well on trade policies, in which it was ranked in the top 22 countries, ahead of Britain, Australia, Italy, Singapore and Malaysia. It also was rated highly in relation to competitive trade connectivity, due to its location, competitive shipping costs and logistics companies, the report added. Work taken forward by the UKTI team in Jakarta included leading the UK representation at a power expo as well as presenting to UK engineering companies on the potential of the Indonesian market. The oil and gas exploration sector continues to boom.
Korea
As with most markets around the world, economic growth is faltering a little in Korea. The new Administration has yet to deliver on its economic policy pledges. Judged too sensitive in the current climate, the raft of expected deregulation and privatisation announcements have not been forthcoming. Further weakening its hand, the Government has already had to change its growth prediction from 7% to 5%. Inflation, at 4.9% inflation, is at a seven year high. However, with growth at 5% and Korea businesses continuing drive to improve their global competitiveness by working with innovative businesses in sectors such as ICT, life sciences and the environment, UK business participation in the Korean market is growing. The UKTI team in Seoul produced a record number of services in 07/08 with 08/09 already looking like it will surpass the previous year’s record. Of special note is the belief that both the European Commission and the Korean administration remain confident that a free trade agreement can be reached by the end of 2008. This will open up new opportunities for British business in the Korean market.
Singapore
HRH Duke of York visits Sembcorp in Teeside A pioneering green energy initiative by Sembcorp has earned praise from His Royal Highness, The Duke of York - the UK’s Special Representative for International Trade and Investment. The Duke was visiting the Singapore-owned Sembcorp Biomass Power Station. Sembcorp UK currently operates two power stations, a water treatment facility and other substantial assets on the Wilton International site. On the new biomass power station the Duke commented “I am most impressed with what I have seen today and I would like to wish Sembcorp every continued success. The company is contributing greatly to the huge amount of work going on in the development of clean, green energy in this country.” Dr Paul Gavens, Executive VP Sembcorp UK, said: “The Duke talked to a lot of our employees and was clearly impressed with their skills, expertise and commitment. He also recognized that the company is very much at the forefront of industrial utilities and services in the UK.” Wilton International in the North East is one of the UK’s most important manufacturing locations and is home to a number of the world's leading chemical and manufacturing companies. UKTI and investment activity July was an important month for UKTI globally - results of work across the globe, attracting inward investment to the UK. 2007 saw:
The big news in the Asia-Pacific region was that investments from this region led the growth, up by 25%. The UK remains the top destination in the EU for investment from Singapore, taking over three quarters of the total investment in 2006, according to Singaporean statistics. Among them was SembCorp Industries, UKTI's International Business Award winner in 2005. Environmental technology was also showcased during the first Singaporean International Water Week.(23 to 27 June), which focussed on the theme of Sustainable Water Solutions for Cities. In addition to the announcement of business deals totalling more than S$367 million (£136 million), the Public Utilities Board (Singapore's national water agency),announced plans to award 120 tenders worth S$1.1 billion (approx £0.4 billion) from July this year to June 2009. The success of Water Week, coupled with the findings of a recently published survey of the wider environmental sector reinforces the progress Singapore has achieved in becoming a South East Asian hub for this growing sector. Please contact Stephen Hill (stephen.hill2@fco.gov.uk) for further details on the opportunities this key sector provides. In September, the UKTI team is showcasing the excellence of British companies in the healthcare sector. This comes hot on the heels of the creation of new UK-Singapore research opportunities on infectious diseases, funded jointly by the UK's Medical Research Council and A*STAR. This fund, worth S$6 million, was announced by Ian Pearson MP, the UK Minister of Science, and Chairman Lim of A*STAR, during Mr Pearson's visit to Singapore in June. The Singaporean British Business Council will kick off a week of events after their annual meeting in Singapore. The week will include a healthcare seminar at the High Commission, a group of British companies visiting Singapore, a networking reception and UK participation in the Hospimedica exhibition from 17-19 September. Please get in touch with Valsa Panicker in Singapore (valsa.panicker@fco.gov.uk) or Parminder Sundah (Parminder.sundah@uktradeinvest.gov.uk) in the UK, if you are interested in participating in these events. Flyer attached.
Philippines
Embassy Staff Move Embassy staff in Manila moved into their new offices on 15 July 2008. The new Embassy, a purpose built three storey structure featuring open plan offices and set within its own landscaped secure compound, is located at McKinley Hill, Fort Bonifacio. The building, with solar water heating and grey water recycling facilities meets a Very Good BREEAM rating. As BREEAM, the Building Research Establishment's Environmental Assessment Method is designed to mitigate the environmental impacts of a development in the UK the FCO have developed a bespoke version specifically for use overseas. Lord Digby Jones will formally open the new offices in October 2008." Economic news for June as complied by the British Embassy in Manila is attached.
Thailand
Thailand’s DPM, HE Suwit Khunkitti meets HRH Duke of York at Buckingham Palace, July 2008. Thailand’s DPM. HE Suwit Khunkitti, was accompanied on his recent trip to the UK by leading Thai companies. They met with Minister for Trade Lord Jones, HRH Duke of York and FCO Parliamentary Under Secretary Meg Munn. The visit included a trip to Farnborough, aswell as meetings with Bae & Standard Chartered. Economy: Inflation Climbs to 8.9% in June
Vietnam
Economic headlines make painful reading at the moment. Interest rates at 21% inflation over 26%, property prices are down, the Stock market has fallen almost 70% from its peak and growth rates for 2008 has been revised downwards to below 7%. However, government measures are now taking effect and commentators expect inflation to fall to about 10% in 2009. The bright spots show why many remain bullish. Gross Domestic Product – a history of consistent growth, (surpassed only by China) means the Vietnamese are getting wealthier. Foreign Direct Investment is booming and underpinning the economy. Jardine Cycle & Carriage have recently take a significant stake in a Vietnamese business which manufactures, assembles, distributes, retails, repairs and maintains a full range of commercial and passenger vehicles in Vietnam. Tourism – both domestic and international tourism is increasing substantially. UKTI activity in ports, ICT, railway, oil and gas and the environment sectors shows the UK’s appetite remains keen.
Malaysia Chief Veterinary Officer's Visit to the UK UKTI sponsored Dato' Dr. Abd Aziz Bin Jamaluddin, DG of Department of Veterinary Services, visit to the UK for an update on the mechanisms that DEFRA have put in place to manage Foot & Mouth Disease and Avian Flu. It provided a key opportunity to maintain our close relationship with Malaysia. By providing a showcase of our robust disease control measures, it is hoped that the UK can keep any bans to the minimum period as set out in the OIE guidelines. We want to protect exports of pork products and sales of chicks and ducklings, latter estimated to be £2 million annually. Other positive outcomes from the trip included; a Malaysian stand at The Royal Show 2009, a combined UK/EU stand at MAHA 2010 in KL with the UK obtaining favoured nation status, UK participation in a breeding programme to supply store cattle to the feedlots and improve dairy production in Malaysia and UK participation in national disease control programmes in Malaysia. Further information available from Oliver Harrison, Senior Trade Manager in KL at Oliver.Harrison@fco.gov.uk Monitoring Islamic Finance Developments in Malaysia UKTI Kuala Lumpur are providing a press clipping service to UK firms and organisations that want to trace Islamic Finance developments in Malaysia. The project will run for 6 months from July 2008 with clippings . The final report in January will include a sector summary and contain full details of key Islamic Finance contacts in Malaysia. UK firms and organisations should note that this will be provided though an Overseas Market Introductory Service (OMIS) and will cost just £500. Please contact Carolyn.Miranda@fco.gov.uk to register.
Hong Kong
Lord Mayor of City of London promotes in Hong Kong for UK practitioners of Islamic Finance and Carbon Trading The Lord Mayor of the City of London, Mr Alderman David Lewis, made an official visit to Hong Kong on 7 and 8 July. As well as having meetings with the Chief Executive, Secretary for Financial Services and Treasury, the Hong Kong Monetary Authority, Securities and Futures Commission and Hong Kong Exchange and Clearing, the Lord Mayor also gave keynote speeches at seminars on Islamic Finance and Carbon Market Business organised by UK Trade & Investment, the British Consulate-General and partner organisations. The seminar on the subject Carbon Confused? - UK Business Solutions for Carbon Market Business was particularly timely due to the Hong Kong SAR Government's recent announcement of the setting up of a legal framework covering the implementation of Clean Development Mechanisms. 16 UK based companies sent representatives to give presentations on topics ranging from the background to Carbon Trading to how to develop and finance emissions reductions projects. Commodity Exchange – Hong Kong’s first commodity market will be established next year. In an effort to tap the global surge in commodities investing and China's growing role in determining the world's prices for petroleum and other raw materials, the HKMEx plans to start trading fuel-oil contracts. Booming growth and rising wealth in China has spurred unprecedented demand for raw materials, a trend that has sent crude-oil contracts above $130 a barrel on the New York Mercantile Exchange. Macao The Macao Trade and Investment Promotion Institute (IPIM) is organising a series of country-themed Catalogue Shows held once every fortnight starting from June to December 2008 at their Macao Business Support Centre (MBSC) in Macao. Between 24 November and 5 December 2008 the event will focus on the UK. The Catalogue Shows are free of charge and offer companies a cost-effective way of exploring and gaining broader exposure in the Macao market, generating potential sales leads and identifying new distribution channels. Enquiries from interested parties and business contacts will be forwarded onto the exhibitors after the shows. For further details please contact Jennifer Kwok ( jennifer.kwok@fco.gov.uk) of UKTI at British Consulate-General Hong Kong. Please visit www.ipim.gov.mo/mbsc for information about the venue - Macao Business Support Centre (MBSC).
General items of Interest:Trade figures, all markets, to April 08::  Trade figures, all markets, to Dec 07:
UKTI’s website – includes trade opportunities, exhibitions, recent successes and trade briefs, by market. https://www.uktradeinvest.gov.uk/ TBBC website – 10th plenary page - http://www.tbbc.org.tw/html_e/e_tenthmeeting/ Asia House for cultural & business events for the Asian countries: www.asiahouse.org Trade section of Business Link for information on tariffs and documentation: www.businesslink.gov.uk/internationaltrade Questionnaire to readers.
Email mike.qureshi@uktradeinvest.gov.uk with your questions about UK Trade & Investment activity Your suggestions for content or themes to appear in the next edition are welcomed. Email mike.qureshi@uktradeinvest.gov.uk |
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