EU Eyes Access to Indonesia’s F&B and Agriculture Market
Local media reported that the EU and Indonesia are currently negotiating the Comprehensive Economic Partnership Agreement (CEPA). It is expected to conclude by 2019 and remove various trade barriers between the two parties. European producers had expressed interest in entering the Indonesian market, but were held back by import quotas, local content, and Halal certification requirements.
KFC Indonesia Operator Confident of Growing Revenue
Fast Food Indonesia, the operator of KFC in Indonesia, is confident the company will achieve its US$365 million revenue target for 2016, and a ten per cent revenue growth for 2017. Hendra Yuniarto, General Manager, said he plans to operate 600 outlets in 2017 by setting up 40 new outlets nationwide.
SheenHo Inks Deal for Yangon Outlets
SheenHo, a Taiwanese restaurant chain, signed an agreement on 18 November, 2016 with Creation Strength Company, giving the local firm franchise rights in Myanmar. U Soe Hlaing, Managing Director of Creation Strength, said the plan was to open 20 franchises, mostly in shopping malls by the end of 2017. The Myanmar-based SheenHo eateries will offer competitively priced Japanese noodles, hot pot, fried chicken, and Taiwanese traditional meals with ingredients sourced from Taiwan.
Philippine Chicken and Chicken Egg Production Expands in Q3
Data from the Philippine Statistics Authority (PSA) showed that chicken production for Q3 2016 grew 1.89 per cent to 400,950 tons, while production of chicken eggs for the same period grew 4.96 per cent to 112,970 tons. Growth in chicken production is attributed to increased demand for chicken while the growth in chicken egg production is credited to increased inventory and expansion of layer farms in Philippines.
DA to Propose Uniform Tariff System for Meat Products
The Department of Agriculture (DA) will be consulting with legal experts to study the suitability of a uniform tariff system for all imported meat products as a counter to “technical smuggling”. Agriculture Secretary, Emmanuel Piñol, said that there are indications that there has been a significant increase in volume of imports declared as offal, some of which happened to be good meat when it arrived in the Philippines. Currently, offal is taxed at five per cent while good meat (prime cuts) are taxed at 35 per cent. He would like to see the imposition of a uniform 35 per cent tax on all imported meat and cancel the special 5 per cent tariff for offal.
Wealth per Adult Highest in Asia
Personal wealth per adult in Singapore grew 1.4 per cent in 2016 to US$277,000, the highest in Asia, as per Credit Suisse Research Institute’s seventh annual global wealth report. The nation’s wealth per adult ranked 7th globally, led by high savings and inceased asset prices. In the next five years, wealth per adult is projected to rise 2.2 per cent per annum to hit US$309,000 in 2021. According to the annual global wealth report, Switzerland currently tops the chart with wealth per adult at US$562,000.
South Korea Lifts 12-Year Frozen Thai Chicken Ban
South Korea lifted a 12-year ban on frozen Thai chicken after its Quarantine Inspection Agency (QIA) inspected 12 Thai chicken plants in September. The Manager of the Thai Broiler Processing Exporters Association, Mr Kukrit Arepagorn, said the association expected local chicken plants to export around 10,000 tons of frozen chicken to South Korea in 2017, and that export volume should increase to 30,000-40,000 tons over the next two to three years.
10-Year Visa for Senior Tourist
The Thai cabinet extended the long-stay visa for foreigners aged 50 years and above from one to ten years. This visa extension targets long-stay elderly tourists from Australia, Canada, China, England, France, Germany, India, Italy, Japan, Norway, Sweden, Switzerland, the Netherlands, Taiwan, and the United States. It is also part of the government policy to promote medical and wellness tourism within the country. This new extended visa requires eligible foreigners to have a monthly income of at least B100,000 (US$2,800) or a bank deposit of at least B3 million (US$84,000).
New Neon Night Market Debuts 1 December 2016
Downtown Bangkok welcomes a new night market on Thursday, 1 December 2016. Neon Night Market is located on 10 rai of land on Phetchaburi Road and will open four nights a week from Thursdays to Sundays. The market targets foreign tourists, students, office workers, and residents living nearby. It features 5,600 square metres of retail space, 900 food and non-food shops with 200 parking lots for cars.