CamGo, the company behind a Phnom Penh ride-hailing app, last week announced a partnership agreement with the Indian motorcycle company TVS Motor that would provide TVS’s King model autorickshaws for use in the kingdom.

In the agreement, TVS will supply the three-wheeled vehicles to CamGo using local firm Three Wheel Motor Service Provider as an intermediary.

Ouk Chipsourn, CEO of Camgo, said at a press conference on Tuesday that his company has offered their service in Cambodia since 2016, with 5,000 users having downloaded their app in Phnom Penh.

While there are now 42 TVS King autorickshaws available for service in the capital city, Chipsourn said another 42 will arrive early next month, expanding the fleet to 84.

“With the agreement today, we expect that there will be 300 TVS tuk-tuks available for operation before the end of this year,” he said, adding that the service will expand beyond Phnom Penh to other tourism destinations, including Siem Reap, Kampot, and Preah Sihanouk provinces. – The Phnom Penh Post

Indonesia eyes Indian tourists visiting Malaysia, Singapore

The government has said it is aiming to lure Indian tourists who regularly visit Malaysia and Singapore, given the limited number of direct flights between India and Indonesia.

India is seen as a potentially major market that can help the government realise its ambition of welcoming 17 million foreign tourists this year, said Tourism Ministry marketing deputy II Nia Niscaya on Friday.

This year, the government has set a |target of 700,000 tourists from India, up |from 485,000 Indian tourist arrivals last |year. “The target of 700,000 [Indian] tourists can’t be reached only through direct flights. We have to work with others or we use Malaysia and Singapore as hubs,” Nia said.

Currently, only national flag carrier Garuda Indonesia serves direct flights from Mumbai to Denpasar.

Nia said the government had to cooperate with local and foreign agents to attract Indian tourists who visit Singapore and Malaysia in order to encourage them to continue their holiday in Indonesia. – The Jakarta Post

Yangon workforce capacity enough for businesses

The Yangon Region has a sizeable workforce to cater to businesses, as 64 per cent of the population of over 6 million is able to work, said Union Minister for Planning and Finance Kyaw Win.

“So we can assume we have an adequate workforce for businesses in the region,” said the minister.

Being a commercial capital, Yangon is playing a key role in developing the national economy, he said. As Yangon used to be the capital of Myanmar, it also has the largest per capita income. It is blessed with coastal areas and river routes, contributing to international trade.

According to released figures, up to March this year 49 countries had invested in 1,470 projects worth US$76.08 billion (Bt2.42 trillion) in 11 sectors. The largest investment went to the oil and gas production sector at 29.48 per cent with the energy sector getting 27.62 per cent.

The minister praised the Yangon Region Investment Committee for its performance in attracting investments. In the previous 2017-2018 fiscal year, Myanmar Investment Commission approved a total foreign investment of $6.119 billion, exceeding the year’s $6-billion target for project investments under a long-term plan.

Yangon Region represents 23 per cent of the country’s GDP and its annual economic growth rate is 9.2 per cent. – Eleven Media Group

Indonesian government to sell all shares in Bank Bukopin

The Indonesian government plans to sell its entire 11.43 per cent share in publicly listed lender Bank Bukopin through a rights issue planned for June or July this year.

The release of the minority shares would, however, be dependent on the market price, according to the state-owned Enterprises Ministry’s deputy for business restructuring and development, Aloysius Kiik Ro. “We will sell the shares if the market price is reasonable,” said Aloysius, as reported by kontan.co.id.

Previously, a number of potential investors, including Kookmin Bank of South Korea and CVC Capital Partners, were reportedly interested in taking part in the rights issue process.

Meanwhile, Bosowa Corporindo, a majority holder of Bank Bukopin’s shares, said in the prospectus issued on April 7 that it would execute its rights to buy the government’s shares during the rights issue process.

Bank Bukopin’s president and director Eko Rachmansyah Gindo said the bank had implemented the first filing to the Financial Service Authority. “We will continue with the process, including the clarification and submission of other required data,” Eko said, adding that potential investors had entered into the due diligence process and could become standby buyers in the rights issue process. The majority of Bank Bukopin’s shares are owned by the public (40.48 per cent), followed by PT Bosowa Corporindo (30 per cent), Kopelindo (18.09 per cent) and the government (11.43 per cent). – The Jakarta Post

Singapore retail sales drop 1.5% in March, as car sales slump

Retail sales in Singapore dropped 1.5 per cent in March from a year ago, reversing the Chinese New Year-fuelled 8.6 per cent jump seen in February, as car sales continued to slump.

Excluding motor vehicles, takings at the till rose 2.6 per cent, according to Singapore Department of Statistics data released on May 11.

The total retail sales value in March was estimated at $3.8 billion (Bt93 billion), of which online sales contributed about 4.1 per cent.

Auto sales fell 16.1 per cent year-on-year, after a 17.5 per cent drop in February, with sales of both new and used cars affected.

But most other retail sectors enjoyed higher sales in March. Among these, the highest sales growth was registered by department stores at 9.1 per cent. Sales increases were also reported for the food retailers (7.5 per cent), medical goods and toiletries (6.2 per cent), apparel and footwear (5.0 per cent) and watches and jewellery (5.0 per cent).

However, sales of computer and telecommunications equipment fell by 8.0 per cent, with smaller declines for optical goods and books, and min-marts and convenience stores.

On a month-on-month basis, retail sales increased 2.3 per cent in March over February. But without vehicle sales, they rose 1.1 per cent.

Most retail industries recorded sales growth compared to the previous month, based on seasonally adjusted data. Higher sales were recorded for vehicles (10 per cent), food retailers (9.4 per cent), department stores (9.2 per cent) and furniture & household equipment (5.4 per cent).

On the other hand, lower sales were suffered by apparel and footwear (-6.1 per cent), petrol service stations (-2.3 per cent), and medical good and toiletries (-1.6 per cent). – The Straits Times

Vietnam pepper output increases sharply but prices fall

Output and export of pepper increased sharply last year in Vietnam, but their prices and thus turnover from exports fell, according to the industry association. The Vietnam Pepper Association (VPA) and industry-related authorities attended a meeting on Friday in HCM City to review last year’s performance.

According to the Ministry of Agriculture and Rural Development and the General Statistic Office, Vietnam has around 150,000 hectares under pepper, and output last year was 240,000 tonnes, or 48 per cent of global production.

According to the VPA there was a decrease in the use of pesticides last year since farmers are more aware these days of better farming techniques. Prices have been highly volatile: the price of black pepper for instance declined from 133,000 dong (Bt186.5) per kilogram in January to 73,000 (Bt102.3) in December.

The General Department of Vietnam Customs said 215,000 tonnes of the spice were exported for US$1.1 billion (Bt35 billion), respectively up 20 per cent and down 22 per cent. The reasons for the falling prices include climate change, a massive spike in the area under pepper, and farmers’ inexperience, which have contributed to rising outputs but with poor quality. In the first quarter of this year prices were around 30 per cent lower than a year ago, the VPA said. VPA plans to work more closely with farmers and businesses to help them comply with regulations and standards for pepper production and export and to provide market information. – Viet Nam News