The company will join hands with the Korea International Cooperation Agency (KOICA) and farmers to plant chilli on a total area of 10ha, beginning in July.

Besides supplying varieties of chilli and fertilizers, the CJ Group will also send its experts to assist Ninh Thuan farmers in farming and caring techniques, Chang Bok Shang, CEO of CJ Group Vietnam, told the press, adding that his company is expected to yield some 200 tonnes of fresh chilli annually.

Earlier, the group said it will invest US$500 million in Vietnam in 2016. This figure is larger than the Korean group’s total investment of $400 million in the country over the past 20 years.

The CJ Group will also increase investment in agriculture through mergers and acquisitions and through basic investment in the value chain this year.

According to EU Ambassador to Myanmar Roland Kobia, EU foreign ministers recently convened a meeting and resolved to review the union’s strategy, in order to support the country’s democratic transition and reforms better.

“We do not want a ‘one size fits all’ approach. We really want to tailor our assistance, and we have been in contact with the government before the conclusion was outlined,” he told a news conference on Wednesday.

“As a political actor, Tatmadaw is still in the parliament and still has an important portfolio in the government. So we want to engage with them to exchange views about how we see the future of armies in democratic governments and to exchange views on the different models around the world,” he said.

The focus will remain on democratic reforms, sustainable peace, poverty reduction, and inclusive and sustainable economic growth.

“We know the challenges the country is facing and the EU is certainly determined to continue its support … We want to operate in the areas where we will really make a difference to the people. I am thinking about our support to the peace process, to the reforms of Myanmar police forces, our actions in Rakhine state, and our actions in human rights, etc,” he said.

The new strategy will prioritise six key areas of engagement – democracy, the rule of law and good governance; peace building; protection and promotion of human rights; poverty reduction and sustainable development; economic engagement and trade; and supporting Myanmar’s reintegration into Asean and the rest of the world.

In assisting Myanmar, the EU also seeks an improved legal financial framework to ensure that financial aid is well spent.

The EU re-engaged with Myanmar in 2012 by suspending sanctions and opening an office in Yangon. In 2013, it lifted all the sanctions with the exception of an arms embargo and reinstated trade preferences. It also approved 150-million-euro packages.

According to the Multi-annual Indicative Programme 2014-2020, the EU has committed to allocate 688 million euros (Bt26.9 billion) to Myanmar. With that amount, the EU is the largest donor to Myanmar.

Kobia said that of the total, education and rural development would be allocated 240 million euros each, while projects on good governance and democratisation would get more than 100 million euros each.

According to the envoy, the sum could be doubled within the next few years as some countries are committed to contributing more.

Kobia also stressed the commitment to unleash Myanmar’s economic potential.

“We are ready to support the transition to a free-market economy and to support the ongoing efforts to create legal and regulatory framework that is conducive to foreign direct investment,” he said.

“The EU wants to maintain its interest in quality investment and ensure the labour laws are protected, and we are working with Myanmar in order to enhance labour standards and corporate social responsibility.”

More investment from Europe is expected once the investment-protection agreement is signed by the new government.

“The negotiations [for the agreement] are basically finished. Just one or two parts are to be finalised. And we have signalled our willingness and our readiness to sign the agreement as soon as they are ready,” he said.

At the briefing, Andrew Patrick, ambassador of the United Kingdom to Myanmar, said his country’s referendum on leaving the EU would not have a negative impact on Myanmar.

“The decision will be made by the people of the UK. Whatever the outcome, the UK will continue to support this country and to work very closely with the country,” said Patrick

The “Pakse Declaration on |a Road Map for Strategic Development of Ecotourism Clusters and Tourism Corridors” focuses on sketching a partnership plan in using natural resources sustainably, bringing economic benefits to people in rural areas, and developing a subregional ecotourism network.

The declaration will be submitted to leaders of the association at the Asean Summit in Vientiane in September.

The tourism chiefs asked Asean tourism agencies to collaborate in implementing the road map in coordination with Asean partners, including international organisations and Asean centres in China, Japan and South Korea, as well as the private sector.

They hailed Laos’ idea to hold the forum, which gives a chance to both the public and private sectors in Asean’s tourism industry to form a network and seek strategies for tourism development.

They underscored the importance of the connectivity between ecotourism destinations with roads and waterways, thus setting up ecotourism clusters and corridors throughout Asean members regardless of geographical and natural borders.

This will open up new economic prospects in areas along roads and sea routes, they affirmed, describing it as an important economic initiative for job creation and community development, which helps revive natural resources and bring changes to poor rural areas.

At the forum, Vietnamese Deputy Minister of Culture, Sports and Tourism Dang Thi Bich Lien proposed that Asean make full use of its online tourism portal to help people discover regional ecotourism.

She suggested that tourism working groups promote their role as coordinators to boost intra-bloc cooperation, thus realising the Pakse Declaration.

As an active country in Asean’s tourism partnership, Vietnam has paid much attention to ecotourism as well as responsible travel, which has been shown in its Tourism Law and relevant documents, she said.

The Vietnamese government has also issued a tourism strategy until 2020 with vision to 2030, focusing on developing sustainable tourism in line with preserving and promoting national cultural values and protecting the environment, she added.

The Brexit effect will not significantly affect Indonesia and Asean trade as export volume to the UK is small at only 0.9 per cent and 1.3 per cent, respectively, of total trade, he said. However, prolonged political risk could affect the economy.

“The majority of Scotland and Northern Ireland voted to remain in the EU, we need to see if the UK can stand up to separatist issues,” David told thejakartapost.com on Friday in Jakarta.

UK Prime Minister David Cameron announced that he would resign immediately after “leave” won the tally. The victory for the “Leave EU” campaign has fanned speculations that more countries could withdraw from the EU amid the fragile recovery of the world economy.

Bank Indonesia (BI) Governor Agus Martowarojo said the central bank would keep an eye on capital flows in the country. As of mid-June, BI recorded 70 trillion rupiah of capital inflows into Indonesia, a jump from 30 trillion rupiah in the same period last year.

“We believe the world is shocked and we acknowledge there will long-term implications following Brexit […] The impact will be limited to the financial sector,” he said underlining that the UK may take two years to complete the procedures required to leave the 28-year-old bloc.

(US$1 = 13,546 as on June 24, 2016 via oanda.com)

Virgin Coconut Oil Producing has been producing virgin oil products under the Sengtaven (Sunshine) brand over for the past few years which were selling well on the domestic market.

“Our products are now being recognised and attracting interest from foreign customers, and our company has already received orders from Japan,” said factory manager, Malisa Bousatry.

“We expect to exp ort about 540 litres of virgin coconut oil in the first order, but now we are waiting on quality checks”.

Malisa highlighted there were good opportunities for Lao coconut oil producers in Japan given that they had already purchased from the Philippines, Thailand and Vietnam in the past. In addition, the product has also gained recognition from consumers in France who want to use it as a traditional skin treatment and for hair care, but the firm has to improve its smell due to customer complaint s.

The company was now researching and producing the product with fragrance in order to meet customer expectations, she said.

Malisa said they planned to increase production in response to higher demand but sometimes there was a shortage of raw materials and had to buy coconut oil from Vietnam.

Malisa gained a master’s degree in food technology from Vietnam and upon returning wanted to manufacture some products that she could distribute to domestic and export markets.

She also wanted to make healthy products, so she decided to study about the production of coconut oil because it is used in many countries for its health giving properties.

She decided to invest about seven to eight million kip and began producing it in her house back in September 2012 in Xokkham village, Xaysettha district, Vientiane.

The appeal of virgin coconut oil is that it has multiple uses. It can be applied to moisturise and soften hair, to moisten skin or used to massage the body.

Moreover it contains high levels of vitamin E and it is turning around perceptions that coconut oil is not good for your health.

Malisa said company has recently launched new lip balm product made from coconut oil with orange, mint, and lemon flavours.

“We brought this new product to showcase at the recent job fair and it has become popular among students,” she added.

Their products are currently on sale in mini-marts, beauty salons and shopping malls around the country.

Prices range from 30,000 kip for a small bottle, 60,000 kip for a medium size and 110,000 kip for the largest bottle. Lip balm sells for 25,000 per 10 grammes.

(US$ = 8109.95 Laotian Kip)

According to website businesskorea.co.kr, the project is meaningful in that Daewoo E&C has become the nation’s first private firm which first proposed the project to the Vietnamese government, unlike previous government-led development projects, and it is the first export of Korean-style developer projects.

The Starlake City project involves building a 1.86 million-square-meter new residential city in the West Lake area 5 kilometers northwest from Ha Noi City Hall. Vietnam’s THT Development Co., a wholly owned subsidiary of Daewoo E&C, has led the mega new city development project.

The total cost of the project is about US$2.2 billion and the first-stage construction alone costs $1.2 billion. Daewoo E&C will begin the first parceling sale of 182 four-story houses in the H7-10 block located on the southwest side of the new city.

The sales prices range from US$720,000 to US$2.35 million. Buyers should make a 20 per cent down payment and will be able to move into their new houses in July 2017.

Daewoo E&C plans to start the second parceling sale of 182 houses within this year, and the third and fourth sale of villas and 600 apartments next year.

An official from Daewoo E&C said, “As Vietnamese lawmakers have approved the revised Law on Housing in July last year, allowing foreign investment and ownership of houses or apartments, foreign consumers are increasingly making inquiries. Local real estate developers and Korea’s institutional investors have been inquiring about it.”

Armed with a wooden hammer and various sized chisels to make impressions, Sengottuvel toils daily in a shed in his home in a village called Thammampatti, 60km from the city of Salem in Tamil Nadu, India.

In the village, there are about 60 artisans working on this craft and the numbers are dwindling every day as the elderly artisans retire. Despite having a degree in chemistry, Sengottuvel has chosen to become a woodcarver because he didn’t want to see the art die off.

“I’ve been doing this for over 30 years,” he says in a recent interview in Kuala Lumpur.

“My father taught me (to work with wood) when I was a little boy and I would spend after-school hours learning from him. I tried to do the same with my three kids but they’re just not interested.”

First, Sengottuvel learnt how to make jewellery and bit by bit, moved on to bigger things. Back home, Sengottuvel has made a name for himself as an expert in statues and panels.

“My grandfather was also a craftsman and he made chariots for temples. My father is still at it (woodcarving). Last year, he was awarded the Living Treasure (award) by the state of Tamil Nadu. I’m still not as good as him,” says the humble 48-year-old.

Sengottuvel, who listens attentively, carefully draws out his work process in this interview.

He obtains the raintree wood from sawmills and begins working as soon as orders pour in from all over the world.

“Most of the carvings are done on a single piece of wood. If it breaks open, we allow it to breathe for a few days, then we use another piece of wood to patch it up,” explains Sengottuvel, who made his first journey out of India last week.

He recently exhibited his wooden carvings at the Artistic Treasures exhibition held at the Temple of Fine Arts, Kuala Lumpur.

His favourite piece to carve is the plump, astute elephant-headed Hindu deity Ganesha.

Ganesha is the deity that worshippers first recognise when they visit holy places in India. Known to be a legendary scribe, he utilises his broken tusk, which he frequently holds, to record parts of the Mahabharata epic.

“I have a penchant to carve Ganesha because I feel a certain joy every time I do it. He appears in a lot of my carvings. I’ll have many visions in my head, and will draw it on the wood. The eyes are the most difficult to carve because they chip easily,” says Sengottuvel.

Throughout his career, Sengottuvel has carved musical Ganeshas, sleeping Ganeshas and baby Ganeshas.

Upon closer inspection, you’ll notice the minute detailing in his work. It can only come from years of practice and discipline. These carvings, as he says, can be used as furniture, ornaments, or for worship. They combine form and function.

Among his other prominent works is the yali, a mythical creature seen at the entrance of Hindu temples. It is the guardian of the premises though many these days put it inside their houses as a decorative item.

Each piece is smoothened with sandpaper, and treated with oil to keep away insects. Varnish is not used. On the rare occasion that people want coloured carvings, Sengottuvel’s wife helps him to paint.

For his work, the talented Sengottuvel has also clinched many awards, which he attributes to “God’s gift”.

“I’m always thrilled when I walk into a restaurant or temple or places that have my carvings. It stares at me and I stare back at it. There is a connection.”

Not only does Sengottuvel do his own designs, he also does commissioned works. Proudly, he says he never has stock as everything sells out fast. Depending on the size of the carving, it can take him several weeks to months to make one.

Sengottuvel spends six to seven hours on his craft daily, only getting up for meals or when his knee starts to ache.

He has six assistants to help out.

“It’s 100% handwork. I’m not saying it’s easy but there is so much fulfilment in the art. How I wish one of my children will carry it on.”

His works are still available for sale at the KL venue. Proceeds will be channelled towards the SivaSanta Dialysis And Medical Clinic (also known as temple of fine arts), which is expected to begin construction before the end of the year.

The non-profit establishment has been operating under Klinik Derma SivaSanta for the past 33 years.

There will be significant changes within the supranational EU body, but the changes will not be immense enough to cast shadows over other regional entities like Asean, Muhadi Sugiono an international-relations expert at Gadjah Mada University in Yogyakarta, Indonesia, said before the final results of the poll were announced.

The most concerning thing about Brexit is that it might propel other countries to exit from the EU, even though the probability of such a contingency is quite low, he added.

Not fully involved

The United Kingdom has never been fully involved in the EU. The British opposed replacing the pound sterling with the euro and opted out of the passport-free Schengen Agreement to try to maintain its borders. Nonetheless, the EU still works despite leaving its second-biggest economy out of a number of important requirements, Muhadi said.

“In fact, considering that the EU and Asean rely more on regional frameworks for their cooperation, any impact to the partnership following Brexit will be minimal,” he explained.

On the other side, the UK will suffer more from a separation than the EU itself as it will no longer be able to ride on its partnerships with other countries. Britain might have to renegotiate several arrangements with Asean, Muhadi said.

The EU is Asean’s biggest investor, at around 14.8 billion euros (Bt582 billion) per year on average. The EU and Asean trade with each other to the tune of 200 billion euros a year.

The EU’s main exports to Asean are chemical products and machinery and transport equipment. Asean’s main exports to the EU are agricultural products and textiles and clothing. The UK is a strategic trading partner for Asean member states.

Yose Rizal Damuri, head of economic research at the Centre for Strategic and International Studies (CSIS) based in Jakarta, said there could be both positive and negative impacts from Brexit.

On the negative side, Yose said some economists predicted that the UK would experience a decline in its economic development.

The UK is one of the main export destinations in Europe for most Asean countries and it is also the top destination for Indonesia when it comes to export destinations in Europe, he said.

“With a negative impact on the UK’s economy, it will certainly cause an impact on Asean countries exporting to the UK,” Yose said. “But there are others [economists] who also say that it [the UK’s economy] would expand instead. It’s a mixed review.”

Meanwhile, on the positive side, Yose said Brexit would open up the chance for the UK to open new trade agreements freely with other countries such as those in the Americas without having to wait for the EU’s approval.

The benchmark VN Index sank 3.4 per cent to close at 610.64 points, erasing gains that were made in the last six weeks.

The HNX Index on the Ha Noi Stock Exchange plummeted 3.2 per cent to end at 82.60 points, losing all gains of the previous three trading weeks.

Investor confidence turned low as latest voting results showed that Britain could leave the EU. Results coming from all 382 voting areas revealed that 51.9 per cent of voters had decided Britain should not remain an EU member.

The British sterling fell some 9 per cent against the US dollar, hitting its lowest since 1985.

At the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), the British sterling is currently trading at 30,648 dong per sterling, an eight-per-cent drop from Thursday’s value.

All sectors on the national stock market declined, led by insurance companies, banks, energy firms and brokerage corporations.

Among the listed companies, insurer Bao Viet Holdings (BVH) declined by 6.6 per cent, Vietcombank (VCB) lost 4.2 per cent and Vietinbank (CTG) dipped 3.5 per cent.

Lower investor confidence |resulted in higher market liquidity. |Both local markets saw more than 196 million shares being traded worth 3.25 trillion dong ($144.4 million).

The province says it has shifted its focus from the agriculture sector to the development of tourism-related facilities to service the growing number of visitors to Luang Prabang and generate more income for local people.

Bounsom Thatsavong, deputy director of the province’s Department of Planning and Investment, said tourism was the main income generator for Luang Prabang so his agency was paying greater attention to the development of this sector.

“We want more investment for the development of the tourism industry including hotels, restaurants and tourism-related activities and services to entice more visitors to Laos,” Bounsom told Vientiane Times.

The Nation has reported that the director of the department, Siriphone Souphanthong, has said the tax-exemption period would depend on the growth in different parts of the province.

For instance, the City of Luang Prabang would provide a corporate tax waiver for the first two years of operations, whereas seven less developed districts would grant exemptions for four years and the four most remote districts would grant six years.

However, businesses related to food, hotels and tourism services were still limited in the remote areas, according to The Nation’s report.

Speaking at a seminar on business opportunities in Luang Prabang last Saturday, Siriphone said the province was working to improve rules and regulations for investment promotion to create favourable conditions for people to do businesses in the province.

Bounsom said between 20 and 30 investment projects related to tourism-related facilities were being carried out by foreigners, amounting to more than US$50 million (Bt1.76 billion).

In addition, local entrepreneurs operated businesses in the service sector, particularly guest houses, restaurants, transport services, travel agencies and retail.

“We also encourage local people, including businesspeople, to invest in the agriculture sector in order to supply the tourism industry,” he said.

Luang Prabang is a mountainous province in Laos that mainly relies on tourism for its socio-economic development.

The town has become increasingly popular since the United Nations Educational, Scientific and Cultural Organisation inscribed it on the list of World Heritage Sites in 1995. The number of tourist arrivals in the province reached 500,000 people in 2015 and it is expected that figure will increase to about 600,000 this year.

Another significant feature to note is that more direct flights are now operating between Luang Prabang and other cities in the region.

Thai AirAsia launched flights to Luang Prabang from Bangkok in March, the first low-cost airline to break a virtual ban on budget carriers flying to the town.

Singapore’s SilkAir will launch three weekly flights to Vientiane and Luang Prabang from October 31.