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HKTDC & UOB Research: 85% of GBA businesses prioritise ASEAN sales

Malaysia, Singapore, Thailand and Vietnam are top target markets

About 85% of businesses in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) plan to maintain or grow their sales to the ASEAN bloc of countries in the next three years, according to a research report released by the Hong Kong Trade Development Council (HKTDC) and UOB today. The report – Navigating Connectivity: Exploring ASEAN Opportunities for the Greater Bay Area – also indicated that Malaysia, Singapore, Thailand and Vietnam were the top sales markets for expansion-minded GBA businesses, while Vietnam remained top choice for procurement and production outsourcing.

Overall, the report shed some light on why GBA businesses found ASEAN appealing. The sheer scale of the ASEAN market was singled out by 55.9% of research respondents as a key catalyst for their expansion plans. Scale was ahead of the 49.6% accorded to government incentives and investment policies and 32.8% which cited enhanced e-commerce access.

The HKTDC-UOB survey conducted in the third quarter of last year took the form of a questionnaire completed by 671 GBA enterprises, supplemented by in-depth interviews with a representative number of GBA businesses.

More GBA companies plan to expand into ASEAN markets
The survey found more than 70% of respondents planned to expand to ASEAN in the next three years, compared with 60% in a similar survey conducted in 2021. The number is even higher for those already established in ASEAN, with 96% of such businesses planning to maintain or expand operations in the next three years.

GBA companies across the four surveyed sectors – consumer goods; business, professional and financial services; real estate, hospitality and construction; and technology, media and telecommunications – all saw Malaysia, Singapore and Thailand as having the greatest potential to thrive in. In terms of industrial goods, GBA businesses considered Malaysia, Singapore and Vietnam their priority markets. Malaysia’s popularity across companies in the four sectors was considerably higher than in the 2021 survey.

Key challenges
GBA businesses regarded navigating local government policies and regulations (48.6%) as the key challenge to expanding their market share within ASEAN, followed by cultural or language barriers (38.7%) and difficulties in obtaining talent (26.4%). This differs notably from the 2021 survey, which identified inadequate infrastructure, difficulties in finding the right local partners and the increasing cost of doing business as the top three challenges.

Mrs Christine Ip, CEO – Greater China, UOB, said: “UOB is dedicated to driving business connectivity between ASEAN and China. We see the a strong trend among GBA enterprises to spread their wings abroad and boost long-term growth. With our cross-border and customised financial solutions, foreign direct investment advisory services and a deep understanding of local markets, sector knowledge and partnership ecosystem, we help to reduce barriers of cross-border expansion, address supply chain risks and minimise financing costs for customers. Since the inception of the UOB Foreign Direct Investment Advisory unit in 2011, we have supported nearly 4,000 companies to successfully enter ASEAN markets. This success underscores the Bank’s commitment to doing right by our customers.”

Hong Kong’s connectivity with GBA and ASEAN
In another key finding, most GBA businesses had a particularly high regard for Hong Kong’s strong connectivity with both the GBA and ASEAN bloc – more than 70% of respondents accorded the city a score of seven or more out of 10. Hong Kong’s expertise in service provision was seen as essential for sustained success in the ASEAN market and also its most admired asset. Hong Kong scored highly for its expertise in legal compliance, cross-border infrastructure finance and logistics. This was seen as an endorsement of the quality of services the city provides and an indication of the massive contribution Hong Kong is set to make as the GBA continues to prosper.

Commenting on the findings, Mr Louis Chan, Deputy Director of HKTDC Research, said: “This survey confirms both the bold and outward-looking nature of the GBA’s overall development strategy, while highlighting the essential role Hong Kong can play in ensuring this initiative reaches its full potential. It shows beyond doubt that synergy between the GBA members assures them of a better future than they could have achieved alone.”

Mrs Ip added: “In tandem with the promotion of free trade agreements, technology empowerment and higher business plans, the findings show we stand at the crossroads of burgeoning investment opportunities between Greater China and ASEAN. Hong Kong has a unique position as a super connector and value-adder, driving financial innovation, facilitating cross-border trade and nurturing economic prosperity to shape a future where business connectivity in this dynamic region knows no boundaries.”

Regional integration, digitalisation and cost management essential for ASEAN success
Overall, 53.7% of GBA companies noted that geographic economic integration initiatives, particularly the Regional Comprehensive Economic Partnership (RCEP), were likely to boost their chances of success within ASEAN, followed by digitalisation (51.9%) and cost management, including moving production to lower-cost locations (40.8%).

Most respondents credited the effectiveness of RCEP at streamlining and accelerating trade between the region’s most dynamic economies – including Mainland China, Indonesia, Malaysia, Singapore, Thailand and Vietnam – as the main reason for its success.

Surveyed enterprises also believed digitalisation had been crucial for the maintenance of economic and supply chain resilience amid the unprecedented impact of the pandemic. They also viewed digitalisation as a key productivity driver, reducing operational costs and facilitating business and investment expansion in the region. In all, 23.2% of companies saw digitalisation as a priority for their business which was likely to boost their chances of successfully entering the ASEAN market.

Related materials

HKTDC Research: https://research.hktdc.com/en
The report in Chinese – Navigating Connectivity: Exploring ASEAN Opportunities for the Greater Bay Area can be downloaded from the websites of HKTDC and UOB Hong Kong.

Photos Download: https://bit.ly/48CTRkg

Media enquires
HKTDC’s Communications & Public Affairs Department:
Frankie Leung, Tel: (852) 2584 4298, Email: frankie.cy.leung@hktdc.org
Clayton Lauw, Tel: (852) 2584 4472, Email: clayton.y.lauw@hktdc.org

UOB Hong Kong:
Susanna Liu, Tel: (852) 2123 7537, Email: susanna.liuwy@uobgroup.com
Sarah Tsang, Tel: (852) 2123 7536, Email: sarah.tsangsw@uobgroup.com

Yuan Tung Financial Relations:
Agnes Yiu, Tel: (852) 3428 5690, Email: ayiu@yuantung.com.hk
Hing-fung Wong, Tel: (852) 3428 3122, Email: hfwong@yuantung.com.hk

About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn

About UOB
UOB is a leading bank in Asia. Operating through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, UOB has a global network of around 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. Today, UOB is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings.

For nearly nine decades, UOB has adopted a customer-centric approach to create long-term value by staying relevant through its enterprising spirit and doing right by its customers. UOB is focused on building the future of ASEAN – for the people and businesses within and connecting to ASEAN.

The Bank connects businesses to opportunities in the region with its unparalleled regional footprint and leverages data and insights to innovate and create personalised banking experiences and solutions catering to each customer’s unique needs and evolving preferences. UOB is also committed to helping businesses forge a sustainable future, by fostering social inclusiveness, creating positive environmental impact and pursuing economic progress. UOB believes in being a responsible financial services provider and is steadfast in its support of art, social development of children and education, doing right by its communities and stakeholders.

TAMCO Switchgear Testing Laboratory Receives ISO 17025 Certification

Elevating the quality and reliability of power supply in line with the acceleration of Malaysia’s National Energy Transition Roadmap (NETR)

TAMCO Switchgear Testing Laboratory has been accredited with ISO 17025, a globally recognized international standard for testing and calibration laboratories, from Standards Malaysia. This accreditation marks a pivotal milestone for TAMCO Switchgear as it further strengthens its product quality control in ensuring a safe and reliable power supply to support the NETR initiatives.

The ISO 17025 accreditation signifies that the TAMCO Switchgear Testing Laboratory, located in Bukit Raja, Selangor meets the highest standards for competence in the testing of medium-voltage switchgear which were previously conducted by foreign laboratories namely KEMA in the Netherlands, CESI in Italy, ASTA in Australia, and IPH in Germany. By implementing in-house testing in accordance with ISO 17025 accreditation, TAMCO Switchgear is able to reduce the lead time of product delivery to meet the demanding project requirements.

“We are proud to have received ISO 17025 accreditation as this accreditation is a testament to our commitment to quality and compliance. It allows us to serve our customers and the industry better, and achieve the global goals together, such as NETR,” said Dr. Ir. Segaran Narayanan, CEO of TAMCO Switchgear.

Malaysia’s National Energy Transition Roadmap (NETR) was introduced to ensure the nation remains relevant and competitive in a world where industrial and commercial bases are rapidly changing by the day. The NETR is a significant milestone for Malaysia and comprehensively charts our nation’s trajectory towards a brighter, cleaner, and more resilient future.

TAMCO Switchgear’s Testing Laboratory is equipped with state-of-the-art equipment and is staffed by highly qualified engineers and technicians. In 2008, the laboratory underwent significant developments, coinciding with the relocation of the manufacturing plant. This strategic move aimed to enhance the efficiency of product testing and certification processes. Towards this end, the laboratory is equipped to test a wide range of medium-voltage switchgear products, to ensure a reliable power transmission for the electricity supply throughout the nation.

With its ISO 17025 accreditation, TAMCO Switchgear is well-positioned to meet the growing demand for high-quality medium-voltage switchgear products in Malaysia and the surrounding region. The accreditation also opens doors to new markets by meeting regulatory requirements in different regions. It enhances the competitiveness of the business, making it more attractive to clients who prioritize working with accredited laboratories.

The ISO 17025 accreditation is an internationally recognized standard for the competence of testing and calibration laboratories. To achieve accreditation, a laboratory must demonstrate that it has the necessary staff, equipment, and procedures to conduct testing and calibration to the highest standards.

For more information about TAMCO Switchgear and its industry-leading solutions, please visit www.tamco.com.my.

For media enquiries, please contact:
Esther Liew | esther.liew@tamco.com.my | +03-3361 8200

CORRECTION: BLUETTI Unveils Its Newest Products at CES 2024

This release corrects the release that was posted on January 3, 2024 to update the official product launch date

BLUETTI, a pioneer in portable power solutions, will introduce several new products at the upcoming CES 2024 (Consumer Electronics Show) in Las Vegas from January 9th to the 12th. In addition to displaying its various power stations and home energy storage systems, the company will debut two new products designed to enhance outdoor recreational activities: BLUETTI SwapSolar and AC240.

BLUETTI SwapSolar:

The SolarSwap is a combination of two products that are designed to work together, the AC180T and the MultiCooler.

The AC180T is a portable power station that employs a hot-swappable battery design which allows users to swap out its two 716.8 watt-hour (Wh) batteries without power interruption. The AC180T can operate with either one or both batteries inside, and is interchangeable with the battery that powers BLUETTI MultiCooler. With a total capacity of 1,433Wh, the AC180T has a 1,800 watts continuous output, and can handle peak loads up to 2,700 watts.

“That is enough power to run a full size refrigerator/freezer continuously for several hours, in the woods on a temperate day. Paired with our MultiCooler, the AC180T can keep your food fresh for about 6 days on two full batteries, without needing a recharge, in normal conditions.” – James Ray, Chief Officer of Product

The BLUETTI MultiCooler is a fridge, freezer, and ice maker all-in-one. It features a 40-liter compartment, enough to hold sixty-five 12 oz aluminum cans, with full temperature controls from -4°F to 68°F (-20°C to 20°C ). It can be charged from a wall outlet, solar panels, standard car-charging port or one of the AC180T’s batteries.

BLUETTI SwapSolar will be crowdsourced on Indiegogo starting January 9, 2024. The official launch is set for February.

BLUETTI AC240:

The AC240 is an expandable portable power station that has an IP65 rating. An IP (Ingress Protection) rating is the industry standard rating dust/dirt and waterproof protection for consumer electronic products, or a measure of how ‘weatherproof’ a product is. A Rating of IP65 offers full protection against dust and other small particles and offers protection against low pressure jets of water.

“The AC240 thrives in harsh conditions – perfect for beach outings, desert adventures, fieldwork, yachting, boating, fishing, and more. with over 2400 watts of power, it can run almost everything in an RV, such as fridges, window air conditioners, microwaves, heaters, and coffee makers.” – – James Ray, Chief Officer of Product.

Charging the AC240 takes 70 minutes from a standard wall outlet or as quick as 2 hours from three 400 watt solar panels (1,200 watts total). Its 15 millisecond UPS function allows for nearly instant home backup energy in the event of a power outage.

The AC240 is compatible with BLUETTI’s B210 expansion battery and adds 2,150 Wh of power for each B210. The B210 can also be used independently as a water-resistant DC power supply for small devices. One AC240 can be used with up to four expansion batteries, for a total system capacity of 10,000 Wh (10 kWh).

The AC240 goes on sale on BLUETTI’s official website and Amazon in early April 2024.

Other Products Displayed:
Alongside the above innovations, BLUETTI will showcase several new retail ready packaged versions of their portable power stations at CES 2024. These include the AC60P, the AC2P, and modular battery systems like the AC500 series and AC300 series for indoor and outdoor use.

BLUETTI LAAF Charitable Program: Power for All
At CES 2024, BLUETTI will also introduce its Lighting An African Family (LAAF) program, which aims to bring free solar energy to thousands of African families. Since its launch, the LAAF program has empowered over 100,000 African families in Kenya, Nigeria, Cameroon, and beyond. Driven by a vision to provide clean energy to all households, BLUETTI aspires to do its part and gather support from all sides to light up some of the darkest corners of the world.

Exhibition Details:

Date: January 9-12
Booth: #LVCC-North Hall 9645
Location: Las Vegas Convention Center, Nevada, USA

Go wild with BLUETTI and take your outdoor fun to the next level at CES 2024!

About BLUETTI
From the very beginning, BLUETTI has tried to stay true to a sustainable future by offering affordable green energy storage solutions for both indoor and outdoor use.

With years of innovation and a caring commitment to the environment, BLUETTI has curated an extensive and reliable product portfolio tailored for adventures, emergency backup power, and off-grid living, making a tangible and positive impact on minimizing our carbon footprint for the greater world we share.

That’s why BLUETTI has become an industry leader that makes its presence in 100+ countries and is trusted by millions of customers across the globe.

Contact: pr@bluetti.com

BLUETTI Unveils Its Newest Products at CES 2024

BLUETTI SwapSolar:

The SolarSwap is a combination of two products that are designed to work together, the AC180T and the MultiCooler.

BLUETTI SwapSolar will be crowdsourced on Indiegogo starting January 9, 2024. The official launch is set for January 31st.

BLUETTI AC240:

The AC240 goes on sale on BLUETTI’s official website and Amazon on early April, 2024.

Other Products Displayed:
Alongside the above innovations, BLUETTI will showcase several new retail ready packaged versions of their portable power stations at CES 2024. These include the AC60P, the AC2P, and modular battery systems like the AC500 series and AC300 series for indoor and outdoor use.

BLUETTI LAAF Charitable Program: Power for All

At CES 2024, BLUETTI will also introduce its Lighting An African Family (LAAF) program, which aims to bring free solar energy to thousands of African families. Since its launch, the LAAF program has empowered over 100,000 African families in Kenya, Nigeria, Cameroon, and beyond. Driven by a vision to provide clean energy to all households, BLUETTI aspires to do its part and gather support from all sides to light up some of the darkest corners of the world.

Exhibition Details:

Date: January 9-12
Booth: #LVCC-North Hall 9645
Location: Las Vegas Convention Center, Nevada, USA

Go wild with BLUETTI and take your outdoor fun to the next level at CES 2024!

About BLUETTI
From the very beginning, BLUETTI has tried to stay true to a sustainable future by offering affordable green energy storage solutions for both indoor and outdoor use.

That’s why BLUETTI has become an industry leader that makes its presence in 100+ countries and is trusted by millions of customers across the globe.

Contact: pr@bluetti.com

CCCC issues ESG Report, top CSR Projects under BRI recognized

10th Anniversary Event for Joint Construction of Belt and Road Initiative (BRI) held in Beijing

The 10th Anniversary Event of China Communications Construction Company’s (CCCC) Joint Construction of the Belt and Road Initiative (BRI) was hosted in Beijing on December 15th.

The event, themed “In the Prosperous Silk Road’s Glow, Together We Construct a Brighter Tomorrow,” announced and commended CCCC’s top 10 projects under the BRI, including the Mombasa-Nairobi Standard Gauge Railway Project, the China-Maldives Friendship Bridge Project, the KKH Phase-II (Havelian-Thakot) Project, among others.

Pakistani Ambassador to China Khalil Hashimi presented awards for these projects. He called the KKH Phase-II (Havelian-Thakot) Project a lifeline of the China-Pakistan Economic Corridor, saying it reflects the wisdom of the Chinese side in multiple aspects.

The project marked in-depth cooperation between Pakistan and the CCCC, and also between Pakistan and China, Hashimi noted, adding that he looks forward to more outcomes of cooperation between the two countries.

The event also unveiled CCCC’s top 10 outstanding Chinese and international employees, who have been deeply involved in the infrastructure development of relevant countries and made important contributions to local socioeconomic development and people’s livelihood.

South Sudanese Ambassador to China, Monday Semaya Kenneth Kumba noted that as an internationally leading infrastructure construction company, CCCC boasts the most outstanding construction teams in the world.

The ambassador extended his gratitude to CCCC for its dedication and efforts in South Sudan, saying he looks forward to closer cooperation between more excellent teams from CCCC and his country, and more practical results in transportation infrastructure and developing local talents in South Sudan.

Over the past decade, CCCC has actively responded to the BRI, leveraged its full-industry-chain advantages, and upheld the ESG philosophy. It has launched the “Build Your Future Dream” social responsibility brand worldwide to fulfill its economic, environmental, and social responsibilities.

During the event, CCCC released its ESG Report for the BRI and its top 10 cases of CSR and brand building for the BRI.

The BRI has brought positive impacts to Sri Lanka in terms of foreign trade, tourism, and ecological conservation, said K. K. Yoganaadan, the Chargé d’Affaires of the Sri Lankan Embassy in China.

The Colombo Port City, in particular, has achieved remarkable accomplishments in environmental protection, which has safeguarded and enhanced the ecological environment and marine biodiversity in surrounding waters, Yoganaadan added.

Wang Yueran, huanqiu.com
Email: luojie@huanqiu.com
Phone: 13002252096
Website: http://www.huanqiu.com

Winter Fiesta at Spritzer EcoPark 2023: A Joyful Delight

Get ready to be dazzled as Spritzer welcomes everyone to Winter Fiesta at Spritzer EcoPark 2023: A Joyful Delight, promising an unforgettable winter celebration! From 18 December 2023 to 14 January 2024, Spritzer EcoPark transforms into a mesmerizing winter wonderland, brimming with festive cheer, twinkling lights, and delightful activities for families.

Whether you’re seeking a meaningful family outing, a romantic escape, or simply a way to embrace the festive spirit, Spritzer EcoPark’s Winter Fiesta has something for everyone. Mark your calendars, gather your loved ones, and prepare to be swept away by the magic of the holiday season at Spritzer EcoPark! The breathtaking transformation includes shimmering elfin lights draping the trees, casting a warm glow on winding pathways. Gigantic arches and holiday decor crafted from Spritzer used and rejected materials, to add a touch of whimsical charm. The centrepiece of it all is the magnificent 28-foot-tall Christmas tree, resplendent in all its glory, a dazzling spectacle adorned with sparkling lights and ornaments, crafted from recycled Spritzer bottles!

Festive activities for every age and interest extends beyond the mesmerizing decorations. Experience a flurry of snow from 22-25 December with 15-minute interval sessions starting at 6:30 p.m., 7:30 p.m., 8:15 p.m., 9:00 p.m., 10:00 p.m., and 10:45 p.m.

Besides the “icy fun”, unleash your creativity at the festive craft workshops, engaging in kid-friendly upcycling stations and practicing eco-friendly initiatives by creating unique art and craft, and decorations.

Make merry and challenge your loved ones to a friendly round of mini-golf where every fairway is wintery.

Embark on a heartwarming journey through the park and capture those lasting memories at the festive-themed photo booths. Spritzer encourages you to share your enchanting moments on Facebook or Instagram, #SEPWinterFiesta2023, and be sure it is a public post. Total likes and creative pose will be selected for to win the prize for best photography.

For more eco-friendly fun find out who has the best “powertrain” in pedal kart. Be merry at the giant outdoor bubble, reminiscent of snow-globes, to put a smile on your face and in your heart. Then refresh with the season’s latest chilling flavours at Spritzer’s food and beverage booths.

Immerse yourself in the charm of our small-town celebration, where the Winter Fiesta brings the vibrancy and excitement typically associated with big city festivities. From dazzling lights to bustling activities, Spritzer Ecopark becomes a hub of joy, proving that magical moments can happen in the heart of a small community.

Spritzer’s commitment to sustainability, through upcycling and recycling, is showcased in their wintery celebrations infused with the season festival. Recycled materials take center stage in the splendid decorations and wondrous activities. This Winter Fiesta full of joy and delight, reminds us to be thoughtful to the planet, and bring peace and goodwill to all.

Transforming the Indonesian Palm Oil Industry: Insights from Starbucks’ Traceability Journey

Rebranding is a dynamic process that can occur through various initiatives including alterations to brand identity or the introduction of a new name, symbol, or design associated with the refreshed offering. Revolutionary rebranding, often sparked by external demands unrelated to brand values, has been successful in cases such as McDonald’s, which transformed from a fast-food giant into a health-conscious restaurant in response to negative media coverage on obesity issues.

Indonesia is the world’s largest producer and exporter of palm oil, but also the world’s largest consumer, using it as edible oil and in biofuels. Here, an Indonesian agricultural worker inspects palm kernels for specialized downstream products. [Image: ANTARA FOTO]

In the plantation business, Starbucks stands out as a success story, shifting from negative perceptions of unfair trading in the coffee market to a pro-equal social business model. Originally known for premium coffee, Starbucks faced criticism for alleged unfair practices with coffee planters, prompting a transformation toward a more humane image. This shift involved the introduction of traceability, allowing consumers to explore the origin and journey of their coffee.

The country’s oil palm plantations are 53% owned by corporations, 42% registered as people’s plantations, with the remaining 5% under BUMNS (Ministry of State-Owned Enterprises). Above, a company-owned plantation in East Kalimantan, Indonesia. [Image: ANTARA FOTO]

Similarly, the Indonesian palm oil industry could adopt a strategy akin to Starbucks to rebuild market trust by adopting robust agricultural practices.

Firstly, establishing a robust palm oil data center is crucial. This center would integrate maps detailing oil palm areas, spatial planning maps, profiles of smallholders, land ownership status, tree quantity, and quality, and the entire crop supply chain. With comprehensive data, Indonesia’s palm oil sector could tailor marketing prospects and strategies based on the characteristics revealed.

Secondly, creating market linkages tailored to the diverse needs of different farmers, with collaboration between the government and major palm oil companies essential. Initiatives should range from investing in value chains to enhancing the connection of farmers with relevant trading partners and buyers in formal markets, and contract farming to provide financial and technological support while safeguarding against risks like low supply quality. Certification schemes can aid smallholders in production and marketing, meeting the demands of ethically minded consumers, public-private collaboration in value chain investment would contribute to inclusive business practices among stakeholders and assist informal smallholders in navigating the complex formal corporate business landscape.

Thirdly, supporting well-organized farmer organizations is vital. Enhancing their financial and business skills is essential for achieving larger economies of scale through demand-driven collective marketing. The objective is to encourage farmers to collectively operate under independent, business-minded organizations, fostering durable trading relationships. This approach aligns with the principles that contributed to Starbucks’ success in transforming its business model and could be instrumental in revitalizing the reputation and practices of the Indonesian palm oil industry.

Palm oil, an edible vegetable oil derived from the fruit of oil palms, produces around 750 downstream products for the world market. Indonesia’s palm oil industry generates 4.5% of the country’s GDP and employs 3 million people. [Image: ANTARA FOTO]

Collaborative efforts between the government and palm oil companies should emphasize market linkage approaches tailored to the needs of different farmer types. This includes investments in value chains, contract farming, certification schemes, and public-private partnerships to foster inclusive business practices.

Applying Starbucks’ traceability journey to the Indonesian palm oil industry involves a strategic shift towards transparency, collaboration, and ethical practices. By embracing data-driven approaches, fostering partnerships, and supporting collective farming initiatives, the palm oil industry can navigate challenges and rebuild the trust of global markets.

By Fajril Amirul, Senior Officer
Indonesian Palm Oil Plantation Fund Management (BPDPKS)
https://www.bpdp.or.id/en/
Copyright (c) Antara 2023. Copyright (c) Antara 2023.

Verofax is among the Top UAE Future100 to Positively Impact the Nation’s Future Economy!

Verofax, a leading compliance and commerce SaaS solution provider, has earned distinction as one of the top Future100 pioneering startups, selected by the Ministry of Economy and the Ministry of State for Government Development and the Future. This recognition underscores Verofax’s pivotal role in contributing positively to the UAE’s economy and enhancing its preparedness for the future.

The prestigious unveiling of the Future100 took place at the Award Ceremony hosted at the Museum of the Future, symbolizing a momentous occasion in recognizing and celebrating innovation. Future 100 has recognized Verofax for its innovative technology in decarbonizing industries and boosting the competitiveness of the country’s Industrial sectors.

H.E. Abdullah bin Touq Al Marri, UAE Minister of Economy, said “We congratulate the 100 companies that successfully made it to the final stage of the initiative’s first edition to become the best 100 companies of the future, possessing pioneering capabilities for growth and healthy competition,” Al Marri added “ We believe this is a turning point that will enable these companies to achieve more sustainable commercial success and access to regional and global markets.”

H.E. Ohood bint Khalfan Al Roumi, UAE Minister of State for Government Development and the Future, said: “Future100 has uncovered numerous startups and scaleups venturing into new sectors, receiving over a thousand applications from various targeted sectors over three months.”

Over 45 evaluators and experts across different sectors evaluated the applications, conducting interviews with company officials using a predefined set of criteria. These criteria encompassed the capacity for innovative business models leveraging new technologies, the potential of the target market, the ability to engage key customers through a well-defined business plan supported by clear financial data, the feasibility of the business with a strategy for securing future financing, and consideration of the impact of environmental and social governance in both the UAE and global contexts.

Verofax’s automates compliance, traceability and verificationAs more countries are looking to decarbonize their economy, the EU and US have recently introduced regulations to curb imports of high-emission commodities such as steel, Aluminum, cement, fertilizers, chemicals and energy. The EU Carbon Border Tax regulation came into effect on August 17 and reporting became mandatory for exporters on October 1st. Existing ERP systems are not built to aggregate data across the supply chain and prevent double counting. Thus compliance with operational standards for measuring and reporting in accordance with ISO14064 standards becomes an unsurmountable challenge for exporters needing to have their multi-tier supply chain comply with such operating procedures, which increases cost significantly. Not complying is also not an option with up to 35% of revenue in tariffs levied at European Union border customs. The problem necessitates commodity passporting and emissions tracking without the risk of double counting.

Wassim Merheby, CEO of Verofax, said, “Existing ERP systems are siloed by design, which hinders the capability of having immutable data and certifications verified on the interoperable system for all stakeholders from material collectors to recyclers, exporters, customs and clients. Verofax offers an award-winning Digital Passporting and traceability solution for multi-tier supply chain verification, enabling seamless compliance and verification of Carbon emissions. The Gulf region trails behind India and other markets that recycle up to 80% of targeted commodities. Recycling can reduce emissions by up to 95%, thus markets with lower recycling thresholds are at risk of being priced out of the EU market. The UAE for example, exports $1.5B to the EU mainly Aluminum and recycles under 10% to date. With Verofax emission verification and commodity passporting, exporters have a great opportunity to trail a path towards export growth.”

Verofax Digital passporting & Traceability solution for compliance verification automation ensures the validation of commodities emissions, and commodity provenance, prevents recycling double counting, across a tiered supply chain. By calculating and verifying low carbon emissions from mining or waste material collection, Recycling, repurposing and transportation, exporters will lower their costs and increase market access to EU & US in compliance with regulations.

About Future100Future100 is a collaborative initiative between the Ministry of Economy and the GovernmentDevelopment and the Future Office, united in their mission to foster the growth of 100 pioneering startups pivotal to shaping the trajectory of the UAE’s future economy. This innovative initiative focuses on sectors of strategic importance, including space exploration, renewable energy, and emerging technology, with the overarching goal of establishing novel benchmarks for the country’s economic landscape. Beyond its immediate objectives, Future100 aspires to propel the UAE’s standing in global competitiveness, entrepreneurship, and investment rankings, thereby solidifying the nation’s position as a frontrunner in the ever-evolving landscape of innovation and economic dynamism.

About VerofaxVerofax is a compliance and commerce SaaS solution provider, validated by Microsoft and holding PCT patents on Digital passporting, computer vision and AI analytics that enable intelligent supply chain and operations. Fortune100 enterprises across 50 markets have adopted Verofax solutions for securing their supply chain and connecting directly to customers. Verofax is committed to achieving Net Zero by 2025 and promotes global offset and community relief projects across the globe. Visit https://verofax.com.

For media inquiries, please contact:Wassim Merheby, CEO, VerofaxEmail: info@verofax.com

Loop Industries Announces Its Loop(TM) Branded PET Resin Is Compliant for Pharmaceutical Industry Packaging Applications

LOOP(TM) BRANDED PET RESIN MEETS REQUIREMENTS AND STANDARDS OUTLINED BY THE UNITED STATES AND EUROPEAN PHARMACOPEIA

Loop Industries, Inc. (NASDAQ:LOOP) (the Company or Loop), a clean technology company whose mission is to accelerate a circular plastics economy by manufacturing 100% recycled polyethylene terephthalate (PET) plastic and polyester fiber, today announced that its Loop™ branded PET resin has been tested and is compliant for use in packaging applications in the pharmaceutical industry.

The rigorous requirements and standards outlined by the United States Pharmacopeia (USP <661.1>, Plastic Materials of Construction) and the European Pharmacopeia (Ph.Eur. 3.1.15, Polyethylene Terephthalate for Containers for Preparations not for Parenteral Uses) ensure that materials used in pharmaceutical packaging maintain the highest levels of integrity and do not compromise the safety and efficacy of the enclosed products. Test results executed by a worldwide leader in laboratory testing services confirm that Loop’s PET resin has successfully met these requirements, opening new possibilities for sustainable packaging solutions in the pharmaceutical industry.

The pharmaceutical industry is increasingly recognizing the importance of adopting sustainable practices and materials to reduce its environmental impact. Loop’s 100% recycled virgin quality PET can help support pharmaceutical companies with a sustainable packaging alternative and address the growing demand for environmentally responsible choices in the industry.

In addition to pharmaceutical packaging applications, Loop™ branded PET resin is also suitable for use in food-grade packaging, cosmetic packaging and polyester fiber textile applications.

“Our Infinite Loop™ technology upcycles the lowest quality PET and polyester fiber waste into 100% recycled PET resin of the highest purity, meeting the strict standards of the pharmaceutical industry”, said Adel Essaddam, Vice President of Science and Innovation. “Loop™ PET resin creates circularity for low value waste while reducing greenhouse gas emissions and can save up to 360,000 tonnes of CO2 per year compared to virgin PET made from fossil fuels1”, he added.

Daniel Solomita, Founder and CEO of Loop Industries, commented “This validation further reaffirms the quality and purity of our 100% recycled virgin quality PET and we are proud to offer a sustainable packaging solution that meets the demanding standards of the pharmaceutical industry.”

1 Source: Life Cycle Assessment of Loop GEN II Infinite Loop™ France done by Franklin Associates, a division of ERG, compares kg for kg Loop PET vs. Virgin PET. CO2 savings are based on a 70,000 tonne Loop facility and are compared to the production of virgin PET made from fossil fuels and the avoided incineration of waste used as a feedstock.

About Loop Industries
Loop Industries is a technology company whose mission is to accelerate the world’s shift toward sustainable PET plastic and polyester fiber and away from our dependence on fossil fuels. Loop Industries owns patented and proprietary technology that depolymerizes no and low-value waste PET plastic and polyester fiber, including plastic bottles and packaging, carpets and textiles of any color, transparency or condition and even ocean plastics that have been degraded by the sun and salt, to its base building blocks (monomers). The monomers are filtered, purified and polymerized to create virgin-quality Loop™ branded PET resin suitable for use in food-grade packaging and polyester fiber, thus enabling our customers to meet their sustainability objectives. Loop™ PET plastic and polyester fiber can be recycled infinitely without degradation of quality, successfully closing the plastic loop. Loop Industries is contributing to the global movement towards a circular economy by reducing plastic waste and recovering waste plastic for a sustainable future.

Common shares of the Company are listed on the NASDAQ Global Market under the symbol “LOOP.”

For more information, please visit www.loopindustries.com. Follow Loop on Twitter: @loopindustries, Instagram: loopindustries, Facebook: Loop Industries and LinkedIn: Loop Industries

Forward-Looking Statements
This news release contains “forward-looking statements” as defined in the U.S. Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “should,” “could,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or “continue” the negative of such terms or similar words. These forward-looking statements include, without limitation, statements about Loop’s market opportunity, its strategies, ability to improve and expand its capabilities, competition, expected activities and expenditures as Loop pursues its business plan, the adequacy of its available cash resources, regulatory compliance, plans for future growth and future operations, the size of Loop’s addressable market, market trends, and the effectiveness of Loop’s internal control over financial reporting. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond Loop’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with among other things: (i) commercialization of our technology and products, (ii) our status of relationship with partners, (iii) development and protection of our intellectual property and products, (iv) industry competition, (v) our need for and ability to obtain additional funding relative to our current and future financial commitments, (vi) engineering, contracting, and building our manufacturing facilities, (vii) our ability to scale, manufacture, and sell our products in order to generate revenues, (viii) our proposed business model and our ability to execute thereon, (ix) our joint venture projects and our ability to recover certain expenditures in connection therewith, (x) adverse effects on the Company’s business and operations as a result of increased regulatory, media, or financial reporting scrutiny, practices, rumors, or otherwise, (xi) disease epidemics and other health-related concerns and crises, which could result in reduced access to capital markets, supply chain disruptions and scrutiny, embargoing of goods produced in affected areas, government-imposed mandatory business closures and any resulting furloughs of our employees, government employment subsidy programs, travel restrictions or the like to prevent the spread of disease, or market or other changes that could result in non-cash impairments of our intangible assets, and property, plant and equipment, (xii) the effect of the continuing worldwide macroeconomic uncertainty and its impacts, including inflation, market volatility and fluctuations in foreign currency exchange and interest rates, (xiii) the outcome of any SEC investigations or class action litigation filed against us, (xiv) our ability to hire and/or retain qualified employees and consultants, (xv) other events or circumstances over which we have little or no control, and (xvi) other factors discussed in Loop’s subsequent filings with the Securities and Exchange Commission (“SEC”). More detailed information about Loop and the risk factors that may affect the realization of forward-looking statements is set forth in Loop’s filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. Loop assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

For More Information:
Investor Relations:
Kevin C. O’Dowd, VP Communications & Investor Relations
Loop Industries, Inc.
+1 617-755-4602
kodowd@loopindustries.com

Media Inquiries:
Andrea Kostiuk, VP Marketing & Communications
Loop Industries, Inc.
+1 (450) 951-8555
akostiuk@loopindustries.com

Olympus Named to Dow Jones Sustainability World Index for Three Consecutive Years

Olympus Corporation (Olympus), a global MedTech company committed to making people’s lives healthier, safer and more fulfilling, today announced that it has been selected for inclusion in the 2023 Dow Jones Sustainability World Index (DJSI World) and the 2023 Dow Jones Sustainability Asia Pacific Index (DJSI Asia Pacific), both among the most globally recognized corporate sustainability indices. Olympus has been named to the DJSI World for three consecutive years and DJSI Asia Pacific for five.

The Dow Jones Sustainability Indices (DJSI) are corporate sustainability evaluation indices for environmental, social, and governance (ESG) investment. Jointly developed by S&P Dow Jones Indices and RobecoSAM, the DJSI tracks the financial performances of leading companies according to ESG criteria. These indices are updated annually to include companies with excellent corporate sustainability practices.

In 2023, 321 companies were selected as DJSI World members from approximately 2,500 companies worldwide in 62 industry sectors, and 156 companies were selected as DJSI Asia Pacific members from approximately 600 companies assessed in the region. Olympus is one of only 7 out of 76 companies to have been included in the DJSI World Health Care Equipment & Supplies sector. In addition to “Human Rights,” “Health Outcome Contribution,” and “Environmental Policy & Management Systems,” Olympus was recognized this year with improved scores in the areas of “Talent Attraction & Retention” through enhanced employee support programs, and “Corporate Governance” with an increased ratio of female directors. In addition to the DJSI World and Asia Pacific, Olympus was also named to the FTSE4Good Index Series and FTSE Blossom Japan Index.

Comment from Yasuo Takeuchi, Olympus Director, Representative Executive Officer, and Executive Chairman and ESG Officer:“Olympus has incorporated the concept of ESG into our corporate strategy toward the realization of Our Purpose of “making people’s lives healthier, safer and more fulfilling” and is actively developing various initiatives. We are very pleased to have been selected by DJSI World for the third consecutive year, as we consider this a recognition of our efforts. Olympus will continue to deliver innovations that only we can create and contribute to helping our stakeholders, including our employees, solve challenges.”

ESG InitiativesFor more information on Olympus’ ESG initiatives, please refer to its Integrated Report 2023 and the Sustainability page on its website.

About OlympusAt Olympus, we are committed to Our Purpose of making people’s lives healthier, safer and more fulfilling. As a global medical technology company, we partner with healthcare professionals to provide best-in-class solutions and services for early detection, diagnosis and minimally invasive treatment, aiming to improve patient outcomes by elevating the standard of care in targeted disease states. For more than 100 years, Olympus has pursued a goal of contributing to society by producing products designed with the purpose of delivering optimal outcomes for its customers around the world. For more information, visit https://www.olympus-global.com/ and follow our global X account: @Olympus_Corp.

Media contact:Airi YuasaTel: +81-70-3923-6064Mail: Global-Public_Relations@olympus.com

Olympus Corp [TYO: 7733] [ADR: OLYMY] [STU: OLY1] [FRA: OLYS] https://www.olympus-global.com