October 27, 2021

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Philippine Leading Food Delivery Service Announces New Online Tools for Merchants

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A leading Philippine food delivery provider has launched new initiatives for small food and beverage companies, including product solutions to broaden the online presence of merchants. The food delivery service strives to be the most chosen platform for businesses and enterprises in the Philippines, with platform features, important insights, and updating chances. The food delivery service commissioned its inaugural F&B trends report from the global research organisation, which included insights and trends based on respondents from 1000, detailed interviews, and consumer focus groups.

The company released a report to help local dealers adjust to shifting consumer behaviours and preferences. It has also developed the collaboration to strengthen the financial skills of small enterprises with the Philippine’s International Finance Corporation (IFC). The new measures announced for their food and beverage trading partners during their annual trade conference will be implemented during this year.

The report emphasised how F&B consumption behaviours in the Filipinos have changed since the epidemic and how Covid-19 accelerated the introduction of food supply platforms further, given the limited mobility caused by quarantine. Many F&B companies rely on food supply platforms to help sustain their businesses and flourish. 92 % of those surveyed said that food supply is a key function for their businesses, whereas 39 % said that they rely on food supplies to help their businesses continue.

We are grateful for the trust and confidence of our merchant partners, and we will continue to reinforce our commitment to supporting their growth and long-term success.

– Country Head of Philippines food delivery service provider

The growing number of consumers ordering meals online creates business partners with the aim of expanding their presence online, both in and outside of the delivery application. The food service said it is increasing its technological knowledge and capabilities by introducing its online shop, an e-commerce solution tailor-made for food and beverage companies, to help its merchants develop. The online shop of the food supply service provides traders with the chance to build up and operate their own personalised website, with extensive technical and customer service assistance.

A marketing solution will also be introduced within the app by the major food delivery provider. With a marketing solution, traders can choose their chosen marketing packages that combine appropriate publicity and promotional solutions to assist traders to achieve more effectively their aims. For merchants that appreciate the flexibility to develop their own campaigns, the self-serving advertising and promotional alternatives of the company can continue to be used in the app.

In addition, the leading service for food supply and the International Finance Corporation work together to promote small enterprises’ financial literacy. The trading partners of the company should have free access to the company portal to training materials provided by Philippine’s International Finance Corporation.

“These are challenging times for many businesses, but through regular engagements with our merchant-partners and constantly keeping our ears to the ground, we gain a holistic and deeper understanding of their needs and continuously support them with features, solutions, and programmes to help them become more resilient amidst these market conditions, ” said the country head of the food delivery service.

The app gives commerce partners access to analytics and marketing tools to assist them to understand the performance of their business on the platform. It also leads companies on how promotions can be developed to attract more clients. In fact, traders can also trace their growth through a company’s analytic dashboard beyond the management of everyday operations. Similarly, the organisation helped numerous local companies on the Small Business Booster programme in their digitisation journey, providing the required tools and solutions to serve consumers better online.

Scaling Up Hong Kong’s Fintech Future

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Hing Kong’s Under Secretary for Financial Services and the Treasury noted that as a leading international financial hub in Asia, Hong Kong is an ideal place for the development of fintech business. Fintech companies enjoy tremendous access to potential clients, investors and business partners in Hong Kong, where many financial institutions and multinational companies have set up their Asia regional headquarters or their biggest business presence in Asia.

The Director-General of Investment Promotion at InvestHK stated that the essence of Hong Kong Fintech Week is one of collaboration: the government’s Hong Kong Inc and the private sector will work together to showcase the vibrant fintech ecosystem here, and its relevance to Asia and the world, putting forward the case for fintech enterprises to fast-track their success in the city. Collectively, we will enable a unified vision of a bigger and better fintech future.

Invest Hong Kong (InvestHK) recently announced that Hong Kong Fintech Week 2021, themed “Scaling Fintech Future Together”, will be held in hybrid form, comprising both physical and virtual formats, from 1 November to 5 November 2021. This edition of Fintech Week was organised by the Financial Services and the Treasury Bureau (FSTB) and InvestHK, and co-organised by the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC) and the Insurance Authority (IA).

The event will provide a platform for information technology companies, fintech firms, and financial institutions, investors, regulators and more, from all over the world to explore how emerging technologies and innovative advances can power the future of financial services to maximise benefits for consumers, business and society at large.

Vision for Hong Kong’s fintech future

The Head of Fintech at InvestHK noted that Hong Kong’s fintech success is in large part due to the breadth and depth of its financial services industry and entrepreneurial culture. Together with supportive government and regulator policies, substantial pools of private investment and rising fintech adoption rates, the region’s ecosystem has become a magnet for global start-up and scale-up companies. The next wave of opportunities will bring deeper collaboration in the Greater Bay Area financial services ecosystem.

The winners of the 2021 Global Fast Track programme led by InvestHK to promote fintech business adoption and scaling opportunities in Hong Kong will be announced during Hong Kong Fintech Week. In addition to the multi-track conference with prominent speakers, the event will also feature exhibitions, a deal floor, networking and satellite events, demo shows, over 50 workshops and more. Selected keynote sessions will also be live-streamed via the official Hong Kong Fintech Week social media channels and Mainland-based tech news platform 36Kr.

FinTech in Hong Kong

A recent article noted that over the last ten years, Hong Kong has developed significantly in the fintech industry. As the Covid-19 pandemic has changed consumer behaviour, start-ups have been pushed to go beyond innovation and digital transformation. The rise of fintech is now coming into the limelight than ever for financial institutions.

With well-developed information and communication technology, Hong Kong has ramped up its efforts and made its way to becoming an international fintech hub despite its small size. One of the reasons why Hong Kong stands out as a top fintech hub with its fintech development is due to abundant government funding.

The report notes that in addition to progressive regulatory policies, Hong Kong’s government offers multiple grants to help start-ups establish, grow and expand. From R&D support, favourable tax deductions, waived fees and financial hiring assistance to offering matching funds for development, fundraising and even overseas expansion, Hong Kong offers unmatched opportunities for fintech innovation.

The Hong Kong government has taken the initiative to boost the development of fintech by launching an aggressive plan of setting aside $500 million HK to increase its competitiveness and support its financial services industry, fintech included.

The Hong Kong government has also earmarked $10 million HK on the launching of the Fintech Proof-of-Concept Subsidy Scheme to provide “through-train” vetting and funding. The abundant provision of financial assistance enables fintech companies to check the box of capital and proceed with the expansion.

In addition, the Hong Kong Monetary Authority (HKMA), in 2016, launched the Fintech Facilitation Office (FFO) which facilitates the healthy development of the fintech ecosystem in Hong Kong and promotes Hong Kong as a fintech hub in Asia.

Among other things, the FFO acts as:

  • a platform for exchanging ideas of innovative fintech initiatives among key stakeholders and conducting outreaching activities;
  • an interface between market participants and regulators within the HKMA to help improve the industry’s understanding about the parts of the regulatory landscape which are relevant to them;
  • an initiator of industry research in potential application and risks of fintech solutions; and
  • a facilitator to nurture talents to meet the growing needs of the fintech industry in Hong Kong

Indian Institute Launches Consortium to Support AI Industries

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The Indian Institute of Technology Madras’ (IIT-Madras) Robert Bosch Centre for Data Science and Artificial Intelligence (RBCDSAI) is launching the ‘RBCDSAI Industrial Consortium’ to provide information resources on cutting-edge technologies to industries working on artificial intelligence (AI).

The consortium will help industry members learn about the scientific developments and latest trends in AI and data science through broad-based interactions with the centre and its faculty. According to an official at the Institute, RBCDSAI carries out high-quality AI research and the idea is to use the industrial consortium as a means to quickly disseminate the output of the research to industry partners so that they can work together towards launching applications in the field.

As per a news report, currently, the centre offers two membership plans to the interested industries: platinum and silver. The membership plans will enable priority access to four RBCDSAI events, namely, colloquia, quarterly workshops, industry conclaves, and annual research showcases. The centre will organise two special half-day workshops on their voted topic of interest from a slate for its members. Additionally, platinum members will have a dedicated in-domain contact faculty at the centre for close interaction to seek suggestions on their industry’s plans. They will get to exclusively interact with the students to know more about their research and have early access to RBCDSAI publications, reports, datasets, and other research material.

The consortium membership will also provide enhanced interaction with the RBCDSAI research ecosystem and help develop a specialised workforce that can benefit member companies. It will act as a forum that leverages synergistic capabilities of the eventual users, solution providers, solution platform developers, and academicians, the report stated. An RBCDSAI Consortium membership is an opportunity for players to establish themselves as key players in data science and Al with the potential to secure new and significant revenue streams.

RBCDSAI is one of India’s preeminent interdisciplinary research centres for data science and AI, with 28 faculty spanning ten departments of IIT-Madras working on various aspects and applications of AI. The centre explores areas like deep learning, network analytics, reinforcement learning, natural language processing, theoretical machine learning, and ethics and fairness in AI. It also carries out applied research in multiple verticals such as financial analytics, manufacturing analytics, smart cities, systems biology, and healthcare.

In August, IIT-Madras inaugurated the country’s first consortium for virtual reality called the ‘Consortium for VR/AR/MR Engineering Mission in India’ (CAVE). The consortium comprises a group of academic institutions, industries, start-ups, and government bodies. It will enable members to create new advanced technologies and applications in virtual reality, augmented reality, XR, and haptics technology.

As OpenGov Asia reported, the consortium will promote best practices and create a dialogue with stakeholders, government policymakers, and research institutions. It aims to become a resource for industry, academia, consumers, and policymakers interested in virtual, augmented, and mixed reality. The key outcomes envisaged from CAVE include developing indigenous VR/AR/MR and haptics hardware and software and setting up a ‘VR Superhighway’ or ‘VR Corridor’ where many start-ups can work together to make India a global hub for XR and haptics needs.

Thailand to Regulate Digital Platform Service Businesses

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Thailand’s cabinet, on 25 October 2021, approved a draft decree to regulate digital platform service businesses to maintain financial and commercial stability and to prevent damage to the public, a government spokesman said.

Such businesses, both in and outside of Thailand, will need to notify the government before operating, the spokesman said in a statement. The law will apply to various digital platform services including online marketplaces, social commerce, food delivery, space sharing, ride/car sharing and online search engines, he said. The spokesman also noted that they are all increasingly important to the economy and society, so there is a need to oversee them.

Since 1 September 2021, Thailand has followed in the footsteps of many countries in imposing a value-added tax (VAT) charge of 7% on non-resident digital service providers. It is a significant step for the country in capturing revenue created by the digitalisation of the economy.

The ‘e-service tax’ obliges non-resident digital service providers that earn over THB1.8 million per year to pay the VAT. The department expects around 100 foreign e-service providers to register to pay VAT in Thailand during the initial stage of tax enforcement.

So far, about 70 foreign e-service operators have registered, of which 20 are giant online platform operators. Since the tax is not a direct tax on income but an indirect tax via VAT, some e-service providers are likely to pass the tax burden onto customers. As such, those who pay the tax are not those e-platform operators but local end-users.

However, some doubt remains about how effective the tax scheme will be. The department is faced with several questions. How can the Revenue Department verify the amount of VAT that those foreign digital platform providers have to pay? What can the government do if they fail to pay the tax, especially when several operators have no physical presence?

E-service tax can ensure fairer treatment for local digital service providers who bear a higher cost burden as they are obliged to pay VAT. However, as the digital economy is growing, VAT collections alone might not ensure fair competition.

While other foreign businesses and investors including local digital service providers pay Thai corporate tax on income, non-resident digital service providers do not have to as they are not physically present in Thailand. So, these service providers still have an upper hand.

Digitalisation and the digital economy are continuing to grow. Figures by DataReportal show that there were 48.59 million internet users in Thailand in January 2021. The number of internet users in Thailand increased by 3.4 million (+7.4%) between 2020 and 2021. Internet penetration in Thailand stood at 69.5% in January 2021.

There were 55.00 million social media users in Thailand in January 2021. The number of social media users in Thailand increased by 3.0 million (+5.8%) between 2020 and 2021. The number of social media users in Thailand was equivalent to 78.7% of the total population in January 2021. Moreover, device ownership also grew and diversified.

These statistics highlight the fact that a growing digital economy requires a comprehensive and effective tax and regulation strategy, which is now in the works in Thailand.

The Philippines Pushes for Greater Adoption of AI

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Artificial intelligence is on the verge of radically altering our society and industry. The AI trend of technological singularity is rapidly growing, and it is being used in a wide range of human endeavours, including education, medicine, business, engineering, and the arts. This cutting-edge technology has been integrated into the government and business sector all around the world.

The Department of Trade and Industry (DTI) emphasised that innovative technologies such as artificial intelligence (AI) can help the nation thrive in a post-pandemic environment. Global challenges can be better managed through innovative technologies, and Philippine companies cannot be left behind in this regard. In a post-pandemic world, the trade undersecretary Rafaelita Aldaba stressed the importance of harnessing the power of emerging technologies for local businesses to remain competitive.

In a statement, the minister said, “while we recognise that collective efforts are instrumental in addressing challenges that are global in scale such as the pandemic, we acknowledge that innovative initiatives, like AI, must be harnessed and be placed at the core of all our endeavours to ensure that we will not only overcome overwhelming obstacles but also guarantee that our industries will remain adoptable amidst our ever-changing economic landscape.”

Innovative initiatives, for instance, AI must be harnessed and be placed at the core of all our endeavours to ensure that we will not only overcome overwhelming obstacles but also guarantee that our industries will remain adoptable amidst our ever-changing economic landscape and that they will thrive moving forward.

– Rafaelita Aldaba, Undersecretary, Department of Trade and Industry 

The DTI noted that apart from being aware of innovative technologies, local firms would be able to embrace and adapt to new economic realities, which includes AI and other similar technologies. Continuing in this vein, the government through the DTI is working endlessly to reach a higher level of recent technological and innovative breakthroughs to propel the country’s economy forward and improve the competitiveness of its industries, particularly at a time when the global economy is being rocked by disruptions from all directions. DTI will host the Inclusive Innovation Industrial Strategy (I3S) to carry out its objective, which will bring together participants from government, industry, and academia.

The event will feature some of the country’s top AI experts, who will enhance and widen participants’ understanding and appreciation of this innovative technology. It will also focus on discussions surrounding the proposed National Centre for AI Research, as well as experiences and insights on the adoption of AI by businesses, particularly considering the lingering pandemic, and critical issues surrounding AI, particularly those related to ethics, governance, and regulations.

The Philippines was ranked 51st out of 132 economies in the World Intellectual Property Organisation’s (WIPO) Global Innovation Index (GII) study released last month, despite the challenges posed by Covid-19 and a decreasing budget for research and development (R&D).

OpenGov Asia recently reported on the growth of the business process outsourcing sector in recent decades. The processing of artificial intelligence is expected to be an emerging industry for the Philippines. Reporting to the President and the Nation, Department of Trade, and Industry (DTI) Secretary stated that the government and private sector are working together to expand AI technology in the country. He was confident that the Philippines could be a big data processing hub and that AI would be the next centre for excellence after BPO – which the Philippines is known for

When the DTI released the industry blueprint last May, the Philippines became one of the first 50 countries in the world to launch a national AI roadmap. The national AI roadmap aims to transform the country into an AI powerhouse in the region. AI adoption, according to a research firm, has the potential to add USD92 billion to the Philippine economy by 2030. According to the national AI roadmap, the country will establish the government-initiated National Centre for AI Research, which will be led by the private sector (NCAIR).

The DTI’s AI roadmap also seeks to provide direction on the use of AI to sustain local industries’ regional and worldwide competitiveness, as well as identify priority areas for government, industry, and broader society to invest time and resources in both research and development and technology application.

Indonesia Government Officially Deploys Blueprint for Banking Digital Transformation

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In providing guidelines and operationalising digital banking, the Financial Services Authority (OJK) has officially released the Blueprint for Digital Banking Transformation. The launching is intended to be a policy milestone in addressing the issues and risks associated with banking’s digital transformation.

The Blueprint for Digital Banking Transformation also aims to set rules for the banking industry, according to Heru Kristiyana, the Chief Executive of OJK Banking Supervision. “We will communicate the newly printed banking blueprint to all stakeholders,” he said today during the virtual introduction of the digital transformation blueprint. According to Heru, over time, traditional banking will be eroded if it does not carry out digital transformation.

OpenGov Asia reported that this blueprint will serve as a policy response to the various challenges and risks associated with banking digital transformation. The blueprint for digital banking transformation, according to OJK Deputy Commissioner for Banking Supervision, is said to be a more detailed description of the acceleration of digital transformation in the Indonesian banking development roadmap.

The fintech industry was still afflicted by a slew of digital issues, including fraud, information hacking via the sniffing method, and money mule schemes in which perpetrators ask victims to transfer money to someone else’s account. The ministry has proposed precautionary measures to ensure that the fintech industry grows in tandem with the bolstering of Indonesia’s digital economy ecosystem.

Moreover, as per Heru, technological disruption has allowed new actors in the financial ecosystem to emerge, such as fintech and others, who may provide services like those provided by banks without having a physical presence. “At the moment, banks are just getting started with digitisation. Even banks that do not wish to move on will be told that it is too late if a new bank opens now. Customers will eventually depart, I believe. But, in my opinion, it is never too late; what matters is that we are prepared to confront the challenges that lie ahead,” he remarked.

This Blueprint is focused on five elements of banking digitalisation development which include:

  • Data covering data protection, data transfer, and data governance.
  • Technology that includes information technology governance, information technology architecture, and information technology adoption principles.
  • Information technology risk management includes commercial bank cyber security and outsourcing.
  • Collaboration that includes sharing platforms, bank collaboration in the digital ecosystem; and
  • Institutional arrangements include funding support, leadership, organisational design, human resource talent, and culture.

These five elements are strategic approaches to encourage banks to develop innovative financial products and services that meet and exceed customer expectations. The Blueprint was developed by considering several factors, including future banking research, banking digitisation conditions, international standards, banking sector best practices, stakeholder involvement, and alignment with key authorities’ laws and regulations.

In addition, aspects of Balance and Neutral Technology are prioritised in this Blueprint. The Balance element aims to strike a balance between encouraging banking innovation while also paying attention to prudential issues to keep banking performance in a safe and sound state. The Technology Neutral element is used to be more flexible in the application of specific technologies to keep up with future advances.

Three main attributes are also presented in this Blueprint. The first step is to accept the Principle-Based idea. This Blueprint establishes guidelines in the form of guiding principles to allow the industry to grow. Second, it adopts a more facilitative approach. The third category is Living Documents. The Blueprint is dynamic, and it will be modified to reflect changes in the banking industry.

OJK’s commitment to promoting digital banking transformation as outlined in several policies before the release of the Blueprint for Digital Banking Transformation, including the Master Plan for the Indonesian Financial Services Sector 2021-2025 (MPSJKI) Pillar 3 and the Roadmap for Development of Indonesian Banking 2020-2025 (RP2I) Pillar 2. Encouraging banks to speed digital transformation while maintaining proper IT governance and risk management.

New Hi-Tech RNA Pilot Manufacturing Facility Launched in NSW

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COVID-19 has highlighted the important work of the University’s researchers, and how their vital partnerships with government and industry can accelerate real-world outcomes. The University of Sydney announced that is part of the NSW Government’s announcement of a first-of-its-kind Australian pilot facility to develop mRNA and RNA drugs and vaccines to combat disease and save lives.

The $96 million facilities, to be established in partnership with all NSW universities, will include laboratories and pre-clinical trial spaces that will enable early-stage RNA-based drug development. This is a significant milestone in the creation of the RNA ecosystem and future R&D commercialisation, with academics playing a major role in driving developments here in NSW for decades to come. The pilot facility will commence subject to the approval of a final business case.

The region’s Premier stated that the State Government’s funding for the facility aims to attract commercial investment in mRNA and RNA production here in Australia. He noted that the COVID pandemic has demonstrated to the world that it is critically important that we can develop vaccines quickly and for the country to have sovereign capability. He added that the advent of mRNA vaccines and the crucial role they’ve played in getting NSW back on the road to a pandemic recovery is just the beginning of what this incredible emerging medical technology can do.

The University of Sydney Vice-Chancellor and Principal was delighted that the University of Sydney is a founding partner on the facility which supports local mRNA and RNA drug and vaccine development. The University will contribute its world-leading expertise and infrastructure to the development and analysis of RNA-based medicines for COVID-19 and a range of other medical conditions.

The Treasurer felt that the facility would be an investment in NSW’s position as a global force in medical research and therapeutics. Supporting the development of high-growth emerging industries such as RNA therapeutics allows the region to not only lead the way in the fight against disease but to boost productivity through innovation and create high-skilled jobs for the future.

The Parliamentary Secretary to the Premier said that the NSW government’s Accelerating R&D in NSW Action Plan will lead future industries and jobs by building strong partnerships between local universities & industry. The NSW government has already announced the formation of the NSW RNA Bioscience Alliance which brings together the best and brightest at the region’s leading universities and research institutes to advance RNA research, development and manufacturing.

The Convener of the NSW Vice-Chancellors’ Committee stated that the investment in the pilot facility is a significant signal that the NSW Government is considering a deeper investment in R&D capabilities that will, in turn, empower the pilot facility to become more commercially viable and attractive to industry investment.

The medical technology sector in Australia is worth $6.1 billion and employs over 36,000 people. Of these businesses, nearly 40 per cent are located in NSW; making the medical technology industry in NSW the largest in Australia. While the sector is growing, there are significant opportunities to accelerate this growth. It is estimated the medical technology industry has the potential to create an additional 28,000 jobs and $18 billion in the gross domestic product (GDP) nationally by 2025.

The NSW Department of Industry has consulted with medical technology stakeholders in the state to develop the NSW medical technology industry development strategy 2018. It consists of a set of five key strategy areas underpinned by initiatives to promote further growth and innovation in the industry. The strategy aims to:

  1. support industry in commercialising research and development
  2. grow exports and attract investment into the NSW medical technology sector
  3. support skills development
  4. improve connectivity and collaboration within the NSW medical technology industry
  5. improve the business environment.

The Philippines and Australia Collaborate to Boost Agricultural Research

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The Department of Science and Technology’s Philippine Council for Agriculture, Aquatic and Natural Resources Research and Development (DOST-PCAARRD) and the Australian Centre for International Agricultural Research (ACIAR) pledged to continue collaborating to enhance agricultural research in the Philippines and the region.

In a statement, DOST-PCAARRD said it and ACIAR will continue to collaborate and explore new approaches to deliver agricultural research for development in the Philippines and the region for many years to come. The combined activities will help the Philippine government’s broader push to strengthen local scientific and technological leadership and competence in the agriculture, aquatic, and natural resources (AANR) sector.

Executive Director of the DOST-PCAARRD, greeted the Australian Deputy Ambassador and other embassy delegates, including an ACIAR representative. He said in his welcome note, “we are always honoured whenever the Embassy visits us because it shows how Australia values its partners; we, likewise, value such sentiment by continuously striving to conduct innovative research benefiting both countries.”

He stated that the Philippines and Australia’s bilateral relationship has been built on similar interests and principles, as well as strong people-to-people ties, over the years.

Furthermore, the Australian Deputy Ambassador expressed his admiration for the expanding collaboration between the ACIAR and the PCAARRD, while also expressing an interest in learning more about the DOST Council as an organisation. During his tenure, he reaffirmed his desire to continue to enhance bilateral ties between Australia and the Philippines.

In addition, the United States joined the Philippines in recognising the opening of the Crop Biotechnology Centre, which is housed in the Philippine Rice Research Institute (PhilRice) in Muñoz, Nueva Ecija. The facility was supported with a P277 million grant from the US Department of Agriculture’s Public Law 480 programme, which aims to help developing countries handle food security challenges.

It is said that the facility’s launch will improve the country’s agricultural biotechnology research and development initiatives. Acting Agricultural Counsellor, on behalf of US Embassy in the Philippines, said, “this cutting-edge centre will be the hub for Philippine research and development on critical areas in agricultural biotechnology” and its “top-notch equipment, from genome sequencers and genotyping equipment to high-throughput DNA extractors, will provide [Filipino] scientists with the tools they need to get the job done.”

OpenGov Asia in an article reported that according to the DOST Secretary, the Department of Science and Technology (DOST) has allocated over PHP208 million for the six virtual niche centres. In response to the government-led efforts to combat the Covid-19 pandemic, we are establishing six new R&D centres in agriculture, livestock, and natural resources. These R&D centres will “open facilities, devise new strategies, and ramp up initiatives and efforts toward food resiliency in the new normal.

The DOST’s Niche Centres in the Regions for R&D (NICER) programme allows higher education institutions (HEIs) to significantly improve regional research by integrating development needs with existing R&D capabilities and resources.

The DOST provides institutional grants to HEIs in the regions through NICER for them to conduct high-quality research that will catalyse and promote regional development and industrial competitiveness.

Ultimately, the industry is working to enhance the country’s semiconductor and electronics manufacturing index by identifying customer needs, understanding suppliers’ baselines, developing relevant capabilities, matching industry supply and demand, and conducting periodic performance assessments. Furthermore, the industry suggests that the government maintain its scholarship programme for operators and technicians, improve the country’s business environment, conduct R&D capability development, and aggressively promote local industries and SMEs through investment missions abroad.

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