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Indonesia to offer more tax incentives for investors

The Indonesian government will offer more tax incentives than other ASEAN countries, to lure more investment inflow, Finance Minister Sri Mulyani Indrawati stated.
"We have done a benchmarking and in terms of allowance and holiday, our offers will be much better than Thailand, Malaysia, Vietnam, and Philippines," she noted here on Tuesday.
The incentives are made to finalize all investment`s regulation in Indonesia that had been ordered by President Joko Widodo (Jokowi).
The Finance Minister noted the incentive package will be announced by President Jokowi in April this year, in order to give global`s confidence towards economic growth, emerging market, and conducive investment`s climate in Indonesia.
Indrawati revealed that there would be some radical changes in the incentives` package on tax holiday and tax allowance.

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Korean FDI rises to a record high in 2017

Korean foreign direct investment (FDI) in 2017 rose to a record high of US $43.70 billion, up 11.8 percent from US $39.10 billion in the previous year. By industry, FDI in finance & insurance (up 47.5%) and wholesale & retail (up 64.9%) surged to a record high. FDI in real estate & renting fell (down 43.3%) after rising steadily since 2013. FDI in manufacturing also declined (down 3.4%). By type, greenfield investment, such as establishment of a foreign subsidiary, fell 2.1 percent, but mergers & acquisitions increased 33.6 percent.

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China’s trade embraces good start in 2018

China’s foreign trade embraced a larger-than-expected increase in the first two months of 2018, with a total value of 4.52 trillion yuan ($714 billion) for goods imports and exports, up 16.7 percent compared to the same period last year.
Exports stood at 2.44 trillion yuan ($386 billion), up 18 percent, while imports came in at $328 billion yuan, for a rise of 15.2 percent.
The EU, the US, the ASEAN and Japan were all key engines to China’s impressive exports and imports in January and February. The country’s total trade with Belt and Road nations stood at 1.26 trillion yuan ($199 billion), 5.2 percentage points higher than the general growth of its foreign trade.

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Vietnam changes the foreign trade promotion agencies policy

The Vietnamese Government issued Decree 28/2018/NĐ-CP, which stipulates the principles for activities of foreign trade promotion agencies in Vietnam.
The decree states that agencies, including governmental and non-governmental organizations, associations and equivalents, need to set up a representative office in Vietnam in order to engage in trade promotion activities in the country. They are not allowed to establish more than one representative office in a province or centrally-run city.
These agencies do not include foreign entrepreneurs, non-governmental organizations, agencies for cooperation and research, cultural-educational institutes or other kinds of foreign organizations.

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Sino-Russian rail bridge to be completed this year

The construction of the Sino-Russian Tongjiang-Nizhneleninskoye railway bridge is expected to be completed this year together with other cross-border infrastructure programs aimed at enhancing China's connectivity with Russia, Central Europe and Central Asia, senior officials of Northeast China's Heilongjiang Province said on 8 March 2018.
Li Haitao, Heilongjiang Vice-Governor, made the remarks on Thursday during a press event on the sidelines of the ongoing session of the 13th National People's Congress in Beijing. The border province also vowed to be active in China's projects, including the Belt and Road initiative and China-Mongolia-Russia Economic Corridor in the coming years.

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Malaysian Government offers favorable conditions for investors in less developed areas

On 6 March 2018, Minister of International Trade and Industry (MITI) Datuk Seri Mustapa Mohamed presented “Malaysia Investment Performance Report 2017”. During the presentation he stated, that the Government aims to attract new investors to less developed parts of the country, since currently most of the funds are concentrated in Johor, Penang and Klang Valley.
Less Developed Areas Incentive was launched in 2015 and offers such benefits, as
• 100% income tax exemption up to 15 years;
• Stamp duty exemption;
• Withholding tax exemption on fees for consultancy services up to 2020;
• Import duty exemption on raw materials and components, that are not locally produced;
• Import duty exemption on machinery and equipment.

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Overseas companies are entitled to bid for Indonesian mining concessions

In accordance with Regulation No. 11/2018, issued by the Energy and Mineral Resources Ministry of Indonesia, foreign enterprises can participate in auctions of metal, mineral and coal mining concessions with area more than 500 hectares.
If concession’s area is less than 500 hectares, it will be put up for a tender, where regional authorities-owned entities (BUMD) are allowed to participate. In case no BUMD is interested in the land, national companies of other types and individuals can bid for it.

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Chinese Premier presented a report summarizing the Government work

On 5 March 2018, Li Keqiang summarized the results of the previous five years and announced the goals for 2018. Premier stated that within the period of report Chinese GDP rocketed from 54 trillion yuan to 82.7 trillion, average annual growth rate was 7.1%. Besides, Li Keqiang claimed that personal income outpaces economic growth rates. As a result, currently China is the country with the world largest middle-income group. A number of poor citizens decreased by 68 million.

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Mongolia Gold 2018 starts on 15 March

The Mongolian Gold Producers’ Association and Mongolian Mining Exchange make final preparations for Mongolia Gold 2018 conference and exhibition. The event will be held in Ulaanbaatar at Corporate Convention Center on March 15-16, 2018. The aim of the conference is drawing attention of prospective foreign investors to Mongolian gold industry, rising awareness about the opportunities, bringing advanced technologies and investments into gold extraction.

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Korea – Central America FTA launched

A free trade agreement between the Republic of Korea and five Central American countries, namely Costa Rica, El Salvador, Honduras, Nicaragua and Panama was signed on 21 February 2018. The negotiations started in June 2015, and it took two years and eight months to come to an agreement. The signing ceremony took place in Seoul, at the Lotte Hotel, where Kim Hyun-chong, Minister for Trade of South Korea, met his colleagues from the five states. The Republic of Korea is going to settle legal formalities and launch the free trade zone in the first half of 2018.

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