Asia News Roundup
Indonesia
The establishment of Indonesia’s first bullion bank will provide a Sharia-compliant savings method for the country’s predominantly Muslim population, Chief Economic Minister Airlangga Hartarto said on Tuesday. The move is expected to cater to the growing demand for Islamic finance products in the country.
However, President Prabowo Subianto is facing the first major protests of his tenure just over three months after taking office, prompted by austerity measures intended to fund his ambitious campaign promises.
Laos
Laos and Japan are set to increase trade and investment, with bilateral trade reaching over RM1 billion (US$255 million) last year. The two countries are planning to strengthen their economic ties through various initiatives, including trade and investment promotion, human resources development, and infrastructure development.
In other news, authorities in Champassak Province are planning to turn an extinct volcano in Paksong district into a tourist attraction. The 1,000-year-old volcano, located on five hectares of land, is 1,300 metres high, and visitors can walk along paths surrounding the crater.
Myanmar
The Hon Lim Chin Tsong’s OBE palace in Yangon has been transformed into a national art museum. The five-storey octagonal building, which blends European, Asian and Chinese architectural designs, was completed in 1917.
Myanmar and Russia marked the 77th anniversary of diplomatic relations via a virtual chat on disaster preparedness and emergency response. Myanmar highlighted its efforts in managing natural disasters and the impact of climate change.
Singapore
The Singaporean government has announced a "Budget 2025" that provides support across diverse segments of society, from private home owners and hawkers to those interested in sports and the arts. The Budget is designed to tackle cost of living concerns and sweeten the ground for the upcoming General Election.
Budget 2025 is a "feel-good" Budget that will sweeten the ground for the upcoming General Election, political observers said on Tuesday.
Thailand
Air quality in Bangkok and surrounding areas has improved, dipping below the country’s safe standard for the first time in weeks. The Commerce Ministry is implementing seven measures to lift rice prices, including paddy market fairs, export expansion, and preparation for a subcommittee meeting on Thursday.
Conclusion
The Asia region has been making significant progress in various sectors, from economic development to cultural preservation. The establishment of a bullion bank in Indonesia, the strengthening of trade and investment ties between Laos and Japan, and the transformation of a palace into an art museum in Myanmar are just a few examples of the many exciting developments taking place in the region.
FAQs
Q: What is the significance of the bullion bank in Indonesia?
A: The bullion bank will provide a Sharia-compliant savings method for Indonesia’s predominantly Muslim population.
Q: What are the main trading items between Laos and Japan?
A: The main trading items are clothing, electrical appliances, machinery, synthetic fibres, and vehicles.
Q: What is the significance of the transformation of the palace into an art museum in Myanmar?
A: The transformation will provide a new cultural attraction for the people of Myanmar and promote cultural exchange between the country and other nations.