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TRADE OPPORTUNITIES 2018

JUN/JUL

CONNECTING BUSINESSES ACROSS ASIA AND BEYOND anz.com/institutional


A MESSAGE FROM THE

PRESIDENT Greetings Members, It’s been another big couple of months for the AustCham team. We welcomed Senator Michaelia Cash, Minister for Jobs and Innovation at the member’s lunch in June, sponsored by CSIRO. Your Chamber values the time our Federal ministers give us during their challenging visit schedules. Importantly, visiting ministers genuinely enjoy their interaction with Australians working in Asia and this sentiment was clear throughout the event. The President’s Lunch and Business Awards sponsored by the Commonwealth Bank had been a sold-out event for weeks beforehand. Our 270 guests can tell you why. Australia’s best Singapore chefs and maître des honour our award recipients by presenting fabulous food, complemented by fine Australian wine and other beverages. A huge thank you to Emmanuel Benardos and his team of culinary All-Stars, our food sponsors MLA, Olsson, Australian Super Food, The Corner Store, Parmalat, Auslink Marine, Fishtales, Culina, ABC and Capi and Chris Coburn at Treasury Wine Estate along with our other beverage sponsor Wolf Blass, 6DM and Four Pillars. If you were there and got distracted by the after event celebrations, leaving your recipe booklet behind, call the AustCham team and they will send you one.

performance in the year ending 31st March, 2018. From a budgeted loss of about $34,000 to an actual result of an $7,881 profit. This is a testament to the effort invested by the entire AustCham office team in maintaining our high standards of events promotion and management, while also lowering our operating costs. Just as pleasing was my privilege to award Derek MacKenzie Honorary Life Membership in recognition of his 20+ years on the Board and his Chairmanship of the Australia Day Ball Committee for longer than anyone can remember! And I also had the privilege to confer our inaugural “Corporate Patron” membership status on the ANZ bank and James Cook University. Your Chamber has been the driving force behind the establishment of AustCham ASEAN. A number of members have asked me about the role of the ASEAN Chamber, in the aftermath of the Sydney Summit (reported in the last edition). • AustCham ASEAN will continue to complement the roles of all country chambers in our region. Their main focus will be to ensure that the themes identified by the Sydney summit as opportunities for Australian business continue to address the interests of country chamber members. • The ASEAN Chamber will continue to look to government for grants to support their work. However, funding will also come through direct corporate

Congratulations to all our 2018 AustCham business awards winners announced at the event:

membership.

To qualify for corporate membership of AustCham ASEAN, a

company must first also be a top tier member of the most relevant country chamber (for Singapore, this means a Gold Corporate Member).

President’s medal – Dr Dale Anderson, James Cook University;

Business Alliance Award, sponsored by Commonwealth Bank of Australia

• As a policy development organisation, the ASEAN Chamber will not be involved

– ARA Asset Management; Business Excellence Award, sponsored by

in the management or promotion of events. However, the country chambers

James Cook University – Lendlease Asia Holdings; Entrepreneur of the Year

will draw on the information and resources of AustCham ASEAN to enhance the

Award, sponsored by GEMS World Academy Singapore – Gemma Manning;

appeal of local event programs to country chamber members and our sponsors.

Innovation Award, sponsored by the Australian Trade and Investment Commission – Gilmour Space Technologies.

Our Patron, High Commissioner Bruce Gosper, invited all AustCham members to his residence for a garden party sequel to our Annual General Meeting. A major overhaul of our constitution was approved. The changes will refresh the composition of your Board. To facilitate an early start to this renewal process, a number of Directors stood aside from this election to enable new Directors to be appointed. It was pleasing to report to the AGM a turn-around in our financial

As we look towards the post Sydney Summit phase, AustCham ASEAN enables our larger regional corporate members headquartered in Singapore the choice to influence policy engagement at a multi-lateral ASEAN level. Chat again in the next issue of Access Asia. Ian Cummin President

BOARD MEMBERS Ian Cummin

Andrew Brown

Scott Speedie

Fraser Thompson

PRESIDENT BlueScope

HONORARY TREASURER ANZ Banking Group Limited

Commonwealth Bank of Australia

AlphaBeta

John Dick

Sean Straton

Ben Vella

Adam Lyle

UBS

Telstra

Benjamin Tan

Amber Williams

VICE PRESIDENT Padang & Co.

HONORARY SECRETARY Dentons Rodyk

Teena Pisarev

Prerana Mehta

VICE PRESIDENT Icon SOC Singapore

Australian Trade and Investment Commission Singapore

Qantas Airways

NS BlueScope


A MESSAGE FROM THE

EXECUTIVE DIRECTOR

CONTENTS Welcome to the latest edition of Access Asia where we are focusing on trade issues and opportunities across the region. With the current global political environment, much has been said about looming trade wars or impending protectionist policies. In this edition we focus on the issues that matter to business in Singapore and across ASEAN. With articles covering topics from free trade agreements to data localisation issues and how to protect your IP when you’re moving into new markets, our contributors shine a spotlight on interesting and relevant trade matters. It has been a busy start to June forw the Chamber, we hosted Australia’s Minister for Jobs and Innovation, Michaelia Cash over lunch with around 120 leaders of the Australian business community. The Minister spoke with great energy and passion about Australian innovation and the entrepreneurial spirit; and again reinforced the benefits of the close relationship between Singapore and Australia. We’ve also just held our annual President’s Lunch and Business Awards, celebrating Australian business success over a brilliant lunch cooked by some top Australian chefs in Singapore. Congratulations to all our 2018 AustCham business awards winners - you can read more about it on pg 37. A huge thank you to everyone involved, our team in the office led by Cecilia our Events Manager, worked tirelessly to make sure all the little details were accounted for, not to mention coordinating the sponsors, chefs, front of house teams and award winners. And a special mention to Emmanuel Benardos from LeVel33 who has become a bit of an unofficial AustCham team member with all the organisation and effort he puts in for this event. The chefs involved this year donated a huge amount of their time to the event, each of them runs their own fantastic restaurant and took time out of their schedules to be involved. If you liked the food and honestly who didn’t! Make sure you check out their restaurants. Thanks to Lucas Glanville - Grand Hyatt Singapore; Sam Aisbett - Whitegrass; Wayne Brown - Adrift; Nelson Burgos - Superloco; Archan Chan - LeVel33; Jake Kowalewski - Salt Grill & Sky Bar; Soren Lascelles - Andaz Hotel; Lillia McCabe - Blackwattle and Dave Pynt - Burnt Ends. Also our MC for this year, Oriel Morrison from CNBC, coming straight off the set from her show and onto the stage for our event – it was great to have you a part of it. And of course this wouldn’t be possible without our generous sponsors who supplied so much of the delicious produce used to make such a fantastic lunch. If you didn’t pick up a recipe booklet on the day check out our website to be inspired by fresh Aussie produce and great recipes from our team.

Kate Baldock Executive Director

PLATINUM SPONSORS

SILVER SPONSORS

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THE IMPORTANCE OF GROWTH TRADE RULES FOR BUSINESSES

7

GETTING TRADE DEALS DONE IN ASIA

10

INTERNATIONAL TRADE IN THE AGE OF BREXIT AND TRUMP

11

CONQUERING THE ASEAN MARKET WITH REGIONAL INTEGRATION OF INTELLECTUAL PROPERTY RIGHTS

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LOCALISATION TO FRAGMENT DATA FLOWS IN ASIA

16

THE NEW WAVE OF NEO-PROTECTIONIST TRADE POLICY IN ASIA

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AUSTRALIA - SINGAPORE TRADE RELATIONS

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PRESIDENT’S REPORT 2018 ANNUAL GENERAL MEETING

22

AUSTRALIAN BUDGET UPDATE

24

UPCOMING EVENTS

25

OUT & ABOUT

28

AUSTCHAM MEMBERSHIP TIER

30

THANK YOU CORPORATE PATRON AND GOLD CORPORATE MEMBERS

31

NEW MEMBERS

35

MEMBERSHIP CARD OFFERS

37

NEWSFLASH

BRONZE SPONSORS


FOREIGN POLICY UPDATES

THE IMPORTANCE OF GROWTH TRADE RULES FOR BUSINESS H.E. BRUCE GOSPER Australia’s High Commissioner to Singapore

Trade rules matter for both Singapore, Australia and the broader region. Here’s why. The global rules-based order underpins sustainable economic growth and development. It provides the framework, rules and standards, which shape behaviour within and among nation states. And it creates the stability, transparency and predictability which provide the bedrock for economic growth and development, commercial opportunity and individual prosperity. As a trading nation, Australia has benefited enormously from the global rules-based order. Trade has played a central role in our 27 years of uninterrupted economic growth, providing Australians with opportunities beyond our domestic markets. Today, many opportunities lie to our north, here in the Indo-Pacific region. With increasing urbanisation, growing per capita incomes and a young, dynamic workforce, the region’s emerging middle classes will generate growth and opportunities for Australian businesses into the future. Our access to this extraordinary Indo-Pacific growth story depends on a stable, transparent and predictable regional trading environment. Traditionally, the World Trade Organization (WTO) has set the framework, rules and standards for the rules-based international trading system. Yet this system is now coming under increasing pressure. Rising protectionist sentiment has the potential to fracture the hard-won consensus over the benefits of trade and economic openness. Some nations are erecting barriers to trade; others may be opting out of their commitments under the WTO. Here in the IndoPacific, trade tensions between the US and China are heightening uncertainty over the region’s outlook. These developments pose risks for prosperity. Global and regional supply chains, through which many small and medium-sized enterprises have tapped into the global economy, may struggle to survive in a world without trading frameworks, rules and standards.

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As open, trade-reliant economies, the challenges facing the global rules-based trading system are a concern for countries like Australia and Singapore. The Australian Government’s 2017 Foreign Policy White Paper prioritises promoting and protecting the international rules, delivering more opportunities for business, and standing against protectionism as key foreign policy priorities. Australia is following through on these priorities. We are committed to the WTO and the role it plays in providing a platform to discuss and resolve trade issues, working with like-minded countries to uphold the international trading order, and exploring emerging trade issues, such as e-commerce, intellectual property, and digital trade standards. We are delivering more opportunities for Australian businesses. The recently concluded Comprehensive and Progressive TransPacific Partnership agreement and the Regional Comprehensive Economic Partnership, once finalised, will deliver opportunities to Australian business to tap into and support regional economic growth and development. And the recently upgraded Singapore-Australia trade agreement demonstrates our commitment to delivering further opportunities for businesses in Singapore and Australia. These agreements provide resistance against protectionism and demonstrate Australia’s commitment to maintaining a stable, open and prosperous region, in which business can thrive and grow. We are not alone in these efforts. Singapore, with an open economy and strong trading links in the region and beyond, is also committed to maintaining the rules-based international order, under which its economy has grown and prospered. Together, we are working promote and protect the international rules-based order to ensure a stable, open and prosperous region.


INSIGHT

GETTING TRADE DEALS DONE IN ASIA DEBORAH ELMS Founder and Executive Director Asian Trade Center (ATC) Singapore

For firms operating in Asia, one obstacle to growth is the welter of contradictory and overlapping rules, regulations and customs procedures across different countries in the region. Two different megaregional trade agreements are poised to take some of the pain out of doing business, but getting a solution that meets the needs of governments and companies is never easy. Talks in the Trans-Pacific Partnership (TPP) trade negotiations were difficult. That trade agreement brought together 12 countries (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam) from three continents into an agreement that ultimately included 30 different chapters. The TPP started with a template created by four original members and then expanded to 7 participating countries, then expanded again to 9 to 11 and finally to 12. It took nearly five years to conclude the agreement. Once finished, the United States famously withdrew, leaving the final, renamed agreement, the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) with 11 members. These countries are proceeding with domestic ratification procedures now to bring the agreement into force and start delivering the benefits to businesses and consumers as soon as fall 2018. TPP members joined voluntarily. States came to the table because they wanted to sign up to advanced obligations and ambitious outcomes. The economic benefits were important. The broader strategic objectives mattered. And the final commitments helped reinforce domestic level commitments to challenging, often necessary, reforms. Even with all these incentives, getting the final deal into place was not easy. Arriving at a solution was like solving a 12-sided Rubik’s cube. Just when everything appeared to be lined up, the last pieces turned out to be not quite in alignment. Parts of the deal had to be unscrambled and reworked in a series of frustrating late-night meetings with trade ministers and working sessions at the end. Now imagine the same exercise with more players. Instead of 12 sides of a Rubik’s cube, the negotiators in the Regional Comprehensive Economic Partnership (RCEP) have to get a deal done with 16 sides.

Instead of 12 members, RCEP includes 16 very diverse members: Australia, New Zealand, India, China, South Korea and Japan with all 10 countries of ASEAN. Unlike the TPP, these 16 players in RCEP are not solving the puzzle entirely voluntarily. They were, instead, drafted into the game. Some are involved because they belong to ASEAN. Some are included because they happen to have an existing ASEAN trade agreement. They have, nonetheless, sportingly been participating in this complicated exercise of maneuvering the cubes through 22 rounds of negotiations set in a sprawling set of host countries and cities around Asia. The original plan, much like the TPP, called for building RCEP on the framework of existing agreements. In the case of RCEP, ASEAN already had five deals to choose from—the so-called “ASEAN+1s” in place. These are five separate agreements with ASEAN’s Dialogue Partners in this RCEP exercise: with China, South Korea, Japan, India, and Australia/New Zealand. Had all five of these agreements covered similar ground, getting RCEP finished might have been easier and quicker. But it turns out that the ASEAN+1 agreements are quite divergent. All cover market access for goods. That is pretty much where the similarity ends. Even in goods coverage, there were variations in how many tariff lines are included, how extensively tariffs were cut, and how the rules of origin that accompany tariff cuts were handled. Services and investment were incompletely covered across the five. Many more modern elements of a trade agreement have been missing as well. Only the Australia/New Zealand/ASEAN agreement (AANZFTA) can be viewed as a comprehensive deal and getting all the members to use AANZFTA as the template for RCEP has proven elusive. Hence bundling the ASEAN+1 agreements together turned out to be less helpful than originally anticipated. The membership of RCEP is even more diverse than TPP ever had to contend with—from some of the least developed countries with the lowest per capita incomes in the region to some of the

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>> GETTING TRADE DEALS DONE IN ASIA

richest, most advanced economies on the planet. RCEP includes tiny countries and those with huge populations.

one with 16 sides is testing the patience and negotiating skills of everyone involved.

The tensions embedded in such a setting were largely set to the side early on. In the beginning phases of a complex negotiation, discussions are both abstract and smoothed by mutual enthusiasm for starting something big and important.

From the perspective of businesses in RCEP member states though, the efforts involved in solving the puzzle are very worthwhile.

Now, after 22 rounds of seeing one another every few months, familiarity has set in. Talks are slowly grinding along and it is not possible to ignore all the difficult topics. The RCEP process is tedious. ASEAN is “in the driver’s seat” for these negotiations. This means that for every round, in every working group, the 10 members of ASEAN first get together to “caucus” for up to a full day. The other 6 parties may (but usually don’t, at this point in the talks) also do the same. Then the talks begin in earnest with all 16 countries engaged in each specific working group. This process is repeated for each of the roughly dozen or more working and subworking groups in RCEP. After each round closes, all 16 parties return home to discuss progress with officials in the capitol cities. The next full round is set for July when the whole thing starts again and hundreds of officials will gather together once more across roughly 10-12 days. In between now and then, some officials will meet in what are called “intersessionals” to haggle over specific issues. ASEAN’s track record strongly suggests that the Rubik’s cube of RCEP is unlikely to be fully solved before negotiations close. This is particularly true if the goal is to announce a solution by the end of this year. The gap between progress now and getting the final row of the puzzle into place is significant. The last row is always the hardest to manage. But this is not necessarily a cause for despair. ASEAN also has an admirable record of continuing to work after a victory has already been declared. As they often say in the region, it’s the process, not necessarily the destination, that matters. Of far more importance is maintaining the objectives of higher quality in commitments. Since work is likely to continue towards solving the final row of the puzzle later, what really matters is locking in progress in cracking most of the solution. Getting the final row done feels very satisfying, but more critical is working out how to get the lion’s share of the rows into place. This is true even if it turns out that the final rows can’t be slotted into place using the existing directions for solving the puzzle. It will still push forward trade across Asia in ways that have not been tried in the region before and deliver solid economic benefits to companies and consumers.

Take the example of firms trying to sell goods into Asia right now. Even companies sitting in ASEAN that can use five different existing ASEAN+1 agreements often have a hard time taking advantage of the benefits on offer. This is because each of the five agreements has different rules that apply to products and govern which raw materials, parts and components can be included in exports to final markets in the region. A product, like a pair of eyeglasses, that qualify for lower tariffs into a market like Korea may not also qualify for the same lower tariffs into a different market like New Zealand. Because the eyeglass company may source the frames or glass from different vendors, under some existing ASEAN+1 agreements, the final eyeglasses can be counted and get duty free treatment, with no tariffs. But the same manufacturing approach may not work for a different final market. Under RCEP, however, the same rules of origin should mean that the eyeglass company only has to manufacture glasses once. The same rule will apply to all 16 parties in Asia. While the tariffs might be slightly different in each (especially in the beginning, as tariffs are dropping for each country), the rules of origin are the same. Equally important for the company, the firm should only need one certificate of origin for eyeglasses shipped to all 16 markets. This is set to be a significant savings for firms in Asia in both time and money. It should make it easier for smaller firms, in particular, to use the RCEP agreement. Services and investment should also be made easier under one framework agreement that binds together all 16 members, as each member is making additional promises to allow RCEP firms to compete without discrimination against local firms in specific sectors. Do note, however, that some service providers will likely require licensing or qualifications at the domestic level from some RCEP members. Additional chapters still under negotiation in RCEP should help firms by protecting ideas and intellectual property in Asia, providing more common rules for testing and certification, standards and labeling, and providing some additional e-commerce and digital-friendly rules. RCEP is not a second TPP. The commitments are not as deep or as broad. But for firms doing business in Asia, it will help smooth out many of the current impediments and make life easier.

Getting to the end, however, remains a challenging goal. Solving a “normal” Rubik’s cube with three sides is hard enough. Completing

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INTERNATIONAL TRADE IN THE AGE OF BREXIT AND TRUMP PHILIP JEYARETNUM, SC Global Vice-Chair and ASEAN CEO Dentons Rodyk

The many forms of disruptions that have taken place all around us have not spared the realm of international trade. Globally, governments, corporations and individuals are grappling with the impact of these disruptions on international trade, particularly in the wake of Brexit and Trump. Despite, and especially due to, antiglobalisation sentiments and recent trade tensions, countries must stand united in the face of change. This was the point made by Minister for Communications and Information and Minister-in-charge of Trade Relations, Mr S Iswaran, at the Dentons Rodyk Dialogue 2018, which took place in the Singapore Management University on 8 May. The second annual Dialogue also featured The Right Honourable Stephen Harper, 22nd Prime Minister of Canada and Chairman and CEO of Harper & Associates; Professor Tania Voon of the Melbourne Law School, University Of Melbourne; and Founder and Executive Chairman of Banyan Tree Holdings, and Chairman of the Board of Trustees of the Singapore Management University, Mr Ho Kwon Ping. ALL COUNTRIES BENEFIT FROM GLOBAL TRADE Bringing up the recently signed Comprehensive and Progressive Agreement for Trans-Pacific Partnership as an example of solidarity between countries, Mr Iswaran noted that countries large and small, developed or developing, are all beneficiaries of open and connected markets. These benefits are not just economic, but extend to the social, cultural and strategic spheres. Also importantly, domestic policies should complement trade and globalisation for fruits to be equitably distributed. GOVERNMENTS MUST DEMONSTRATE THE BENEFITS OF TRADE As a leader who personally negotiated trade deals to conclusion during his time in office as the Prime Minister of Canada, Mr Harper shared, frankly and openly, his views on the current circumstances and challenges surrounding international trade. He offered his assessment that post-Cold War, it was trade that lifted nearly 1 billion people on the planet out of poverty, and has made our current era the most successful one in the history of humanity in terms of economic and social advancement. Mr Harper also stressed that trade deals must not be approached dogmatically due to the complexities involved. Apart from his own experiences in trade negotiations, and his understanding as an economist, Mr Harper spoke of a real interest to advance and protect. Mr Harper mentioned that governments need and should specifically demonstrate to its people the benefits of trade agreements, such as how incomes will grow, consumer choices will increase or how opportunities will improve.

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BREXIT AND TRUMP ARE SYMPTOMS OF THE CURRENT PROBLEMS A spectrum of issues with the current approaches to trade and its existing system was pointed out by Professor Tania Voon. This includes failures at both an international and domestic level (in many countries), to deal with the costs of adjustments and disruptions, which can lead to not just inequality within a country, but also between countries. These costs are further amplified by the digital revolution, and by societal changes in labour markets. Professor Voon also shared that Brexit and Trump are simply symptoms of problems within the current system, which is widespread across the globe. “FAIR TRADE IS RARELY FAIR; AND FREE TRADE IS NEVER FREE” Prominent businessman Mr Ho, lauded as one of Singapore’s leading entrepreneurs, gave the final speech and contrasted the preceding speakers of the Dialogue with several deliberately provocative viewpoints. Mr Ho’s opening line alone was stirring – “fair trade is rarely fair; and free trade is never free”. Mr Ho addressed topics from Donald Trump’s antipathy, to the need for a rules-based approach to international trade. An engaging panel discussion steered by the Global Vice-Chair and ASEAN CEO of Dentons Rodyk, Mr Philip Jeyaretnam, SC followed. The audience seized the opportunity to raise perceptive questions during this discussion, with specific concerns regarding how best to adapt to a digital economy, and the impact that global economic openness can have for future generations. Rather than skirting around these difficult issues, the panel was impressively forthcoming, with each of the different panellists offering their input from their own specialised fields. The Dentons Rodyk Dialogue 2018 demonstrated that there is a multitude of legal issues in relation to international trade that transcends both public and private law spheres. Even in the age of Brexit and Trump, globalisation remains a key driver of economic progress, but en route we can certainly expect the unexpected. There were close to 400 attendees from corporates, government and law firms who turned up for the Dialogue. The Dentons Rodyk Dialogue 2018, the second partnership between Dentons Rodyk and Singapore Management University’s Centre for Cross-Border Commercial Law in Asia, was successfully concluded on Tuesday, 8 May 2018. The article was first published by Dentons Rodyk on 31 May 2018.


CONQUERING THE ASEAN MARKET WITH REGIONAL INTEGRATION OF INTELLECTUAL PROPERTY RIGHTS

THOMAS GRIFFITHS Principal Patent Attorney Davies Collison Cave Asia Pte. Ltd

JIE AN YANG Trainee Patent Attorney Davies Collison Cave Asia Pte. Ltd

ASEAN: NEW KID ON THE BLOCK The last two years have seen a large number of Multinational Entities (MNEs) increasing their footprint in the ASEAN region. General Electric (United States) started a research program in Laos, expanded operations in Vietnam and opened its first Asia digital operation centre in Singapore. Panasonic (Japan) upgraded a manufacturing plant in Malaysia, opened an innovation centre in Thailand and established a research unit in Singapore. Coca-Cola (United States) built a USD 100M plant in Cambodia, a fourth distribution centre in Indonesia with another USD 500M planned for plant expansion and business infrastructure, and expanded operations in the Philippines with investments of USD 800M. Nestle (Switzerland) opened a research centre in Singapore and a sixth factory in Vietnam. PepsiCo (United States) opened a USD 93M plant in Singapore and a manufacturing plant in the Philippines. Vacuum manufacturer Dyson (United Kingdom) opened a USD 561M research centre in Singapore, Denka (Japan) opened a chemical research facility in Singapore while Osram Opto Semiconductor (Germany) opened a headquarters and a research centre in Malaysia. THE DRIVER FOR INVESTING IN THE ASEAN REGION It is little wonder the ASEAN region – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam – is experiencing such an investment inflow. It covers nearly 9% of the global population, has low labour cost and has experienced prolonged, high economic growth and increased government stability. In fact, a basic analysis of the ASEAN region yields staggering numbers bringing to light its vast untapped potential: • Since 2007, the ASEAN region had experienced an annual growth of more than 5% compared to around 3% for the global economy. • In 2016, foreign investment in the region was at around USD 97B. Foreign investment from Australia rose by 77% compared to 2015, to about USD 3.4B. • The ASEAN regional GDP is currently around USD 2.6 trillion, positioning it between France (ranked 6th) and Brazil (ranked 7th).

This spur of activities by MNEs is can also be further attributed to the recognition of the ASEAN value chains that inter-connect ASEAN countries and firms. Another driving factor that incentivises MNEs to enter ASEAN is the improving intellectual property (IP) coverage and enforceability, and regional integration of IP regimes between ASEAN nations. INTELLECTUAL PROPERTY RIGHTS IP protection is one of the keys to ensuring developments created in, or used in, the ASEAN region can be of global benefit to its creators. IP refers to the intangible property that is the result of creation from the mind. It is encompassed in various forms, depending on the type of creation that resulted. IP provides its owner with rights, which in turn protect business assets. For example, registrable IP rights such as patents provide a temporary monopoly over an invention while trade marks provide an extendable monopoly over a sign for distinguishing products, service or traders.

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>> CONQUERING THE ASEAN MARKET WITH REGIONAL INTEGRATION OF INTELLECTUAL PROPERTY RIGHTS IP rights can provide commercial benefits including: • Generation of income through licensing or sales; • Ring-fence your proprietary technology; • A point of differentiation for products and services; and • Deterring competitors from copying and leveraging of the IP owner’s goodwill and customer base.

IP is jurisdictionally based. So business owners will need to explore IP in each country individually and determine how best to coordinate IP filings across the region. SINGAPORE AS AN IP (PATENTS) GATEWAY INTO THE ASEAN REGION Singapore pops out as an excellent initial ASEAN country to file in as she consistently ranks among the best in the world in IP. A 2017 ranking by International Property Rights Index lists Singapore as the best country in the ASEAN region in terms of physical and intellectual property protection. Such IP protection results from the comprehensive law and its enforceability, low levels of corruption, high IP office responsiveness, efficiency and transparency of the system and the use of English as a main language. Particularly for inventions which are covered by patents, the success of a Singapore patent filing can then be leveraged to speed up obtaining of IP protection in the ASEAN region more generally. For

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example, with Singapore as the initiating country for patents, the ASEAN Patent Examination Co-operation (ASPEC) Programme can be used to expedite processing of cases in other ASEAN countries. Launched on 15th June 2009, ASPEC is a regional patent worksharing programme among the ASEAN Member State IP offices of Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, the Philippines, Singapore, Thailand and Vietnam. While the local search and examination fees at local IP offices still apply, search and examination is conducted in English, results can be shared among the members to improve the quality of work, and reduce work duplication to save time and cost. Additionally, Cambodia accepts direct re-registration of a Singapore granted patent. Statistics show the average pendency to a first report on patentability is about 7 months, with 66% of patent applications being deemed allowable based on this first report. The final allowance rate is 100%. The use of the ASPEC system is recommended for applicants who are looking to file in multiple ASEAN jurisdictions and wish to expedite prosecution in these jurisdictions. HOW TO PROCEED It should be noted that while regional integration of IP rights and its streamlining makes it easier for business owners to obtain IP rights, the strategy moving forward depends on each business’s requirements and business model. In this regard, it is advisable for business owners to contact their IP representatives to discuss the best approach.


LOCALISATION TO FRAGMENT DATA FLOWS IN ASIA KJ BOONEN Senior Director FTI Consulting

In recent years, Asia has seen a push by governments to implement data localisation laws. Such laws require businesses to ensure various forms of data are processed and stored in servers physically located within national borders. Although recognising the enormous potential of ecommerce, the employment of Internet of Things (IoT) policy roadmaps and ongoing push for smart cities, Asian governments are likely to continue to pursue data localisation policies for the foreseeable future. Businesses, particularly MSMEs, will be confronted with increased operational costs and inefficiencies due the fragmentation of data flows. Ultimately, data localisation requirements will impact overall domestic investments, reduce exports and harm a country’s competitiveness. This article discusses the incoming data localisation laws across the region and the potential impact on business and trade. FTI Consulting tracks ongoing regulatory developments, advocates positions and engages with regulators and stakeholders to help clients navigate incoming regulation and work together with government agencies. It is key that governments, together with industry players and other stakeholders, meet the changing realities of technology and the world it helps to create. WHY ARE GOVERNMENTS IMPOSING DATA RESTRICTIONS? Ownership and the geographic placement of data have become major issues for cybersecurity and cloud policy initiatives around Asia. Control over sensitive enterprise data historically meant housing information locally on premises, or in physically accessible contractor-owned facilities within a country. Having full ownership of the “stack” – from the surrounding floors and walls of a building, to software on servers – made people feel comfortable that their data was secure. This rationale still guides the thinking of many governments. China, India, Indonesia, South Korea, and Malaysia have already introduced data localisation requirements, and there are efforts across Asia to introduce or enhance such regulation, most recently in India. Another interesting example of the trend towards data localisation is Indonesia, where the government is pushing an agenda of technology innovation in the FinTech and e-commerce sectors. Indonesia’s draft Regulation regarding the provision of Application and/or Content Services Through the Internet would broadly require that internet audio, video or other media (overthe-top, or OTT) service providers place part of their data centers within Indonesia. Additionally, the draft Indonesian Regulation on Technical Guidelines on Data Centers would mandate any institutions that provide information technology-based services to build local disaster recovery data centers. The arguments for such regulations range from enhancing (national) security, protecting personal privacy, aiding law enforcement, and

preventing foreign surveillance, in addition to appeal to the principle of sovereignty. Governments have also restricted the transfer of data across national borders in order to foster the development of domestic technology sectors (digital protectionism). Real world examples, however, have shown that storing data on your own servers, in your own datacenter, in your own country, is by no means an adequate basis for securing your data. Regardless of the physical location, if IT systems are in any way connected to the Internet (or other multi-party networks), even indirectly, they are at considerable (cyber) risk. Indonesia provides an interesting case study in this context; safe and secure payments are necessary to support e-commerce and a digital economy. However, if data is prevented from leaving Indonesia for fraud analytics, and such patterns of fraudulent activity cannot be identified in centralised platforms, confidence in digital and online payments will be negatively impacted which could lead to lower trust and participation in e-commerce transactions. Importantly, stringent data localisation rules can restrict the use of large-scale, multi-national cloud service providers (CSPs). Cloud technology is the enabler for commercial and public-sector advancements, and the extent to which governments promote or oppose the principle of cross-border data flows will impact the strength of their local economies as well as their global marketplace competitiveness. Singapore stands out for its differentiated approach. Instead of pursuing localisation, it is focusing efforts on promoting its digital economy, harnessing data analytics, and creating the best possible ecosystem for digital technologies to thrive across all sectors. IMPORTANCE OF DATA FLOWS Practically nonexistent 15 years ago, digital flows now exert a larger impact on GDP growth than the centuries-old trade in goods, according to a McKinsey Global Institute report. The same report estimates that cross-border data flows contributed nearly $2.8 trillion to the global economy in 2014 through its enablement of the flow of goods, services, and other resources. This figure could reach $11 trillion by 2025. It is therefore of no surprise that implementing data localisation policies can majorly impact national economies in a number of ways. For example, foreign investors could be put off – by limiting a company’s ability to transfer data and mandating them to build expensive local data centers, data localisation policies complicate the management of international technology infrastructure and add huge operational costs. Limiting data flows also impacts on a country’s trade competitiveness and its workforce development. As cloud technology becomes increasingly tied to economic advancement, digital trade (and reducing the barriers to it) will become a higher priority for countries ACCESSASIA | WWW.AUSTCHAM.ORG.SG 13


>> LOCALISATION TO FRAGMENT DATA FLOWS IN ASIA

that allow free data flows will be at an advantage by accessing leading edge technology, which will in turn impact the modernisation of commercial and public-sector services, improve worker productivity, and accelerate local job and skills growth across sectors. Countries that restrict data flows and digital trade will, in time, notice a competitive disadvantage. For instance, the huge range of benefits associated with IoT, such as the enablement of “smart” farming and manufacturing. Or the development of smart cities, which cannot be fully realised with restrictive policies that place limits on big data analytics, machine learning, or other features serviced by free yet secure movement of data. WAY FORWARD FTI Consulting believes that public-private partnerships are key in pushing the digital economy agendas by governments across the region. National regulatory sovereignty over data can be achieved whilst still taking advantage of the huge cost and security benefits provided by the industry (which relies on the free flow of data to drive digital economies and smart city and IoT initiatives). Equally, from a risk perspective, industry players are often the ones best placed to manage cybersecurity risks. Bi-lateral and multi-lateral policy and regulatory efforts by governments should focus on policy solutions, such as data transfer agreements and leveraging well-reputed international security accreditations. These serve as sufficient means to address data residency objectives while also promoting economic growth and public sector digital transformation goals at the same time. Several policy frameworks to remove barriers to the free flow of data have been put in place or are currently being discussed: •

Asia-Pacific Economic Cooperation (APEC) has developed the Cross-Border Privacy Rules (CBPR) system, which serves as a mechanism that fosters trust and facilitates data flows amongst participants. A key benefit of the APEC regime is that it enables the free flow of personal data, even in the absence of formal recognition between two governments that each other’s privacy laws are equivalent. Rather, APEC relies on businesses to ensure that data collected and subsequently sent to third parties, either domestically or overseas, continues to be

protected in a manner consistent with APEC privacy principles. The APEC CBPR regime also uses independent entities who can monitor and hold businesses accountable for breaches in privacy. •

Industry has strongly advocated for regional trade agreements that would ease the trend of data localisation and allow data to flow more freely across borders. The centerpiece of this push was the Trans-Pacific Partnership (TPP), which included specific provisions designed to limit data localisation (which the agreement called “digital protectionism”), prohibit digital customs duties, and enable cross-border data flows. In early 2018, the Comprehensive and Progressive Trans-Pacific Partnership Agreement (CPTPP) was signed, excluding the US. The CPTPP supports cross-border data flows and does not require companies to establish in-country computing facilities as a condition of doing business in that country.

In 2017, the EU Commission published a draft regulation on the free flow of data, prohibiting national data localisation rules in EU Member States and recognising the principle of free movement of non-personal data within the EU. This proposal establishes cross-border data flow as the de facto standard, placing the onus on Member States to provide public safety justification for imposing data localisation requirements. While still in the early stages of deliberation, this proposition recognises the economic and security advantages of crossborder data flows, which outweigh the considerations for enforcing data residency policies.

Ultimately, governments need to consider the significant tradeoffs associated with data localisation requirements. Not only will governments that use restrictive data residency requirements forfeit access to some of the most secure computing environments, but, beyond security, they will be forced to deal with a perpetual lag in access to technology needed for their own digital economic transformation.

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THE NEW WAVE OF NEO-PROTECTIONIST TRADE POLICY IN ASIA DR. JACOB WOOD Senior Lecturer of Business James Cook University Singapore

“A RETURN TO ANTAGONISTIC PROTECTIONIST POLITICS PUTS AT RISK NOT ONLY GREAT ECONOMIC PROGRESS BUT ALSO WORLD STABILITY AND PEACE.”

In the aftermath of the Second World War, the doctrine of free international trade became a generally acknowledged principle among western developed economies. During the post-war period the world economy as a whole has experienced unprecedented economic growth, based principally on a steadily growing interdependence of national economies. However, in recent times, the liberal economic order that has been the focal point of the globalist post-1945 era is unravelling. Those nations that have for many years been the flag-bearer for this globalist movement have become the first to signal a desire for change in the wake of the 2008 financial crisis. Economic nationalism, a tone of belief often popular during times of economic depression, has raised its head again in Britain, France, and the United States (US). A return to antagonistic protectionist politics puts at risk not only great economic progress but also world stability and peace. Leading liberal democracies have turned their backs on the notion of free trade. In the United Kingdom, the British referendum result indicated their nations desire to retreat from European Market integration. In France, Marine Le Pen, the far-right candidate in the French Presidential elections ran a surprisingly successful campaign on a platform that condemned globalization alongside the promises of an end to immigration and a patriotic economic nationalist movement. While, Le Pan was unsuccessful, President-elect Emmanuel Macron has picked up the baton with a desire to implement a “Buy European Act” to appease increasingly restless French anti-globalization forces. At the center of the economic argument is the issue of trade. This neo-protectionist trade policy reflects an attempt to save domestic jobs by placing tariffs on imported goods, influencing exchange rates, and restricting the flow of foreign workers and people. While the Brexit decision is a definitive reflection of most of these issues, nowhere has the anti-trade turn been more apparent than in the US, where the ideals of free trade and globalism ideals have almost become dirty words. As Donald Trump said during his quest for the White House, “Free Trade is no good for the United States”. Since his US Presidential Election victory, there have been growing concerns about the type of rhetoric and policy measures being put forward by the Trump Administration. The US, as a long-time advocate for open liberalized trade policy in the region, has sought to implement measures that firmly put America first. A key step in this regard, was a decision to walk away from the Trans-Pacific Partnership Agreement (TPPA) in January 2017, a far reaching free-trade deal that included 12 pacific-rim countries. Worried that the TPPA would be a death blow for American manufacturing, the administration was concerned that the deal would give up US economic leverage to an international commission that would put the interests of foreign countries above our own. Moreover, there was also concerns that China would enter the Asia-pacific agreement at a later date should it be in their interests to do so. Following on from the TPPA decision, has been a very public and very critical portrayal of China’s trade and monetary policies. In particular, the belief that China is a currency manipulator, whereby it systemically devalues its currency to a bid to take unfair advantage of the US and other countries. While in terms of trade, the key issue has been an exploding trade surplus that China enjoys over US. In an attempt to rectify this imbalance, President Trump ordered officials in March of this year to increase tariffs on some 1,333 Chinese imports, predominantly steel and aluminum products, totaling more than US$50 billion. This was followed by a swift response from China in which US$50 billion of tariffs were placed on a range of US imports including soy beans (the US’ largest agricultural export to China, worth US$14 billion annually), automobiles, and aviation sectors amongst others. Not to be outdone,

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THE NEW WAVE OF NEO-PROTECTIONIST TRADE POLICY IN ASIA

President Trump then asked the Office of the US Trade Representative whether it was appropriate to enact an additional US$100 billion of tariffs, citing the country’s unfair practices of obtaining US intellectual property. While the jury is still out on this latest act, these tit-for-tat games have many in Asia concerned. Any trade war between China and the US would have significant implications for all of Asia. As the region’s largest trading partner, China is an important source of investment and tourism. Troubles in China would see undoubtedly see demand fall for most economies in the region and while the large domestic markets of Indonesia and the Philippines may help to shelter those economies other countries like Singapore, Malaysia, South Korea, and Taiwan, which rely heavily of the exports would potentially be worse off. Those manufacturing machine parts and components for communications equipment used in the production of items that China then sells to the US, would be particularly vulnerable. Moreover, given the escalation in steel tariffs, there are also concerns that countries like Vietnam and Indonesia could be inundated with cheap Chinese steel flooding their domestic marketplaces. This would undoubtedly put pressure on local steel producers, which could in turn lead to conflict and the creation of an anti-dumping case at the World Trade Organization (WTO) Dispute Settlement Board. In addition to this, a recent United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) report has warned of reduced economic growth for major developing Asian countries may fall by as much as 1.2% if trade protectionism and global insecurity increase. The ramifications of which would be felt throughout the region. There are also devaluation concerns for some of the region’s most vulnerable currencies such as Indonesian rupiah, Indian rupee and the Philippine piso, which face current account deficits and an over-reliance on external portfolio flows. Despite such fears, it is by no means all doom and gloom. Last year’s trade rival has built buffer zones for most Asian economies, particularly those heavily involved in commodity exports such as Thailand and Indonesia, which should insulate them against most shocks. There is also evidence to suggest that as protectionism becomes a key catchphrase for executives, companies are looking to incorporate various ways of overcoming any barriers to trade. The global HSBC study published earlier this month, surveyed the views of some 6,000 businesses, finding that while firms believed governments were becoming more protective of their domestic economies, the majority of businesses in Asia were looking to regional partners to further develop trade opportunities. In this regard, many firms felt that e-marketing and electronic supply chains can act as important means of offsetting some of the protective measures, while many were looking to relocate parts of their supply chain in order to better position themselves within these markets. Beijing’s new 25% tariff on American soybeans would be a boon for other exporters of the product like Argentina and Brazil. Moreover, increased tariffs on US agricultural products in general would help countries like Thailand benefit from rising exports of fresh and processed fruits to China. While, the tariffs imposed by the United States on steel and

aluminum imports could benefit other buyers of the metal, including the Philippines. Finally, there is also the real possibility that the actions of the US Trump administration may actually lead to reform within China. One of the key benefits of China’s autocratic political system is that these policies do not have to get passed through the intensively combative and often fractious houses of parliament or congress. Once a commitment is made at the highest echelons of government, the various bodies are charged with the process of getting things done. China’s leadership is increasingly aware of the need that in order to continue to prosper it must secure access to global markets, not only manufactured consumer goods, but for higher value products and services. The rise of protectionism and economic nationalism goes against the trends of trade policy in Asia. While traditionally protectionist, Asia has undoubtedly unshackled itself from such views having taken proactive steps to open-up, liberalize and integrate itself with the various economies in the region and beyond. Asia’s export-led growth has transformed economies and helped millions of people escape poverty over the past 70 years with many of these exported products being sold in the United States and Europe. History shows us that steps to restrict imports can lead to trade wars and the creation of significant economic depressions. It’s time for Asia to weather the storm and continue to utilize the developmental mechanisms that have helped the region to grow and flourish.

AustCham Corporate Patron Member

James Cook University Australia is ranked in the top 2%* of universities in the world. The university established the Singapore campus of James Cook University in 2003 as part of its expressed intent of internationalising its activities and offers university level programs in the areas of Business, IT, Psychology, Education, Accounting, Arts, Environmental Science, Games Design, Tourism and Hospitality in Singapore. The university also offers Higher Degree by Research programs such as Doctor of Philosophy, Master of Philosophy and pathways to a higher degree. Visit www.jcu.edu.sg or email admissions-singapore@jcu.edu. au *The Academic Ranking of World Universities, Shanghai Jiao Tong University,

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AUSTRALIA - SINGAPORE TRADE RELATIONS AUSTRALIAN TRADE AND INVESTMENT COMMISSION

AUSTRALIA - SINGAPORE TRADE RELATIONS Australia’s largest trade and investment partner in ASEAN and our seventh largest two-way trading partner overall at $A23 billion. In 2016-17, Australian merchandise exports to Singapore were $A5.8 billion and our imports from Singapore were $A8.2 billion. Services are a key part of our bilateral trade, with services exports to Singapore valued at $A5.36 billion. Singapore’s investment in Australia is substantial. At A$98.9 billion in 2016, up from A$98.8 billion in 2015, Singapore was ranked sixth overall as a source of foreign investment in Australia. Singaporean investment has traditionally been concentrated in real estate, but has become more diversified in recent years. INNOVATION - AUSTRALIA - SINGAPORE TRADE RELATIONS Both Singapore and Australia recognise the importance of innovation to create modern and dynamic economies. Singapore is a world leader in building a supportive, flexible environment for emerging businesses and Australia has a world class research system and outward-looking creative, businesses that are ready to collaborate internationally. Key areas of growth and opportunities for Australian companies looking to scale into Singapore include cyber security, medtech and ehealth solutions, food Innovation & agtech, artificial intelligence, robotics and VR, fintech, urban development and “smart cities’ solutions, defence exports and skills training. WHY AUSTRALIA Australia’s economy has outperformed its peers for more than two decades and the country is achieving great success in global industries. Australia is in its 27th year of consecutive annual economic growth – the only developed economy in the world to achieve this distinction. These accomplishments reflect its stable institutions, smart people, abundant natural resources, sophisticated services sector and agility to adapt to changes in the global economy.

Australia has the capacity and capabilities to provide high-quality natural resources, food, education, tourism and financial services to the world. Australia’s sound governance, political stability and transparent regulatory system build economic resilience and minimise sovereign risk. In an uncertain world, Australia is a safe and secure place to invest and do business. Australia’s highly educated, multicultural and multilingual workforce has the smarts and skills to drive innovation and grow international businesses. Asia continues to look to Australian resources to help power its industrialisation, and to Australian firms for wealth management, healthcare, education, tourism and professional services. Australian agricultural products and premium food are in high demand by Asian consumers. Australia is a globally integrated economy. The country continues to play an integral role in Asia’s dynamic economic growth and is a trusted economic partner globally. Australia’s globally ranked universities and research institutions are focused on creating and commercialising new ideas. Australia is also attracting global attention for its niche capabilities in disruptive technologies.

AUSTRALIA INNOVATION CREDENTIALS Australia is an ingenious nation: the country invented the black box, penicillin for civilian use, high-speed wi-fi, the cervical cancer, vaccine and Google Maps, among other innovations. Entrepreneurship is on the rise in Australia; it is one of nine OECD countries that recorded an increase in the number of new businesses between 2013 and 2017. Almost half of all Australian firms are innovation-active, laying the groundwork for future discoveries. Australia’s economy has outperformed its peers for more than two decades and the country is achieving great success in global industries.

Australia has the capacity and capabilities to provide high-quality natural resources, food, education, tourism and financial services to the world. Australia’s sound governance, political stability and transparent regulatory system build economic resilience and minimise sovereign risk. In an uncertain world, Australia is a safe and secure place to invest and do business.

Source: Austrade’s Why Australia: Benchmark Report 2018 (https://bit.ly/2FvQ4Jb) Contact Austrade Singapore at E: singapore@austrade.gov.au or T: 6418 8400 to know more Australian innovation capabilities or investment into Australia.

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EVENT RECAP AUSTCHAM BOARD MEMBERS 2018/19 (From top left to right) Benjamin Tan, Fraser Thompson, Amber Williams, Sean Straton, John Dick, Andrew Brown. Adam Lyle, Ian Cummin, Teena Pisarev and Prerana Mehta

PRESIDENT’S REPORT 2018 ANNUAL GENERAL MEETING Around 100 members attended the recent Australian Chamber of Commerce (Singapore) Annual General Meeting. Ian Cummin, President, delivered the following address.

On behalf of your Board, welcome members. Thank you High Commissioner, Bruce Gosper for hosting this meeting in the Residence. We will also have the opportunity, courtesy of the Department of Foreign Affairs and Trade, to welcome three scholars participating in the New Colombo Plan. You will hear their impressive credentials after the formal conclusion of our AGM. The financial year to the end of 31st March, 2018 was a very big 12 months. When I addressed this meeting last year I said we were expecting a loss of about $34,000. I also said we would do our utmost to turn the forecast loss into an actual break even. I am delighted to report that we achieved this objective - an $8,000 profit, before our $5,000 community donation. The significant contributions to this result were major unbudgeted events with a number of Federal Government Ministers. The assistance of the High Commission in facilitating these opportunities is gratefully acknowledged. We had the pleasure of hosting lunch events with PM Turnbull, Ministers Ciobo & Payne, and Minister Pyne. Thanks to fellow Board Member Ben Tan, Senior Vice President, Asia, Qantas Airways, we also had the unexpected pleasure of hosting his CEO, Alan Joyce in a memorable and greatly appreciated member’s event. Also contributing to our positive result was the reduction in staff costs involved in the operation of the Chamber, and in staging another successful Australian Roadshow with the Australian High Commission and Austrade. 12 months ago, it looked like a very uncertain picture in respect to our membership. The Singapore economic environment had been difficult and many members of international business chambers were being repatriated to their home countries. Your Chamber was no exception. Twelve months ago, the 30th June last year, our membership total had fallen to a concerning 510. Thanks to the hard work of our committed staff, an energised events program and the introduction of a new membership structure developed by our staff, our present membership total is 100 up from this time last year. We intend to maintain this momentum in the current financial year.

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Thanks to ANZ’s Regional CEO, David Green the successful major events of last financial year have been followed up already this year by Shane Elliot, CEO ANZ Bank. With the assistance of the High Commission we recently had another successful Ministerial event, hosting Senator Cash, Minister for Jobs and Innovation. Tomorrow we have the Australian of the Year, Dr Michelle Simmons and we have fellow Board Member Scott Speedie from the Commonwealth Bank to thank for that opportunity.

Why? To re-invest in supporting the business achievements of our members, while keeping your fees low to enable cost effective access to our services.

Led by fellow Board Member Fraser Thompson, AustCham Singapore initiated AustCham ASEAN. This “Chamber of Chambers” is now ready to follow up on their important contribution to the success of the Sydney Summit by complementing the member service role of Country Chambers like AustCham Singapore, with a broader ASEAN agenda. You can read more about this in my “President’s Message” in this issue of Access Asia.

Thanks also to the Gold Corporates who have maintained their support in the face of a substantial fee increase!

Also during the year, we re-positioned Access Asia from a largely “social glossy” to an authoritative business magazine. Our staff team have also developed and successfully implemented a full re-vamp of our membership tiers. And with your Board Members always on hand to welcome, host and introduce new members to their first Business Connects evening, these events have seen a healthy return to past attendance levels.

And a particularly big thank you to Derek MacKenzie to whom is it my honour to award Honorary Life Member status tonight. Derek joins this exclusive cadre for his 20 plus years of service to your Board and the Australia Day Ball Committee chairmanship, for longer than anyone can remember.

Notwithstanding all the hard work behind these positive initiatives, your Board also undertook a fundamental review of its election and appointment rules, unanimously recommending the Constitutional changes that your Honorary Secretary, John Dick will introduce to you shortly. These will come into effect for the 2019 Board election, but due to the number of Board members who will be ineligible to offer themselves for re-election, the Board decided to begin the renewal program this year. In addition to the nominations for Board membership, it is anticipated that the new Board will also welcome Amber Williams to the team as an appointed member very shortly. I’m told that the budgeted profit for this financial year, ending on 31st March 2019 is a very auspicious number. Your Honorary Treasurer, Sean Straton will unveil the figure shortly. Suffice to say, we are starting the year with a return to a better than break even outlook.

Thank you to ANZ and James Cook University who have accepted our invitation to be inaugural Corporate Patrons – a designation that recognises their long standing and financially material support for your Chamber.

Thanks to our loyal events sponsors. In closing, thank you to Board members who have left Singapore or retired under the Board renewal initiative.

Finally, and consistent with the tradition of keeping the best until last, let’s congratulate and thank Kate and her team for delivering an excellent year for the Chamber. This concludes my first year as President and I have had the revelation of witnessing the amount of planning and work that goes into every AustCham event. This small team has delivered 63 events in the financial year – more than one every week. Well done and thank you!

Our Xmas event last year sold out, so too did the recent Business Awards lunch. In light of strengthened interest and attendance at our signature events we expect to see more “sold outs”. So members will see a shift in our approach to ticket sales for signature events, to give members preferential opportunities. The success of events is critical but we are not an events business – we are a member services organisation. Our events are primarily business forums that raise revenue to keep our membership fees low (among the lowest for any similar organisation in Singapore). We could look at hiring more staff to run more revenue raising events, but that is not our objective. If we engage more resources it will be to support member services. For that to happen, we need to continue our recent membership growth.

AustCham executive office having fun at the Australia Day Ball 2018

In this endeavour your new Board will be considering options to expand our service offer to members by drawing on the non-financial reservoir of goodwill from our larger Corporates and long serving members. We will also be looking to you, our existing members, to help extend the reach of your Chamber to industry segments with strong Australian affiliations that have not, in the past, sought to sign up. With these initiatives we hope to continue your Chamber’s membership growth and broaden our relevance to attract additional sustainable revenue. ACCESSASIA | WWW.AUSTCHAM.ORG.SG 21


AustCham Event Recap

AUSTRALIAN BUDGET UPDATE TRISTAN PERRY Head of Tax - Australia Select Investors - A Division of St-James’s Place (Singapore) Private Ltd

The Federal budget was handed down by the honourable Scott Morrison Member for Parliament on the 8th of May 2018 and as anticipated, it wasn’t a particularly nasty budget or a particularly nice one either. Branded as an “election budget”, it was filled with a few tax savings for lower to middle income earners, which when described, can sound pretty good, plus infrastructure, improved at-home aged care packages, education and social services. The Treasurers’ main pitch was one of responsible spending to bring the budget eventually back into the black, with this year’s budget set at a deficit of $18.7 billion and future plans to deliver the budget back to surplus by 2020 of $2.2 billion (if the Government can hold its majority rule). There was further forecasted continued fiscal growth through to 2022 with a projected surplus of $16.6 billion. The Treasurer said that the budget needed to “exercise the restraint that has been so important in ensuring that we bring that budget back into balance”. Other strong themes in the budget included aged care funding increases where the Government announced policies to encourage people to stay at home longer and improve access to higher quality at-home age care packages. The Governments $75 billion “10-Year National Infrastructure Plan” was also a spruiking point as was additional spending in science and technology, education, health, tax compliance and national security. “7 YEAR, 3 STEP PLAN TO REFORM PERSONAL INCOME TAX” If you listened to the Treasurer’s speech, this was one of this year’s catchy sayings which was repeated and repeated throughout, and continues to be dropped into interviews whenever the Treasurer is in speaking to the Press. The main emphasis of the plan is to progressively reduce the tax payable on lower to middle class income earners initially earning a taxable income of $125,333 or less through the use of extending the 32.5% tax bracket from $87,000 to $90,000 then further introducing a non-refundable income tax offset of up to $530 all from 1st of July 2018 for 4 years.

10 YEAR AUSTRALIAN CORPORATE TAX RATE REDUCTION The Government continues to support its 10-year Enterprise Tax Plan to reduce the corporate tax rate to 25% by 2027. This is a progressive measure and The Government’s slowly lowering the small business entity tax rate (currently 27.5%) and increasing the turnover test so more and more DIAGRAM Diagram 1: 1:

Taxable Diagram Income 1:

Tax Payable

Average Rate

Tax Payable

Average Rate

of Income of Income As a result of this new offset, the “effective” tax free income tax threshold Taxable Tax % Tax % $AUD Tax Payable 2018 FY 2019 FY Average Rate Tax Payable Average Rate is $21,595 and for those aged over 65, this is $33,332 (thanks to the Income of Income of Income 40,000 4,947 12.37% 4,657 11.64% Senior Australian Tax Offset). In later years from 1 July 2022, once the $AUD Tax % Tax % 2018 FY 2019 FY 50,000 8,547 17.09% 8,017 16.03% low to middle income tax offset finishes up, there is a further increase in 40,000 60,000 12,147 20.25% 11,617 19.36% 4,947 12.37% 4,657 11.64% the low-income tax offset from $445 to $645 and a further shift upwards 50,000 70,000 15,697 22.42% 15,167 21.67% 8,547 17.09% 8,017 16.03% 80,000 19,147 23.93% 18,617 23.27% 12,147 20.25% 11,617 19.36% of the tax brackets starting with the 19% tax bracket moving from 60,000 90,000 22,732 25.26% 22,067 24.52% 15,697 22.42% 15,167 21.67% $37,000 to $41,000, and the 32.5% from $90,000 to $120,000.And finally, 70,000 100,000 26,632 26.63% 26,117 26.12% 80,000 19,147 23.93% 18,617 23.27% their major announcement from 1 July 2024 they will be removing the Diagram 90,000 2: 22,732 25.26% 22,067 24.52% 37% tax bracket all together and increasing the top tax bracket from 100,000 26,632 26.63% 26,117 26.12% Tax rates and thresholds for 2018-19 onwards Diagram 2: $180,000 to $200,000. DIAGRAM 2: Rate 0%

2018/19 to 2021/22 2022/23 to 2023/24 Tax rates and thresholds for 2018-19 onwards 0 - 18,200 0 - 18,200

A tax payer on $200,000 under these new measures will save about $136 Rate19% 2018/19 to 2021/22 2022/23 to 2023/24 18,201 - 37,000 18,201 - 41,000 0%32.5% 037,201 - 18,200 041,001 - 18,200 compared to before the changes – which isn’t much to get excited about. – 90,000 – 120,000 19%37% 18,201 - 37,000 18,201 - 41,000 90,001 – 180,000 120,001 – 180,000 Most importantly, note that there are two Federal elections between 32.5% 37,201 180,000 – 90,000+ 41,001 –180,000 120,000+ 45% now and 2024 and Labour has come out post budget announcing that 90,001 – 180,000 120,001 – 180,000 Diagram 3:37% they will only support the Coalition’s tax cuts from 1 July 2018 but no 45% 180,000 + 180,000 + Company Group Aggregated Turnover further. Diagram 3:Financial Years Financial Years Up to 30/6/18

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Company Group Aggregated Turnover $25m

Difference

Difference 290

530 290 530 530 530 530 530 530 665 530 515 665 515

2024/25 onwards

0 - 18,200 2024/25 onwards 18,201 - 41,000 041,001 - 18,200 – 200,000 18,201 - 41,000 N/A 41,001 –200,001 200,000+ N/A 200,001 + Tax Rate Tax Rate 27.5%

Up to 30/6/18 2019 to 2024

$25m $50m

27.5% 27.5%

2019 to 2024 2025

$50m $50m

27.5% 27%


Diagram 1: Taxable Income

Tax Payable

$AUD

Tax Payable

2018 FY

Average Rate of Income Tax %

40,000

4,947

50,000

8,547

60,000

Difference

2019 FY

Average Rate of Income Tax %

12.37%

4,657

11.64%

290

17.09%

8,017

16.03%

530

12,147

20.25%

11,617

19.36%

530

70,000

15,697

22.42%

15,167

21.67%

530

80,000

19,147

23.93%

18,617

23.27%

530

$20,000 WRITE-OFF KEPT 24.52% 90,000 INSTANT 22,732 ASSET 25.26% 22,067 665 FOR ANOTHER YEAR 26.63% 100,000 26,632 26,117 26.12% 515 Diagram 2: This concession was introduced to encourage small business Tax rates for 2018-19 onwards spending meaning thatanda thresholds small business can buy an item of plant Rate 2018/19 to 2021/22it costs 2022/23 to than 2023/24$20,000, 2024/25 onwards and equipment, providing less and write it off 0% than having 0 - 18,200 to depreciate 0 - 18,200 - 18,200 in full rather it according0to the effective 18,201 - 37,000 41,000 18,201 - 41,000 life tables19% or a depreciation pool.18,201 This -has been extended until 30 32.5% 37,201 – 90,000 41,001 – 120,000 41,001 – 200,000 June 201937%after 90,001 which the threshold returns to $1,000. – 180,000 120,001 – 180,000 N/A DIAGRAM 3: Diagram 3:

45%

180,000 +

180,000 +

200,001 +

Financial Years

Company Group Aggregated Turnover

Tax Rate

Up to 30/6/18

$25m

27.5%

2019 to 2024

$50m

27.5%

2025

$50m

27%

2026

$50m

26%

2027

$50m

25%

2028

N/A

25%

NO TAX DEDUCTION FOR NON-COMPLIANT PAYGW PAYMENTS AND CONTRACTOR PAYMENTS Introduced to encourage further compliance and to push further reporting obligations onto the businesses (in addition to the contractor and/or employee), this new provision will deny a tax deduction to a business if it has failed to withhold the correct amount of PAYG or receive a valid ABN from a contractor when they are performing work for the business. OVERHAUL OF THE RESEARCH AND DEVELOPMENT CONCESSIONS This major change is intended to be a large overhaul of the research and development tax incentive, effectively benchmarking businesses spend in the first year of the claim, ensuring that they continue to spend more on research and development activities and are incentivised by the concession, not just rewarded for qualifying for it. Cash refunds will also be capped at $4m per annum for small businesses. Further developments on compliance and public reporting will also be introduced.

CHANGES TO VACANT LAND PROVISIONS Introduced to discourage land banking, these new rules now deny the ability to claim related expenses against other sources of income in the typical “negative gearing” scenario if the property is not genuinely held for the purposes of deriving assessable income. These effected costs should largely still be able to be claimed against the eventual capital gains tax calculation at the time of sale however. BLACK ECONOMY CHANGES With further focus on the online trading environment, the Government will be targeting businesses which are trading in Australia online, but are not properly registered for and reporting GST and Income tax. In addition, a new further measure has been introduced from 1 July 2019 effectively outlawing cash payments of more than $10,000 made to businesses for goods and services. SUPERANNUATION With further focus on the online trading environment, the Government will be targeting businesses which are trading in Australia online, but are not properly registered for and reporting GST and Income tax. In addition, a new further measure has been introduced from 1 July 2019 effectively outlawing cash payments of more than $10,000 made to businesses for goods and services. There was not too much to report in this area however I think its fair to say that everyone is still getting over the changes from the prior year. From the minor changes that were announced, these included: • Empowering the ATO to match lost superannuation automatically, • Allowing automatic rollovers from an APRA approved fund into a self-managed superannuation fund (SMSF), • Relaxing the auditing requirements for compliant SMSF and extending the “Work Test” 12 months beyond meeting it for those aged between 65-74 years of age with superannuation balances less than $300,000 to allow one last year of top ups. • And for those with low Superannuation balances of $6,000 from 1st of July 2019 – passive fees will now be capped at 3% of the balance and insurances will be on an “opt in” basis including for those aged under 25 years of age.

Australian Budget Update Breakfast This was presented at our AustCham Australian Budget Briefing on Wednesday 9 May 2018 EVENT SPONSOR

1.

Tristan Perry

2.

Members and guests at Australian Budget Briefing ACCESSASIA | WWW.AUSTCHAM.ORG.SG 23


UPCOMING EVENTS

UPCOMING EVENTS To find out more about our events, visit our website at WWW.AUSTCHAM.ORG.SG

JULY 2018 Networking Event

Thursday 19 July 2018 Business Connects July

Join us for an evening of networking. Business Connects provides the perfect opportunity for you to network within the Australian business community and connect with other AustCham members. EVENT SPONSOR

Panel Discussion

Thursday 26 July 2018 Cyber & Crypto Panel Discussion Cryptocurrency Promise, Hype or Reality

VENUE PARTNER

We have brought together a panel of experts to share their insights on the current state of cryptocurrencies and how businesses and organizations are reacting to the shift in the digital age. Deloitte APAC Financial Crime Network Leader Tim Phillipps will present an in-depth overview on how to effectively assess, prevent and respond to areas of financial crime. Followed by a panel discussion with InvestaCrowd.com’s Founder and CEO Julian Kwan and Bank of Singapore’s Head of Investment Strategy Eli Lee to share their experience and knowledge on the future of cryptocurrencies. The presentation will be followed by a Q&A session. EVENT SPONSOR

AUGUST 2018 Networking Event

Friday 31 August 2018 Australia Fare

New to our event program this year, AustCham is excited to present Australia Fare, a celebration of the best of Australian food, wine, fashion, tourism and retail. Australia Fare will give you the opportunity to explore and speak to the people behind the high quality businesses that Australia is so well known for, plus receive exclusive special offers only available at the event. EVENT SPONSOR

New Members

Wednesday 1 August 2018 Meet the Board

VENUE PARTNER

Meet the Board is an opportunity to welcome you to the Chamber where you will: Learn more about what AustCham can do for your business, network with other new members to promote yourself and your company and directly engage with board members. AustCham’s board consists of 12 members that are leaders in their fields from various industries who have lived and worked in Asia for a number of years. EVENT SERIES PARTNER

LAUNCHING SOON The best way to celebrate Australia Day in Singapore

Friday 25 January 2019 ANZ Australia Day Ball 2019

24 ACCESSASIA | WWW.AUSTCHAM.ORG.SG

Tickets for Australia Day Ball 2018 are on sale now. More details coming soon. Don’t miss the best countdown to Australia Day in Singapore. EVENT SPONSOR


OUT & ABOUT

OUT & ABOUT IN CONVERSATION WITH

Annette Edmondson Professional Cyclist

APRIL 2018

Annette Edmondson, Australian Professional Cyclist spoke to AustCham members and guests about the world of professional sports and the required leadership skills to succeed in the business. Special thanks to our event sponsor GEMS World Academy (Singapore) and venue sponsor Gattopardo Ristorante Di Mare.

Thursday 19 April 2018

EVENT SPONSOR

VENUE SPONSOR

1

1.

Andrea Cornwell, Philip Forrest, Kate Baldock and Erica Marcellan

2.

Annette Edmondson and Sebastien Barnard

InterChamber Rugby 7s Wednesday 25 April 2018

2

AustCham partnered with AmCham, BritCham, CanCham, and NZCC for April’s networking evening. Members had the opportunity to meet guests players and stars from the HSBC World Series Rugby 7s tournament. Special thanks to our event partners AmCham, BritCham, CanCham and NZCC, and presenting sponsor GEMS World Academy. PRESENTED BY

PARTICIPATING CHAMBERS

ACCESSASIA | WWW.AUSTCHAM.ORG.SG 25


UPCOMING EVENTS

APRIL/MAY 2018

LUNCHEON WITH

Elizabeth Proust AO, Chairman, AICD

Elizabeth Proust AO Chairman from AICD presented issues of trust, culture, diversity and board composition. As well as innovation and digital transformation, artificial intelligence and cyber, and how these areas need to be considered by directors when looking toward the future. Special thanks to our event partners AICD and AmCham.

Thursday 26 Apr 2018 EVENT PARTNERS

1

AUSTRALIAN BUDGET

Update Breakfast Wednesday 9 May 2018

Tristan Perry Head of Tax, Australia for Select Investors from St James’s Place presented the latest Australian Tax changes from the new budget 2018-19. He gave expert analysis about how it will affect your business, assets and investment in Australia. Special thanks to our event sponsor Select Investors - A Division of St. James’s Place (Singapore) Private Ltd.

EVENT SPONSOR

1

26 ACCESSASIA | WWW.AUSTCHAM.ORG.SG


OUT & ABOUT

MAY 2018

Business Connects May

Business Connects May provides the perfect opportunity for you members to network within the Australian business community and connect with other AustCham members. Special thanks to our event partner GEMS World Academy (Singapore) and our venue partner Pan Pacific Singapore.

Thursday 17 May 2018

EVENT SPONSOR

1

2

3

4

5

6

1.

Candida Braithwaite, Andrew Brown, Lisa Askwith and Ola Ramnebro

5.

Tim Ryan, Philip Forrest and Wrix Gasteen

2.

Clive Adams, Lyn Sims and Ivan Lam

6.

3.

Kandyce Ong, Andrew Koch, Marcus Hanna and Melvin Heng

Richard Henry, Marjolein Scheuierman, Shelley Hamilton and Sebastien Barnard

4.

Liz West, Steven Pike, Emma Pike, Steven Burridge and Julie Burridge

ACCESSASIA | WWW.AUSTCHAM.ORG.SG 27


AustCham Membership Tiers CORPORATE Tiers

Benefits

Gold Corporate

+ 15 nominees

Cost

+ Exclusive invitations to private events

For Australian flagship businesses The Gold Corporate Membership is for key Australian businesses who have a strong presence in Singapore and the region. Members include Australian flagship companies that have a strong international profile. Gold Corporate membership offers the opportunity to raise your profile and showcase a company with a strong relationship with the Chamber and the Australian business community in Singapore.

+ 15 complimentary tickets to business events

per year

+ Pre sale registration to signature events

Contact us for more information

+ Corporate branding on tables at events

+ Logo on front of our website

when a complete table is purchased

+ Company write up on our Gold Corporate member page

+ Feature company announcement on AustCham

• Membership is transferrable

website and social media

• Members gain visibility through our AustCham network and listed on our member’s online business directory

+ Inclusion in thank you emails or advertisements

+ Special discount on advertising + Connect with key industry leaders, professionals, and business partners

across AustCham communication platforms

• Opportunity to increase visibility through our advertising channels including AustCham website, E-Newsletter and Access Asia Magazine

AustCham Membership Card Programme

• Early access to event registration and opportunity to reach out and interact with key industry leaders, professionals, and business partners

The AustCham Membership Card Programme is an opportunity to offer discounts and promotions on services and/or retail products to other AustCham members. Just flash your AustCham membership card and enjoy the savings!

• Opportunity to share company announcements on AustCham communication platforms

Offers will be featured on our AustCham website, E-Newsletter and Access Asia magazine.

Corporate Plus

+ 5 nominees

+ Special discount on advertising

For large Australian and international organisations with an Australian connection

+ 5 complimentary tickets to business events

+ Connect with key industry leaders,

The Corporate Plus Membership is designed for large international organisations established in Singapore that have an Australian connection. It is also for companies seeking to conduct businesses in Singapore and looking for greater involvement with the Australian business community. The membership provides added value, offerings opportunities to meet and exchange ideas, develop business relationships and increase your network and contacts.

website and social media

+ Feature company announcement on AustCham

$1,600

professionals, and business partners

+ Exclusive invitations to private events + Corporate branding on tables at events when a complete table is purchased

• Membership is transferrable

AustCham Membership Card Programme

• Members gain visibility through our AustCham network and listed on our member’s online business directory

The AustCham Membership Card Programme is an opportunity to offer discounts and promotions on services and/or retail products to other AustCham members. Just flash your AustCham membership card and enjoy the savings!

• Opportunity to increase visibility through our advertising channels including AustCham website, E-Newsletter and Access Asia Magazine

Offers will be featured on our AustCham website, E-Newsletter and Access Asia magazine

• Early access to event registration and opportunity to reach out and interact with key industry leaders, professionals, and business partners • Opportunity to share company announcements on AustCham communication platforms

Corporate Enterprise

For small and medium enterprises or entrepreneurs

+ Connect with the Australian business community

+ Member rates for events

+ Connect with key industry leaders, professionals, and

+ Exclusive member only events

business partners The Corporate Enterprise Membership is ideal for professional individuals who are conducting business or seeking to conduct business in Singapore. As a member, we offer you tailored benefits to meet your individual needs and strengthen your network. • Membership is transferrable • Members gain visibility through our AustCham network and listed on our member’s online business directory • Opportunity to increase visibility through our advertising channels including AustCham website, E-Newsletter and Access Asia Magazine • Early access to event registration and opportunity to reach out and interact with key industry leaders, professionals, and business partners • Opportunity to share company announcements on AustCham communication platforms

28 ACCESSASIA | WWW.AUSTCHAM.ORG.SG

+ Boost your networks

+ Special discounts on advertising

AustCham Membership Card Programme The AustCham Membership Card Programme is an opportunity to offer discounts and promotions on services and/or retail products to other AustCham members. Just flash your AustCham membership card and enjoy the savings! Offers will be featured on our AustCham website, E-Newsletter and Access Asia magazine

$440


Tiers

Benefits

Cost

Individual

+ Feature company announcement on AustCham

$420

The Individual membership is designed for people conducting business or seeking to conduct business in Singapore. Individual memberships are owned by the individual and cannot be transferred to another person. If you move companies, you take your membership with you.

Associate This membership is for individuals who are not resident in Singapore but have a connection to Australia or to Australian business in Singapore or the ASEAN region. Associate members will have all the privileges of Corporate Members except that Associate members will not be entitled to vote at General Meetings and will receive an online copy of our Access Asia magazine.

website and social media

+ Connect with key industry leaders, professionals, and business partners

$300

+ Feature company announcement on AustCham website and social media

+ Connect with key industry leaders, professionals, and business partners

+ Maintain a connection to the Australian business community in Singapore

Benefits at a Glance AustCham Tiers

Gold Corporate

Corporate Plus

Corporate Enterprise

Individual

Associate

Nominees 15 Nominees 5 Company write up on Gold Corporate member page on our website Recognition by MC at all events Complimentary tickets to business events* Logo on front of our website Logo displayed at all events (excluding Australia Day Ball) Exclusive invitations to private events Inclusion in thank you emails or advertisements across AustCham communication platforms Corporate branding on tables at events when a complete table is purchased Transferable membership Option to include offer in our membership card program Exclusive member only events Pre sale registration to signature events Feature company announcements on AustCham website and social media Special discount on advertising Connect with key industry leaders, professionals, and business partners Boost your networks Connect with the Australian business community Members rate for events *Per Chamber year - 15 complimentary tickets for Gold Corporate membership, 5 complementary tickets for Corporate Plus membership. Tickets for selected events only, not signature events or the Australia Day Ball

ACCESSASIA | WWW.AUSTCHAM.ORG.SG 29


CORPORATE THANK YOU PATRONS AND GOLD CORPORATE MEMBERS

THANK YOU TO OUR CORPORATE PATRONS AND GOLD CORPORATE MEMBERS

Corporate Patron Members

Gold Corporate Members

30 ACCESSASIA | WWW.AUSTCHAM.ORG.SG


NEW MEMBERS

NEW MEMBERS Welcome Gold Corporate Members

Landlease Asia Holdings

National Australia Bank

Icon SOC Singapore

Hsueh Ling Ng Managing Director, Singapore Management

Adam Houghton Director – Portfolio, Customer & Insights

Rosalind Hong Director, Investor Sales, Markets

Mark Middleton Group CEO

Fiona Wee Manager, People, South East Asia

Valerie Ho Head of Finance, Singapore

www.lendlease.com/sg

Steve Willet Regional Operation Director Asia, Project Management and Construction Angus Wippell Head of Project Management & Construction, Singapore Richard Bradley Development Director

Nathalie Strooper Senior Project Manager Megan Hanbidge Commercial Manager, Development Simon Pratley Cost Planning Manager David Glenister Project Manager Kip Hayes Design & Construction Director, Project Management

www.nationalaustraliabank.com/nabsingapore

Geir Bakkelund Head of Shipping & Asset Finance Asia Jasmine Tan Head of Operations, Asia Robert Allars Head of Risk, Singapore

www.iconsoc.com

Katrina Campbell Liaison Officer

Lim Heng Seng Chief Operating Officer Joyce Tan Chief Commercial Officer Timothy Cheng Financial Controller Renuka Annathan Human Resource Manager

Richard Paine Managing Director

Commonwealth Bank of Australia www.commbank.com.au

Australian Trade and Investment Commission

QBE Insurance (Singapore) Limited www.qbe.com.sg

www.austrade.gov.au Julienne Low Director International Operations, South Asia

Rohit Suradkar Head of Market Risk Oversight, Asia

Irene Tay Senior Business Development Manager

Kih Ling Head of New Business, Credit & Surety

Varun Tejavath Director Local Markets

Sameer Narula Senior Manager – Singapore Treasury

Sharifah Khairunnisa Business Development Manager

Lena Tang Senior Manager, Distribution

Robin Assice Director - Singapore Treasury

Samantha Mark Business Development Manager

Elise Courtney Private Banker

Theresa Tok Marketing and Social Media Manager

Simon Hao Sheng Wu Director Structuring Commodities Phillip Green Director Trade Product, Asia Christopher Yong Head Of Operational Risk, Asia Richard Hindle Talent Acquisition Partner

Gavin Loo Economic and Data Analyst

ACCESSASIA | WWW.AUSTCHAM.ORG.SG 31


NEW MEMBERS

NEW MEMBERS Gold Corporate Members

Australian International School

NS BlueScope Pte Ltd

Toll Logistics (Asia) Limited

Edward Groughan Principal

Teck Siong Lim Director of Operations

Charlie Elias Chief Executive Office

Kalea Haran Deputy Head of Secondary School

Vincent Phang Executive Vice President, Singapore

Matt Hall Director of Quality Assurance

Mark Crimmins President ASEAN

Albert Davidson Senior Vice President, BD Industrials Darren Sherry Global Head, Healthcare

Kerryl Howarth Deputy Head of Elementary School

Kirsten Crossland Senior Customer Engagement Manager

Thomas Knudsen President Global Forwarding

Rachael Symes Deputy Head of Early Years

Kwee Hong Chai Director of IT

www.lendlease.com/sg

Anita Mahesan Director of Finance

John Holland Pty Ltd www.johnholland.com.au

Hua Kwan Jong Regional Safety Manager, SEA Hannah Murphy Resourcing Advisor, SEA Chee Wai Yong Finance Manager, SEA Chee Hung Lee Commercial & Legal Manager, SEA Caroline Teo Pre-Contracts Manager, SEA

Sam McMahon Vice President, Strategy, Marketing & Business Development Koh Boon Hong Vice President, Supply Chain Raphaela Koenig Vice President, Strategic Sourcing

Julie Yorke Director of Admissions

Hayden Lok Office Manager, SEA

www.bluescope.com

Erkin Sivgin Senior Project Engineer, SEA Patrick Mc Carthy Infrastructure Manager, SEA Russell Connors Project Engineer, SEA Guy Taylor Operations Manager, Tunnelling, SEA Gerry McCrossan Manager, Water, SEA Simon Lieshout Project Director, SEA

Brian Gillion Bid Director, SEA

32 ACCESSASIA | WWW.AUSTCHAM.ORG.SG

Andrew Fang Manager, Project Development and Process Hoang Bui Deputy Chief Financial Officer Shaun Yeo Regional Counsel – ASEAN Patricia Ashman Regional Counsel – ASEAN Kerri Thurlow Vice President, People NS BlueScope

www.tollgroup.com

Fiona Geddes Executive Vice President, HR Marc Baumback Programme Director Peter Brown Global Client Director, BD Yoni Cukierman Senior Vice President, Strategy and M&A

Jason Wilson Vice President, South East Asia Mark Rhodes Senior Vice President, Ocean Freight Mark Kellet Chief Operating Officer


NEW MEMBERS

NEW MEMBERS Corporate Plus Members

Ascender HCM

www.ascenderhcm.com

Inna Wahlberg General Manager, Asia & Middle East Noa Miyajima Head of Account Management, Asia & Middle East Janet Stubbs Regional Sales Executive Leonie McTaggart HR Director

FTI Consulting

Blackmores

www.blackmores.com.au Dean Garvey Deputy Managing Director - Asia & International

Davies Collison Cave Pty Ltd www.davies.com.sg

Faithful + Gould Project Management Pte Ltd www.fgould.com

Ken Simpson Patent Attorney

Garth Trathen Senior Project Manager

Evelyn Seah Director of Finance, Asia

Thomas Griffiths Patent Attorney - Principal

Keith Dunne Director Operations, Asia

Khoo Kian Hoe Patent Attorney

Hsieh Min Loy Associate Director - Grand Prix & Strategic Asset Management

Ivy Boo HR Manager, Asia Jason Low Country Manager, Singapore

www.fticonsulting.com

Goodman Fielders Pte Ltd

Grant Thornton Singapore

Griffith University

Jarrod Baker Senior Managing Director

Annette Hjorth General Manager, Emerging Markets

Lucinda Chappell Regional Marketing Director

Kees Jan Boonen Senior Director

Annie Ho Financial Controller

Rodger Flynn CEO GT Singapore/ Head of Member Firm Development Asia Pacific

Natalie Carter Managing Director, Strategic Communications

Fiona Johnston Director of Marketing

Nick Gronow Senior Managing Director

www.goodmanfielders.com

Emma Bekens Head of IP Jill Neish Senior Business Manager, Emerging Markets

KPMG Services Ptd Ltd www.kpmg.com

Select Investors SJP www.sjp.asia

www.grantthornton.sg/

Ryan Finkelstein Senior Manager

www.griffith.edu.au

David Grant Pro Vice Chancellor (Business) Peter Woods Director (International)

Jeff Vibert Head of Assurance Jonathan Donde Member Firm Development Asia Pacific Cameron Haines Senior Associate

Meat and Livestock Australia www.mla.com.au

Daryl Pereira Partner

Tristan Perry Head of Tax, Australia

Michael Finucan General Manager, International Markets

Jamie Burgmann Advisor

Julie Sum International Business Coordinator David Carew Technical Consultant Tim Ryan Market Insights Analyst Ellen Rodgers International Business Manager, Southeast Asia ACCESSASIA | WWW.AUSTCHAM.ORG.SG 33


NEW MEMBERS

NEW MEMBERS Corporate Enterprise/Associate/ Individual Members Corporate Enterprise Auslink Marine Products

Aussie Expat Home Loans

Hydrobiology

Anthony Chung Managing Director

Tim Raes Managing Director / Broker

Simon Drummond Principal Environmental Consultant

Wasabi Consulting Pte Ltd

Baldwin Boyle Shand

Andrew Parker Founder

Karis Everhart Account Director

Frozen Lime Asia Pte Ltd

Woodside Energy Trading Singapore Pte Ltd

Serene Law Vice President

Robert Pfeiffer LNG Trading Manager

Cult Design Australia

LifeVista@Community Pte Ltd & LifeVista Community Hong Kong Limited

Water3 Damien Clifford Stone CEO

Ravi Shankar Business Development Manager, Singapore

Spark Plus Pte Ltd Omar Taheri Founder

Georgina Ogden Business Development Manager

Alice Lee Founder

Vistra Singapore Jonathan Ragsdale Associate Director, International Expansion

Associate Member Pitcher Partners Jaimie Godden Executive Director

Individual Members Geodis Steven Pike Chief Financial Officer

CBRE Pte Ltd Ranelle Cliff Projects Director

TO LEARN MORE ABOUT OUR AUSTCHAM MEMBERSHIP Visit austcham.org.sg or contact us members@austcham.org.sg


TRAVEL QANTAS Complimentary business class check-in for you at the Qantas lounge in Singapore

MEMBERSHIP CARD OFFERS Present your AustCham membership card and enjoy these benefits.

BUSINESS SERVICES AIMS IMMIGRATION SPECIALIST 15% discount on professional fee at AIMS Immigration Specialist CITY DEVELOPMENT LIMITED 10% discount on facilities and services at City Serviced Offices LEVEL3 A complimentary month of 'Community Membership' RUNNINGSTREAM 50% discount for the first year proprietary Portfolio Program SERVCORP Enjoy one month complimentary ‘The Virtual Office’ package

EDUCATION & TRAINING COALFACE DIALOGUE Special members’ rates on selected professional development program SINGAPORE MANAGEMENT UNIVERSITY Receive 5% discount on selected SMU Executive Development Programmes

FINANCIAL SERVICES PAY2HOME Enjoy money transfers to Australia for a flat fee of $15 (save 25%) QBE SINGAPORE 20% discount on personal lines including Home, Motor and Travel coverage

HEALTH SERVICES ALL IN THE FAMILY COUNSELLING Enjoy special rates for counselling sessions GLOBALIS INTERNATIONAL HEALTH INSURANCE AustCham members, both individuals and groups, now receive discounted rates on their international health insurance

LIFESTYLE & ENTERTAINMENT BOUNCE SINGAPORE 10% off General Access Tickets

ACCESSASIA | WWW.AUSTCHAM.ORG.SG 35


HOTELS COMO THE TREASURY PERTH Enjoy Friday and Saturday night stay at 10% off the public rate.

THE FULLERTON HOTELS SINGAPORE Enjoy an exclusive 10% off the Fullerton Family Package.

FAR EAST HOSPITALITY Enjoy discounts on best available rates at Far East Hospitality Hotels in Singapore and TFE Hotels in Australia

THE FULLERTON BAY HOTEL 10% off the Indulgence Room Package

FRASERS HOSPITALITY 20% off Best Flexible Rate at participating properties

RESTAURANTS ARTISAN BOULANGERIE CO. 17.5% off total bill CAFE MOSAIC 20% discount off total bill at Cafe Mosaic, Carlton Hotel Singapore GATTOPARDO 15% discount off total bill JAXS BISTRO 10% off total bill JOJI BAR 10% off total bill at Joji Bar, Carlton Hotel Singapore

MEAT SMITH Exclusive all day happy hour drinks and 25% off all meat platters NOVOTEL SINGAPORE CLARKE QUAY 15% off total buffet food bill only at The Square Restaurant WHITEGRASS 20% off total bill at The Bar WAH LOK CANTONESE RESTAURANT 10% off total bill at Wah Lok Cantonese Restaurant, Carlton Hotel Singapore

JW MARRIOT HOTEL SINGAPORE SOUTH BEACH Exclusive discount on dining and wellness priviledges

RETAIL EASTERN CARPETS Receive 10% discount on all carpet cleaning services

UOMO GROUP Exclusive discounts at UOMO Group, Brioni and Stefano Ricci

NATURAL SPRINGS AUSTRALIA Receive one free 5-gallon bottle with every five bottles purchased

WINE EXCHANGE ASIA $69 per bottle for cases of six BillecartSalmon NV Champagne

SHIVA DESIGNS 15% discount on purchases over $99

TRANSPORT & RELOCATION SERVICES ALLIED PICKFORDS Offering AustCham members a special insurance premium of 3%

VISIT WWW.AUSTCHAM.ORG.SG FOR FULL DETAILS & CONDITIONS


NEWS FLASH CELEBRATING THE BEST OF AUSTRALIAN BUSINESS IN SINGAPORE The annual AustCham business awards were presented on 8th June 2018 featuring signature Australian produce cooked by a team of internationally acclaimed Australian chefs, attended by over 250 leaders of the business community in Singapore. AustCham President Ian Cummin said the awards recognise excellence in Australian business in Singapore and the strength of the Australia Singapore relationship. “These awards are a chance to highlight and celebrate the success of not just big Australian businesses, but also to recognise the importance of start ups and the entrepreneurial culture to the business landscape,” he said. “This year we had a strong field of nominees to consider and I think that shows the strength of the Australian business community here in Singapore. It also reflects the relationship between our two countries which has gone from strength to strength particularly over the last few years following the signing of the Comprehensive Strategic Partnership”. Mr Cummin congratulated each of the award winners for 2018:

AustCham President’s Award, awarded to an individual or association who has made a significant contribution to the Australian and Singaporean business community, or to the relationship between Australia and Singapore, or who has substantially facilitated investment or trade between our two countries. 2018 winner: Dale Anderson, James Cook University, Singapore For the past 12 years Dr Anderson has led the growth of the Singapore Campus of James Cook University. James Cook University Singapore is now recognised as a market leader in the provision of tertiary studies in Singapore, business excellence, and educational quality. In 2012 the University was awarded the AustCham Singapore Business Excellence award and is the only foreign educational institution in Singapore authorized to call itself a university.The Singapore campus of the University has grown to now enrol around 4,000 students. Through its Inter-campus Mobility Program they contribute to a cultural exchange that strengthens relations between Australia and Singapore. Dale is a fellow of the Australian College of Educators and a fellow of the Australian Institute of Company Directors. He is the First Vice President of the Singapore Association of Private Education, a member of the Education Committee and the ASEAN Committee of the Singapore International Chamber of Commerce and a member of the Singapore Management Committee of the Australian Institute of Company Directors. He is also a member of the Board of Advisors of Australian Alumni Singapore. Commonwealth Bank of Australia Business Alliance Award, Awarded to the Singaporean company which has demonstrated a significant commitment to Australian trade and investment. 2018 winner: ARA Asset Management Limited ARA Asset Management Limited is a premier global integrated real assets fund manager. As at 1 June 2018, the Gross Assets Managed by ARA Group and its Associates is S$77.2 billion across 62 cities in 20 countries. Its multi-platform, multi-product global fund management strategy, combined with its dedicated teams with in-depth local knowledge, enables the Group to offer enduring value to its investors. Built on a foundation of strong corporate governance and business integrity, ARA counts some of the world’s largest pension funds, sovereign wealth funds, financial institutions, endowments and family offices as its investors. ARA established its Australia platform in 2015. It recently completed the acquisition of a 19.5% stake in Cromwell Property Group. With this, ARA Group and its Associates currently have approximately S$7 billion assets under management in Australia. As part of the Group’s investor-operator philosophy, ARA Australia provides the full range of investment and asset and property management services focused on delivering consistent and superior returns for its investors.

ACCESSASIA | WWW.AUSTCHAM.ORG.SG 37


NEWS FLASH GEMS World Academy Entrepreneur Award, recognising a person/company who has successfully established their own business in Singapore. 2018 winner: Gemma Manning, Gemstar technology Gemma is an Australian female entrepreneur, and by ‘trade’, a strategic marketing and communications professional. She has established two businesses over the last several years including Gemstar Technologies & Manning and Co. Gemma started her first business, Manning & Co, a full-service strategic marketing consultancy in 2008 and has been responsible for the fast growth of the company ever since. Manning & Co, has evolved to being a full service consultancy providing a range of services from strategy, thought leadership and content marketing, creative design, digital, development and videography. Gemstar is the go-to-market access and commercial partner for many Australian businesses including tech start-ups and innovators who are wanting to expand into ASEAN. Through the Innovation Centre of Excellence in Singapore, Gemstar help Australian businesses access and understand the ASEAN markets and determine whether they are market ready. Through end-to-end service offering, businesses are then assisted to immerse themselves into the region, meet strategic investors, partners and customers as well have an immediate address and presence through our Centre. Gemma also runs a number of other programs including a Young Entrepreneurs Program, YoungGems. James Cook University Business Excellence Award, for the organisation which has demonstrated the most outstanding performance in its field. 2018 winner: Lendlease Asia Holdings. Lendlease began its operations in Asia through Singapore since 1973, with its first project in partnership with a local company to deliver 30 blocks of Housing Development Board flats – public housing flats home to more than 80% of Singaporeans. For the last 45 years, Lendlease has rapidly expanded over the years and have completed circa 400 projects in Singapore across various sectors including commercial, retail, life sciences and education. Lendlease has been managing three shopping malls under its belt across Singapore – Parkway Parade, Jem and 313@somerset, which have become popular household names in Singapore. With urban regeneration as a key strategy for the Asia business, Lendlease is currently developing a A$3.2 billion mixed-use development, Paya Lebar Quarter in Singapore, a key catalyst to Urban Redevelopment Authority’s masterplan to transform Paya Lebar into Singapore’s newest business hub. Lendlease has been in close collaboration with various government bodies to champion safety initiatives and innovation over the years. Recognition from government bodies through our repeat wins of bizSAFE and Workplace Safety and Health awards is testament to our steadfast commitment and safety and health excellence. Lendlease has also been a leader in sustainability in Singapore, having obtained many ‘firsts’ in the Green mark ratings – similar to the Australian Green Star. Australian Trade and Investment Commission Innovation Award, for the individual or organisation that has demonstrated innovation through bringing progressive and new ideas to business in priority sectors. 2018 winner: Gilmour Space Technologies Gilmour Space Technologies (www.gspacetech.com) is a leading rocket company in Australia and Singapore that has made significant progress in its mission to provide low-cost launches to the global small satellite industry. Their sweet spot: payloads of up to 400 kg to low earth orbit; with commercial launches from 2020. Unlike most commercial rockets, which use solid- or liquid-fuelled engines, Gilmour Space is pioneering a cheaper, safer and greener hybrid rocket engine that has been demonstrated to overcome long-standing performance issues with hybrid rockets. In June, it conducted a successful 12-second engine test-fire, which generated 75 kilonewtons (or 16,900 pounds) of thrust - possibly the world’s largest successful test of a single-port hybrid rocket engine. Gilmour Space was also one of the first private enterprises in Australia and Singapore to sign a Space Act Agreement with NASA. The company is currently scaling up for its second suborbital test flight later this year, and is in the midst of raising its Series-B round of investments.

JUN / JUL 2018 AccessAsia Magazine is published bi-monthly by AustCham Singapore Editorial Team Kate Baldock, Executive Director Rica Ang, Marketing Executive Design Rica Ang, Marketing Executive

EDITORIAL AND NEWSFLASH ANNOUNCEMENTS To submit articles or announcements for consideration for Access Asia, email info@austcham.org.sg ADVERTISING To learn more about advertising in Access Asia Magazine, contact Rica Ang at rica.ang@austcham.org.sg FOLLOW US ON @AustCham-Singapore

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Access Asia Magazine Jun/Jul 2018: Trade Opportunities  
Access Asia Magazine Jun/Jul 2018: Trade Opportunities  
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