under the responsibility of - ING Belgium · ing of foreign trade: guarantees, documen - tary...
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SINGAPORE, MALAYSIA: ING TAKES PART IN THE BELGIAN ECONOMIC MISSION Since the 1980s, ING is continually expand- ing its global network. It is now present in 40 countries. "In Asia, you can find us in China – including Hong Kong –, India, the Philippines, Japan, Indonesia, Vietnam, Mongolia, Thailand… and of course Malaysia and Singapore," says Sébastien D'Hondt, ING Commercial Banking's Head of Corporate Clients Belgium. "Asia is in full growth - at least 5% per year, which means that the Asian economy will double in size every 14 years." In addition to its offer of payment and finan- cial services, ING can intervene in the financ- ing of foreign trade: guarantees, documen- tary credits, etc. For all its professional cus- tomers who want to strengthen their inter- national presence, it applies the same strate- gy, relying mainly on its relationship man- agers. "These are key people in our struc- ture," Sébastien D'Hondt states. The rela- tionship managers conform to the demands of each company, offering their expertise according to its needs. They are natives or have been residents for several years, so they know the strengths and challenges of the country. In addition to this valuable local expertise, they often act as a 'liaison who opens doors', letting their enterprise cus- tomers benefit from their network. According to the entrepreneurs present in the region, one should be aware that the Asians do not await us. "Thus the impor- tance of joining a mission, which increases the visibility of our country, and greatly facili- tates contacts", resumes Sébastien D'Hondt, who will himself attend this trip. Examples of Belgian companies who have chosen to relo- cate to Singapore include Solvay and Sibelco, "well placed to take advantage of the increase in Asian demand and of the export of Southeast Asian countries". During the mission, logistics company Katoen Natie will inaugurate its new Singapore terminal. More broadly, the areas of health, chemicals, food processing, communications technology, as well as banking technology will be very well represented within the mission, as well as the construction and oil and gas activities. For a complete overview of the interna- tional network of ING, go to www.ingcb.com © David Plas ING WANTS TO OPEN THE DOORS OF ASIA TO ITS CUSTOMERS ING Bank will take part in the economic mission to Malaysia- Singapore and is putting its net- work at the service of Belgian companies looking for interna- tional growth. VIETNAM Hanoi including through making it costlier to employ low- skilled foreign workers. the early 2000s, the Singapore Government's policy tends toward a more service- based economy, focused on an increasing rate of pro- ductivity and a decreasing share of unskilled labour. The government sees that staying at the top of the competitiveness rankings is the best way to ensure bright job prospects for Singaporeans. Malaysia, meanwhile, is battling its belittling image as a country stuck in the middle-income trap. Malaysian's public authorities are introducing supply-side reforms aimed at escaping the trap, including a public finance reform to be implemented in 2015 that will shift to indirect taxation – a goods and services tax – from direct taxation – personal and corporate income taxes. The authorities have imposed a 55% of GDP limit on public debt . Malaysian manufacturers also may benefit from slower growth in China. After all, the Chinese boom in the 2000s was more beneficial to producers in China’s northeast Asian neighbours, who had to increase productivity to stay ahead of Chinese competi- tors. Many producers in Southeast Asia, starting from a lower average level of technological sophistication, were unable to survive the increased competition. Slower growth puts this process into reverse: Southeast Asia will benefit as producers in North Asia react to slower growth by outsourcing production capacity to lower-cost destinations. Malaysia has historically been a top destination for foreign investors, in part because its infrastructure is much better than that of its neigh- bours. Singapore competes with places like Hong Kong and Shanghai (China) as a preferred site for regional offices. Shanghai continues to lead in terms of proximity to markets and the sheer strong production base of the Chinese labour force but costs have increased over time and some of the new reforms and related investi- gations have made international investors wary. Over time Hong Kong has become associated as the gate- way to China and has relinquished some of its role as gateway to the rest of Asia to Singapore. ‘I In the areas of trade and investment, Singapore and Malaysia are two of the coun- tries that matter most for Southeast Asia, being the top two trading partners with the EU in the ASEAN," says Manuel Salak, Head of Clients and Corporate Finance for Asia at ING. Companies appreciate the world class infrastructure, excellent and efficient services particularly in logistics management, a health care system which is among one of the world's best, and the presence of skilled workforces, both local and expatriate. An opinion shared by Tim Condon, Chief Economist, Asia at ING: "Stability certainly is one of the most appreciated assets of Singapore and Malaysia, together with the effectiveness of the public authorities. Even if the two States have not regained their pre-crisis growth level, the rate of growth remains enviable (3.3% expected in 2014 for Singapore, and 5.6% for Malaysia). One can safely state that neither faces any serious macroeconomic stress and that their prospects are very good." In the eyes of the economist, economic developments in the rest of the world, for example another global financial crisis, are more of an economic threat than anything in their own economies. Their financial markets are highly transparent and managed in an exemplary manner. The Singapore authorities are very aware that Singapore is one of the largest financial centres of the world, and are determined to maintain and strengthen its position. "It is possible that exchange control measures taken in Malaysia at the time of the Asian crisis in 1997-98 have somewhat undermined the reputation of the financial centre, but that is only a hypothesis", adds Tim Condon. SINGAPORE, THE BEST PLACE IN THE WORLD TO DO BUSINESS. Singapore is one of the most welcoming places on the planet for entrepreneurs. A go-for-growth policy in the early 2000s strained the island’s infrastructure capacity and since 2011 government policy has aimed at expanding infrastructure and raising productivity, SINGAPORE: Growth 2013: 3.9% Growth 2014 (forecast): 3.3% GDP per capita: $55,182 (2013) Unemployment rate: 2 % Ease of doing business ranking: 1st worldwide Expected export growth in the years to come: + 2-4% per year Expected import growth in the years to come: + 3-5% MALAYSIA: Growth 2013: 4.7% Growth 2014 (forecast): 5.6% GDP per capita: $10,898 (forecast 2014) Unemployment rate: 3.1 % Expected export growth in 2014 (forecast): 1.6% Expected import growth in 2014 (forecast): 2.2 % Source: ING, World Bank With their stable environment, world- class infrastructure, access across all of Southeast Asia – the centre of future growth – Singapore and Malaysia possess remarkable advantages. Present in Singapore for 27 years, ING supports the establishment and development of Belgian companies in this key area of Southeast Asia. As early as 2015, the creation of the ASEAN Economic Community will pave the way for a market of 600 million consumers. ‘Two ideal doorways to Southeast Asia’ Finally Singapore and Malaysia are looking to play their own regional hub roles with the creation of the AEC (ASEAN Economic Community). The AEC envi- sions an integrated platform of free flowing goods, investment, and capital and aims to create a single market of 600 million people by 2015. Many compa- nies already are adopting an integrated approach to the area, a whole new world of opportunities to grasp for Belgian companies and the EU! ING has been helping both local and international clients in Singapore both for their local banking needs and their requirements when they deal with their own operations in China or Southeast Asia. ING remains one of the top three banks in the region for trade commodity finance and relies on its interna- tional network for landmark corporate advisory and industry lending deals. "We have strong expertise in financial transactions related to commodities finance and all trade flows", continues Manuel Salak. "We are also financing our customers and advising them on their banking needs in various sectors such as transport and logistics, Power and utilities, telecoms media, natural resources and food/consumer. Identifying the right opportunities and supporting their efforts with strong quality execution is key to our client centricity and providing value added dif- ferentiation." ING Commercial Banking network in Asia © ING © ING Sébastien D'Hondt, Head of Corporate Clients Belgium ING Commercial Banking Tim Condon, Chief Economist Asia Manuel Salak, Head of Clients and Corporate Finance Asia under the responsibility of: An ING initiative. Published by ING
Transcript of under the responsibility of - ING Belgium · ing of foreign trade: guarantees, documen - tary...
SINGAPORE, MALAYSIA: ING TAKES PART IN THE BELGIAN ECONOMIC MISSION
Since the 1980s, ING is continually expand-ing its global network. It is now present in40 countries. "In Asia, you can find us inChina – including Hong Kong –, India, thePhilippines, Japan, Indonesia, Vietnam,Mongolia, Thailand… and of course Malaysiaand Singapore," says Sébastien D'Hondt,
ING Commercial Banking's Head ofCorporate Clients Belgium. "Asia is in fullgrowth - at least 5% per year, which meansthat the Asian economy will double in sizeevery 14 years." In addition to its offer of payment and finan-cial services, ING can intervene in the financ-ing of foreign trade: guarantees, documen-tary credits, etc. For all its professional cus-tomers who want to strengthen their inter-national presence, it applies the same strate-gy, relying mainly on its relationship man-agers. "These are key people in our struc-ture," Sébastien D'Hondt states. The rela-tionship managers conform to the demandsof each company, offering their expertise
according to its needs. They are natives orhave been residents for several years, so theyknow the strengths and challenges of thecountry. In addition to this valuable localexpertise, they often act as a 'liaison whoopens doors', letting their enterprise cus-tomers benefit from their network.According to the entrepreneurs present inthe region, one should be aware that theAsians do not await us. "Thus the impor-tance of joining a mission, which increasesthe visibility of our country, and greatly facili-tates contacts", resumes Sébastien D'Hondt,who will himself attend this trip. Examples ofBelgian companies who have chosen to relo-cate to Singapore include Solvay and Sibelco,
"well placed to take advantage of theincrease in Asian demand and of the exportof Southeast Asian countries". During themission, logistics company Katoen Natie willinaugurate its new Singapore terminal. Morebroadly, the areas of health, chemicals, foodprocessing, communications technology, aswell as banking technology will be very wellrepresented within the mission, as well asthe construction and oil and gas activities.
For a complete overview of the interna-tional network of ING, go towww.ingcb.com
© D
avid Plas
ING WANTS TO OPEN THE DOORS OF ASIA TO ITS CUSTOMERSING Bank will take part in theeconomic mission to Malaysia-Singapore and is putting its net-work at the service of Belgiancompanies looking for interna-tional growth.
VIETNAMHanoi
including through making it costlier to employ low-skilled foreign workers. the early 2000s, the SingaporeGovernment's policy tends toward a more service-based economy, focused on an increasing rate of pro-ductivity and a decreasing share of unskilled labour.The government sees that staying at the top of thecompetitiveness rankings is the best way to ensurebright job prospects for Singaporeans. Malaysia, meanwhile, is battling its belittling image asa country stuck in the middle-income trap. Malaysian'spublic authorities are introducing supply-side reformsaimed at escaping the trap, including a public financereform to be implemented in 2015 that will shift toindirect taxation – a goods and services tax – fromdirect taxation – personal and corporate income taxes.The authorities have imposed a 55% of GDP limit onpublic debt . Malaysian manufacturers also may benefitfrom slower growth in China. After all, the Chineseboom in the 2000s was more beneficial to producers inChina’s northeast Asian neighbours, who had toincrease productivity to stay ahead of Chinese competi-tors. Many producers in Southeast Asia, starting from alower average level of technological sophistication,were unable to survive the increased competition.Slower growth puts this process into reverse: SoutheastAsia will benefit as producers in North Asia react toslower growth by outsourcing production capacity tolower-cost destinations. Malaysia has historically been atop destination for foreign investors, in part because itsinfrastructure is much better than that of its neigh-bours. Singapore competes with places like Hong Kong andShanghai (China) as a preferred site for regional offices.Shanghai continues to lead in terms of proximity tomarkets and the sheer strong production base of theChinese labour force but costs have increased overtime and some of the new reforms and related investi-gations have made international investors wary. Overtime Hong Kong has become associated as the gate-way to China and has relinquished some of its role asgateway to the rest of Asia to Singapore.
‘IIn the areas of trade and investment,Singapore and Malaysia are two of the coun-tries that matter most for Southeast Asia,being the top two trading partners with theEU in the ASEAN," says Manuel Salak, Head of
Clients and Corporate Finance for Asia at ING.Companies appreciate the world class infrastructure,excellent and efficient services particularly in logisticsmanagement, a health care system which is amongone of the world's best, and the presence of skilledworkforces, both local and expatriate. An opinion shared by Tim Condon, Chief Economist,Asia at ING: "Stability certainly is one of the mostappreciated assets of Singapore and Malaysia, togetherwith the effectiveness of the public authorities. Even ifthe two States have not regained their pre-crisis growthlevel, the rate of growth remains enviable (3.3%expected in 2014 for Singapore, and 5.6% forMalaysia). One can safely state that neither faces anyserious macroeconomic stress and that their prospectsare very good." In the eyes of the economist, economicdevelopments in the rest of the world, for exampleanother global financial crisis, are more of an economicthreat than anything in their own economies. Theirfinancial markets are highly transparent and managedin an exemplary manner. The Singapore authorities arevery aware that Singapore is one of the largest financialcentres of the world, and are determined to maintainand strengthen its position. "It is possible thatexchange control measures taken in Malaysia at thetime of the Asian crisis in 1997-98 have somewhatundermined the reputation of the financial centre, butthat is only a hypothesis", adds Tim Condon.
SINGAPORE, THE BEST PLACE IN THE WORLD TODO BUSINESS.Singapore is one of the most welcoming places on theplanet for entrepreneurs. A go-for-growth policy in theearly 2000s strained the island’s infrastructure capacityand since 2011 government policy has aimed atexpanding infrastructure and raising productivity,
SINGAPORE: � Growth 2013: 3.9% � Growth 2014 (forecast): 3.3% � GDP per capita: $55,182 (2013) � Unemployment rate: 2 %� Ease of doing business ranking: 1st worldwide
� Expected export growth in the years to come: + 2-4% per year
� Expected import growth in the years to come: + 3-5%
MALAYSIA: � Growth 2013: 4.7% � Growth 2014 (forecast): 5.6% � GDP per capita: $10,898 (forecast 2014) � Unemployment rate: 3.1 %� Expected export growth in 2014 (forecast): 1.6%
� Expected import growth in 2014 (forecast): 2.2 %
Source: ING, World Bank
With their stableenvironment, world-class infrastructure,access across all ofSoutheast Asia – thecentre of future growth– Singapore andMalaysia possessremarkable advantages.
Present in Singapore for 27 years, ING supports theestablishment and development of Belgiancompanies in this key area of Southeast Asia. Asearly as 2015, the creation of the ASEAN EconomicCommunity will pave the way for a market of 600 million consumers.
‘Two ideal doorways to Southeast Asia’
Finally Singapore and Malaysia are looking to playtheir own regional hub roles with the creation of theAEC (ASEAN Economic Community). The AEC envi-sions an integrated platform of free flowing goods,investment, and capital and aims to create a singlemarket of 600 million people by 2015. Many compa-nies already are adopting an integrated approach tothe area, a whole new world of opportunities tograsp for Belgian companies and the EU!ING has been helping both local and internationalclients in Singapore both for their local bankingneeds and their requirements when they deal withtheir own operations in China or Southeast Asia. INGremains one of the top three banks in the region fortrade commodity finance and relies on its interna-tional network for landmark corporate advisory andindustry lending deals. "We have strong expertise infinancial transactions related to commodities financeand all trade flows", continues Manuel Salak. "Weare also financing our customers and advising themon their banking needs in various sectors such astransport and logistics, Power and utilities, telecomsmedia, natural resources and food/consumer.Identifying the right opportunities and supportingtheir efforts with strong quality execution is key toour client centricity and providing value added dif-ferentiation."
� ING Commercial Banking network in Asia
© IN
G
© IN
G
Sébastien D'Hondt, Head of CorporateClients Belgium ING Commercial Banking
Tim Condon, Chief Economist AsiaManuel Salak, Head of Clients and Corporate Finance Asia
under the responsibility of:
An ING initiative. Published by ING
