Asia

South Korea announces $19 billion support package for chip industry

$12.47 billion financial support program aims to back investments by semiconductor companies

Japan posts $3 billion trade deficit in April despite surge in exports

Higher crude oil prices and a sharp drop in the value of the yen boosted the cost of imports, offsetting robust growth in exports

100 mega events in Hong Kong to attract 1.7 million visitors in next 6 months

Visitors to Hong Kong expected to stimulate around $923 million in consumer spending

Japan’s 10-year bond yield surges above 1 percent for first time in 11 years as Central Bank shifts policy

Investors are speculating that BoJ will continue raising interest rates in the near future

Abu Dhabi’s Mubadala backs Japan’s 108GW solar target with inaugural renewable energy investment

PAG REN I platform will play a critical role in supporting large corporations across Japan as they transition to clean energy

China’s fiscal revenue down 2.7 percent in first four months of 2024, expenditure up 3.5 percent

For April alone, fiscal revenue fell 3.7 percent against a 2.4 percent decline in March

China’s gasoline exports fall 50.8 percent to lowest in 9 years in April

Domestic travel saw a 28 percent increase compared to 2019, fueling demand for gasoline

Elon Musk launches Starlink in Indonesia to support healthcare sector

Musk launched Starlink in three health centers across Indonesia

Saudi Arabia, China ink two key deals to boost Kingdom’s housing sector

Agreements to develop and raise the quality of residential projects across the Kingdom

China introduces visa-free entry for tourists entering on cruise ships

China also extends visa-free travel for 11 European countries and Malaysia until the end of 2025

China’s LNG imports forecast to surpass 79 million tons in 2024, PetroChina official says

China shipped nearly 20 million tons of LNG already in the first quarter of 2023

Japan’s wholesale inflation remains at 0.9 percent in April as yen declines

Import prices in yen increased 6.4 percent annually in April and 1.4 percent compared to March

South Korea plans $7.3 billion boost to support semiconductor industry

Announcement comes after commitment of $6.94 billion in investment in AI by 2027

China’s consumer prices rise 0.3 percent in April, producer prices decline 2.5 percent

Decline in manufacturing and services activity raises recovery concerns

Japan’s current account surplus soars to record high of $162.56 million in fiscal 2023

Goods trade deficit decreased to $22.94 million, down from the previous year's $113.83 million

South Korea’s fiscal deficit hits record high of $55.07 billion in Q1 2024

This was primarily attributed to increased expenditures aimed at strengthening the ongoing economic recovery

Hanoi attracts over $1.1 billion in FDI in first four months of 2024

In April alone, 20 new FDI projects in Hanoi attracted $103.9 million

Sri Lanka forges 20-year power purchase deal with India’s Adani Green Energy

Recent power blackouts and fuel shortages during the 2022 economic crisis underscore the importance of diversifying the energy mix

South Korea, Asian Development Bank sign $2 billion agreement to support development projects

The cofinancing will support projects that include climate change, transportation, energy, agriculture, ICT

Egypt seeks investment boost from South Korea across key sectors

Egypt to implement incentive packages to attract investments in the industrial sector

China’s Xinxing Ductile to invest $400 million in Egypt within 5 years

In April, SCZONE laid the foundation stone of the Xinxing Ductile Iron Pipes Corporation’s factory

Vietnam’s tourism sector generates $10.7 billion in revenue in four months

The sector served over 6.2 million foreign visitors and 40.5 million domestic tourists in the same period

Hong Kong’s economy grows 2.7 percent in Q1 2024

Exports see 6.7 percent growth on increased external demand