Iskamdar Malaysia ranked 4th best future global free zone

Romantic sunset at the beach in Malaysia

JOHOR BAHRU, Sept 7 (Bernama) — Iskandar Malaysia boosted its competitive edge as the best choice for investment destination with the recognition as the fourth Global Free Zone Of the Future 2012/2013 by fDi Magazine of Financial Times Ltd.

Iskandar Regional Development Authority (IRDA) chief executive officer, Datuk Ismail Ibrahim, said the recognition would definitely help ‘bookmark’ Iskandar Malaysia in the minds of the businessmen, corporate leaders and policymakers.

“We at IRDA are fully committed to sustain and improve Iskandar Malaysia’s attractiveness and ease of doing business,” he said in a a statement here today.

via Iskamdar Malaysia ranked 4th best future global free zone | My Sinchew.

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Taiwan's first free economic zone

Bintulu International Container Terminal

Kaohsiung, May 25 (CNA) President Ma Ying-jeou said Friday he hopes the Port of Kaohsiung can work toward becoming Taiwan‘s first showcase free economic zone to help drive the country’s economic growth.

Speaking at the groundbreaking of the second phase of the port’s International Container Terminal, Ma said the proposed showcase free zone will comprise the existing Kaohsiung Free Trade Zone, export processing zones and industrial parks in the southern Taiwan city.

The government plans to invest NT$28.11 billion in the NT$90.6 billion project for the terminal’s second phase, according to Taiwan International Ports Corp., which operates the Kaohsiung port.

The second phase of the terminal, which will create 19 new deepwater berths, is scheduled to be completed in 2019, the company said.

Ma said petrochemical companies in the area planning to relocate should consider moving instead to the container terminal, since 10 of the new berths will be used for a petrochemical distribution center in the terminal.

Minister of Transportation and Communications Mao Chi-kuo also said that under the project, land will be allocated for the relocation of petrochemical companies in the old port area.

However, Chu Shao-hua, chairman of the state-owned oil refiner CPC Corp., Taiwan, said the company will move only its oil tank in the old port area and has no plans to establish a new petrochemical plant at the Kaohsiung terminal when its naphtha cracker complex shuts down in 2015.

The government confirmed May 14 that a controversial project intended to replace the production of CPC Corp.’s complex in Kaohsiung would be relocated to Malaysia.

The Kuogang project, partly invested by CPC Corp., was proposed in 2005 and was scheduled to be built in a wetlands area in central Taiwan’sChanghua County, but it was scrapped last y

via Free economic zone project to get off the ground in Kaohsiung – CNA ENGLISH NEWS.

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Penang free port status

Image of the Jewish Cemetery in George Town, P...

GEORGE TOWN: A PROPOSAL has been mooted to restore the free port status of Penang to boost international tourism investments.

It is learnt that the proposal has been forwarded to Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop and chairman of Tourism Malaysia Datuk Dr Victor Wee Eng Lye.

“Discussions are ongoing to make Penang a tourist haven and complement Langkawi’s free port status,” a source told the New Straits Times.

The source said the free port status for Penang is part of a move to improve the tourism appeal of both Penang and Langkawi and attract high-net investors to both islands.

via Proposal to restore Penang free port status – Top News – New Straits Times.

 

Indonesia tax on metals risks China shipments

A piece of Ni about 3 cm in size Category:nick...

HONG KONG/JAKARTA May 4 Reuters – New Indonesian taxes on metals and curbs on shipment of raw minerals are likely to hit exports of nickel and bauxite to China, an industry source said on Friday, highlighting concerns over the impact of the policy on Southeast Asias biggest economy.Jakarta aims to boost investment in domestic ore processing to lift exports of higher-value finished metals by the G20 economy through the new rules which come into force on Sunday.

The resource-rich nation is imposing a 20 percent tax on some m etal ore exports and will prohibit shipments of raw minerals unless miners submit plans to build smelters.

The rules are likely to affect less than a third of Indonesias metal exports but are a precursor to a total ban on raw material exports by 2014.

Around 10,000 holders of mining business permits , mostly small-scale miners in the worlds top nickel miner and tin producer, will be required to produce plans of how they will process and smelt ores within Indonesia ahead of 2014, or face a ban on exporting from Sunday.

“Chinas imports of nickel laterite ores from Indonesia may fall sharply after May, which would force Chinese nickel-pig-iron producers to cut production as ore prices rise,” said a trade manager at a nickel pig iron producer in China, which has two ships at an Indonesian port trying to leave by Sunday.Indonesia supplied around 80 percent of Chinas nickel and 53 percent of its bauxite last year, according to PwC data.

via Indonesia tax on metals risks China shipments | Agricultural Commodities | Reuters.

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Accounting firms can help Singapore stay competitive

Teo Chee Hean

Accounting firms can play an important role in helping Singapore stay competitive in the financial services industry while also devising innovative business models, said Deputy Prime Minister Teo Chee Hean on Monday.

Mr Teo pointed out that the accountancy sector, with its adherence to international standards and regulation, will play a crucial role in helping other businesses grow while also thriving as an industry in its own right.

‘We want Singapore to be a global accountancy hub that offers high-value-added professional accountancy services, that is a home for global accountancy organisations and serves as a thought and practice leader in the design and implementation of global accounting practices and standards,’ he said.

Singapore aims to raise the accounting sector’s contribution to the economy from 0.4 per cent now, to 1 per cent over the next 10 years.

via Accounting firms can help S’pore stay competitive: DPM Teo.

USA and Hong Kong Sign Mutual Recognition Agreement for Accounting

Hong Kong Institute of Certified Public Accoun...

NEW YORK and NASHVILLE, Oct. 24, 2011 /PRNewswire-USNewswire/ — The U.S. International Qualifications Appraisal Board (U.S. IQAB) and the Hong Kong Institute of Certified Public Accountants have entered into a five-year Mutual Recognition Agreement that establishes the basis for reciprocity between the U.S. and Hong Kong accounting professions.

“The agreement we’ve signed today with the Hong Kong Institute of Certified Public Accountants will make great strides in advancing the reciprocity of CPAs in the U.S. and in Hong Kong,” said William Treacy, chair of the U.S. IQAB.  “IQAB has thoroughly evaluated the educational, examination and experience requirements of CPAs in Hong Kong and is confident they are substantially equivalent to those of the U.S. CPA.”

The agreement was signed at NASBA’s 104th Annual Meeting in Nashville.

“Our agreement with the Hong Kong Institute validates our purposeful and determined quest to be truly global in mutual recognition of high quality accounting credentials.  We look forward to our association with the Hong Kong Institute and to more effectively facilitating the professional practice of accountancy on behalf of the public interest of both the United States and Hong Kong,” said David Costello, NASBA President & CEO.

The U.S. IQAB is a joint body of the American Institute of CPAs and the National Association of State Boards of Accountancy.

“This new agreement will allow qualified accountants in the U.S. and Hong Kong to work across borders,” said Barry Melancon, AICPA president and CEO.  “Globalization is rapidly changing the way business is done across the globe and CPAs will continue to play a vital role in the financial systems in the U.S. and abroad.”

via U.S. and Hong Kong Sign Mutual Recognition Agreement for Accounting

Dubai free zone ready to be new Baku port operator

Bailovo, Baku, Azerbaijan

Image via Wikipedia

Baku, Fineko/abc.az. The new Baku International Sea Trade Port, being built in Alat settlement 65 km south of Baku, can get quite a tough operator – the Dubai free zone.

Azerbaijani Transport Minister Ziya Mammadov says that the Dubai free zone, which operates 30 ports around the world, has already offered its services for the launch of the new Baku port.

“Today, these companies cannot cooperate with Azerbaijan due to the absence of multimodal transportation,” the minister said.

He points out that work is underway currently within the first phase of the port construction, after which port capacity will reach 15 million tons a year. After all the three stages are finished, its capacity will be brought up to 25 million tons.

“The current port has become fully outdated and does not meet international standards and modern technologies. Besides, its capacity is only 5-10 million tons a year,” Mammadov said.

via Azerbaijan Business Center – Dubai free zone ready to be new Baku port operator