Dear Valued Customers,
Welcome to our May newsletter!
How has everyone been doing so far? We’re reaching the halfway mark for 2021 and economy-wise, it looks like things are beginning to pick up again. Let’s start with some of the highlights that have been happening in Singapore so far.
3E Accounting Recognised for Sustainable Employment Practices
It’s an honour for us to be recognized by the Singapore Business Federation (SBF) for our sustainable employment practices! 3E Accounting was showcased on BiZQ, a digital publication produced by SBF and read by some of the most influential decision-makers in the industry.
3E Accounting was showcased in BiZQ for addressing the challenges faced by employees during the pandemic and putting in place work-life harmony policies and initiatives aimed at improving employees’ welfare and well-being.
Securing the 11th Spot Among the World’s Best Cities
Singapore is once again among the annual best cities in the world ranking for 2020. Singapore has moved up two spots to 11th place. Back in 2019, it was in 13th spot.
Singapore received its ranking based on innovation, economic dynamism, transport, and environmental policies in the Schroders Global Cities Index. The boost in rankings comes mainly from its mass transit system and port. Singapore is home to the third-best transportation system in the world and home to the best seaport in the world.
Now, let’s move on to what has been happening in Malaysia:
MARTRADE Puts New Guidelines in Place to Boost Market Capabilities
The Malaysia External Trade Development Corporation (MARTRADE) launched new guidelines to enhance the country’s services exports. The guidelines began from 15 March and are applicable to the Services Export Fund (SEF). The SEF aims to enhance Malaysia’s capabilities to gain market access for overseas projects.
Additionally, MARTRADE is introducing three new activities, bringing the total to 12 under the SEF plan. The activities will cover the cost and fees of participating in training programmes that are held overseas. The activities also cover certification registration fees from compliance to sustainability. It also includes purchasing software, hire purchasing or renting equipment and machinery.
Malaysia’s Manufacturing Is Key to Industrial Output Growth
Malaysia is expecting to see a strong industrial output growth in the second half of this year, thanks to the expected support from the manufacturing sector. This sector is expected to grow again because economic activities have resumed. The outlook is looking optimistic now that the movement control order (MCO) is gradually easing.
External demand is also growing thanks to the global COVID-19 mass vaccination programme. This is contributing to the industrial output growth, so the outlook in this sector continues to be favourable. This is the ideal time for businesses to start thinking about incorporating a business in Malaysia once more.
And moving over to Hong Kong, let’s see what’s been happening:
Financial Secretary On Business Opportunities for Hong Kong
Hong Kong’s Financial Secretary Paul Chan is confident that the Budget this year has addressed critical concerns faced by the economy. He also shared the business opportunities that lie ahead. COVID-19 has hit every economy in the world hard. This year’s budget is about reviving the economy and easing the people’s burden. Hence, resources have been judiciously allocated. The underlying goal here is to create multiplier effects beyond boosting the investment in the infrastructure sector to promote green and sustainable financing, real estate investment trust market, bond market and securities.
Until next time, stay safe and healthy.
Thank you.
Lawrence Chai
Founder, 3E Accounting Group
Read More in our E-Newsletter May 2021
