ASLI INSIGHTS: Asia Unpacked | 12 October 2024

ASLI is back with more ASLI INSIGHTS: Asia Unpacked!

Stay tuned for more top news in Asia handpicked by ASLI and for our curated weekly roundup!

This week’s Asia top news:

1) Laos Hosts ASEAN Summit as Leadership Passes to Malaysia for 2025

Laos officially handed over the ASEAN chairmanship to Malaysia during the closing ceremony of the 44th and 45th ASEAN Summits in Vientiane. This marked the conclusion of Laos’ leadership of the regional bloc and the beginning of Malaysia’s role as ASEAN Chair in 2025. In his closing speech, Laos Prime Minister Sonexay Siphandone expressed gratitude for the support received throughout Laos’ chairmanship. Malaysian Prime Minister Datuk Seri Anwar Ibrahim then took the stage, reaffirming Malaysia’s commitment to ASEAN’s core values. He emphasised that under Malaysia’s leadership, the region will continue to uphold peace, stability, and prosperity in Southeast Asia.

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2) Bangladesh’s Yunus declares no elections without reforms

Muhammad Yunus, Bangladesh's interim leader, has stated that elections will not be scheduled until necessary reforms are implemented, emphasising the need for a stable democratic framework first. Following the ouster of former Prime Minister Sheikh Hasina, Yunus acknowledged the "broken" state of the political system and highlighted the importance of restoring democratic institutions to prevent a return to autocracy. While the interim government faces pressure to hold elections within three months, experts advocate for a delay to address underlying issues. Yunus also addressed concerns regarding the arrests of former officials, asserting that trials will be impartial once judicial reforms are in place.

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3) Former Philippine President Duterte to Run for Davao Mayor

Former Philippine President Rodrigo Duterte has registered to run for mayor of Davao City in the 2025 elections, despite his controversial legacy from his anti-drug campaign, which is under investigation by the International Criminal Court (ICC) for potential crimes against humanity. Duterte, 79, who previously served as mayor for two decades, aims to strengthen his family's political position, with his son Sebastian Duterte running as vice mayor. While Duterte remains popular, he faces challenges from political rivals and scrutiny over his past. The upcoming elections are crucial for both the Duterte and Marcos families as they navigate shifting political alliances and public sentiment.

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4) Vietnam’s GDP Growth Soars to 7.4%, The Highest in Two Years

Vietnam's economy experienced a robust growth of 7.4% in the third quarter of 2024, the highest in two years, despite the recent devastation caused by Typhoon Yagi. This growth outpaced the previous quarter's 7.09% and was driven by strong exports, particularly in electronics, which saw a 20.6% increase. The typhoon, however, resulted in significant disruptions, including over 300 fatalities and estimated damages of $3 billion, impacting agricultural and industrial production. Looking ahead, analysts express concerns about potential slowdowns in demand from the U.S. and geopolitical tensions affecting trade. Overall, Vietnam aims for a GDP growth target of 6-6.5% for the year.

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5) OpenAI Establishes Singapore Office to Enhance AI Collaborations in Asia-Pacific

OpenAI announced plans to open an office in Singapore by the end of 2024, marking its second location in Asia and fourth globally. This expansion aims to enhance regional collaboration and support local partnerships, particularly with AI Singapore, which focuses on developing AI models tailored to Southeast Asian cultures and languages. OpenAI plans to hire five to ten employees in roles related to sales and technical support. The company's CEO, Sam Altman, emphasized Singapore's leadership in technology and AI. OpenAI's presence is expected to foster new collaborations and contribute to the region's growing AI ecosystem, which has seen increased demand for advanced AI tools.

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