Indonesia's ex-president Yudhoyono urges Asean to beef up investment game amid global shifts
[JAKARTA] South-east Asia must step up its efforts to attract long-term investment by enhancing trust, improving human capital and building a more compelling regional narrative, Indonesia's former president Susilo Bambang Yudhoyono said, warning that rising geopolitical tensions and economic realignments are reshaping the global investment landscape.
Speaking at the Asia Economic Summit 2025 in Jakarta on Thursday (June 26), he said the region faces both opportunities and risks as industries increasingly shift out of China in response to global trade tensions, particularly between the US and China.
'As some industries begin to relocate from China, South-east Asia has a real chance to position itself, not just as a destination for low-cost labour, but as a strategic hub for innovation, logistics and regional integration,' he said.
However, he cautioned that seizing this moment would require agility and diplomatic balance. 'As we see China as an important source of technological capital, we also see the US and the West as indispensable sources of financial capital, therefore we need to maintain relationships with both with respect, mutual trust and mutual benefit.'
The former president, who led Indonesia from 2004 to 2014, emphasised that to remain competitive, South-east Asia needs to expand its fiscal space, improve financial intermediation (particularly for small and medium-sized enterprises), and invest heavily in education and skills training to prepare workers for an increasingly automated, AI-driven future.
His remarks come at a time when several South-east Asian economies have been hit by elevated tariffs under US President Donald Trump's administration.
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In response, some have entered negotiations with Washington in hopes of easing trade pressures and preserving their export competitiveness.
Amid mounting global volatility, from the wars in Ukraine and Gaza to intensifying strategic rivalries between major powers such as US, China and Russia, Yudhoyono urged South-east Asia nations to project a united and dependable front to international investors.
'Investors want to know that our rules are stable, our systems are fair, and our societies are resilient,' he said. 'Trust between governments, with the private sector, and with citizens, is fundamental in attracting long-term capital.'
Yudhoyono also urged South-east Asian nations to tell a more unified and compelling story on the global stage. 'The world often views South-east Asia through a fragmented lens. We must shift that perception. Diplomacy and storytelling are strategic capital.'
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New Paper
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What is the difference between the many locally farmed eggs in Singapore?
To shop for eggs in Singapore is to be met with a wall of choice. They come fresh and processed. From as far away as Ukraine or as near as Lim Chu Kang. Some are packed with omega-3, others enhanced with lutein. Decisions, decisions. How did these "designer" eggs come to be? And, more importantly, do they taste any different? With the production of local eggs on the rise - farms here were responsible for 34.4 per cent of eggs consumed in 2024, up from 31.9 per cent in 2023 - The Straits Times speaks to Singapore's three local egg farms to crack the code. May the best brand win At the farms in Lim Chu Kang, production runs like clockwork, with humans and machines working in tandem to churn out hundreds of thousands of eggs a day. That number could be greater. Seng Choon Farm is operating only at around 85 per cent capacity, as is Chew's Agriculture. N&N Agriculture is at 90 per cent capacity. The only thing holding them back is the demand for eggs, which farmers say is on a downward trend. In the case of Chew's Agriculture, sales have dropped by around 10 to 15 per cent over the last few months, says general manager Chew Zi Xuan, 38. In September 2023, Turkey became Singapore's 19th egg source. It joins countries such as Thailand, Australia and Poland in feeding the hunger here for the low-cost, versatile protein. In line with the Republic's 30 by 30 vision, in which Singapore aspires to produce 30 per cent of nutritional needs locally by 2030, a third of its egg supply is currently produced domestically. Then Senior Minister of State for Sustainability and the Environment Koh Poh Koon pointed to this statistic as a bright spot amid agri-food challenges in his Committee of Supply speech in March. But local farmers say the business is not always all it is cracked up to be. Despite the aid of robotics and attempts to streamline operations wherever possible, there is only so much they can do to offset the higher cost of production in Singapore. Seng Choon Farm has been producing eggs since the 1980s. ST PHOTO: DESMOND FOO Seng Choon Farm operates a 14.5ha facility in Jalan Gemala. Its managing director Koh Yeow Koon, 49, says: "Pushing local farms to increase food production is like putting the cart before the horse. We can't increase supply without pushing up consumer demand. "We will never be cheaper than other South-east Asian farms because land and labour are expensive, and we're subjected to land leases, while they have freehold farms." For example, a carton of 10 fresh eggs from Malaysia, weighing 500g in total, retails at $2.65 at FairPrice supermarkets, while a similar box from Brunei (550g) is priced at $2.85. In comparison, Singapore's Chew's Rise & Shine Farm Fresh Eggs (450g) cost $3.05, Seng Choon's Farm Fresh Eggs (550g) cost $3.88 and N&N Big Fresh Eggs cost $4.55. For the last price, however, consumers get larger 65g orbs. It comes as no surprise then, that in a "cost of living crisis, customers switch to cheaper eggs, whatever they can get", observes Mr Chew. The reluctance to buy local is not new. For most of their decades-long careers, these farmers have struggled to encourage customers to see the value in local eggs. And stressing their lower carbon footprint, fresher produce that hits supermarket shelves within a day of being laid, and tighter biosecurity has not always moved the needle in consumer choices. This is where branding comes into play. "We can't compete on price, so we try to have some value-added aspect to our products. In our case, by augmenting the feed of the chickens with different nutrients, like omega-3 or organic selenium," says Mr Chew, who manages a 20ha farm in Neo Tiew Road. "These are nutrients and minerals that we need. So, instead of taking a supplement, you can get the nutrients naturally through the eggs." N&N Agriculture has an 11.6ha farm in Neo Tiew Lane. Its chief executive Ma Chin Chew, 57, says: "An egg is an egg. But we have to think of something to differentiate ours." His solution? A range of offerings marketed as firstborn eggs, premium quality corn eggs and the company's crown jewel - pasteurised eggs, the only ones produced in Singapore. These sell for $5.20 for a 600g carton of 10 at Cold Storage. Telling the difference But do these branded eggs taste any different? Not really, admits Mr Ma. "The colour and taste are the same, since the hens' feed is generally made up of the same ingredients: corn and soya bean," he says. As is the case with Chew's Egg - produced by Chew's Agriculture - and Seng Choon Farm. Mr Koh says: "We have to keep the taste consistent throughout the Seng Choon brand, so customers are assured of the taste they'll get. "Some say they can taste the difference between our different products, but I think it depends on their cooking style." Most of the chickens in Seng Choon Farm's coop are fed on the same diet. ST PHOTO: DESMOND FOO Where the eggs differ is in terms of nutritional value. This varies depending on the feed of the hens, as well as the way the eggs are handled and packed. Pasteurised eggs, sold by N&N Agriculture's Egg Story brand, for instance, are laid by hens fed on a diet said to lower cholesterol and contain higher levels of omega-3 and omega-6, as well as vitamin D or E. The eggs are then submerged in a 60 deg C water bath, a process that helps to kill salmonella and viruses that cause bird flu. A coat of oil is subsequently applied to prevent the entry of contaminants, before the eggs are stored in a chiller to preserve their freshness. Mr Ma warns, however, that this process does not necessarily extend their shelf life, and urges customers to consume them as soon as possible, as with all eggs. Mr Ma Chin Chew, chief executive of N&N Agriculture, with some of the company's products in a 2019 photograph. PHOTO: ST FILE Ms Karthika Thirugnanam, a clinical nutritionist at private clinic Tucker Medical, says these eggs are best consumed by children, seniors, pregnant women and those with a low immune system. They are also ideal for recipes that call for runny or half-cooked yolks. She adds that eggs with higher levels of selenium - like those sold by Chew's Egg at $4.90 a 550g pack at FairPrice - can boost immunity and thyroid health with its antiviral properties. Each egg, she estimates, contains about 10 to 20 per cent of a person's recommended daily allowance of 55 micrograms of selenium. Omega-3 eggs - which Chew's Egg sells at $4.30 a 550g pack at FairPrice - might help augment brain and heart health, especially among those who do not consume enough fish. For optimal effect, two or more eggs have to be consumed each day. Carrot eggs laid by hens fed on a lutein-rich diet also require consistent intake to improve the eye and skin health of consumers. These are sold by Seng Choon for $4.55 a 640g pack at FairPrice. Ms Thirugnanam cautions, though, that while these nutrient boosts are helpful, they should not replace supplements and do not on their own constitute a balanced diet. Those with a family history of high cholesterol or who consume high levels of saturated fats should also moderate their intake of eggs. Moreover, not all types of "branded" eggs have discernable health benefits. For instance, golden corn eggs, named thus for the high-grade maize its hens feed on, are not necessarily lower in calories or higher in protein than the average fresh egg, she says. Different types of eggs from Seng Choon Farm. ST PHOTO: DESMOND FOO Still, with 12 eggs packed into each $3.59 carton, instead of the usual 10, families get more bang for their buck. The eggs are also smaller - weighing just over 50g, compared with the 64g carrot egg. Firstborn eggs, traditionally believed to be more nutritious, tend to be smaller, at around 40g each, and are unlikely to contain any added nutrients. "Their benefits are mostly taste-based - fresher, traditionally tastier - and they are best for general consumers," she says. Mr Koh adds that this range might lend itself better to braised eggs, owing to their bouncy or "Q" texture. At the other end of the size spectrum is Seng Choon's jumbo eggs, which tip the scales at 70g each and tease the prospect of a fabled double yolk. A pack of six sells for $3.12 on online retailer RedMart. With regard to egg marketing, the Health Promotion Board tells ST that farms do not need to seek pre-market approvals for health claims on their food products - for instance, that selenium helps to maintain the immune system's normal function. However, businesses must ensure that they maintain evidence to substantiate such labels. They may also be asked to produce supporting documents, such as laboratory reports, to substantiate the information on their nutrition information panels during compliance checks. A fragile industry Despite attempts to get creative, local farms have found that their base range of fresh eggs are still the most popular, largely due to their lower prices. Within Chew's Egg's range, for example, 10 Farm Fresh Eggs (450g) cost $1.10 less than its omega-6 eggs ($4.15 for a 550g pack of 10) at FairPrice. Plus, not all supermarkets choose to stock "branded" eggs. ST understands that the types of eggs available at FairPrice stores depends on each location's customer preferences, which remain shaped largely by prices. Mr Ma says: "Acceptability of our pasteurised eggs is still very low in supermarkets. It's mainly restaurants like Keisuke (a Japanese ramen and tendon chain with 17 outlets) that are using our eggs." Meanwhile, Chew's Egg's cage-free range, which starts at $4.15 for a six-pack weighing 330g, has been keenly received by consumers. The preferred option of the environmentally conscious cook, it has proven popular with some restaurants and hotels too. Rows of cage-free chickens at Chew's Agriculture. ST PHOTO: RYAN CHIONG One of its customers is Marina Bay Sands (MBS). The vast majority of eggs served at its restaurants and Expo & Convention Centre are now cage-free. 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ST PHOTO: DESMOND FOO Singapore is a major transit hub for avian visitors, with more than 100 species stopping by every year. The local egg industry was hit with another scare in May when Brazil, one of Singapore's top poultry sources, confirmed its first outbreak of bird flu on a commercial farm. However, the Singapore Food Agency (SFA) and Animal & Veterinary Service clarified that the Republic does not import poultry or poultry products from that farm. Then there is the threat of US President Donald Trump's trade tariffs - whose trickle-down effects are expected to drive up the cost of equipment and feed - as well as the perennial problem of limited labour. Citing manpower as their biggest obstacle to expansion, all three farms have tried to offset the pressure using technology. In the last couple of years, Seng Choon Farm has upgraded its sensors with artificial intelligence and introduced an automated egg inspection system that can grade and sort its eggs. With this $800,000 upgrade, the machine, which can process up to 126,000 eggs an hour, now has an accuracy rate of 98 instead of 95 per cent. Seng Choon Farm has deployed machinery to cope with the labour shortage. ST PHOTO: DESMOND FOO Apart from better quality control, automation has helped streamline operations throughout the farm. "The machines have filled in for so many jobs. It's a combination of everything - automatic feeding, automatic manure removal, automatic collection of water. It adds up to some manpower savings," says Mr Koh. Chew's Egg has also installed a bigger capacity, million-dollar machine for loading, sanitising and packing eggs. It does the job of four to five workers, allowing the company to redeploy and reskill them. But Mr Ma points out that there is a limit to what robots can do: catching and transporting hens, vaccinating them and delivering eggs to customers are, for instance, beyond their capabilities. Due to this bleak outlook, Singapore's fourth egg farm, to be operated by local company ISE Food Holdings (IFH), may be reconsidering its plans to set up here. Last July, Singapore-listed engineering and service solutions provider Ellipsiz, a shareholder of IFH, noted the impact of the Covid-19 pandemic, supply chain disruptions, global inflationary pressures and the threat of disease on rising costs. In an update to the Singapore Exchange, it added: "It is expected that a considerable amount of time and effort will be required to address these issues. Against this background, a re-evaluation of the viability of the egg farm project by the company, in consultation with the relevant authority, may also be required." The SFA tells ST that it is "in discussion with IFH on their business plans, and resourcing requirements". To date, the agency has not awarded any grants to the company. 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