Latest news with #EDB
Business Recorder
6 hours ago
- Automotive
- Business Recorder
Pakistan Single Window: Auto makers can now apply for import quotas digitally
Auto manufacturers no longer have to apply manually to the government's Engineering Development Board (EDB) for the issuance of import quotas, as the board has successfully integrated with the Pakistan Single Window (PSW) with effect from July 17, 2025. The PSW is a digital platform that enables centralized, and paperless trade by allowing parties involved in imports, exports, and transit to submit information and documents through a single entry point - The move is meant to enhance ease of doing business and ensuring transparency in regulatory approvals. It will enable automotive manufacturers and Original Equipment Manufacturers (OEMs) to submit electronic requests for import quota approvals for further processing by customs. The manufactures and OEMs have been asked to obtain PSW User IDs from July 17. All requests will now be submitted through PSW and no manual request will be accepted or processed directly by the EDB. The data will be maintained in both PSW and WeBOC systems - Pakistan Customs' electronic clearance platform - ensuring seamless processing and record integrity as well as real time visibility to both Customs and EDB. As per EDB data, more than 100 OEMs are registered with the department. Talking to Business Recorder, the PSW team said previously, automotive manufacturers were required to manually apply to the EDB for the issuance of import quotas under SRO 656(I)/2006 dated 22.06.2022 in order to avail exemptions and concessions on the import of components. This paper-based process was time-consuming and lacked transparency as manufacturers had no visibility into the status of their applications. PSW CEO explains trade facilitation, regional connectivity agenda A fully digital system To address these challenges, the PSW, in consultation with the EDB and OEMs, has developed and launched a fully digital system. The new system allows OEMs to submit their quota applications to the EDB electronically through the PSW platform, eliminating the need for physical documentation and enabling real-time visibility and tracking of application status by the OEMs. Further, any requests for additional information or clarifications from the EDB will also be managed through the PSW platform, ensuring seamless and transparent communication between stakeholders. Once approved by EDB, the import quota will be integrated with the WeBOC system, allowing manufacturers to use the quota directly during the import of components. The newly-launched digital system eliminates the need for manual, paper-based processing, and replaces approximately 32 paper documents with real-time electronic validations from relevant agencies. This transformation is expected to significantly reduce both the time and cost involved for OEMs in obtaining quota approvals from the EDB. Exporters in PSW system: SBP amends 'undertaking' for payments via ADs Moreover, the PSW's digital processing system enhances application visibility and tracking, resulting in greater transparency and efficiency throughout the entire process. Finally, improved data visibility and analytics will help informed decision making. According to PSW officials, multiple engagement sessions were held with key stakeholders to gather their input in designing a more efficient system that addresses the challenges faced by OEMs for clearance of their goods. This was followed by comprehensive change management sessions jointly led by PSW and EDB to train stakeholders on the use of the new digital system, ensuring a smooth transition from the manual to the electronic platform. More than 100 OEMs are engaged in the manufacturing/assembling of automotive parts. They have welcomed the new initiative and expressed appreciation for the PSW's digital solution, recognizing its potential to eliminate redundancies and inefficiencies inherent in the earlier paper-based system. The PSW provides a digital platform that brings together multiple stakeholders involved in cross-border trade to reduce both the time and cost associated with trading across borders. The PSW primarily serves as a platform for integrating customs and regulatory clearance of import, export and transit goods and is predicated on a harmonized and coordinated approach towards cargo reporting, management, and clearance procedures. Phase 1 of the Pakistan Single Window was rolled out on June 30, 2022,and it continues to add new services, features, and entities to the platform.
Straits Times
7 hours ago
- Business
- Straits Times
American specialty chemicals firm Lubrizol expands in Singapore with launch of innovation centre
Find out what's new on ST website and app. The launch of the innovation center, among other specialty chemicals investments, is expected to create jobs in Singapore. SINGAPORE — From skincare product ingredients to the lubricant additives used in vehicle engines, American company Lubrizol Corporation's specialty chemicals are found in many everyday items. Now, the Berkshire Hathaway subsidiary, which first entered Singapore in 1984, is expanding its research and development (R&D) capabilities here with the launch of its new South-east Asia Innovation Centre on July 23. Spanning 15,000 sq m over multiple floors, this new centre in Jurong features immersive experience zones, virtual reality display, and dedicated spaces for technical training and knowledge sharing. The advanced laboratories in the facility will be used by scientists and product developers for R&D, allowing them to design and test solutions for customers across a wide range of industries ranging from mobility, infrastructure to beauty and personal care. The innovation centre adds to Lubrizol's existing administration office and manufacturing plant in the vicinity. 'Singapore plays a pivotal role in our global innovation network because of its robust R&D ecosystem and unique environment that enables innovation to thrive,' said president and chief executive of Lubrizol Corporation, Ms Rebecca Liebert. Headquartered in the US, Lubrizol has over 100 manufacturing facilities, sales and technical offices globally. It employs more than 7,000 people, with over 800 employees in the Asia-Pacific region. Top stories Swipe. Select. Stay informed. Singapore Singapore's domestic recycling rate drops to all-time low of 11% Singapore Sota parent portal taken down for urgent patching following global cyberattack alerts Singapore HDB launches 10,209 BTO and balance flats, as priority scheme for singles kicks in Singapore Five teens arrested for threatening boy with knife, 2 charged with causing hurt Singapore Local buyers are key to recovery of prime district condo market Singapore Ex-Tanjong Pagar United footballer charged with assault after Singapore Premier League match in Feb Singapore COE prices for cars mostly unchanged; premium for commercial vehicles up 2.9% Singapore Cyclist charged after allegedly hitting elderly pedestrian, killing him While the company declined to share its current staff strength in Singapore, more R&D jobs are expected to be created with the launch of the new innovation centre, said Mr Paul Nai, managing director of Lubrizol South-east Asia. The launch of the centre is supported by the Economic Development Board (EDB). Lubrizol is expected to sign an agreement with the EDB as it commits to grow its activities in the region over the next five years. 'The energy and chemicals industry is a key pillar of Singapore's economy, with the specialty chemicals segment emerging as a key engine of growth and job creation in recent years,' said Mr Lim Wey-Len, EDB's executive vice-president . 'This growth is driven by global trends such as the shift towards sustainability, rising demand for high-performance materials across end markets like electronics, automotive and personal care, and the increasing importance of Asia as a manufacturing and innovation hub,' he added. Mr Lim said the investments in the specialty chemicals sector over the past two years are expected to create at least 400 jobs in the coming years. Ms Rebecca Liebert, Lubrizol Corporation's president and CEO (third from right) and Mr Henry Liu, Lubrizol SEA's VP for Asia Pacific (third from left) unveiled a plaque at company's new innovation centre. PHOTO: LUBRIZOL These include roles in manufacturing operations, R&D and innovation, process engineering, sustainability, and corporate functions for both fresh graduates and experienced hires, he added. Mr Samuel Tung, 28, an account manager with Lubrizol South-east Asia, said he decided to pursue a career in the specialty chemicals sector upon graduation, so he can witness first-hand how science can be translated into real-life solutions. Ms Jolyn Thang, 29, who works as a technical service scientist with the company , said she sees strong career growth opportunities in this sector, as the rise of Korean and Japanese beauty trends has driven demand for a wider variety of beauty products.
Business Times
6 days ago
- Automotive
- Business Times
China's WeRide secures LTA approval to run driverless bus without safety officer in Sentosa
[SINGAPORE] China-based WeRide has secured approval from Singapore's Land Transport Authority (LTA) to operate a driverless bus in Sentosa without an on-board safety officer. This will be the first autonomous vehicle (AV) in South-east Asia to run without such personnel on board, the company said in a press release on Thursday (Jul 17). Called the Robobus, the AV had already been plying a route at Resorts World Sentosa (RWS) since last June – but with a safety officer present. Under LTA's AV assessment framework, companies deploying AVs must first pass certain tests and demonstrate safe operations on public roads with safety operators on board. 'Once they pass the assessments, they may proceed to remove the on-board safety operator requirement and replace it with constant remote monitoring instead,' said Lam Wee Shann, LTA's chief technology officer. Jennifer Li, chief financial officer and head of international at WeRide, said that LTA's approval 'demonstrates that our vehicles are safe, reliable, and ready to transform public transportation at scale'. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The Robobus connects key points within RWS on a fixed 12-minute loop. It is equipped with lidar technology, cameras and sensors capable of detecting obstacles more than 200 m away. The bus has not had any safety incidents thus far, said WeRide. The company was given the green light as Singapore eyes greater deployment of AVs. In June, Acting Minister for Transport Jeffrey Siow said that he expects AVs to be on the Republic's roads in the next five years. WeRide runs a research and development (R&D) centre in Singapore, with support from the Economic Development Board (EDB). EDB executive vice-president Cindy Koh welcomed more companies to collaborate with the city-state on AV innovation. She said: 'WeRide is an example of how AV companies can partner with Singapore to undertake AV trials and R&D, and create new jobs such as software development engineers, machine learning engineers and data scientists.' LTA will continue to work closely with companies that seek to deploy AVs to 'alleviate manpower constraints, increase productivity and enhance transport connectivity', said Lam.
Observer
16-07-2025
- Business
- Observer
Oman boosts ties with Eurasian Development Bank
MUSCAT: The Sultanate of Oman recently welcomed a high-level delegation from the Eurasian Development Bank (EDB) to explore avenues for enhancing economic and investment cooperation between the two sides. During the visit, the delegation held a series of key meetings with the Ministry of Finance, the Oman Investment Authority, the Oman Investment Bank, and the Muscat Stock Exchange. Discussions centred on expanding partnerships between Oman and the EDB, particularly in financing infrastructure and development projects. They also touched on supporting joint economic ventures, exchanging technical expertise and financial advice; and strengthening collaboration with Central Asian nations and other member states of the bank. This visit further reinforces Oman's reputation as a competitive and attractive investment hub, positioning it as a focal point for regional and international cooperation. The Eurasian Development Bank, established in 2006, currently has seven member countries. It plays a pivotal role in promoting sustainable economic growth across the Eurasian region. The bank primarily finances development projects in key sectors including energy, transportation, mining, agriculture and logistics. In addition, it offers technical and advisory support to help member states achieve broader economic development goals. — ONA
Business Times
16-07-2025
- Business
- Business Times
Five things about Philip Yeo, former EDB chairman and outgoing CDL director
[SINGAPORE] Veteran public servant and economic heavyweight Philip Yeo made headlines on Tuesday (Jul 15), when news broke that he was retiring from City Development Limited's (CDL) board of directors. This comes some months after a high-profile dispute between the property developer's executive chairman and group chief executive officer. Yeo, 78, will leave the board of CDL on Jul 31, after a 16-year tenure. His prolific career spans more than four decades of public service – as detailed in the 2016 biography Neither Civil Nor Servant: The Philip Yeo Story – including as the chairman of Singapore's Economic Development Board (EDB). Once dubbed by the media as the 'economic tsar of Singapore', Yeo has been credited with building up the Republic's economy. Beyond public service, his private-sector appointments include seats on the boards of more than 20 companies, including Malaysian conglomerate Sunway and Singapore-listed groups Indofood Agri Resources and QAF , the food manufacturer and distributor behind the Gardenia brand of bread. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Here are five things to know about Yeo. 1. He had an early interest in engineering Growing up, Yeo attended St Joseph's Institution. There, he led the aero-modelling club, spending time – in his own words – 'making, flying and crashing model planes'. This interest carried on to university, where he studied industrial engineering at the University of Toronto in Canada on a scholarship. He also had an appetite for the written word early on, and he cites reading as his sole hobby from childhood. After his graduation in 1970, he joined the civil service. While the Public Service Commission posted him to the Ministry of Finance's Budget division, he requested to be transferred to an engineering role – which landed him in the Ministry of Defence (Mindef). 2. He spent four decades in public service From 1970 to 1985, Yeo took on various roles in Mindef, including permanent secretary for logistics, defence research and development (R&D), and defence industries. From 1981 to 1987, he chaired the National Computer Board, a forerunner of the Infocomm Media Development Authority. He served at EDB between 1986 and 2006, as executive chairman and, later, executive co-chairman. He was also chairman of the Agency for Science, Technology and Research from 2001 to 2007, and a special adviser for economic development in the Prime Minister's Office from 2007 to 2011. In an open letter to public service officers, Yeo reflected on his extensive career and described his time in public service as memorable and fun. 3. He helped create Jurong Island Yeo steered EDB from established fields to new business areas of internationally exportable services and high-tech industries during his time there. Among his contributions were the development of Singapore's information technology, semiconductor, chemical industries, and biomedical sciences sectors. He also led the construction of the Republic's chemical cluster, as well as the creation of Jurong Island, which involved reclaiming seven islands. The man-made island off Singapore's south-western coast is a 3,000-hectare chemical production centre, where more than a hundred international companies conduct refining, production and chemical manufacturing activities. It has drawn more than S$50 billion in investments since it opened in 2000. 4. He built up the biomedical scene Yeo is also credited with building up Singapore's biomedical sector. He spearheaded the development of Biopolis, an R&D campus that brings institutes, researchers and private-sector players together. The complex, which opened in 2003 in one-north, put Singapore's biomedical sector on the map by attracting international talent – in turn enriching the domestic research community for biomedical sciences. Yeo recruited top researchers from around the world to work at the hub. He also had 1,000 PhD candidates in fields such as biomedical science, physical science, and engineering trained locally and abroad. 5. He backed chairman in CDL dispute Yeo was appointed to CDL's board as a non-independent director on May 11, 2009. In a public feud this year, Yeo took the side of CDL executive chairman Kwek Leng Beng against his son Sherman Kwek, who is the group's CEO. On Feb 26, the elder Kwek accused his son and a group of directors of an 'attempted coup' as well as corporate governance lapses after they hastily appointed two new directors to the board earlier that month. These directors were Jennifer Duong Young and Wong Su-Yen. In response, the younger Kwek said that the primary reason for the dispute was 'a very serious issue of corporate governance' involving Dr Catherine Wu, an adviser to his father. He added that Dr Wu had a 'long relationship' with the CDL executive chairman, interfered with matters beyond her scope, and wielded 'enormous influence'. The conflict escalated with father and son gearing up to meet in court, as the younger Kwek roped in top litigator and Senior Counsel Davinder Singh to represent him. The matter was subsequently settled after Dr Wu resigned from her role as an adviser to CDL unit Millennium & Copthorne Hotels. Kwek Leng Beng dropped his lawsuit on Mar 12, saying that all board members had agreed to set aside their differences, purportedly for the greater good of the company. However, signs of lingering conflict remained at CDL's annual general meeting on Apr 23. There, Yeo urged shareholders to reject the re-election of four directors – including Young and Wong. Although his call received applause, the resolutions were all passed. In its bourse filing on Jul 15 announcing Yeo's retirement, CDL said there were no unresolved differences in opinion on material matters between Yeo and its board of directors.
