Latest news with #EDB
Fibre2Fashion
3 hours ago
- Business
- Fibre2Fashion
Sri Lanka launches GRI-backed ITSB for apparel sustainability
Sri Lanka's textile and apparel industry has taken a major leap in sustainability with the launch of the Improving Transparency for Sustainable Business (ITSB) programme, a new ESG-focused initiative supported by the Global Reporting Initiative (GRI) South Asia, the Sri Lanka Export Development Board (EDB), the Sustainable Development Council (SDC), and the Joint Apparel Association Forum (JAAF). Backed by Swedish International Development Cooperation Agency (SIDA), the ITSB programme aims to embed world-class ESG reporting across apparel businesses—ranging from multinational firms to SMEs—strengthening the sector's transparency, investor confidence, and global market readiness. Companies will be trained on the use of GRI Standards to report on critical issues such as labour practices, energy and climate impact, economic contribution, and waste. The initiative aligns with Sri Lanka's Inclusive and Sustainable Business Action Plan and responds to rising global demand for ethical sourcing and regulatory compliance, including EU's upcoming Corporate Sustainability Due Diligence Directive (CSDDD) rules. The first full-day session took place on July 16, 2025, in Colombo, featuring stakeholder workshops, ESG strategy discussions, and a preview of the 2025 GRI Textiles and Apparel Sector Standard, JAAF said in a media release. With apparel contributing over 40 per cent of Sri Lanka's exports and employing 350,000 people, the ITSB is a strategic step towards making the industry more competitive, transparent, and future-ready. The programme is expected to extend to India and Bangladesh later this year, positioning Sri Lanka as a regional ESG frontrunner. 'ITSB is designed to elevate sustainability practices and transparency across South Asia's textile and apparel sector, positioning it for long-term resilience, profitability, and global leadership. Through this multi-year initiative, we aim to foster a dynamic and inclusive platform that brings together key stakeholders across Sri Lanka's textile and apparel sector. Adopting the GRI Standards – the world's most widely used sustainability standards, does not only elevate corporate transparency but also strengthens investor confidence, international positioning, and regulatory preparedness—contributing to a more transparent and future-ready economy,' said Rahul Singh, senior manager, South Asia, GRI, commenting on the significance of the programme. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Sri Lanka has launched the ITSB programme to boost ESG reporting in its apparel sector, backed by GRI South Asia, EDB, SDC, and JAAF, with support from Sweden's SIDA. Aimed at SMEs and large firms, the initiative promotes transparency and global compliance. The first session was held on July 16, 2025, with plans to expand to India and Bangladesh later this year. Fibre2Fashion News Desk (HU)
Business Times
a day ago
- Business
- Business Times
Balancing premium growth with market inclusivity in Singapore's office sector
[SINGAPORE] The Republic's 60-year economic journey is visible in its evolving skyline. What was once a manufacturing hub has transformed into a high-value economy, creating a gleaming testament to growth and Asia's premier business hub. Amid this skyline remain the older commercial buildings which are increasingly dealing with the winds of change. This duality of new and old presents Singapore with its next great challenge: balancing high-value economic ambition with market inclusivity. The strategic ascent Singapore's economic strategy has been deliberate and effective. Recognising limited land and labour resources, authorities have encouraged companies to locate sophisticated operations within Singapore. Over the years, more labour-intensive functions have moved elsewhere in the region. Recent tightening of immigration policies and higher minimum salary thresholds for work visas have increased hiring costs. This has prompted companies to base regional back-end staff in lower-cost South-east Asian countries while maintaining high-value functions in Singapore. This approach supports Singapore Economy 2030, aiming to increase the Modern Services cluster's value-add by 50 per cent by 2030. Focusing on finance, professional services and IT creates roles requiring advanced digital skills, strategic thinking and innovation capacity. These high-value activities maximise economic output per square foot of precious Singapore real estate. According to the Singapore Economic Development Board (EDB), the average value-added per worker in Singapore has increased by approximately 35 per cent over the past decade. Corporate evolution in action The corporate landscape in Singapore's Central Business District (CBD) tells this story clearly. Standard Chartered Bank maintains its regional headquarters (HQ) in Marina Bay Financial Centre Tower 1, having relocated processing and call centres to Malaysia and India. Its Singapore office now focuses on complex financial products, wealth management and fintech innovation, generating higher revenue per employee. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Pharmaceutical giant GSK maintains sophisticated biomedical manufacturing operations in Singapore, having moved basic production offshore. Its Singapore operation now serves as HQ for its global general medicines business and regional HQ for Greater China and emerging markets. It focuses on complex biologics production and research and development, rather than basic tablet manufacturing which has shifted to Thailand and India. Even manufacturing companies have adapted. Tetra Pak recently closed its packaging production facility in Jurong. The company consolidated manufacturing across the region. It retained core functions such as business management, IT, finance and marketing in Singapore. Its move from Jurong to Labrador Tower shows a shift from industrial operations to knowledge-based work. Office market patterns and the 21-year itch This economic evolution has created a growing split in Singapore's office market. JLL's review of 87 tenant moves to four recently completed premium buildings – IOI Central Boulevard Towers, Guoco Midtown, CapitaSpring and Keppel South Central – shows a pattern of an emerging market transformation. Growth trumping uncertainty is perhaps the most revealing trend with 49 per cent of these relocations being expansion-driven despite global economic headwinds. Financial powerhouses are among companies that have relocated. With Morgan Stanley having secured spaces exceeding 107,000 square feet, it signals strong business confidence in Singapore's future. The '21-year itch' phenomenon is evident as companies exit ageing buildings. Those relocating to the four Grade A developments are leaving facilities averaging more than 21 years old. This flight to quality was the primary motivation across all four buildings – from 24 per cent of tenants at IOI Central Boulevard Towers to 100 per cent at Keppel South Central. JLL's data also shows a shift from flex spaces to permanent ones. Some 15 per cent of new premium tenants are graduating from flexible workspaces to permanent offices. Fintech firms such as Coinup and AppLovin lead this trend, suggesting Singapore's high-growth startup ecosystem is maturing. Cluster power is evident as clear industry specialisations emerge in specific buildings. IOI Central Boulevard Towers has become a magnet for legal firms, Guoco Midtown attracts luxury retailers and pharmaceuticals, while CapitaSpring has become the destination for financial services. These movements have created two distinct market segments: premium buildings commanding ever-higher rents and ageing buildings facing increasing vacancy and pressure to redevelop. The balancing act ahead These market trends create opportunities and challenges for Singapore's commercial real estate landscape. The flight to quality concentrates demand in newer buildings, allowing landlords to maintain pricing power despite JLL Research reporting five consecutive quarters of modest growth for Singapore office rents. A widening rent gap between older Grade B or B+ buildings and premium Grade A developments is emerging, presenting a significant market challenge. While high-value companies willingly pay premium rents for sophisticated spaces, mid-tier firms that contribute significantly to Singapore's diverse business ecosystem often lack the resources to compete for top-tier space. Older buildings now face what we call the addition and alteration imperative. JLL's data shows that tenants demonstrate a clear willingness to pay substantially more for modern amenities and sustainability features. Building owners must either undergo significant upgrades or risk obsolescence in an increasingly bifurcated market. This market division shows remarkable resilience against economic uncertainty. In previous cycles, uncertainty depressed the entire office market. Today, the concentration of strategic functions in Singapore creates a stable demand base for premium spaces. The Amazon Effect illustrates this shift, with the tech giant's consolidation from four scattered locations to a massive 369,000 sq ft space signalling a broader corporate strategy where maximum efficiency in landmark buildings trumps distributed footprints. European financial institutions further reinforce this trend, establishing strategic footholds in Singapore. Credit Agricole, VP Bank and Unicredit have all moved into premium office spaces, positioning Singapore as the bridge between Western capital and Asian opportunity. A sustainable path forward How the market responds to this bifurcation will determine Singapore's commercial real estate's future. For building owners, differentiation strategies become crucial. While government schemes may offer incentives, market-driven solutions will likely prove most effective. Innovative asset repositioning strategies, going beyond cosmetic upgrades to deliver genuine value enhancement, will separate winners from losers. For tenants, especially mid-tier companies, alternative location strategies and flexible space solutions offer viable pathways. The Flex-to-Perm Revolution seen among fintech firms suggests that a new tenant journey emerging. This creates opportunities for landlords to develop growth pathways within their portfolios. The pull factor shown by the four buildings analysed by JLL is fuelling the cluster power where specific buildings become magnets for particular sectors. This organic shift creates value opportunities for both landlords and tenants. IOI Central Boulevard Towers' emergence as a legal sector hub and CapitaSpring's appeal to technology-forward financial services demonstrates how strategic positioning can create premium value even within the Grade A segment. Long term, Singapore's commercial real estate market appears positioned for resilience. Despite potential short-term fluctuations, the structural shift towards higher-value activities creates a foundation for sustained rental growth in the prime Grade A segment. This rental dynamic reinforces Singapore's market positioning as a regional command centre, attracting premium rents for high-value business functions while more cost-sensitive operations relocate regionally. As Singapore celebrates its remarkable six-decade journey, its economic transformation stands as perhaps its greatest achievement. By recognising its constraints early and deliberately moving up the global value chain, Singapore has created a template for sustainable economic development. The next challenge will be ensuring that this model remains inclusive and adaptable. Singapore must create space for businesses at all stages of growth while continuing to attract high-value functions. If Singapore can successfully navigate this balancing act, it will secure its continued prosperity and offer valuable lessons to cities worldwide facing similar constraints. Tahlil Khan is executive director, leasing advisory, and James Short is senior director, leasing advisory, at JLL Singapore
Independent Singapore
4 days ago
- Business
- Independent Singapore
Microsoft launches first Southeast Asia AI research lab in Singapore
Photo: Facebook/Tan See Leng SINGAPORE: Microsoft has launched its first artificial intelligence (AI) research lab in Southeast Asia, Microsoft Research Asia (MSRA)–Singapore, backed by the Singapore Economic Development Board (EDB), to drive the region's AI research and innovative solutions for key industries while nurturing its next generation of AI talent. 'Microsoft Research Asia – Singapore will drive innovation on intertwined goals: deploying industry-transforming AI, pursuing frontier breakthroughs in AI foundations, and advancing responsible, socially beneficial applications,' it stated in a press release on Thursday (July 24). Manpower Minister Tan See Leng, who is also the Minister-in-charge of Energy and Science & Technology in the Ministry of Trade and Industry (MTI), attended the launch ceremony alongside Microsoft Research President Dr Peter Lee. In his Facebook post, Minister Tan said, 'MSRA Singapore will anchor cutting-edge research in AI, focusing on areas like healthcare, where AI can help clinicians deliver better outcomes for patients.' He also noted, 'I am especially heartened by MSRA's collaborations with SingHealth and A*STAR to develop AI solutions for preventive healthcare.' 'I am excited to see how MSRA Singapore will contribute to building a more resilient, inclusive, and innovative society,' he added. In EDB's press release, it stated that the lab is already working with local partners, including SingHealth, to develop AI capabilities aimed at delivering personalised analysis and enhanced diagnostic accuracy for better patient outcomes. It's also collaborating with the National University of Singapore (NUS) and Nanyang Technological University Singapore (NTU Singapore) to develop embodied AI, enabling AI to interact with the physical world, for complex tasks in smart environments. Earlier this year, Microsoft announced a five-year research collaboration with NUS to nurture PhD students through the Industrial Postgraduate Programme supported by EDB and the NUS School of Computing. It's also working with NUS, NTU, and the Singapore Management University (SMU) on joint workshops and summer schools to support academic exchange. EDB managing director Jermaine Loy said that the new lab will create new opportunities for researchers and companies in areas such as healthcare and finance. /TISG Read also: Microsoft cuts jobs again as AI costs climb, to let go of about 9,000 employees () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
Business Recorder
6 days 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
6 days 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.
