Japan, Philippines eye further defence cooperation at first 2+2 meeting

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Reuters UK

TOKYO (Reuters) – Japan and the Philippines agreed on Saturday to consider further expanding defence cooperation against a backdrop of regional tensions and Russia’s invasion of Ukraine. The meeting in Tokyo of the two Asian nations’ foreign and defence ministers was the first in the “2+2” format between the key U.S. allies. The two countries will look at potentially enhancing cooperative activity and sharing supplies, Japanese Foreign Minister Yoshimasa Hayashi said after the meeting. Tokyo and Manila have been at odds with China over its conduct in the East and South China Seas, while Russia… Continue reading “Japan, Philippines eye further defence cooperation at first 2+2 meeting”

Junshi Biosciences and Coherus Present Results of Phase 3 Study of Toripalimab in First Line Treatment of Recurrent or Metastatic Nasopharyngeal Carcinoma at 2022 AACR Annual Meeting

– Toripalimab plus chemotherapy provided superior progression free survival, overall survival, overall response rate and duration of response compared to chemotherapy alone –

SHANGHAI, China, and REDWOOD CITY, Calif., April 09, 2022 (GLOBE NEWSWIRE) — Shanghai Junshi Biosciences Co., Ltd (“Junshi Biosciences”, HKEX: 1877; SSE: 688180) and Coherus BioSciences, Inc. (“Coherus”) announced the results of the prespecified final progression-free survival (“PFS”) analysis and the interim overall survival (“OS”) analysis of the JUPITER-02 study (NCT03581786), a pivotal Phase 3 trial in first-line treatment of recurrent or metastatic nasopharyngeal carcinoma (“NPC”). The JUPITER-02 results are summarized in a poster presentation at the annual meeting of the American Association for Cancer Research (“AACR”).

In the final PFS analysis, results from JUPITER-02 demonstrated that toripalimab in combination with chemotherapy provided a statistically significant improvement in PFS assessed by the blinded independent review committee (“BIRC”) compared to chemotherapy plus placebo, with an improvement in median PFS of 13.2 months (21.4 versus 8.2 months). Furthermore, the addition of toripalimab to chemotherapy provided significant improvements in the secondary endpoints of PFS assessed by the investigator, objective response rate (“ORR”) and duration of response (“DoR”), while maintaining a safety profile consistent with that in previously reported toripalimab clinical trials. Although the median OS (“mOS”) was not yet mature in either arm, the interim OS analysis showed a trend favoring the toripalimab arm and will be formally tested in a prespecified final analysis.

“First-line treatment options for advanced NPC remain limited for this difficult-to-treat tumor, resulting in poor outcomes for patients due to therapeutic resistance to chemotherapy, which is the current standard of care,” said Professor Ruihua Xu, the poster’s corresponding author from Sun Yat-sen University Cancer Center (SYSUCC). “The JUPITER-02 results validate the potential advancement that toripalimab in combination with chemotherapy would represent as a new standard-of-care first-line therapy for patients with advanced NPC.”

Rosh Dias, MD, MRCP, Coherus’ Chief Medical Officer, added, “Innovative immuno-oncology approaches including anti-PD-1 monoclonal antibody treatments represent a promising new option for advanced nasopharyngeal carcinoma, for which there are currently no approved immuno-oncology treatments in the United States. The significant improvement demonstrated in JUPITER-02 with the combination of toripalimab and chemotherapy across key clinically meaningful endpoints compared to chemotherapy alone supports its use as a potential new standard of care treatment option for advanced NPC.”

“We are excited that the updated results from JUPITER-02 confirm that the addition of toripalimab to chemotherapy significantly extends the median PFS of patients with advanced NPC by more than a year,” said Dr. Patricia Keegan, Chief Medical Officer of Junshi Biosciences. “We believe that toripalimab can revolutionize the treatment of advanced NPC and are working closely with the FDA and our partner, Coherus, to provide the first approved therapy for patients with this rare disease in the U.S.”

The United States Food and Drug Administration (“FDA”) granted breakthrough therapy designation for toripalimab in combination with gemcitabine and cisplatin as first-line treatment for patients with advanced recurrent or metastatic NPC and for toripalimab monotherapy for second-line or later treatment of recurrent or metastatic NPC after platinum-containing chemotherapy. A biologics license application (“BLA”) for these indications is under priority review by the FDA. Junshi Biosciences and Coherus are working closely with the FDA to complete the review process and schedule any required inspections in China.

About JUPITER-02 Study Results

JUPITER-02, conducted in mainland China, Taiwan and Singapore, is the largest Phase 3 clinical study to date to evaluate a checkpoint inhibitor plus chemotherapy for the first-line treatment of recurrent or metastatic NPC. Two hundred eighty-nine patients with advanced NPC who had received no prior chemotherapy for recurrent or metastatic disease were randomized 1:1 to receive toripalimab 240 mg or placebo in combination with gemcitabine 1000 mg/m2 (d1, 8) and cisplatin 80 mg/m2 (d1), Q3W followed by toripalimab or placebo monotherapy until disease progression, intolerable toxicity or completion of two years of treatment. PFS and response were assessed by the BIRC and by the investigator per RECIST v1.1. There was one prespecified interim analysis of PFS at 130 (65%) PFS events and a final analysis at 200 PFS events.

At the final PFS analysis (cut-off date June 8, 2021), the median follow-up time was 22.1 months for the toripalimab arm and 21.4 months for the placebo arm.

A summary of the results is as follows:

  • The addition of toripalimab to gemcitabine-cisplatin (“GP”) chemotherapy as first-line treatment for advanced NPC patients provided superior PFS, OS, ORR and DoR than GP chemotherapy alone:
    • Significant improvement in PFS: mPFS 21.4 vs. 8.2 months, HR=0.52 (95% CI: 0.37, 0.73), P <0.0001.
    • Significant improvement in ORR: 78.8% vs. 67.1% (P = 0.0221).
    • Significant improvement in DoR: mDoR 18.0 vs. 6.0 months, HR=0.49, P = 0.0003.
    • Although mOS was not mature in either arm, a 41% reduction in risk of death was observed in the toripalimab arm over the placebo arm, HR=0.59 (95% CI: 0.37, 0.94), nominal P =0.0238.
  • The safety profile was consistent with that previously reported in other toripalimab clinical trials with no new safety signals identified with toripalimab added to GP.

About toripalimab
Toripalimab is an anti-PD-1 monoclonal antibody developed for its ability to block PD-1 interactions with its ligands, PD-L1 and PD-L2, and for enhanced receptor internalization (endocytosis function). Blocking PD-1 interactions with PD-L1 and PD-L2 promotes the immune system’s ability to attack and kill tumor cells.

More than thirty company-sponsored toripalimab clinical studies covering more than fifteen indications have been conducted globally by Junshi Biosciences, including in China, the United States, Southeast Asia, and European countries. Ongoing or completed pivotal clinical trials evaluating the safety and efficacy of toripalimab cover a broad range of tumor types including cancers of the lung, nasopharynx, esophagus, stomach, bladder, breast, liver, kidney and skin.

In China, toripalimab was the first domestic anti-PD-1 monoclonal antibody approved for marketing (approved in China as TUOYI®). Currently, there are four approved indications for toripalimab in China:

  1. unresectable or metastatic melanoma after failure of standard systemic therapy;
  2. recurrent or metastatic nasopharyngeal carcinoma NPC after failure of at least two lines of prior systemic therapy;
  3. locally advanced or metastatic urothelial carcinoma that failed platinum-containing chemotherapy or progressed within 12 months of neoadjuvant or adjuvant platinum-containing chemotherapy;
  4. in combination with cisplatin and gemcitabine as the first-line treatment for patients with locally recurrent or metastatic NPC.

The first three indications have been included in the National Reimbursement Drug List (NRDL) (2021 Edition). Toripalimab is the only anti-PD-1 monoclonal antibody included in the NRDL for melanoma and NPC.

In addition, two supplemental New Drug Applications (NDAs) for toripalimab are currently under review by the National Medical Products Administration (NMPA) in China:

  • in combination with chemotherapy as the first-line treatment of patients with advanced or metastatic ESCC.
  • in combination with chemotherapy as the first-line treatment of patients with advanced or metastatic NSCLC without EGFR or ALK mutations.

In the United States, the FDA has granted priority review for the toripalimab BLA for the treatment of recurrent or metastatic NPC, an aggressive head and neck tumor which has no FDA-approved immuno-oncology treatment options. The FDA has assigned a Prescription Drug User Fee Act (“PDUFA”) target action date for April 2022 for the toripalimab BLA. The FDA granted Breakthrough Therapy designation for toripalimab in combination with chemotherapy for the first-line treatment of recurrent or metastatic NPC in 2021 as well as for toripalimab monotherapy in the second or third-line treatment of recurrent or metastatic NPC in 2020. Additionally, the FDA has granted Fast Track designation for toripalimab for the treatment of mucosal melanoma and Orphan Drug Designation for the treatment of esophageal cancer, NPC, mucosal melanoma and soft tissue sarcoma. In 2021, Coherus in-licensed rights to develop and commercialize toripalimab in the United States and Canada. Junshi Biosciences and Coherus plan to file additional toripalimab BLAs with the FDA over the next three years for multiple other cancer types.

About Junshi Biosciences
Founded in December 2012, Junshi Biosciences (HKEX: 1877; SSE: 688180) is an innovation-driven biopharmaceutical company dedicated to the discovery, development, and commercialization of innovative therapeutics. The company has established a diversified R & D pipeline comprising over 50 drug candidates, with five therapeutic focus areas covering cancer, autoimmune, metabolic, neurological, and infectious diseases. Junshi Biosciences was the first Chinese pharmaceutical company that obtained marketing approval for anti-PD-1 monoclonal antibody in China. Its first-in-human anti-BTLA monoclonal antibody for tumors was the first in the world to be approved for clinical trials by the FDA and NMPA and has since entered Phase Ib/II trials in both China and the US. Its anti-PCSK9 monoclonal antibody was the first in China to be approved for clinical trials by the NMPA.

In the face of the COVID-19 pandemic, Junshi Biosciences responded swiftly and strongly, joining forces with Chinese and international scientific research institutions and enterprises to develop an arsenal of drug candidates to combat COVID-19, taking the initiative to shoulder the social responsibility of Chinese pharmaceutical companies by prioritizing and accelerating COVID-19 R&D. Among the many drug candidates is JS016 (etesevimab), China’s first neutralizing fully human monoclonal antibody against SARS-CoV-2 and the result of the combined efforts of Junshi Biosciences, the Institute of Microbiology of the Chinese Academy of Science and Lilly. JS016 administered with bamlanivimab has been granted Emergency Use Authorizations (EUA) in over 15 countries and regions worldwide. Meanwhile, VV116, a new oral nucleoside analog anti-SARS-CoV-2 drug designed to hinder virus replication, is in global Phase III clinical trials. The JS016 and VV116 programs are a part of the company’s continuous innovation for disease control and prevention of the global pandemic.

Junshi Biosciences has more than 2,800 employees in the United States (San Francisco and Maryland) and China (Shanghai, Suzhou, Beijing and Guangzhou). For more information, please visit: http://junshipharma.com.

About Coherus BioSciences
Coherus is a commercial stage biopharmaceutical company building a leading immuno-oncology franchise funded with cash generated by its commercial biosimilar business. In 2021, Coherus in-licensed toripalimab, an anti-PD-1 antibody, in the United States and Canada. A biologics license application for toripalimab for the treatment of metastatic or recurrent nasopharyngeal carcinoma is currently under priority review by the FDA with a target action date of April 2022. Toripalimab is also being evaluated in pivotal clinical trials for the treatment of cancers of the lung, breast, liver, skin, kidney, stomach, esophagus, and bladder.

Coherus markets UDENYCA® (pegfilgrastim-cbqv), a biosimilar of Neulasta® in the United States, and expects to launch the FDA-approved Humira® biosimilar YUSIMRY™ (adalimumab-aqvh) in the United States in 2023. The FDA is currently reviewing the biologics license application for CHS-201, a biosimilar of Lucentis® (ranibizumab), with a target action date of August 2022. Coherus is also developing CHS-305, a biosimilar of Avastin® (bevacizumab).

Forward-Looking Statements
Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Coherus’ ability to build its immuno-oncology franchise to achieve a leading market position; Coherus’ ability to generate cash; Coherus’ investment plans; Coherus’ expectations for the launch date of YUSIMRY™ and other products; Coherus’ plans to file additional BLAs for toripalimab; beliefs about toripalimab’s ability to enhance treatment of patients; and potential for toripalimab plus chemotherapy to represent a new standard of care in the future.

Such forward-looking statements involve substantial risks and uncertainties that could cause Coherus’ actual results, performance or achievements to differ significantly from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the risks and uncertainties inherent in the clinical drug development process; risks relating to the COVID-19 pandemic; risks related to our existing and potential collaboration partners; risks of the drug development position of Coherus’ competitors; the risks and uncertainties of the regulatory approval process, including the speed of regulatory review, international aspects of Coherus’ business, the need to schedule inspections in China and the timing of Coherus’ regulatory filings; the risk of FDA review issues; the risk of Coherus’ execution of its change in strategy from a focus on biosimilars to a strategy using cash from its portfolio to fund an immuno-oncology franchise; the risk that Coherus is unable to complete commercial transactions and other matters that could affect the availability or commercial potential of Coherus’ drug candidates; and the risks and uncertainties of possible litigation. All forward-looking statements contained in this press release speak only as of the date of this press release. Coherus undertakes no obligation to update or revise any forward-looking statements. For a further description of the significant risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Coherus’ business in general, see Coherus’ Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission on February 23, 2022, including the section therein captioned “Risk Factors” and in other documents Coherus files with the Securities and Exchange Commission.

UDENYCA®, YUSIMRY™ and CIMERLI™, whether or not appearing in large print or with the trademark symbol, are trademarks of Coherus, its affiliates, related companies or its licensors or joint venture partners, unless otherwise noted. Trademarks and trade names of other companies appearing in this press release are, to the knowledge of Coherus, the property of their respective owners.

Coherus Contact Information:
IR Contact:
McDavid Stilwell
Chief Financial Officer
Coherus BioSciences, Inc.
IR@coherus.com

Media Contact:
Brian Grancagnolo
Brian.Grancagnolo@hkstrategies.com

+1 (212) 885-0449

Junshi Biosciences Contact Information

IR Team:
Junshi Biosciences
info@junshipharma.com
+ 86 021-2250 0300

Goby Global
Bob Ai
bai@gobyglobal.com
+ 1 646-389-6658

PR Team:
Junshi Biosciences
Zhi Li
zhi_li@junshipharma.com
+ 86 021-6105 8800

Belgian Professional Soccer Club KMSK Deinze and DEA Pays an Official Visit to the Mayor of Deinze; Announcement of a Strategic Partnership With the City of Deinze

Local Government x Professional Soccer Club to Revitalize the Community with the World’s First Web3 Collaboration

Featured Image for Digital Entertainment Asset Pte. Ltd

Featured Image for Digital Entertainment Asset Pte. Ltd

SINGAPORE, April 08, 2022 (GLOBE NEWSWIRE) — Naohito Yoshida, Founder & CEO of Digital Entertainment Asset Pte. Ltd. (“DEA”), a Singapore-based global GameFi platform company, and Hiroyuki Ono of ACA Football Partners (“ACAFP”) paid a courtesy visit to Jan Vermeulen, mayor of Deinze city, Belgium, home of KMSK Deinze Football Club NV (“KMSK Deinze”), which manages KMSK Deinze, a member of the second division of the Belgian Pro League/First Division B and participated in a panel discussion. The City of Deinze will work with KMSK Deinze and DEA to support the development of the club and revitalize the community through the Web3 initiative.

This courtesy visit is part of the strategic partnership between DEA and KMSK Deinze that was signed in February. KMSK Deinze will be trying to invest funds from the club sponsors to purchase game item NFTs, digital assets on DEA’s gaming platform, PlayMining, and the city of Deinze shows its interest to support it. Through participating in DEA’s Play & Earn games, it aims to create new value and develop new revenue streams at both the local and global levels.

Mayor Jan Vermeulen has shown his cooperative stance on the project, and the City of Deinze has expressed its supportive attitude to help the future development of the club and strengthen the local community. DEA will also create special NFT cards for club supporters, Mayor Jan Vermeulen and Lennart Mertens, building a direct connection with local citizens and supporters.

Gaming guilds are organizations that invest in NFTs of Play & Earn games and generate revenue from the games through organized play and are rapidly expanding in number, particularly in Southeast Asia, as a new means of job creation.

This will allow KMSK Deinze to generate new sponsorship and guild business revenue, and DEA will work with KMSK Deinze to raise awareness of its gaming products and its proprietary token DEAPcoin (“DEP”) in the European region.

The ESG aspect of the Gaming Guild’s initiative, which is to create jobs through gaming, makes it an attractive ESG investment for local governments and club sponsors. In addition, supporters who earn rewards through Play & Earn games are expected to put the funds back into the club-related consumption, which may lead to the revitalization of the sports club ecosystem.

DEA plans to sponsor KMSK Deinze next season and as a strategic partner of the City of Deinze will collaborate on more comprehensive Web3 initiatives in the future, including the creation of an ecosystem utilizing Watch to Earn and Fan Tokens.

■Comment from Jan Vermeulen, Mayor of Deinze City

“We are pleased to welcome ACAFP and DEA to the city of Deinze, working for the future development of KMSK Deinze, which we also support. The world is moving fast, including digital technology, and what I have seen within this Web3 strategic partnership is very ambitious to say the least. KMSK Deinze is a very important organization for our local community; they can be proud to be one of the first cases of implementing Web3 into a football club.”

■Comment from Mr. Hiroyuki Ono, CEO of ACAFP and Vice Chairman, Board of Director, KMSK Deinze

“After announcing our strategic partnership with DEA in February, the project is developing with cooperation of the city of Deinze. Having made those progress in such a short time, this could not have happened without everyone’s understanding and effort, and we deeply appreciate it. Reinvigoration of the local community and building a connection with club supporters are fundamental factors when we think about football business, and the collaboration of the city of Deinze is our big step forward. We will keep working to make more excitement together with the city and our fans.”

 ■ Comment from Naohito Yoshida, CEO of DEA

“I would like to express my appreciation to Deinze City Mayor Jan Vermeulen and all those involved for the warm and hearty welcome we have received. The future of GameFi and Play to Earn(P2E) is about solving social problems in a sustainable way, revitalizing communities, and supporting people with dreams and hopes. We wish the City of Deinze and KMSK Deinze continued growth and success.”

About KMSK Deinze

Founded in 1926, KMSK Deinze is a historic football club belonging to the second division of the Belgian Pro League/First Division B. The city of Deinze, the hometown of KMSK, is located in the East Flanders region and is known as an affluent area.

In the 2019-2020 season, the club was promoted to the second division of the Belgian Pro League. In the 2020-2021 season, their first year of promotion, they finished a respectable fifth (out of eight clubs). The club is growing rapidly and has announced plans to build a new stadium.

For more information about KMSK Deinze, please visit the official website:
https://kmskdeinze.be/

About ACA Football Partners

ACAFP is a Singapore-based football business company that plans to create multi-club ownership from Asia, and is a member of the ACA Group, whose core business is the private equity fund management. Distinguished football industry experts active in Europe have joined the team as founding members in support of ACAFP’s mission to “Release the value of Sports & Evolve”. In the future, ACAFP will further expand its network by executing capital and business alliances with partner clubs that support this mission and will play a role in accelerating the global development of European football.

For more information about ACAFP, please visit the official website:
https://acafp.com/
Digital Entertainment Asset Pte. Ltd. | https://dea.sg

DEA, a GameFi platform business, was founded in Singapore in August 2018 and is developing JobTribes, a Play to Earn game, and PlayMining NFT, an NFT marketplace. Using blockchain technology, the company aims to realize a world where one can create value by having fun.

Co-CEO: Naohito Yoshida, Kozo Yamada
Location: 7 Straits View, Marina One East Tower,#05-01, Singapore 018936
Establishment: August 2018
Business description: GameFi platform business

Contact Information
Digital Entertainment Asset Pte Ltd
Public Relation: Takasugi |tomoyuki_takasugi@dea.sg / Soeda|soeda@dea.sg

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Japan, Philippines Eye Further Defense Cooperation at First 2+2 Meeting

TOKYO — Japan and the Philippines agreed Saturday to consider further expanding defense cooperation against a backdrop of regional tensions and Russia’s invasion of Ukraine.

The meeting in Tokyo of the two Asian nations’ foreign and defense ministers was the first in the “2+2” format between the key U.S. allies.

The two countries will look at potentially enhancing cooperative activity and sharing supplies, Japanese Foreign Minister Yoshimasa Hayashi said after the meeting.

Tokyo and Manila have been at odds with China over its conduct in the East and South China Seas, while Russia’s actions in Ukraine and North Korea’s missile tests also of mutual concern.

Japan and the Philippines signed an agreement to forge closer defense ties in January 2015 and have since conducted nearly 20 joint naval drills. In 2021 they also held joint air force exercises.

Japan has also transferred defense and technology equipment that could help the Philippines boost patrols in the South China Sea, where it has territorial disputes with China.

Japanese Defense Minister Nobuo Kishi, Philippine Foreign Affairs Secretary Teodoro Locsin Jr. and Philippine Defense Secretary Delfin Lorenzana also attended the meeting.

The defense ministers met on Thursday and agreed to further boost security cooperation by conducting joint exercises.

The 2+2 framework with the Philippines is Japan’s ninth such grouping but only the second in Southeast Asia, after Indonesia.

Source: Voice of America

Younger generation should be backbone of Indonesia’s progress: Thohir

State-owned Enterprises (SOE) Minister Erick Thohir has highlighted the importance of the younger generation being the backbone of Indonesia’s ecosystem development and progress.

“We have to start building our roadmap, where the younger generation of Indonesia is the backbone of the roadmap or ecosystem we want to build,” the minister noted while delivering a public lecture at Darul Ulum Islamic University, Lamongan, East Java, on Saturday.

The minister of SOEs emphasized that Indonesia should have its own ecosystem, specifically the Indonesian ecosystem, not the Chinese ecosystem, not the United States ecosystem, but the Indonesian ecosystem.

“It is important that the younger generation of Indonesia is the backbone for Indonesia’s progress,” Thohir stated.

In addition, all parties, including the central government, regional governments, private sector, leaders, as well as the Indonesian Defense Forces (TNI)-the Indonesian Police (Polri), must work together, so that the Indonesian ecosystem can be realized.

He views Indonesia as one of the countries whose economy will continue to grow until 2045. Not many countries are given the opportunity to grow their economy like Indonesia, he remarked.

In 2045, Indonesia will become the fourth-largest economy in the world, though that is just a dream, if no effort is made to make that dream come true, according to Thohir.

“In fact, we have to work hard, so that Indonesia’s dream in 2045 can be achieved,” Thohir said.

Earlier, Thohir, encouraged the younger generation to be ready to become the driving element of the Indonesian economy, for which they must equip themselves with the education and skills needed in the era of digital disruption.

The younger generation must have good work ethics, be committed, and have a wide network, he affirmed.

Source: Antara News

Indonesia, Panama cooperate on water conservation

Indonesia and Panama have agreed to cooperate on water conservation to strengthen implementation of the blue economy concept to reduce carbon emissions that contribute to climate change.

“The attempt aims to bolster implementation of the blue economy program through the expansion of conservation areas,” Indonesian Maritime Affairs and Fisheries (KKP) Minister Sakti Wahyu Trenggono noted in a statement here on Saturday.

Earlier, he had received a visit from Panamanian Foreign Minister Erika Mouynes at the headquarters of the KKP Ministry in Jakarta on April 8, 2022.

Trenggono noted that Indonesia’s marine conservation areas continue to increase every year and are projected to reach 32.5 million hectares by 2030.

Marine conservation area is a protected water area that is managed with a zoning system to implement sustainable management of its fisheries resources and environment.

The Indonesian minister assessed that the area is important for the implementation of blue carbon since mangroves, seagrasses, and other biota in the waters are able to absorb large amounts of carbon.

He noted that in addition to consistently expanding marine conservation areas, the ministry will immediately implement a measured fishing policy to thwart overfishing and illegal fishing at sea.

Meanwhile, Mouynes noted that Indonesia and Panama harbor the same vision in pursuing maritime health.

The minister stated that Panama is known as a country whose conservation area is almost as large as the country itself.

In addition, the Central American country is renowned for its abundant marine wealth. However, it is threatened by the impact of climate change.

Hence, the Panamanian minister stressed that her country is currently intensively conducting multilateral cooperation to reduce carbon emissions through water conservation activities.

“Thus, I am very pleased with Indonesia’s attempts. We have the potential for multilateral cooperation that can generate a concrete result,” she affirmed.

Apart from marine conservation, the meeting also discussed the potential for cooperation in the aquaculture sub-sector in Indonesia.

Source: Antara News

Indonesia requires int’l support to expedite emission reduction

Indonesia is in need of international funding support to realize commitments, both for emission reduction targets and net zero emission/NZE (carbon neutrality) by 2060 according to the results of COP-26 Glasgow.

“Global support will accelerate the achievement of emission reduction targets,” Director General of New Renewable Energy and Energy Conservation of the Ministry of Energy and Mineral Resources (ESDM) Dadan Kusdiana noted in a statement here, Saturday.

Kusdiana noted that the government had implemented several policies to reduce emissions to net zero.

He explained that the first step was to develop renewable energy on a massive scale, with scattered, varied, and large amounts of sources. According to records of the Ministry of Energy and Mineral Resources, Indonesia’s renewable energy potential reaches 3,700 Gigawatts (GW).

According to Kusdiana, the next policy aims to reduce the use of fossil energy gradually and encourage the use of electrification for both motorized vehicles and household appliances as well as the application of more efficient and environmentally friendly technologies.

The government has expressed a commitment that the country will meet all electricity requirements from renewable energy by 2060, Kusdiana stated.

Based on the Energy and Mineral Resources Ministry’s calculations, operations of coal-fired power plants (PLTU) will end in 2056 and new and renewable energy generating capacity of 587 GW is targeted in 2060.

To achieve this target, large investment is required, reaching around US$1,042 billion, until 2060, so a global role is required to support emission reduction in Indonesia.

Kusdiana explained that in a bid to reduce greenhouse gas emissions, the government issued Law Number 7 of 2021 on the Harmonization of Tax Regulations. The law will apply a carbon tax to coal-fired power plants, starting July 1, 2022, with a cap tax mechanism, and a carbon tax will be imposed on coal-fired power plants that exceed the set emission threshold.

According to Kusdiana, if the carbon tax has been implemented, then the revenue from carbon tax is expected to help in boosting development funds, investing in environmentally friendly technologies, or providing support to low-income communities in the form of social programs.

“This carbon tax policy is a comprehensive policy package for emission reductions and as a stimulus for the transition to a green or sustainable economy,” he explained.

Senior Associate, Lead Energy Taxation, International Institute for Sustainable Development (IISD), Tara Laan, stated that the implementation of carbon tax would give a signal to investors about the government’s climate policy commitments.

In addition, Laan remarked that the implementation of a carbon tax will encourage companies to switch to cleaner energy technologies. For finance companies, the imposition of a carbon tax on fossil energy use will make lending in this sector riskier and less profitable in future.

He explained that various “subsidy” distribution schemes were in place to ensure affordable energy prices, especially for vulnerable or poor economic groups, for instance, through cash transfers or income tax reductions. The income from the carbon tax can also be used to invest in clean energy infrastructure.

Source: Antara News

BNI links Indonesian diaspora in Hong Kong with MSMEs

State-run PT Bank Negara Indonesia (BNI) has successfully linked the Indonesian diaspora in Hong Kong and micro, small, and medium enterprises (MSMEs) in the country through diaspora loans.

Through diaspora loans, BNI has been able to ensure that Indonesian local products can enter Hong Kong supermarkets and target Indonesians as well as local residents, BNI treasury and international director Henry Panjaitan said here on Saturday.

BNI has also proactively invited large companies, especially from Indonesia, to open businesses in Hong Kong and look for opportunities to export Indonesian-made products, Panjaitan informed.

“We fund the (cost of) import and exports, where the parent company is financed by BNI in Indonesia, then in Hong Kong, we fund the trading arm company. This is basically the main business of BNI Hong Kong,” he said.

BNI assisted Alex Chu, who is part of the diaspora community in Hong Kong and of Indonesian descent, in finding Indonesian MSME products that could be exported to Hong Kong.

Chu is the second generation of an Indonesian diaspora couple who has established three family companies in Hong Kong.

According to BNI’s statement, one of Chu’s companies sells Indonesian food and beverage brands, whose customers are mostly Indonesian Migrant Workers (PMI) in Hong Kong.

Under BNI Xpora, a one-stop solution for helping MSMEs to market and upgrade their businesses, Chu’s company was included in business matching to add more variants of Indonesian MSME products entering the markets of Hong Kong and surrounding countries.

Some MSME products developed by BNI Xpora that are being exported to Hong Kong are coffee, sweet potato chips, crackers, and cuanki meatballs.

BNI is also helping Chu’s business through its money transfer service from Hong Kong to Indonesia with a safe and real-time API system.

“We are very grateful for all the support BNI has given, so we hope that our relationship with BNI will continue to be maintained. We will continue to explore Indonesian products that are acceptable in the Hong Kong market,” Chu remarked.

Source: Antara News