The U.S. Department of Energy has adopted new energy efficiency standards for general service lamps, dishwashers, commercial rooftop units, circulator pumps and miscellaneous refrigeration appliances that overall are expected to save U.S. households and businesses some US$3.5 billion per year on energy costs.
Hong Kong is a world-renowned sourcing centre for houseware products, including tableware, kitchenware and sanitary ware made of a vast variety of materials. Owing to the high production costs in Hong Kong, most Hong Kong manufacturers have relocated production to the mainland or other emerging economies, particularly those in Southeast Asia. High value-adding functions, such as sourcing, logistics and product development, are kept in Hong Kong.
The U.S. Department of Energy has made several changes to its procedures, interpretations and policies for considering energy conservation standards and test procedures for consumer products and certain commercial/industrial equipment. Additionally, it has announced separate rulemaking actions involving distribution transformers, dishwashers, clothes washers, clothes dryers, central ACs and heat pumps, and walk-in coolers and freezers.
Foreign investors looking to take advantage of the Philippines’ recent reform and incentive package should try to gain a more comprehensive understanding of the country’s key industrial sectors, especially those identified in the Strategic Investment Priority Plan (SIPP). This will help them capitalise on the opportunities that the Philippines offers.
With the consumer market in ASEAN growing rapidly, many enterprises are preparing to expand their business in this region. OTE Household Appliances (Shenzhen) Co, owner of the innovative brand OTE, is a case in point. The company is currently shifting its strategic focus to the ASEAN region in pursuit of new growth. By working with local distributors and using e-commerce platforms to find new customers, it has begun making in-roads in key Southeast Asian countries. Underpinning this, Hong Kong has rendered vital support with its unique strengths in the areas of finance and talent.
Among other things, the USITC’s mid-term report on the latest developments within the industry producing crystalline silicon photovoltaic products found increased imports of CSPV cells and modules, particularly in the first half of 2023 compared to the first half of 2022, as well as generally increased prices for these products.