MAYASIA BUSINESS OUTLOOK9In the month of May, Japan and South Korea held their first bilateral finance leaders' meeting in seven years, indicating that relations between the two are warming amid shared challenges such as geopolitical tensions and slowing economic growth. The resumption of bilateral financial talks comes ahead of Japanese Prime Minister Fumio Kishida's upcoming visit to South Korea for talks with President Yoon Suk Yeol next week. "Japan and South Korea are important neighbours that must work together to address various global and economic challenges, as well as regional and international community challenges", Japanese Finance Minister Shunichi Suzuki said during a meeting with his South Korean counterpart Choo Kyung-ho."In terms of geopolitical challenges, we have North Korea developing nuclear weapons and Russia invading Ukraine". "These are unacceptable to Japan, and they are something the two countries must address together", he said. Choo stated that, "the two countries can strengthen private and public-sector collaboration in high-tech industries such as semiconductors and batteries". "We need to strengthen cooperation between financial authorities on the recent emergence of geopolitical risks and supply chain instability", Choo said in his opening remarks. Choo also urged Japan to quickly restore South Korea to the 'white list' of countries with fast-track trade status during a meeting on the sidelines of the Asian Development Bank (ADB) meeting this week. Due to disagreements over wartime history, the regular annual dialogue between the two countries' finance ministers has been suspended since 2016. Ace Turtle, which has a licence to operate Lee, Wrangler, Toys 'R' Us, and Babies 'R' Us in India, has raised $34 million (Rs.293 crore) in Series B funding. The Series B round was led by Vertex Growth, SBI Investment Co., Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures, and Trifecta Capital. Existing investors Vertex Southeast Asia and India, as well as InnoVen Capital, also participated in this round. "The funds will be used to develop technological tools that ensure seamless omnichannel operations, acquire licences for new fashion and lifestyle brands, and recruit talent at all levels to support the company's aggressive growth plans". This will allow us to broaden our brand portfolio and strengthen our market position', said Nitin Chhabra, CEO of Ace Turtle. In the fiscal year 2022-23, ace turtle doubled its revenue and became EBITDA-positive."Ace Turtle's asset-light approach, deep domain expertise in product supply chain, and use of data-driven insights in understanding consumer behaviour and demand present significant opportunities for the integration of cutting-edge omnichannel tech solutions into brand operations, facilitating substantial growth in the foreseeable future", said James Lee, General Partner of Vertex Growth. To reach consumers directly, ace turtle is vertically integrated from design to local manufacturing and marketing. "Asian domestic consumption has been one of our key investment themes". We believe India will be a leading source of global growth in the coming decades, owing to favourable demographics, a growing middle class, and increased internet penetration", said Yoshitaka Kitao, Chairman and President of SBI Investment. NEWSROOMJAPAN & SOUTH KOREA HOLDS FIRST BILATERAL FINANCE LEADERS MEET AFTER SEVEN YEARSACE TURTLE RAISES $34 MILLION IN SERIES B FUNDING LEAD BY VERTEX GROWTH & SBI INVESTMENT
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