Abstract
At the end of 2019, a pandemic caught the world unprepared. The SARS-CoV-2
virus began spreading in Wuhan, China, before exploiting the interconnectedness
that lies at the heart of the globalized economy. To halt the spread of COVID-19,
many countries began closing their borders and restricting movements within.
The integrity of global value chains (GVCs), which was already strained by
the US-China trade war, took further blows when countries went into isolation.
Multinational enterprises are beginning to rethink their dependence on China and
governments are calling their corporations to return home (reshore) or move nearby
(nearshore). With Southeast Asia potentially receiving the bulk of nearshoring in
Asia, Indonesia is pushing for the biggest regulatory reform since the 1998 Asian
financial crisis in order to benefit from this trend.
Original language | English |
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Title of host publication | Southeast Asian Affairs 2021 |
Editors | Daljit Singh, Malcolm Cook |
Place of Publication | Singapore |
Publisher | ISEAS – Yusof Ishak Institute |
Pages | 122-138 |
Edition | 1 |
ISBN (Print) | 9789814951180 |
Publication status | Published - 2021 |