Welcome to Your Week in Asia.
Indian Prime Minister Narendra Modi will meet with Pacific island leaders at a summit in Papua New Guinea on Monday. U.S. President Joe Biden had planned to join and become the first sitting American president to visit the island country, but he canceled the trip last week to focus on debt ceiling talks at home.
The 28th Future of Asia, Nikkei's flagship annual conference, kicks off on Thursday. Speakers at the two-day event include leaders from Singapore, Vietnam and Thailand.
Turkey will hold a runoff presidential election on coming Sunday after no candidate secured more than 50% of the vote on May 14.
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MONDAY
India-Pacific Summit in Papua New Guinea
The third summit of the Forum for India-Pacific Islands Cooperation (FIPIC) takes place in Port Moresby, the capital city of Papua New Guinea, under the co-chairmanship of Indian Prime Minister Narendra Modi and his PNG counterpart, James Marape. Modi will head to PNG after the G-7 summit in Hiroshima, becoming India's first sitting prime minister to visit the Pacific country. He then plans to travel to Australia.
U.S. Secretary of State Antony Blinken will attend the summit after President Joe Biden called off a planned visit.
FIPIC was launched in 2014 when Modi visited Fiji with the aim of strengthening cooperation between India and 14 Pacific island nations.
Earnings: Kuaishou
TUESDAY
Russian prime minister visits China
Russian Prime Minister Mikhail Mishustin pays a two-day official visit to China. He is expected to meet with Chinese President Xi Jinping and Premier Li Qiang in Beijing. The Russian leader will be traveling with a large business delegation that includes several tycoons under Western sanctions who are to attend the Russia-China Business Forum in Shanghai, according to the Financial Times.
The power dynamics between the countries are being closely watched. French President Emmanuel Macron recently commented that Russia is effectively becoming a vassal state of China, a remark the Kremlin denounced.
WEDNESDAY
Third launch of South Korea's Nuri rocket
South Korea launches a three-stage Nuri rocket from a southern island that is to carry an observation satellite into a low Earth orbit. Seoul's expressed space development ambition is to compete with leaders such as the U.S., Russia, China, Europe and Japan. President Yoon Suk Yeol's government plans to set up an independent space agency by the end of this year, emulating NASA of the U.S.
Monetary policy: New Zealand
THURSDAY
Future of Asia
Nikkei will host the 28th Future of Asia forum, its flagship annual conference, in Tokyo on Thursday and Friday. This year's main theme is "Leveraging Asia's power to confront global challenges."
Political leaders from the region, including Singapore Deputy Prime Minister Lawrence Wong, Thai Deputy Prime Minister Don Pramudwinai, Vietnam Deputy Prime Minister Tran Luu Quang, Sri Lanka President Ranil Wickremesinghe, and Laos President Thongloun Sisoulith will gather for the two-day event.
APEC ministers meet in U.S.
Senior officials from APEC economies commence two days of trade meetings in Detroit. U.S. Trade Rep. Katherine Tai is to chair the ministerial meeting with an emphasis on promoting labor rights and employment of underserved populations.
Zhongguancun Forum, Beijing
China will host the annual Zhongguancun Forum, which focuses on cutting-edge technology like artificial intelligence and quantum science. Named after a tech park in Beijing, the six-day event is expected to cover discussions on innovation cooperation, data governance and exhibitions. Guests from more than 80 countries and regions will attend, according to the organizers.
Earnings: Singtel, NetEase, Meituan
Monetary policy: Indonesia, South Korea
FRIDAY
GDP: Taiwan
WEEKEND
Turkey presidential runoff election
Turkish President Recep Tayyip Erdogan enters a runoff for president against Kemal Kilicdaroglu, chairman of the main opposition center-left Republican People's Party. Kilicdaroglu is the joint candidate of the six opposition parties forming the Nation Alliance. Erdogan, who has ruled Turkey for more than two decades, is the joint candidate of the predominantly right-wing parties forming the People's Alliance. In the initial round, Erdogan finished with 49.52% of the vote to Kilicdaroglu's 44.88%. Erdogan's alliance also obtained a comfortable majority of seats in the parliamentary elections, boosting his presidential chances.
Sinan Ogan, the far-right presidential candidate who won 5.17% of the votes on May 14, pushing the top two finishers into the runoff, has not yet endorsed either.
