UOB has signed a Memorandum of Understanding (MOU) with Invest Johor, Malaysia’s state investment agency, to boost investment opportunities in the upcoming Johor-Singapore Special Economic Zone (SEZ).
UOB has also signed a second MOU with Chinese Lingang Group, an industrial park operator with over 18,000 tenants across China. Under this partnership, UOB will facilitate Lingang Group and its tenants’ expansion into Southeast Asia.
Partnership to develop Johor-Singapore special economic zone
Under the partnership with Invest Johor, UOB will work with the state investment agency to jointly promote and facilitate investment opportunities in the Johor-Singapore Special Economic Zone. To this end, they will focus on high-value, high-tech and high-impact investments in priority sectors such as electrical and electronics, advanced manufacturing and engineering, digital economy, green economy, life sciences and medical technology, electric vehicles, aerospace, and ports and logistics.
In particular, a “green lane” will be jointly established, with UOB appointed as a partner to help foreign direct investments in these priority sectors accelerate their investments. UOB will also provide advisory and banking services to companies wishing to invest in Johor as part of the MOU.
The MoU was signed by Invest Johor CEO Natazha bin Hariss and UOB Malaysia CEO Ng Wei Wei at the ASEAN Conference in Singapore. The ceremony was attended by Menteri Besar of Johor Dato’ Onn Hafiz bin Ghazi and UOB Vice President and CEO Wee Ee Cheong.
UOB discusses opportunities of Johor-Singapore SEZ with business leaders in the region
Dato’ Onn Hafiz said: “From our engagements with key stakeholders in the Johor-Singapore SEZ, it is clear that expectations are very high. This will require us to redouble our efforts, deliver excellent service and ensure that we not only meet these expectations but exceed them. The MoU signed between Invest Johor, the state’s apex investment agency, and UOB, one of ASEAN’s leading financial institutions with over seven decades of experience assisting investors in Malaysia, is an example of our seriousness and our interest in improving the experience of investors in Johor.”
Mr Wee Ee Cheong said: “UOB is pleased to work with like-minded partners to help businesses navigate the diverse ASEAN region. Our strategic partnerships with regional government investment agencies and trade associations have successfully connected companies like Lingang Group to cross-border investment opportunities, benefiting businesses across multiple sectors. We remain committed to serving as an effective gateway to the region for businesses expanding into the region.”
UOB is the only bank to have signed MoUs with all government investment agencies in major ASEAN markets.
The MOU with Lingang Group was signed by Ms. Yang Jing, Chief Financial Officer of Lingang Group, and Mr. Leong Yung Chee, Head of Corporate Banking at UOB Group.
UOB is the only bank to have signed MoUs with all government investment agencies in major ASEAN markets.
Mr. Weng Kaining, Chairman of Shanghai Lingang Economic Development (Group) Co., Ltd, and Mr. Frederick Chin, Director of UOB Group Wholesale Banking and Markets, witnessed the signing. The state-owned enterprise has more than four decades of experience in industrial park development and focuses on investment promotion and exploitation of industrial parks, professional business services, and industrial investment in science and technology.
Lingang Group currently operates the China (Shanghai) Pilot Free Trade Zone (FTZ), a technology hub established in 2019 that has played a key role in opening up the Chinese economy to global investors.
Lingang Group’s cross-border expansion plans will leverage UOB’s extensive business network as the preferred bank for all banking needs. UOB, through UOB China, has successfully facilitated first-of-its-kind cross-border transactions with Lingang Group, benefiting both Chinese and UOB customers to direct their capital and trade flows through the policies and concessions offered in the Pilot Free Trade Zone.
Source: https://reporteasia.com/economia/2024/08/29/uob-zona-economica-especial-johor-singapur/
