A Memorandum of Understanding (MOU) was signed by UOB with Invest Johor, an investment agency in the state, to drive investment opportunities into the coming Johor-Singapore Special Economic Zone (SEZ).
Under the partnership with Invest Johor, both parties are focusing on targeting high-value, high-technology, and high-impact investments from priority sectors such as electrical and electronics and advanced manufacturing and engineering.
In a statement today, UOB said a ‘green lane’ will be jointly established, with UOB designated as a partner to assist with foreign direct investments in these prioritized sectors to accelerate their investments.
UOB will also provide advisory and banking services to companies looking to invest in Johor. The MOU was signed by Invest Johor chief executive officer (CEO) Natazha Hariss and UOB Malaysia CEO Ng Wei Wei, at the Asean Conference held in Singapore.
The ceremony was witnessed by Johor's Menteri Besar Onn Hafiz Ghazi, and UOB's deputy chairman and CEO Wee Ee Cheong.
"From our engagements with key stakeholders of the Johor-Singapore SEZ, expectations are very high. This will require us to step up our game, provide excellent service, and ensure that we not only meet but exceed these expectations. "Today's MOU between Invest Johor, the state's lead investment agency, and UOB, one of ASEAN's leading financial institutions with over seven decades of experience in assisting investors in Malaysia, is one example of our seriousness and focus in improving the investor experience in Johor", said Onn Hafiz.
Ng said the MoU with Invest Johor reinforced UOB'scommitment to facilitate foreign direct investment into Malaysia and support the success of the Johor-Singapore SEZ. "Apart from bringing in investments, we will also connect foreign investors to the local ecosystem value chains to benefit our local businesses, particularly the SMEs.This is to ensure that foreign investors can tap into local resources and the investments can bring multiplier effect to the economy", added Ng.
UOB also signed a second MoU with China's Lingang Group, an industrial park operator with more than 18,000 tenants across China.
Under the collaboration with Lingang, UOB will enable the group and its tenants to expand into Southeast Asia. The MOU with Lingang Group was signed by Lingang Group chief financial officer Yang Jing and Leong Yung Chee, head of Group Corporate Banking at UOB.
The group’s cross-border extension plans will leverage UOB's extensive trade network as the chosen bank for all their banking needs. Lingang Group presently operates the China (Shanghai) Pilot Free Trade Zone (FTZ), a tech hub established in 2019, and has played an important part in the opening of China's economy to global investors.