United Overseas Bank (UOB) U11 and Invest Johor, the Malaysian state’s investment agency, have signed a memorandum of understanding (MOU) to “jointly promote and facilitate investment opportunities” in the Johor-Singapore Special Economic Zone (JS-SEZ), according to a release dated Aug 29.
Notably, a “green lane” will be established, with UOB as a designated partner to assist with foreign direct investments (FDI) in these prioritised sectors to accelerate their investments.
The bank will work with the state agency to target “high-value, high-technology and high-impact” investments from various priority sectors, such as electrical and electronics, advanced manufacturing and engineering, digital economy, green economy, life science and med-tech, electric vehicles, aerospace and port and logistics.
As part of the MOU, UOB will also provide advisory and banking services to companies looking to invest in Johor.
The MOU was signed by Invest Johor’s CEO, Natazha bin Hariss, and UOB Malaysia’s CEO, Ng Wei Wei, at the Asean Conference 2024 held in Singapore. The ceremony was witnessed by Johor’s Menteri Besar, Dato’ Onn Hafiz bin Ghazi and UOB’s deputy chairman and CEO Wee Ee Cheong.
UOB says it is the only bank to have signed MOUs with all the government investment agencies in the key Asean markets.
See also: Forest City’s revival plans reel in crypto bros
The bank also signed a second MOU with China’s Lingang Group, an industrial park operator with more than 18,000 tenants across China. It currently operates the China (Shanghai) Pilot Free Trade Zone (FTZ), a tech hub established in 2019.
Under the partnership, UOB will facilitate the expansion of Lingang Group and its tenants into Southeast Asia.
“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,” says Dato’ Onn Hafiz. “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.”
See also: 'I am excited to work with Singapore', says Anwar at annual investor conference by Bursa Malaysia
“UOB is pleased to work with like-minded partners to support businesses in navigating the diverse Asean region,” adds Wee. “Our strategic partnerships with regional government investment agencies and trade associations have successfully connected enterprises such as Lingang Group to cross-border investment opportunities, benefitting businesses across multiple sectors. We remained committed to serving as an effective gateway to the region for companies expanding into the region.”
Weng Kaining, president of the Shanghai Lingang Economic Development (Group), also welcomed the MOU, saying UOB China has been the group’s “most important and strategic long-term partner”.
The partnership laid a solid foundation to today’s signing the MOU with UOB, he adds.
“With our expansion strategy into Singapore and other Asean countries, we will work closely with UOB to share our resources, platforms and data, for better facilitating both onshore and offshore Chinese businesses in building resilient supply chains, driving progress through innovative and sustainable cross-border solutions, and creating more job opportunities in China and Asean markets,” he adds.
