In a strategic move to enhance cross-border investments, United Overseas Bank (UOB) signed two significant Memorandums of Understanding (MOUs) today aimed at fostering economic growth in the Johor-Singapore Special Economic Zone (SEZ) and facilitating the expansion of Chinese enterprises into Southeast Asia.
The first MOU, signed with Invest Johor, marks a key partnership between UOB and Johor’s state investment agency to promote investment opportunities in the upcoming Johor-Singapore SEZ. The collaboration targets high-value sectors including electronics, advanced manufacturing, digital economy, green economy, life sciences, med-tech, electric vehicles, aerospace, and logistics. By establishing a streamlined “green lane” for foreign direct investments, UOB will play a pivotal role in accelerating the inflow of capital into these prioritised industries, providing advisory and banking services to companies seeking to invest in Johor.
The MOU with Invest Johor was formalized at the ASEAN Conference in Singapore, witnessed by Johor’s Menteri Besar, Yang Amat Berhormat Dato’ Onn Hafiz bin Ghazi, and UOB’s Deputy Chairman and Chief Executive Officer, Mr. Wee Ee Cheong. This partnership is seen as a crucial step in bolstering investor confidence and reinforcing the region’s reputation as a competitive investment destination. UOB’s extensive experience in banking and investment advisory positions it as a key partner in the development of the SEZ, ensuring both foreign and local businesses benefit from the economic opportunities created.
The second MOU, signed with China’s Lingang Group, underscores UOB’s role in facilitating the international expansion of Chinese enterprises. Lingang Group, a state-owned industrial park operator managing over 18,000 tenants across China, has been instrumental in advancing China’s global trade initiatives. Through this partnership, UOB will support Lingang Group’s expansion into Southeast Asia, leveraging its regional banking network to provide financial services and advisory solutions tailored to the group’s needs. UOB’s Foreign Direct Investment Advisory Unit will act as a one-stop shop for Lingang Group, helping to navigate regulatory frameworks and connect the Chinese enterprise with local ecosystems.
Lingang Group’s focus on technology-driven industries, highlighted by its operation of the China (Shanghai) Pilot Free Trade Zone, aligns with UOB’s strategy to promote high-tech investments in the ASEAN region. UOB’s involvement will be crucial in linking Lingang Group’s capital flows and trade operations with Southeast Asian markets, providing a gateway for Chinese companies to establish a foothold in the region.
With these MOUs, UOB reinforces its commitment to facilitating cross-border investments and supporting the economic integration of Southeast Asia. UOB is the only bank to have signed MOUs with government investment agencies across key ASEAN markets, reflecting its strategic role in regional economic development. These partnerships are expected to not only drive foreign direct investments into Malaysia but also connect investors with local value chains, ensuring that the benefits of these investments extend to small and medium enterprises (SMEs) and the broader local economy.
