UOB Partners with Johor Government to Boost Investment in Johor-Singapore SEZ

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“UOB collaborates with the Johor government to drive investment in the Johor-Singapore SEZ, aiming to enhance cross-border economic connectivity and local business growth.”

Kuala Lumpur, 03rd July 2024, 12.15pm – UOB plans to continue partnering with the Johor government to boost investment and trade in Malaysia following the creation of the Johor-Singapore special economic zone (SEZ).

UOB Malaysia CEO Ng Wei Wei stated this after the bank hosted Johor Menteri Besar Datuk Onn Hafiz Ghazi at its Singapore headquarters on Monday. During the visit, Onn Hafiz met with UOB’s senior management, including Deputy Chairman and CEO Wee Ee Cheong.

Additionally, Onn Hafiz participated in a roundtable discussion organized by UOB with regional business leaders, where his delegation outlined strategies, priority sectors, and implementation plans for the SEZ.

The event was attended by representatives from the Singapore Business Federation, Singapore Manufacturing Federation, Singaporean-German Chamber of Industry and Commerce, China Enterprises Association (Singapore), Korean Chamber of Commerce in Singapore, and Japan External Trade Organisation.

UOB stated that Onn Hafiz’s visit was part of the bank’s efforts to enhance collaboration initiatives under the SEZ, announced in January by government leaders from Singapore and Malaysia. This initiative aims to strengthen cross-border economic connectivity between the two nations.

“The Johor-Singapore Special Economic Zone has the potential to stimulate economic growth, generate jobs, and enhance the quality of life for people on both sides of the Causeway. With over 70 years of experience in Malaysia, UOB Malaysia is committed to supporting local businesses and consumers.

“Utilizing UOB Group’s robust regional connectivity, I am confident in our ability to significantly contribute to the development of the SEZ. We will maintain our collaboration with the Johor government and key stakeholders to promote investment and trade in the country,” stated Ng.

Wee highlighted that UOB has a successful history of assisting clients in navigating the local landscape when entering new markets, connecting them with suitable partners, and facilitating foreign direct investments to support local businesses in developing inclusive and sustainable enterprises.

“Leveraging UOB’s expansive regional network, advanced platform capabilities, and industry expertise, we are well-equipped to foster business growth in Singapore, Malaysia, and throughout the region,” Wee stated.

UOB, which has been operating in Malaysia since 1951, has 55 branches nationwide, including seven in Johor. Over the past two years, UOB’s foreign direct investment advisory unit has assisted more than 20 companies in expanding into Johor.

“In March 2024, UOB Malaysia and UOB China organized a roundtable discussion for Onn Hafiz in Shenzhen, one of China’s SEZs, involving Chinese business and public sector leaders to encourage more foreign direct investments into Johor. Following this meeting, at least three Chinese companies committed to investing in Johor, with a total projected investment value of S$550 million (RM1.91 billion),” UOB stated.

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