In an effort to promote investment prospects into the future, Johor-Singapore Special Economic Zone (SEZ), UOB, and Invest Johor, the Malaysian state’s investment agency, have signed a Memorandum of Understanding (MOU).
Additionally, UOB entered a second Memorandum of Understanding with Lingang Group, an industrial park operator that serves over 18,000 tenants nationwide. UOB will help Lingang Group and its tenants grow into Southeast Asia as part of the agreement.
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Collaboration to expand the Johor-Singapore SEZ
UOB and Invest Johor will work together to promote and facilitate investment possibilities in the Johor-Singapore Special Economic Zone (SEZ).
This will be accomplished by focusing on high value, high technology, and high impact investments in priority areas such as electrical and electronics, advanced manufacturing and engineering, digital economy, green economy, life science and med-tech, electric cars, aerospace, and port and logistics.
Notably, a “green lane” will be jointly developed, with UOB acknowledged as a partner to help speed foreign direct investment in certain priority areas. As part of the MOU, UOB would provide advice and financial services to companies intending to invest in Johor.
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By GlobalDataNatazha bin Hariss, CEO of Invest Johor, and Ng Wei Wei, CEO of UOB Malaysia, signed the Memorandum of Understanding during the ASEAN Conference in Singapore.
The ceremony was seen by Johor’s Menteri Besar, Dato’ Onn Hafiz bin Ghazi, and UOB’s Deputy Chairman and CEO, Wee Ee Cheong.
Ghazi stated: “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.”
Cheong added: “UOB is pleased to work with like-minded partners to support businesses in navigating the diverse ASEAN region. 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.”
UOB has signed MOUs with Lingang Group, a state-owned enterprise with over four decades of experience in industrial park development.
Furthermore, Lingang Group plans to use UOB’s trade network for cross-border expansion, leveraging its extensive network, meanwhile UOB China has facilitated first-of-its-kind transactions, benefiting both clients.
Weng Kaining, president, Shanghai Lingang Economic Development (Group) Co, shared: “UOB China has been the most important and strategic long-term partner of the Lingang Group, which lay a solid foundation to today’s signing the MOU with UOB Group. 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.”
