KUALA LUMPUR (July 1): UOB intends to continue collaborating with the Johor government to drive investment and trade into Malaysia, following the establishment of the Johor-Singapore special economic zone (SEZ).

UOB Malaysia chief executive officer (CEO) Ng Wei Wei said this in a statement after the banking group hosted Johor Menteri Besar Datuk Onn Hafiz Ghazi at its headquarters in Singapore on Monday, where he met UOB's senior management, including UOB deputy chairman and CEO Wee Ee Cheong.

He also attended a roundtable discussion that UOB facilitated with regional business leaders, where his delegation presented on its strategies, priority sectors and implementation plans for the SEZ.

Representatives present included those from the Singapore Business Federation, Singapore Manufacturing Federation, Singaporean-German Chamber of Industry and Commerce, China Enterprises Association (Singapore), the Korean Chamber of Commerce in Singapore and the Japan External Trade Organisation.

Onn Hafiz's visit was part of UOB's efforts to strengthen collaboration initiatives under the SEZ that was announced in January by government leaders from both Singapore and Malaysia, which aims to boost cross-border economic connectivity between the two countries, according to UOB.

“The Johor-Singapore Special Economic Zone has potential to drive economic growth, create employment and improve the lives of the people across the Causeway. Having operated in Malaysia for more than 70 years, UOB Malaysia remains steadfast in supporting the businesses and consumers in the country.

"Leveraging off UOB Group’s strong regional connectivity, I am confident that we are able to contribute meaningfully to the development of the SEZ. We will continue to collaborate with the Johor government and key stakeholders to drive investment and trade into the country,” said Ng.

Wee said UOB has a proven track record in helping its clients understand the local landscape when entering new markets, linking them with the right partners, and helping to channel foreign direct investments to support local enterprises in creating inclusive and sustainable businesses.

"With UOB’s extensive regional network, enhanced platform capabilities and sector expertise, we are well-positioned to support business growth in Singapore and Malaysia, and across the region,” Wee said.

UOB, which has been in Malaysia since 1951, has 55 branches across the country, seven of them in Johor. In the last two years, UOB’s foreign direct investment advisory unit facilitated more than 20 companies' expansion into Johor.

"In March 2024, UOB Malaysia and UOB China also held a roundtable dialogue for Onn Hafiz in Shenzhen, one of China’s SEZs, with Chinese business and public sector leaders to facilitate more foreign direct investments into the Malaysian state. Shortly after this meeting, at least three companies from China have made investment commitments into Johor with a total projected investment value of S$550 million (RM1.91 billion)," said UOB.