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UOB latches onto 500m yuan in Asean-Chongqing investment flows in 2016
UNITED Overseas Bank said its China arm has facilitated cross-border investments of more than 500 million yuan (S$102 million) between Chongqing and South-east Asia since the start of this year. Close to 90 per cent was investment flows between Chongqing and Singapore.
The number of companies that UOB's Chongqing branch has supported in the last seven months rose by 35 per cent, with most coming from automotive manufacturing, trading and services, and infrastructure sectors.
Goh Tuan Chiok, branch manager of UOB Chongqing Branch, said in a media release: "The demand for cross-border financial solutions will continue to grow as more companies explore and capitalise on the business opportunities arising from the growing regional links."
This comes on the back of the Sino-Singapore Chongqing Connectivity Initiative, which was launched in November 2015.
UOB cited data from the Chongqing Foreign Trade and Economic Relations Commission showing that overseas direct investment from Chongqing increased 28.7 per cent year-on-year, to reach US$769 million, in the first half of 2016. Foreign direct investment into Chongqing also slightly rose by 2.1 per cent in the same period.