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UOB (Thai), Amata to provide stronger support to firms expanding in SE-Asia

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From left to right: Mr Peter Foo Moo Tan, UOB (Thai)’s Chief Executive Officer; Mr Wee Ee Cheong, UOB Group’s Deputy Chairman and Chief Executive Officer; Mr Vikrom Kromadit, Amata Corporation’s Chief Executive Officer; and Mr Viboon Kromadit, Amata’s Director and Chief Marketing Officer.

UNITED Overseas Bank (Thai) has signed a memorandum of understanding (MOU) with Amata Corporation, Thailand's largest listed conglomerate in the industrial estate sector, aimed at providing stronger support to companies that plan to expand their businesses in South-east Asia, UOB Group announced on Wednesday.

Under the MOU, UOB's wholesale banking customers and Amata's customers will be able to have access to business referrals through each other's network.

UOB and Amata will also set up a formal working group led by their senior executives to help companies identify and seize opportunities to expand into South-east Asia through cross-border banking solutions including trade financing, loans and investments.

Amata has more than 5,000 hectares of industrial estate, which hosts global clients from industries such as automotive, healthcare and food & beverage. Meanwhile, UOB has 484 branches and offices and nine foreign direct investment (FDI) advisory units scattered across the region.

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UOB (Thai)'s CEO, Peter Foo, said that South-east Asia's resilient and growing economy is opening up avenues for infrastructural investments and intra-regional trade.

In 2013, South-east Asia attracted US$125 billion of FDI inflows, or 9 per cent of the total FDI inflows globally - almost double the 5 per cent it captured in 2003.

In the same period, FDI inflows into Thailand also rose 148 per cent to US$13 billion, compared with US$5 billion of investments in 2003. In 2013, Thailand also received the third-largest share of FDI investments within South-east Asia.