Johor-Singapore SEZ to benefit entire supply chain, boost economic connections: UOB’s Wee Ee Cheong
Wee Ee Cheong reiterates the bank’s long-term commitment to Malaysia
THE new Johor-Singapore Special Economic Zone (SEZ) is set to benefit businesses across multiple sectors in Singapore and Malaysia by creating opportunities for the entire supply chain, while boosting economic connections between both countries.
UOB deputy chairman and chief executive officer Wee Ee Cheong said this on Monday (Jul 1), after the bank hosted Johor Chief Minister Onn Hafiz Ghazi at its Singapore headquarters in UOB Plaza.
His visit was part of UOB’s efforts to strengthen collaboration initiatives under the planned SEZ, which was announced earlier this year and aims to enhance cross-border economic connectivity between Singapore and Malaysia.
Private meetings were also held during the visit between Onn Hafiz, Wee and other bank leaders, during which Wee reiterated UOB’s long-term commitment to Malaysia.
Both Wee and Onn Hafiz also discussed strengthening ties to boost Malaysia and Singapore connectivity through foreign direct investment (FDI).
Additionally, UOB facilitated a roundtable discussion between the Johor delegation and representatives from large corporations and various business organisations, such as the Singapore Business Federation, the Singapore Manufacturing Federation and the Singaporean-German Chamber of Industry and Commerce.
A NEWSLETTER FOR YOU
Friday, 8.30 am
Asean Business
Business insights centering on South-east Asia's fast-growing economies.
During the roundtable discussion, the Johor delegation presented the strategies, priority sectors and implementation plans for the SEZ.
“The Johor-Singapore SEZ has potential to drive economic growth, create employment and improve the lives of the people across the Causeway,” said Ng Wei Wei, chief executive of UOB Malaysia.
She added that she is confident that UOB Group will be “able to contribute meaningfully to the development of the SEZ” through leveraging its strong regional connectivity.
SEE ALSO
“We will continue to collaborate with the Johor government and key stakeholders to drive investment and trade into the country,” she said.
In a news release, UOB said that its FDI advisory unit has helped more than 20 companies to expand into Johor in the last two years.
In March this year, UOB Malaysia and UOB China also held a roundtable dialogue in Shenzhen for Onn Hafiz with Chinese business and public sector leaders to facilitate more FDI into Johor.
UOB said that shortly after the meeting, at least three companies from China made investment commitments into Johor amounting to about S$550 million.
Copyright SPH Media. All rights reserved.
