UOB, Invest Johor ink MoU to drive FDI into Johor-Singapore Special Economic Zone

SINGAPORE: Johor state investment agency, Invest Johor, and lender UOB today signed a memorandum of understanding (MOU) that will drive investment opportunities into the upcoming Johor-Singapore Special Economic Zone (JS-SEZ).

The agreement was signed by Invest Johor chief executive officer (CEO) Natazha Hariss and UOB Malaysia CEO Ng Wei Wei at the ASEAN Conference here, witnessed by Johor Menteri Besar Datuk Onn Hafiz Ghazi and UOB deputy chairman and CEO Wee Ee Cheong.

Under the partnership, UOB and Invest Johor will jointly promote and facilitate investment opportunities in JS-SEZ by targeting high value, high technology and high impact investments from priority sectors such as electrical and electronics, advanced manufacturing and engineering, digital economy, green economy, life science and med-tech, electric vehicles, aerospace and port and logistics.

“A ‘green lane’ will be jointly established, with UOB designated as a partner to assist with FDI in these prioritised sectors to accelerate their investments. UOB will also provide advisory and banking services to companies looking to invest in Johor as part of the MoU,” the bank said in a statement following the signing.

Onn Hafiz said the MOU is one example of Johor’s seriousness and focus on improving the investor experience in the state. “From our engagements with key stakeholders of the JS-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,” he was quoted in the statement.

Ng said the MOU with Invest Johor reinforces UOB’s commitment to facilitate FDI into Malaysia and support the success of the JS-SEZ. “Apart from bringing in investments, we will also connect foreign investors to the local ecosystem value chains to benefit our local businesses, particularly the small and medium enterprises to ensure that foreign investors can tap into local resources and the investments can bring multiplier effect to the economy,” she added.

UOB also facilitated a meeting between Onn Hafiz and the Invest Johor delegation with China’s state-owned enterprise Lingang Group which currently operates the China (Shanghai) Pilot Free Trade Zone (FTZ), a tech hub established in 2019.

Meanwhile, UOB also signed an MOU with the Lingang Group at the event that will facilitate the group’s 18,000 tenants to expand in Southeast Asia. Under the partnership, Lingang Group’s cross-border expansion plans will leverage UOB’s extensive trade network as the preferred bank for all their banking needs.

UOB’s foreign direct investment advisory unit will also serve as a one-stop shop dedicated to helping Lingang Group through its close partnerships with regional government agencies, trade associations and professional service providers, providing customised solutions to fit the group’s expansion plans.

UOB said it is the only bank to have signed an MOU with all the government investment agencies in key ASEAN markets. – BK