UOB Malaysia signs MoU with MIDA to attract foreign direct investments into Malaysia’s high value-added sectors
Kuala Lumpur, Malaysia, 10 January 2020 – United Overseas Bank (Malaysia) Bhd (UOB Malaysia) today signed a Memorandum of Understanding (MoU) with the Malaysian Investment Development Authority (MIDA) to attract more foreign direct investments (FDI) into high value-added sectors. These sectors, which include electrical and electronics, machinery and equipment, medical devices, aerospace, renewable energy and consumer technology, are among MIDA’s key priority sectors in promoting investments for industry development.
Under the MoU, UOB Malaysia and MIDA will work together to attract global companies that can contribute positively to the local economy through sustainable investments. This in turn will help facilitate the transfer of technology and knowledge to local companies and create opportunities to develop a highly-skilled domestic workforce.
Mr Wong Kim Choong, Chief Executive Officer, UOB Malaysia, said that Malaysia has sharpened its focus on attracting quality investments in targeted sectors that will have significant benefits for the domestic economy.
“Malaysia, with its favourable business conditions such as skilled labour force, developed infrastructure connectivity, ongoing policy reforms and government incentives, remains an attractive investment destination for global companies. In turn, global companies with sustainable investment practices will help to enhance the competitiveness of Malaysia’s domestic industries by creating more skilled jobs and deepening technology capabilities, ultimately helping in Malaysia’s progress towards a knowledge-based economy. Our collaboration with MIDA not only enables us to help more global companies seize investment opportunities in Malaysia, but also to contribute to industry development in the country,” Mr. Wong said.
To promote Malaysia as an investment destination, UOB Malaysia and MIDA will organise a series of roadshows across key focus markets such as China, ASEAN and Japan.
Mr. Arham Abdul Rahman, Deputy Chief Executive Officer I of MIDA said, “The collaboration between MIDA and UOB Malaysia complements our goal to invigorate an effective investment environment in the country. We are excited to have UOB Malaysia on board with us in promoting Malaysia’s business competitiveness and accelerate economic growth. Understanding the needs of investors, MIDA seeks to not only promote the development of industrial ecosystems but also to ensure that the enablers are in place to cater to the requirements of businesses, particularly those that are value-added, capital-intensive, knowledge-intensive and can provide quality business and job opportunities to Malaysians. This includes having easy access to the necessary financial services to help investors succeed in emerging markets like Malaysia. We trust that this partnership will result in attracting more quality investments for the country.”
Commenting about UOB Malaysia’s capabilities in facilitating cross-border business and investments, Ms Ng Wei Wei, Managing Director and Country Head of Wholesale Banking, UOB Malaysia said, “The Bank is well-equipped to support the key priority sectors under MIDA through our sector specialisation and FDI Advisory capabilities, extensive regional network and on-the-ground experience. Our capabilities and experience are ready to help foreign companies invest in Malaysia and to connect them to opportunities as the country focuses its efforts on attracting FDI into high valued-added sectors. The collaboration between UOB Malaysia and MIDA reinforces the Bank’s long-term commitment to connect companies to business and investment opportunities across Asia.”
In 2011, UOB launched its FDI Advisory services to help companies develop their entry strategies and to navigate the complexities of doing business in a new country. In addition to providing companies with access to UOB’s financial products and services, the team works closely with government agencies, trade and industry associations and professional service providers to provide comprehensive business advisory services across the region. To strengthen its support of companies expanding into Malaysia, UOB Malaysia set up a FDI Centre in 2013 which has since supported more than 250 companies to establish their business in or to invest into the country.
The Bank’s FDI Advisory team has also collaborated with other agencies such as the Iskandar Region Development Authority, the East Coast Economic Region Development Corporation and the Sarawak Corridor of Renewable Energy to position Malaysia as a key investment destination in Southeast Asia.
To find out more about UOB’s FDI Advisory services, please visit https://www.uob.com.sg/corporate/foreign-direct-investment/index.page.