UOB Malaysia to facilitate investments to Sarawak

UOB Malaysia to facilitate investments to Sarawak

21 Jul 2022

United Overseas Bank (M) Bhd (UOB Malaysia) is set to facilitate more foreign direct investments (FDIs) into Sarawak as international companies look for opportunities in the state’s high-value sectors such as renewable energy, digital technology, ecotourism and agrotechnology sectors.

“The state’s natural resources and renewable energy are also a big draw to investors. In addition, we anticipate Malaysia’s entry into the Regional Comprehensive Economic Partnership will open more doors of opportunities for companies to invest and trade with businesses in Sarawak,” said UOB Malaysia CEO Ng Wei Wei in a statement today.

Moving forward, we will continue to work with the state government to support the premier’s vision in prioritising green energy development to attract foreign investors who want to advance their business sustainably,” she added.

These companies, mainly from China, Korea, Japan and Singapore-based multinational corporations, are keen to tap into Sarawak’s cost-effective manufacturing and renewable energy infrastructure as part of their expansion in South-East Asia.

UOB Malaysia has also partnered with Sarawak Trade and Tourism Office Singapore and Singapore Business Federation to organise an investment and trade mission to the state.

Over 50 top executives from Singapore’s various business sectors — such as energy, electronics, manufacturing, trading, agriculture and education — participated in the four-day trade mission. As part of the visit, the delegation paid a courtesy call to the premier of Sarawak, Tan Sri Abang Johari Openg.

The bank is the first in the South-East Asean region to set up a dedicated FDI Advisory team. Established in 2011, there are 10 dedicated FDI centres across Asia, including Malaysia.

The dedicated FDI Advisory Units assist foreign enterprises looking to invest and expand their business in Asean, including services and advisory on company incorporation, market entry and a comprehensive suite of banking solutions.

Source: The Malaysian Reserve