UOB Malaysia signs MoU with MIDA to attract foreign direct investments into Malaysia’s high value-added sectors
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
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.
About United Overseas Bank (Malaysia) Bhd
United Overseas Bank (Malaysia) Bhd (UOB Malaysia) is a subsidiary of Singapore-based United Overseas Bank Limited (UOB) and has had a presence in Malaysia since 1951. UOB Malaysia offers an extensive range of commercial and personal financial services through its branches, subsidiaries and associate companies: commercial lending, investment banking, treasury services, trade services, cash management, home loans, credit cards, wealth management, and bancassurance products.
UOB is a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. UOB is rated among the world’s top banks: Aa1 by Moody’s and AA- by both Standard & Poor’s and Fitch Ratings. In Malaysia, UOB Malaysia receives AAA/Stable/P1 financial institution rating from RAM Ratings.
Over more than eight decades, generations of UOB employees have carried through the entrepreneurial spirit, the focus on long-term value creation and an unwavering commitment to do what is right for our customers and our colleagues.
We believe in being a responsible financial services provider and we are committed to making a difference in the lives of our stakeholders and in the communities in which we operate. Just as we are dedicated to helping our customers manage their finances wisely and to grow their businesses, UOB is steadfast in our support of social development, particularly in the areas of art, children and education.
For further information, please visit www.uob.com.my.
About the Malaysian Investment Development Authority (MIDA)
MIDA is the government’s principal promotion agency under the Ministry of International Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 20 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on Twitter, Instagram and Facebook.
For media queries, please contact:
Tel: 03-9195 2788/ 017-267 9170
Averlyn Lim Siew Leng
Tel: 03-9195 2793/ 018-229 9168
Malaysian Investment Development Authority (MIDA)
Ms. Zalina Zainol
Director, Corporate Communications Division
03-2263 2437| [email protected]
Speech by DCEO I of MIDA: MIDA UOB MoU Signing Ceremony