UOB Malaysia to facilitate FDI into Sarawak
By Digital News Asia July 25, 2022
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UOB Malaysia is set to facilitate more foreign direct investments into Sarawak as international companies look for opportunities in the state’s high-value sectors.
In a statement, the bank said it expects more multinational corporations, especially those from the manufacturing, trade, technology, food and agriculture industries, to invest in Sarawak’s renewable energy, digital technology, ecotourism and agrotechnology sectors.
It added that these companies, which are mainly from Greater China, Korea, Japan and Singapore are keen to tap into Sarawak’s cost-effective manufacturing and renewable energy infrastructure as part of their expansion in Southeast Asia.
UOB said Sarawak is rich with natural resources, including agricultural produce and is also known as Malaysia’s renewable energy hub.
Ng Wei Wei, chief executive officer of UOB Malaysia said,“The Sarawak government’s commitment to create an ideal climate for investment through business-friendly policies and initiatives makes it an attractive investment destination for local and foreign investors.
“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,” she said.
UOB claimed to be the first bank in Southeast Asia to set up a dedicated FDI Advisory team. Established in 2011, there are ten dedicated FDI centres across Asia, including Malaysia.
Ng said, “Since the establishment of our FDI Advisory team, we have facilitated more than 3,500 companies from around the world in their expansion into Asia, including Malaysia.”
“Our regional connectivity and strong partner ecosystem across ASEAN and Greater China are supported by our expertise in several major sectors driving the regional economies,” she added.
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