OVER 100,000 companies in Singapore and Malaysia are set to benefit from enhanced cross-border business collaboration at the Johor-Singapore Special Economic Zone (JS-SEZ) and beyond, following an agreement inked on Thursday (Jan 16).
The memorandum of understanding (MOU) was signed by the Singapore Chinese Chamber of Commerce and Industry (SCCCI), the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) and UOB.
Under the agreement, the three parties will promote business, trade and investment opportunities in South-east Asia, Singapore, Malaysia and the JS-SEZ to their respective members and the wider business community.
They also agree to foster and facilitate collaborative investment opportunities and projects involving their respective members in the region.
“We are committed to supporting over 100,000 member companies from the two chambers,” SCCCI president Kho Choon Keng said in Mandarin at the MOU signing ceremony.
“Together, we will explore opportunities, foster collaboration, integrate our resources and leverage UOB’s expertise in financing and market advisory, to efficiently tap into the immense potential of JS-SEZ and the booming markets in South-east Asia.”
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ACCCIM president Ng Yih Pyng said their economic cooperation is not confined to the JS-SEZ but includes Asean and regional economies, reflecting the “broader vision of regional economic integration”.
He added that ACCCIM is particularly pleased that SCCCI plans to explore business opportunities across various parts of Malaysia, adding that his members are prepared to facilitate their business visits.
Meanwhile, UOB will offer financial services such as loans and cash management, as well as advisory services to help with market entry as well as in-market advisory services.
UOB deputy chairman and chief executive Wee Ee Cheong said the bank has a dedicated foreign direct investment advisory to support businesses in entering new markets in South-east Asia.
Many small and medium-sized enterprises want to be part of the Asean growth story, but the region is complex and diverse, he said.
UOB can help link companies to the right partners, he added, since the bank has a deep local network consisting of strategic partnerships with regional government agencies and trade associations.
As part of the MOU, the three parties will jointly organise a range of activities – including visits, conferences and networking events – to achieve their objectives.
Their agreement comes a week after Singapore and Malaysian leaders signed a landmark pact to establish the JS-SEZ.
