UOB Malaysia to facilitate FDI into Sarawak’s renewable energy, digital technology, ecotourism and agrotechnology sectors
Kuala Lumpur, Malaysia, 21 July 2022 – UOB Malaysia is set to facilitate more foreign direct investments (FDI) into Sarawak as international companies look for opportunities in the state’s high-value sectors.
The Bank expects more multinational corporates, especially those from the manufacturing, trade, technology, food and agriculture industries, to invest in Sarawak’s renewable energy, digital technology, ecotourism and agrotechnology sectors. These companies, mainly Greater China, Korea, Japan and Singapore-based multinational corporates, are keen to tap into Sarawak’s cost-effective manufacturing and renewable energy infrastructure as part of their expansion in Southeast Asia.
To help connect its clients to business opportunities in Sarawak, UOB Malaysia partnered Sarawak Trade and Tourism Office Singapore (STATOS) and Singapore Business Federation (SBF) 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 Datuk Patinggi Dr Abang Abdul Rahman Zohari bin Tun Datuk Abang Openg.
Sarawak is rich with natural resources, including agricultural produce and is also known as Malaysia’s renewable energy hub. Its strong business ecosystem, which includes a skilled labour force, well-developed infrastructure, and a robust trade and manufacturing supply chain, is the main draw for foreign investors.
Ms Ng Wei Wei, Chief Executive Officer of UOB Malaysia, said that Sarawak is among Malaysia’s top five investment destinations1.
“The Sarawak government’s commitment to create an ideal climate for investment through business-friendly policies and initiatives makes the state an attractive investment destination for local and foreign investors. The state’s natural resources and renewable energy is also a big draw to investors. In addition, we anticipate Malaysia’s entry into the Regional Comprehensive Economic Partnership (RCEP)2 will open more doors of opportunities for companies, to invest and trade with businesses in Sarawak. 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.”
UOB is the first bank in Southeast Asia 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 assists 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.
Ms 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. UOB is well-placed to facilitate global companies’ entry into Malaysia as well as to support companies in Malaysia in their regional expansion.”
1 Source: Malaysian Investment Development Authority (MIDA) report as at 8 March 2022.
2 On 18 March 2022, Malaysia became the 12th signatory to the RCEP, one of largest Free Trade Agreement covering 15 countries around the world, Source: Malaysia’s Ministry of International Trade and industries (MITI)