UOB Hosts Johor Menteri Besar to Discuss Johor-Singapore SEZ Opportunities with Regional Business Leaders

UOB hosted Johor Menteri Besar, Dato’ Onn Hafiz bin Ghazi, at its Singapore headquarters in UOB Plaza, where he met with UOB senior management about the new Johor-Singapore Special Economic Zone (SEZ). A roundtable discussion with UOB and local business leaders was also held by the Johor Menteri Besar and his delegation.

His visit was part of UOB’s efforts to strengthen collaboration initiatives under the planned SEZ, which aims to boost cross-border economic connectivity between Singapore and Malaysia.

The SEZ was announced in January 2024 by government leaders from Singapore and Malaysia.

Dato’ Onn was welcomed by Wee Ee Cheong, UOB Deputy Chairman and Chief Executive Officer, Ng Wei Wei, Chief Executive Officer, UOB Malaysia, and other members of the Bank’s senior management. Dato’ Onn was accompanied by Malaysia’s High Commissioner to Singapore, His Excellency Dato’ Dr Azfar Mohamad Mustafar, members of the Johor State Executive Council, and key senior officials from the Johor state government and agencies.

During the visit, Dato’ Onn held private meetings with Wee and other Bank leaders. Wee reiterated UOB’s long-term commitment to Malaysia and discussed with Dato’ Onn on strengthening ties to boost Malaysia and Singapore’s connectivity through foreign direct investments.

Wee said, “The Johor-Singapore Special Economic Zone will benefit businesses across multiple sectors in Singapore and Malaysia, creating opportunities for the entire supply chain and boosting economic connections between both countries. UOB has a proven track record in helping our clients understand the local landscape when entering new markets, as well as in linking them with the right partners. We also help channel foreign direct investments to support local enterprises in creating inclusive and sustainable businesses. With UOB’s extensive regional network, enhanced platform capabilities and sector expertise, we are well-positioned to support business growth in Singapore and Malaysia, and across the region.”

Ng said, “The Johor-Singapore Special Economic Zone has the potential drive economic growth, create empemployment,d improve the lives of people across the Causeway. Having operated in Malaysia for more than 70 years, UOB Malaysia remains steadfast in supporting the businesses and consumers in the country. Leveraging off UOB Group’s strong regional connectivity, I am confident that we are able to contribute meaningfully to the development of the SEZ. We will continue to collaborate with the Johor government key stakeholders to drive investment and trade into the country.”

UOB also facilitated a roundtable discussion between the Johor delegation and representatives from large corporations and various business organisations such as the Singapore Business Federation, Singapore Manufacturing Federation, Singaporean-German Chamber of Industry and Commerce, China Enterprises Association (Singapore), the Korean Chamber of Commerce in Singapore and Japan External Trade Organisation. During the roundtable discussion, the Johor delegation presented on the strategies, priority sectors, and implementation plans for the SEZ.

With 55 branches nationwide, including seven in Johor, UOB has been doing business in Malaysia since 1951. Over twenty companies have expanded into Johor with the help of UOB’s Foreign Direct Investment Advisory unit in just the past two years.

In an effort to encourage more foreign direct investments into the Malaysian state, UOB Malaysia and UOB China hosted a roundtable discussion for Dato’ Onn in Shenzhen, one of China’s Special Economic Zones, in March 2024. The participants included leaders from the Chinese public and commercial sectors. In the immediate aftermath of this meeting, at least three Chinese companies committed to investing S$550 million (RM1.91 billion) in Johor.