Bank’s CEO Confident in Supporting Cross-Border Business Growth Through SEZ

UOB’s CEO, Wee Ee Cheong, expressed confidence in the bank’s ability to contribute significantly to the development of the Johor-Singapore Special Economic Zone (JS-SEZ), a collaborative initiative between Singapore and Malaysia. During a visit from Johor’s Chief Minister Onn Hafiz Ghazi, held on July 1, 2024, Wee highlighted the potential of the SEZ to foster economic connectivity and enhance cross-border trade, investments, and labor movement between the two nations.

The JS-SEZ, first announced in October 2023, is expected to leverage the complementary strengths of Singapore and Malaysia to boost regional economic activity. Both Prime Ministers Lee Hsien Loong and Anwar Ibrahim have endorsed the project as a significant opportunity for bilateral collaboration.

Wee emphasized that UOB, with its extensive regional network and sector expertise, is well-positioned to support business growth in both countries and across the region. He further stated that the SEZ would benefit the entire supply chain by improving business environments and driving investments.

UOB Malaysia’s CEO, Ng Wei Wei, also expressed optimism, noting that the bank’s strong regional connectivity would enable it to play a pivotal role in driving trade and investments into the region. Additionally, UOB facilitated a roundtable discussion where the Johor delegation met with representatives from business organizations like the Singapore Business Federation and the Singapore Manufacturing Federation. This discussion addressed key concerns such as skilled workforce needs, infrastructure readiness, and border connectivity.

Johor’s Chief Minister believes that the SEZ will become a new economic powerhouse, drawing comparisons to the success of Shenzhen’s transformation into a global metropolis.