PETALING JAYA: United Overseas Bank Malaysia Bhd has signed a memorandum of understanding with the Malaysian Investment Development Authority (MIDA) to attract more foreign direct investments (FDI) into high value-added sectors.
Under the MOU , UOB Malaysia and MIDA will work together to attract global companies that can contribute positively to the local economy through sustainable investments.
This in turn will help facilitate the transfer of technology and knowledge to local companies and create opportunities to develop a highly-skilled domestic workforce.
These sectors, which include electrical and electronics, machinery and equipment, medical devices, aerospace, renewable energy and consumer technology, are among MIDA’s key priority sectors in promoting investments for industry development, according to the statement.
UOB Malaysia CEO Wong Kim Choong said Malaysia has sharpened its focus on attracting quality investments in targeted sectors that will have significant benefits for the domestic economy.
“Malaysia, with its favourable business conditions such as skilled labour force, developed infrastructure connectivity, ongoing policy reforms and government incentives, remains an attractive investment destination for global companies.
“In turn, global companies with sustainable investment practices will help to enhance the competitiveness of Malaysia’s domestic industries by creating more skilled jobs and deepening technology capabilities, ultimately helping in Malaysia’s progress towards a knowledge-based economy. Our collaboration with MIDA not only enables us to help more global companies seize investment opportunities in Malaysia, but also to contribute to industry development in the country,” he said.
Likewise, MIDA deputy CEO I Arham Abdul Rahman said the collaboration complements its goal to invigorate an effective investment environment in the country.
“Understanding the needs of investors, MIDA seeks to not only promote the development of industrial ecosystems but also to ensure that the enablers are in place to cater to the requirements of businesses, particularly those that are value-added, capital-intensive, knowledge-intensive and can provide quality business and job opportunities to Malaysians.
“This includes having easy access to the necessary financial services to help investors succeed in emerging markets like Malaysia. We trust that this partnership will result in attracting more quality investments for the country,” he said.
UOB Malaysia managing director and country head of wholesale banking Ng Wei Wei said the bank is well equipped support the key priority sectors under MIDA through our sector specialisation and FDI Advisory capabilities, extensive regional network and on-the-ground experience.
In 2011, UOB launched its FDI Advisory services to help companies develop their entry strategies and to navigate the complexities of doing business in a new country.
In addition to providing companies with access to UOB’s financial products and services, the team works closely with government agencies, trade and industry associations and professional service providers to provide comprehensive business advisory services across the region.
The bank’s FDI Advisory team has also collaborated with other agencies such as the Iskandar Region Development Authority, the East Coast Economic Region Development Corporation and the Sarawak Corridor of Renewable Energy to position Malaysia as a key investment destination in Southeast Asia.