ISKANDAR PUTERI: Singapore-based United Overseas Bank Ltd (UOB) has launched a "green lane” with Invest Johor to fast-track investments into the Johor-Singapore Special Economic Zone (JS-SEZ).
UOB Malaysia chief executive officer Ng Wei Wei said the initiative is one of the outcomes arising from the memorandum of understanding signed with Invest Johor at the 2024 ASEAN Conference last August.
"Under the agreement with Invest Johor, UOB will undertake the pre-qualification assessment for our customers’ applications for Johor’s super lane approval.
"The assessment will be done based on criteria set out by Invest Johor; it will certainly accelerate the turnaround time,” she said at the Singapore Business Federation (SBF) Business Mission conference here today.
The event was also attended by Johor Menteri Besar Datuk Onn Hafiz Ghazi.
She said that to streamline the process further, UOB has introduced a fast lane account opening service for its Singapore customers looking to expand into the JS-SEZ.
"We have also established dedicated JS-SEZ desks in Johor and Singapore to provide swift support on financial solutions, account opening, and market entry to our customers.
"Our objective is simple, as we want our customers to have a fast and hassle-free experience,” she said.
She said UOB is currently working with more than 20 companies to facilitate their potential investments into JS-SEZ, which amount to several billions, and the momentum continues to grow strong.
"The over 20 companies we are facilitating into JS-SEZ come from various sectors, including manufacturing, energy and chemicals, digital economy and green economy.
"Given our broad sector expertise, we are able to provide them with sector-specific solutions,” she said.
She said that on the ground, UOB connects these companies to the local authorities to identify suitable land and source for local suppliers.
"Not only are we bringing in investments, we are also helping to build local ecosystems and develop the small and medium enterprises,” she added.
Themed "Greater Together: Two Economies, One Ecosystem”, the conference was held in conjunction with a two-day business mission organised by UOB and SBF to Johor Bahru, beginning today, offering firsthand insights into JS-SEZ initiative, a transformative effort to strengthen economic ties between Singapore and Johor. - Bernama
