JS-SEZ will benefit multiple sectors and the entire supply chain – UOB CEO

SINGAPORE: The Johor-Singapore Special Economic Zone (JS-SEZ) will benefit businesses across multiple sectors, creating opportunities for the entire supply chain and strengthening economic ties between Singapore and Malaysia.

UOB Deputy Chairman and Chief Executive Officer Wee Ee Cheong said this in a statement after a meeting with Johor Menteri Besar Datuk Onn Hafiz Ghazi at the company’s Singapore headquarters at UOB Plaza.

Wee emphasised UOB’s long-term commitment to Malaysia and discussed with the Menteri Besar the issue of strengthening ties and developing Malaysia-Singapore relations through foreign direct investment.

“With UOB’s extensive regional network, enhanced platform capabilities and industry expertise, we are well-positioned to support business growth in Singapore, Malaysia and the wider region,” he said.

Meanwhile, UOB Malaysia chief executive officer Ng Wei Wei said JS-SEZ has the potential to spur economic growth, create jobs and improve the lives of residents in the Causeway area.

She added that with operations in Malaysia for over 70 years, UOB Malaysia has remained steadfast in its support for businesses and consumers in the country.

“By leveraging the strong regional ties of the UOB Group, I am confident that we will be able to make a significant contribution to the development of JS-SEZ.

“We will continue to work with the Johor state government and key stakeholders to increase investment and trade in the country,” Ng added.

Onna Hafiz’s visit was part of UOB’s efforts to strengthen cooperation initiatives under the planned JS-SEZ, which aims to increase cross-border economic connectivity between Singapore and Malaysia, as announced in January this year.

The Menteri Besar was accompanied by the Malaysian High Commissioner to Singapore Datuk Azfar Mohamad Mustafar, members of the Johor State Executive Council and key senior officials of the Johor State Government and its agencies.

During the visit, Onn Hafiz held private meetings with Wee and other bank leaders.

UOB also facilitated a roundtable discussion which was attended by the Johor delegation and representatives of major corporations and various business organisations.

These include the Federation of Singapore Business, the Federation of Singapore Industries, the Singapore-German Chamber of Commerce and Industry, the Association of Chinese Enterprises (Singapore), the Korean Chamber of Commerce in Singapore and the Japan External Trade Organisation.

During the roundtable discussion, the Johor delegation presented strategies, priority sectors and implementation plans for the JS-SEZ. – Bernama