Singapore, Malaysia Chambers, UOB Sign JS-SEZ Trade Deal.

Over 100,000 companies in Singapore and Malaysia are poised to reap the benefits of enhanced cross-border business collaboration within the Johor-Singapore Special Economic Zone (JS-SEZ) and beyond, thanks to an agreement signed on Thursday, January 16th.

The memorandum of understanding (MOU) was officially executed by the Singapore Chinese Chamber of Commerce and Industry (SCCCI), the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM), and United Overseas Bank (UOB).

Under the terms of this agreement, the three parties will actively promote business, trade, and investment opportunities in Southeast Asia, Singapore, Malaysia, and the JS-SEZ to their respective memberships and the broader business community.

They also agree to nurture and facilitate collaborative investment opportunities and projects that involve their respective members within the region.

"We are steadfast in our commitment to supporting the more than 100,000 member companies from both chambers," SCCCI president Kho Choon Keng stated in Mandarin during the MOU signing ceremony.

"Together, we will venture into exploring opportunities, fostering collaboration, integrating our resources, and harnessing UOB's expertise in financing and market advisory to effectively tap into the vast potential of the JS-SEZ and the thriving markets in Southeast Asia."

ACCCIM president Ng Yih Pyng emphasized that their economic cooperation extends beyond the JS-SEZ, encompassing ASEAN and regional economies, which reflects the "broader vision of regional economic integration."

He further added that ACCCIM is particularly delighted that SCCCI intends to explore business opportunities across various regions in Malaysia, and assured that his members are ready to facilitate their business visits.

In the meantime, UOB will provide financial services such as loans and cash management, in addition to advisory services to assist with market entry and ongoing market advisory services.

UOB Deputy Chairman and Chief Executive Wee Ee Cheong stated that the bank has a specialized Foreign Direct Investment Advisory service to support businesses in venturing into new markets in Southeast Asia.

He mentioned that many small and medium-sized enterprises aspire to be part of the ASEAN growth narrative, but the region is intricate and multifaceted.

UOB can facilitate connections between companies and suitable partners, he added, given the bank's extensive local network that includes strategic collaborations with regional government agencies and trade associations.

As part of the MOU, the three parties will collaboratively organize a variety of activities, including visits, conferences, and networking events, to achieve their objectives.

Their agreement follows a landmark pact signed by Singapore and Malaysian leaders a week prior to establish the JS-SEZ.