UOB Group together with China Council for the Promotion of International Trade will aim to boost foreign investment and trade between China and Southeast Asia with the renewal of MOU which was originally signed in 2012.
Established under China’s State Council in 1952, CCPIT plans and implements policies to promote trade and investment relations between China and foreign countries. CCPIT’s affiliated body, the China Chamber of International Commerce (CCOIC), was set up in 1988 to represent its members’ interests and support Chinese enterprises in overseas ventures
Through this collaboration with UOB, more than 350,000 Chinese companies which are members of CCOIC can access the bank’s comprehensive suite of local and cross-border solutions. They can also tap on an ecosystem of strategic partners across the Bank’s Southeast Asian network, which include Malaysia. Both parties said they will also facilitate UOB’s regional clients’ projects and businesses in China. And support enterprises in key industry sectors to build resilient supply chains, drive progress through innovation, and practise sustainable development, the two parties will jointly strengthen services and support for Chinese enterprises investing in the ASEAN region.
Mr Wee Ee Cheong, Deputy Chairman and Chief Executive Officer, UOB, said, “With global supply chains continuing to shift into Southeast Asia, the region remains a bright spot and continues to attract investment flows. With our extensive regional footprint, strong sector solutions capabilities and regional payments, trade, and cash platforms, UOB is well positioned to support Chinese enterprises expanding into ASEAN. This will promote the interconnection of local value chains, create more job opportunities and forge a brighter future for people and communities in this region.”
China foreign direct investments (FDI) into ASEAN increased 81% from US$10.3 billion in 2016 to US$18.7 billion in 2022, reflecting ASEAN’s attractiveness to Chinese companies.
Before visiting UOB in Singapore, the delegates also participated in the 16 th Malaysia-China Business Council meeting on Tuesday in Kuala Lumpur supported by UOB Malaysia. Ms Ng Wei Wei, UOB Malaysia’s Chief Executive Officer, also met CCPIT Chairman Ren Hongbin to discuss collaboration opportunities. Malaysia is the first country Chairman Ren visited in 2024.
