Singapore, 16 January 2025 - On 16 January 2025, the Singapore Chinese Chamber of Commerce and Industry (SCCCI), the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM), and UOB signed a landmark Memorandum of Understanding (MOU) to bolster cross-border business collaboration and investment, tapping into opportunities in Southeast Asia, with a particular focus on Singapore, Malaysia, and the Johor-Singapore Special Economic Zone (JS-SEZ).
Southeast Asia is poised to become the world’s fourth-largest economy by 2030, with a projected combined GDP of US$4.5 trillion. Recognising the region’s immense potential, this collaboration aims to leverage the complementary strengths of SCCCI, ACCCIM, and UOB to promote cross-border strategic collaborations, facilitating business and investment opportunities as well as enhancing regional connectivity in the JS-SEZ, between Singapore and Malaysia, and beyond to Southeast Asia.
The JS-SEZ, a key highlight of this initiative, epitomises the potential for strategic economic partnership and enhanced economic integration between Singapore and Malaysia. By strengthening inter-linkages and connectivity, enhancing value proposition and generating good employment opportunities, the JS-SEZ is set to become a beacon of cross-border collaboration in the region.
Under the MOU, SCCCI and ACCCIM will collaborate to:
- Promote opportunities: Identify and promote business, trade, and investment opportunities in Southeast Asia, Singapore, Malaysia and the JS-SEZ to their respective members and the wider business community.
- Facilitate collaboration: Foster and facilitate collaborative investment opportunities and projects involving their respective members in Southeast Asia, Singapore, Malaysia and the JS-SEZ.
Complementing SCCCI and ACCCIM, UOB will offer the following financial and advisory services:- Financial solutions: Offer comprehensive financial services, such as loans to support working capital and capital expenditures, cash management needs which include settlement accounts and cash pooling for cross border activities as well as investment banking for merger, acquisition or joint venture to facilitate SCCCI and ACCCIM members looking to establish or expand their operations in Singapore, Malaysia, within the JS-SEZ, and beyond to Southeast Asia.
- Advisory services: Provide customised market entry and in-market advisory services to SCCCI and ACCCIM members to help them navigate the financial and operational aspects of establishing presence in Singapore, Malaysia and specifically within the JS-SEZ, and beyond to Southeast Asia.
To achieve these objectives, SCCCI, ACCCIM and UOB will jointly organise a range of activities, including visits, conferences, networking events, and propose new initiatives to achieve the stated objectives. These initiatives aim to connect businesses with opportunities, enhance cross-border collaborations, and advocate for business-friendly policies. This latest initiative amplifies the momentum of the Joint Steering Committee for Cooperation and Consultation established by SCCCI and ACCCIM in January 2024 to strengthen collaboration between the business community of Singapore and Malaysia.
Mr. Kho Choon Keng, President of SCCCI said: “This collaboration exemplifies the spirit of partnership that reinforces and complements the efforts of the government to drive economic progress. Together with ACCCIM and UOB, we endeavor to unlock the vast opportunities presented by the JS-SEZ and Southeast Asia, providing our members with the connections, resources and financial solutions needed to thrive in a dynamic business environment.”
Datuk Ng Yih Pyng, President of ACCCIM said: “This collaborative MoU demonstrates our commitment to forge closer cooperation and strategic partnerships between three parties to maximise benefits for our members and customers. This would unlock new avenues for businesses, fostering sustainable investment growth in 11 diverse sectors as promoted in the JS-SEZ. Amongst these include electronics and electrical products, energy, logistics, food security, tourism and digital economy.”
Mr. Wee Ee Cheong, Deputy Chairman and CEO, UOB, said, “UOB is committed to fostering strategic collaboration with SCCCI and ACCCIM to support business success and advance regional growth. By partnering with government agencies and trade associations, we enable companies to navigate the complexities of the diverse ASEAN landscape. With an extensive regional footprint and deep local knowledge, UOB is well-positioned to support enterprises in seizing opportunities and achieving sustainable growth across both sides of the Causeway, and throughout ASEAN.”
This strategic partnership demonstrates a collaborative and synergistic step towards unlocking the vast potential of JS-SEZ and Southeast Asia. By combining resources, expertise, and networks, SCCCI, ACCCIM, and UOB would contribute towards strengthening the economic and business development of Singapore and Malaysia.
