Singapore bank UOB and the Singapore Business Federation (SBF) are partnering to help more Singapore companies, including SBF’s 27,000 members, seize cross-border business opportunities in the US$3 trillion economy of the 10-member Association of Southeast Nations (Asean), with a focus on Indonesia, Thailand and Vietnam.
The region presents a compelling proposition for businesses looking to grow, with the bloc projected to be the world’s fourth-largest economy by 2050. Trade agreements, such as the Regional Comprehensive Economic Partnership, are also expected to boost the region’s growth.
“Having weathered the worst of the Covid-19 pandemic, companies are now looking for growth and expansion opportunities,” says Wee Ee Cheong, UOB’s deputy chairman and CEO. “One of the most compelling opportunities is where UOB has strongest presence – Asean, with its fast-growing economy and vast potential. Our foreign direct investment (FDI) advisory unit, set up in 2011, has helped more than 3,500 companies expand their operations across the region. Now, through the collective efforts with SBF, we will be able to help build a connected and dynamic business sector that will see more companies thrive and grow.”
Through UOB’s FDI centres located across the region and SBF’s Singapore Enterprise Centres, companies will benefit from the on-ground assistance provided by both organisations. UOB will also provide financial support and help businesses accelerate their adoption of technology by providing digital solutions.
In addition, both organisations will share information and resources with Singapore companies, through avenues such as webinars that are complimentary for SBF members, to help them learn more about Asean’s diverse operating environments and to identify business opportunities.