boost intra-regional trade flows in Southeast Asia
United Overseas Bank (Thai) (UOB (Thai) and Amata Corporation (Amata) today signed a Memorandum of Understanding (MOU) aimed at providing stronger support to companies that plan to expand their businesses in Southeast Asia.
Under the MOU, UOB’s wholesale banking customers and Amata’s customers will be able to tap into the strengths of both parties and have access to business referrals through each other’s network.
Amata is Thailand’s largest listed conglomerate in the industrial estate sector with more than 5000 hectares of industrial estate which host global clients from industries such as automotive, healthcare to food and beverage. Amata has two industrial estates in the Chonburi and Rayong Provinces of Thailand, and another in Vietnam.
UOB has one of Southeast Asia’s largest banking networks with 484 branches and offices across the region. Under the auspices of the MOU, UOB and Amata will also set up a formal working group led by their senior executives to help companies identify and seize opportunities to expand into Southeast Asia through cross-border banking solutions including trade financing, loans and investments.
The MOU gives both parties opportunities to enhance regular exchanges of information on cross-border investments and trade. UOB is the only bank in Southeast Asia to have established nine dedicated FDI Advisory Units across the region to provide companies with assistance ranging from incorporation, access to UOB’s full suite of banking products to borderless financial services through the Bank’s long-established regional network.
Mr Peter Foo, UOB (Thai)’s Chief Executive Officer said that Southeast Asia’s resilient and growing economy is opening up avenues for infrastructural investments and intra-regional trade.
“These regional trends and developments are what this MOU seeks to harness and convert into relevant business opportunities so that companies can realise their Southeast Asian business expansion ambitions,” said Mr. Foo.
In 2013, Southeast Asia attracted US$125 billion of FDI inflows or nine per cent of the total FDI inflows globally, almost double the five per cent it captured in 2003. Within the same period, FDI inflows into Thailand also rose 148 per cent to US$13 billion in 2013, compared with US$5 billion of investments in 2003. In 2013, Thailand received the third largest share of FDI investments within Southeast Asia.
Mr Viboon Kromadit, Amata’s director and Chief Marketing Officer, said “The MOU is an important part of Amata’s plan to support intra-regional trade. With the growing affluence of the region, the demand for consumer goods has increased. Amata and UOB will support the growing and diverse financial needs of our clients in Amata’s industrial estates as Southeast Asia becomes a more important market for them.”
UOB (Thai)’s FDI Advisory Unit – early success
Since the launch of UOB (Thai)’s FDI Advisory Unit in 2013, it has helped 19 Thai companies in the trading, automotive, construction and manufacturing sectors to link up with business partners to expand their operations in Southeast Asia. Customers include SUSCO, a listed oil retailer on the Stock Exchange of Thailand and Thai Nakano, a Thai-Japanese joint venture in the construction business.
UOB has set up nine FDI Advisory Units across Asia over the last two years. They are located in mainland China, Hong Kong, India, Indonesia, Malaysia, Myanmar, Singapore, Thailand and Vietnam.
Source: United Nations Trade and Development’s World Investment Report 2014.
7 May 2015
For More information, please contact
Brand Performance & Corporate Communications,
United Overseas Bank (Thai) Pcl.
Parista Yuthamanop Tel. 0-2343-4965