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UOB teams up with trade council to promote China-Southeast Asia ties
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THE United Overseas Bank signed an agreement with the China Council for the Promotion of International Trade, eyeing for increasing foreign investment and trade between China and Southeast Asia.
The last agreement signed by the Singapore-based lender and the biggest Chinese institution that promotes foreign trade and investment in China helped more than 1,000 Chinese companies explore business expansion opportunities in Southeast Asia, UOB said in a statement yesterday.
“Asia’s economic transformation is opening up new avenues for long-term growth and we continue to see intra-regional trade and income levels rise,” Wee Ee Cheong, deputy chairman and chief executive officer at UOB, said.
“These regional trends and complementary strengths of the council and UOB are what this agreement will continue to harness and convert into business opportunities for companies across the region.”
The lender’s cross-border loans to Chinese companies increased 144 percent over the last two years. And the new agreement will focus on supporting companies in the commodities and energy, infrastructure, construction, information technology and manufacturing sectors, according to the statement.
China is Southeast Asia’s largest trading partner and bilateral trade between China and Southeast Asia is expected to grow from US$442 billion in 2013 to US$1 trillion in 2020.
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