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KUALA LUMPUR: UOB Group and the China Council for the Promotion of International Trade (CCPIT) recently signed an enhanced memorandum of understanding (MoU) to boost foreign investment and trade between China and Southeast Asia. This remains CCPIT’s only collaboration with a bank in Southeast Asia. Through this collaboration with UOB, more than 350,000 Chinese companies that are members of CCOIC can access UOB’s comprehensive suite of local and cross-border solutions. The companies can also tap into an ecosystem of strategic partners across the bank’s Southeast Asian network, which includes Malaysia. Both parties will also facilitate UOB’s regional clients’ projects and businesses in China. UOB Group deputy chairman and chief executive officer Wee Ee Cheong 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,” he said in a statement. 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. UOB and CCPIT will support enterprises in key industry sectors to build resilient supply chains, drive progress through innovation, and practise sustainable development. Tapping on UOB’s strength in the region, the two parties will jointly strengthen services and support for Chinese enterprises investing in the ASEAN region. UOB and CCPIT first signed an MoU in 2012 and first renewed it in 2014. Since then, the partnership has helped numerous Chinese companies explore business expansion opportunities in Southeast Asia. China’s foreign direct investments (FDI) into ASEAN increased 81 per cent 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 recently participated in the 16th Malaysia-China Business Council meeting in Kuala Lumpur supported by UOB Malaysia. UOB Malaysia chief executive officer Ng Wei Wei also met CCPIT chairman Ren Hongbin to discuss collaboration opportunities. “The enhanced collaboration between UOB and CCPIT is timely as Malaysia and China celebrate 50 years of diplomatic ties in 2024. “China is one of Malaysia’s largest foreign investors and trading partners, and UOB Malaysia has been playing an active role in facilitating these investments and bilateral trade between the countries. “To date, the bank has supported more than 200 Chinese companies which have expanded into Malaysia. “With the renewed commitment between the two nations to drive investment and trade relations, UOB Malaysia looks forward to leveraging our financial expertise and supply chain solution, as well as strong local ecosystem network to attract more investments from China into Malaysia,” she said. Malaysia is the first country Ren visited in 2024.