UOB sees surge in number of firms investing in Southeast Asia
The Foreign Direct Investment (FDI) Advisory Unit set up by United Overseas Bank (UOB) saw its number of clients double to around 500 last year, as companies from Europe and China stepped up their investments in Southeast Asia.
And UOB expects the number to grow by at least 30 per cent this year, it said in a business update on Tuesday (19 May).
“Our customers tell us that they believe in the long-term economic prosperity of the region. As a result, the demand for cross-border banking expertise in Southeast Asia has led to our FDI client base doubling in the last year,” said Sam Cheong, Executive Director and Head of the Group FDI Advisory Unit.
UOB said 43 per cent of its FDI clients come from China, with Southeast Asia accounting for 26 per cent and Europe another 10 per cent.
It added that large European multinational companies have become increasingly interested in Southeast Asia, and are using Singapore as a springboard to neighbouring countries such as Indonesia, Vietnam and Malaysia.
UOB’s FDI Advisory Units has offices in mainland China, Hong Kong, India, Indonesia, Malaysia, Myanmar, Singapore, Thailand and Vietnam.