On Wednesday, UOB Group and the China Council for the Promotion of International Trade (CCPIT) signed an enhanced memorandum of understanding (MOU) to boost foreign investment and trade between China and Southeast Asia. This collaboration will allow more than 350,000 Chinese companies, members of the China Chamber of International Commerce (CCOIC), to access UOB’s comprehensive suite of local and cross-border solutions. Additionally, they can tap into an ecosystem of strategic partners across the Bank’s Southeast Asian network, which includes Malaysia. The partnership between UOB and CCPIT remains the CCPIT’s only collaboration with a bank in Southeast Asia.

The CCPIT, established under China’s State Council in 1952, plans and implements policies to promote trade and investment relations between China and foreign countries. Its affiliated body, the CCOIC, supports Chinese enterprises in overseas ventures. UOB and the CCPIT will support enterprises in key industry sectors to build resilient supply chains, drive progress through innovation, and practice sustainable development. They will also jointly strengthen services and support for Chinese enterprises investing in the Asean region.

The partnership between UOB and the CCPIT dates back to 2012 when they first signed an MOU, and it was renewed in 2014. Since then, the collaboration has facilitated numerous Chinese companies to explore business expansion opportunities in Southeast Asia. Notably, Chinese foreign direct investments into Asean increased by 81% from US$10.3 billion (RM48.71 billion) in 2016 to US$18.7 billion in 2022, reflecting Asean’s attractiveness to Chinese companies.

Prior to visiting UOB in Singapore, the delegates also participated in the 16th Malaysia-China Business Council meeting on Tuesday.