Following the signing of the Memorandum of Understanding in August last year, UOB signed a formal agreement with Invest Johor, Malaysia's investment institution, on Wednesday (February 19) to open a “Green Lane” .

The Singapore Federation of Industry and Commerce (SBF) held the 8th ASEAN Summit last year, and UOB and Investment in Johor planned to open the above-mentioned green channel. Based on the authorities' standards, Dahua pre-evaluates that merchants must submit business applications to the “John Super Lane”, thereby further shortening the approval cycle.

The Johor Super Channel is one of the plans launched by the Johor-Singapore Special Economic Zone (JS-SEZ). It is a one-stop process platform under the Malaysian Coordination Center of Johor Investment, which cooperates with federal, state and relevant local government agencies to provide businessmen with the convenience of standardized processes.

This includes reducing the approval time for land development applications from the original 37 months to 13 months, saving two years. After the enterprise submits the completion and qualification certificate, the operating license will also be issued within one hour.

Huang Huihui, CEO of UOB Malaysia, said: “Since we signed a memorandum of understanding with Johor six months ago, we have been working hard to fulfill our commitments. Dahua has injected investment into the target industry and has also simplified the process to speed up investment in the Johor New Economic Zone. , and also launched a promotional video in cooperation with the Johor State Government and the Malaysian Investment and Development Authority (MIDA).

Further reading

UOB's net profit rose 6% to $6 billion last year

UOB's net profit rose 6% to $6 billion last year

Dahua Insurance's net profit fell 10% to 15.6 million yuan in the second half of the year

Dahua Insurance's net profit fell 10% to 15.6 million yuan in the second half of the year

Johor State Secretary On Hafez said: “Our strong cooperation with UOB has consolidated our shared vision to create a seamless and vigorous investment ecosystem within the Johor New Economic Zone.”

The promotion ceremony of the Green Channel was held during the Business Inspection Summit of the Federation of Industry and Commerce of Singapore. The visit was supported by UOB, Rajah & Tann, and RSM Accounting Firm.

Kingsoft Technology Industry Investment 200 million yuan

The promotion of UOB and the investment in Johor also introduces new investments to the Johor New Economic Zone. As the first corporate customer of the green channel, Gold Peak Technology, a Hong Kong-listed battery manufacturer, plans to invest RM670 million (about S$202.41 million) in the special economic zone to build a R&D and manufacturing plant. After the above facilities are put into operation, it is expected to create 150 to 180 jobs locally.

Lin Xianli, Executive Director and Managing Director of Kingsoft Technology Industry, said: “As we rebalance our manufacturing capabilities, the Johor New Economic Zone will provide us with strategic opportunities to expand our influence in the Southeast Asian market. After UOB's cooperation with Johor Investment, Our new facility will become a center for battery technology and innovative energy storage.”