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.
Through this collaboration with UOB, more than 350,000 Chinese companies which are members of CCOIC can access UOB’s comprehensive suite of local and cross-border solutions. They can also tap on an ecosystem of strategic partners across the bank’s Southeast Asian network, which include Malaysia. Both parties will also facilitate UOB’s regional clients’ projects and businesses in China.
UOB and CCPIT will support enterprises in key industry sectors to build resilient supply chains, drive progress through innovation, and practise sustainable development. Tapping UOB’s strength in the region, the two parties will jointly strengthen services and support for Chinese enterprises investing in the Asean region.
UOB deputy chairman and CEO 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.”
UOB and CCPIT first signed an MoU in 2012 and first renewed it in 2014. Since then, the partnership has helped numerous Chinese companies to explore business expansion opportunities in Southeast Asia. China foreign direct investments (FDI) into Asean increased 81% 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 participated in the 16th Malaysia-China Business Council meeting on Tuesday in Kuala Lumpur supported by UOB Malaysia. Ng Wei Wei, UOB Malaysia’s CEO, also met CCPIT chairman Ren Hongbin to discuss collaboration opportunities. Malaysia is the first country Ren visited in 2024.
Ng said, “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.”
