FOREIGN direct investments (FDIs) and green initiatives are two key areas in Penang which UOB Malaysia is keen to provide support.
Its Deputy Chief Executive Officer, Ng Wei Wei, during her courtesy call on Chief Minister Chow Kon Yeow in Komtar on April 7, said that the services and solutions that the bank provides could contribute to Penang’s economy, particularly in FDIs and green initiatives.
“For UOB Malaysia, Penang is an important market. We have been in the country for over 70 years now, and today, we are one of the largest foreign banks in Malaysia.”
“UOB has, over the years played an active role in facilitating FDIs into the region and Malaysia. Considering Penang’s success in attracting FDIs, this is one area that the bank can continue to add value, by working with the Malaysian Investment Development Authority (MIDA) and InvestPenang.
“Another area that we at UOB are keen to explore with Penang is green initiatives. Green solutions are the logical way forward, given the attractiveness and success of Penang in attracting multinational corporations (MNCs),” Ng said during the courtesy call.
Meanwhile, Chow hoped that UOB Malaysia as a member of the banking sector would join other parties to assist the state in addressing the issue of human capital.
“It is quite critical, especially here in Penang where investments are on the rise.
“Do we have enough talents, especially locals, to fill the gap?
“The interest among students in Science, Technology, Engineering and Mathematics (STEM) education is not sufficient. Ultimately, it is the education structure in our country that needs to be addressed.
“So far, we have not lost any investment due to talent issues. Moving forward, I am not too sure but with the intervention of the private sector, I am sure we can overcome this issue,” Chow said.
When asked about medical tourism, Chow said despite being hit by the Covid-19 pandemic, the state would see the completion of several new hospitals very soon.
“There were also several medical hub proposals by PDC in Batu Kawan, but due to foreign partners who had restrictions to abide with, the plans are at standstill.
“Hopefully with international borders open now, the plans can materialise,” Chow said.
Separately, Ng said that UOB Malaysia also did its part during the pandemic by providing targeted relief assistance to its impacted small and medium-sized enterprises (SMEs) and individual customers, to help them weather through the difficult period.
“The bank also successfully facilitated vaccination for all its staff and reached out to the community in need through various initiatives,” Ng added.
Chow, in response, said that in Penang everyone including the public and private sectors, came together to assist the vulnerable groups that were affected by the pandemic. The effort was fuelled by the community spirit that the people of Penang possess.
“Many came out to help, especially when we have a strong non-governmental organisation (NGO) network, as well as assistance from friends in the private sector,” Chow added.
Story by Kevin Vimal
Pix by Noor Siti Nabilah Noorazis