OCBC head of wholesale banking Jeffrey Teoh instructed reporters that the workforce of advisors contains bankers who’ve assisted corporations establishing operations in Johor.
“It’s about serving to our clients who wish to broaden abroad… and serving to them obtain success wherever they go,” Teoh stated.
The financial institution stated that, to start with, it’ll have two groups comprising 25 bankers who will present consultancy providers to assist SMEs begin and develop their companies, in addition to join them with appropriate companions within the SEZ.
WILL TRUMP’S TARIFFS HINDER THE SEC?
Despite rising curiosity within the upcoming SEZ, some corporations additionally concern that the continued commerce battle between the United States and China may hamper the zone’s prospects.
US President-elect Donald Trump has pledged to impose more durable tariffs on Chinese merchandise, which may very well be prolonged to Southeast Asian nations comparable to Vietnam, Thailand, Cambodia and Malaysia.
These 4 Southeast Asian states are amongst people who have benefited from the China Plus One technique adopted by corporations to diversify their provide chains to keep away from US tariffs on items from China.
Therefore, economists have questioned whether or not Chinese corporations will proceed to spend money on Malaysia, together with Johor.
At a press convention on Wednesday, OCBC Association of Southeast Asian Nations (ASEAN) senior economist Lavanya Venkateswaran instructed reporters that from a macro perspective, Malaysia’s development may very well be hampered by between 0.7 and 1.4 proportion factors if tariffs have been prolonged to Southeast Asian nations.
“And since Johor follows the nationwide common, the affect will likely be muted,” Venkateswaran added.
Hui, who heads manufacturing firm Tianma Precision Machinery, instructed CNA that whereas tariffs are dangerous for companies, they aren’t the one issue driving choices on whether or not Chinese corporations ought to broaden into Malaysia.
“Tariffs are dangerous, each to our clients and to the corporate. It leaves us on the brink, and with the arrival of a brand new chief (USA), we’re unsure.
“But we expect Malaysia is an efficient place for our firm… with its laborious infrastructure like land and electrical energy and comfortable infrastructure, like how shut it’s to Chinese tradition by way of language and meals,” he added.
Lee, representing the Johor state authorities, instructed reporters that whereas the US-China commerce battle and the prospect of tariffs are exterior elements exterior Malaysia’s management, he burdened that Johor may very well be a internet beneficiary within the brief time period.
“We have a prepared and full authorized, monetary and logistical infrastructure (particularly with the SEZ)…. As for Johor, now we have seen curiosity from Chia corporations within the semiconductor sector, in addition to within the chemical and E&E (electrical and digital merchandise) sectors,” he stated.
