UOB helps to attract more than US$600 million of investment into Myanmar in 24 months from its regional clients across Asia
United Overseas Bank (UOB) has helped to attract more than US$600 million of investment into Myanmar since the Bank opened its Yangon branch in May 2015.
The majority of the investment has come from multinational and regional companies based in China, Hong Kong, Malaysia, Singapore and Thailand. UOB has provided corporate loans and other financial solutions such as project financing, cash management and supply chain financing to companies mainly from the manufacturing, hospitality and commercial real estate industries.
According to the UOB Asian Enterprise Survey 2016, one in three Thai companies said it was planning to expand into Myanmar in the next three to five years. The Bank of Thailand’s data also showed that Myanmar was among the top 10 investment destinations for Thai companies in 2016.
Piyaporn Ratanaprasartporn, Head of Commercial Banking, UOB (Thai), said Thai enterprises see Myanmar’s long-term potential as an investment destination and are actively contributing to the development of the country through their involvement in Greater Mekong Sub-region projects.
“Myanmar’s demand for critical infrastructure is attractive for long-term investors interested in the country’s economic progression. Over the last 24 months, UOB Group has helped hundreds of companies from across the region make investments supporting Myanmar’s continued economic development,” Piyaporn said.
One company contributing to the development of Myanmar’s infrastructure is ES Offshore Marine and Engineering (Thailand) Co., Ltd, which provides shipbuilding and ship repair support for the offshore and marine sector.
Mr Serm Tantasatien, Director of ES Offshore Marine and Engineering (Thailand) Co., Ltd, said, “Myanmar’s demand for infrastructure investment, especially in the maritime industry, will continue to increase as the country develops. We believe that there are immense opportunities for us to continue supporting the country’s progress. Myanmar is a long-term investment for us and UOB has been instrumental in supporting our expansion there through local financial solutions. We hope to be able to work even more closely with UOB as we continue to expand our business in Myanmar.”
To help businesses realise their regional ambitions in Myanmar, in 2013 UOB established a Foreign Direct Investment (FDI) Advisory Unit, its ninth in the region, to help clients invest in the country, connecting them to business partners, professional service providers and key government investment agencies. UOB was the first foreign bank in Myanmar to provide such a service.