[SEOUL] South Korean firms eyeing expansion into Asean can now tap UOB’s support, following the launch of its Foreign Direct Investment (FDI) Advisory Centre in Seoul on Thursday (Mar 27).
The facility – UOB’s 11th such centre worldwide – will offer services such as market-entry guidance, regulatory support, financing solutions and risk management.
Its opening comes amid rising interest in the Asean region among South Korean businesses, UOB said.
It added: “This trend is set to grow due to various factors, including supply-chain shifts, trade tensions, digital economy and the region’s ever-evolving consumer demographics.”
Wee Ee Cheong, the bank’s deputy chairman and chief executive officer, noted that FDI flows from South Korea into South-east Asia have “grown significantly” in recent years, driven by “strategic expansions” into key markets such as Indonesia, Vietnam and Singapore.
In 2023, South Korea contributed US$10.9 billion – or 4.7 per cent – of total FDI into Asean, ranking sixth among the region’s top investors, data from the Asean Secretariat indicates.
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Since UOB launched its FDI advisory unit in 2011, the bank has supported more than 150 South Korean firms in their expansion plans into South-east Asia, with projected investments nearing S$3 billion.
Across all markets, the unit – led by veteran banker Sam Cheong, UOB’s group head of FDI advisory – has facilitated the regional expansion of 5,000 companies.
These efforts represent over S$50 billion in projected investments and have contributed to the creation of more than 250,000 jobs in the region since 2020, UOB said.
Before Thursday’s launch, UOB last opened an FDI Advisory Centre in Tokyo in June 2023.
