UOB has launched its 11th Foreign Direct Investment (FDI) Advisory Centre in Seoul, aiming to assist Korean companies in expanding into the ASEAN market. This initiative extends the services of UOB's existing Korea desk in Singapore, established in 2023, to provide more comprehensive assistance in international expansions.
The establishment of the FDI Advisory Centre comes as Korean companies increasingly view Southeast Asia as a key growth market. Korean FDI in the region has shown significant growth, rising from US$5 billion in 2017 to US$10.9 billion in 2023. These investments are largely directed toward sectors such as technology, consumer goods, and manufacturing, facilitating the entry of Korean businesses into new consumer markets.
UOB's new centre in South Korea will cater to the specific needs of these Korean businesses. It will offer tailored services including market entry guidance, regulatory support, financing, and risk management. UOB's extensive presence in Southeast Asia provides crucial regional connectivity and insights, aiding Korean companies in establishing and expanding their operations smoothly.
The Korea-ASEAN Business Forum, held in Seoul and co-organized by UOB, in partnership with PwC, Kim & Chang, and various investment boards, drew 120 participants who discussed the emerging opportunities in the region. "South Korea is one of ASEAN’s top trading partners and a leading investor in Southeast Asia," stated Mr. Wee Ee Cheong, Deputy Chairman and CEO of UOB. He noted the significant growth of South Korean FDI in Southeast Asia's key markets, driven by strategic expansions.
Since 2011, UOB's FDI Advisory Unit has facilitated the expansion of over 150 Korean companies into Southeast Asia, with investments projected to approach S$3 billion. Overall, the advisory unit has supported 5,000 companies, generating more than S$50 billion in investments and creating over 250,000 jobs since 2020.