B&R promotes more Chinese enterprises to enter ASEAN market, UOB report

The Belt and Road (B&R) Initiative is likely to promote more and more Chinese enterprises to enter the Association of Southeast Asian Nations (ASEAN) market, said a report released by Singapore’s United Overseas Bank (UOB).

According to the report, nearly 20 billion Singapore dollars (about 94 billion yuan) worth of Chinese capital flowed to the ASEAN market in 2017. Chinese clients of the bank are likely to increased by 50 percent in 2018.

Head of the Foreign Direct Investment Advisory Unit of the UOB pointed out that ASEAN member countries have increasingly strong demands for foreign investment and technology transfer as they are accelerating industrial development and infrastructure construction.