JOHOR BARU, Jan 11 – The proposed Johor-Singapore Special Economic Zone (JS-SEZ) is beginning to take shape with the signing of a Memorandum of Understanding (MoU) between Malaysia and Singapore today.
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Earlier, Prime Minister Datuk Seri Anwar Ibrahim and Singapore Prime Minister Lee Hsien Loong witnessed the signing of a Memorandum of Understanding (MoU) by Economy Minister Rafizi Ramli and Singapore Minister of Trade and Industry Gan Kim Yong.
Anwar also hosted a luncheon for Lee and his delegation, who had previously attended the completion of the Rapid Transit System Link (RTS Link) between Malaysia and Singapore.
The JS-SEZ is expected to further boost trade between Johor and Singapore, and has the potential to flourish like China’s Shenzhen, a successful special economic zone.
As the Southeast Asian region combats the global economic slowdown, the two countries are working together to strengthen business ties and create a special economic zone adjacent to the Singapore border to improve connectivity between the two countries.
The JS-SEZ was discussed by Rafizi after his meeting with the Johor state government in Iskandar Puteri in May last year, with both countries agreeing to set up a special committee within two months to consider the establishment of a special economic zone. We agreed to go one step further. After that (July).
The special economic zone is also expected to improve the business ecosystem of both the Iskandar Malaysia region and Singapore.
Sectors covered by this zone include electronics, financial services, business-related services, and healthcare.
Last year, Johor secured foreign investments worth RM70.6 billion in various sectors.
Singapore is the second largest foreign investor in Johor, accounting for approximately 70% of total foreign direct investment in manufacturing in Johor. ― Bernama