SINGAPORE: A major step forward in economic collaboration between Malaysia and Singapore is set to unfold on Dec 9, when the joint agreement for the Johor-Singapore Special Economic Zone (JS-SEZ) is expected to be signed.
In a recent report of The Edge Singapore, Johor Menteri Besar, Datuk Onn Hafiz Ghazi confirmed the date during a recent briefing, signalling a new chapter of cross-border economic integration between the two nations.
The signing will take place during the Malaysia-Singapore Joint Ministerial Committee for Iskandar Malaysia (JMCIM) retreat, scheduled for Dec 8 & 9.
This high-level meeting comes after a productive special JMCIM meeting held in Johor Bahru on November 7, where progress on the JS-SEZ was discussed.
Co-chaired by Malaysia’s Economic Minister, Rafizi Ramli, and Singapore’s Minister for National Development, Desmond Lee, the meeting underscored the significant strides being made in the establishment of the zone.
Strengthening bilateral ties
The joint agreement marks a key milestone in the long-anticipated Johor-Singapore Special Economic Zone, which is expected to foster greater economic cooperation between the neighbouring countries.
This initiative aims to create a seamless cross-border business environment, leveraging the strategic geographical positioning of Johor and Singapore to attract international investment and enhance trade.
The JS-SEZ will boost Malaysia’s economic standing and pave the way for Singaporean businesses to establish a stronger foothold in the region.
Experts anticipate that the collaboration will open up new opportunities across various sectors, including manufacturing, technology, and services, further solidifying the Iskandar Malaysia region as a powerhouse of growth and innovation.
Hub for global investment
In a statement following the announcement, Onn Hafiz expressed optimism about Johor’s economic future, highlighting the increasing flow of international investments into the state.
The recent RM1.5 billion ($451 million) investment from global automotive giant Mercedes-Benz is a prime example of the growing appeal of Johor as a destination for foreign capital.
Onn Hafiz emphasized that Johor is entering a “golden era” with a series of investments expected to bolster its economic infrastructure and create thousands of high-quality jobs.
He credited the state government’s pro-business policies and strategic initiatives, such as the “Kulai Fast Lane,” which has played a crucial role in streamlining the investment process.
Streamlining investment in Johor
The “Kulai Fast Lane,” a key initiative designed to facilitate the entry of foreign investments, will now be expanded into a larger program known as the Invest Malaysia Facilitation Centre.
This expansion aims to further enhance the ease of doing business in Johor, focusing on simplifying regulatory processes and providing investors with the necessary support to launch and grow their ventures.
Since its inception, the Kulai Fast Lane has successfully facilitated over 38 investments worth a staggering RM52 billion, proving the state’s growing prominence as a regional investment hub.
The new Invest Malaysia Facilitation Centre is expected to build on this success, making Johor an even more attractive destination for global investors looking to tap into the dynamic Southeast Asian market.
With the signing of the JS-SEZ agreement and continued investments pouring into Johor, the state is poised to emerge as a leader in Malaysia’s economic landscape, driving growth, innovation, and cross-border collaboration for years to come.