SINGAPORE: Singapore and Malaysia have signed the Johor-Singapore Special Economic Zone (JS-SEZ) agreement to boost economic ties.
The deal was signed by Singapore’s Deputy Prime Minister Gan Kim Yong and Malaysia’s Economy Minister Rafizi Ramli on Jan 6, during the 11th Malaysia-Singapore Leaders’ Retreat in Putrajaya, with Prime Ministers Anwar Ibrahim and Lawrence Wong in attendance.
According to the Singapore Business Review, the JS-SEZ will focus on enhancing economic cooperation in the Iskandar Development Region and Pengerang in Malaysia to strengthen cross-border trade, improve business facilitation, and support talent development.
The two countries aim to attract investments in 11 sectors, including digital economy, logistics, tourism, manufacturing, renewable energy, and tourism, while creating 20,000 skilled jobs over the next ten years.
They also plan to develop renewable energy projects and explore new free zones to drive economic growth.
To improve cross-border movement, both countries plan to boost clearance capacity, introduce automated lanes, implement paperless goods clearance, and enhance local transport links.
They will also explore expanding the use of the Second Link for commercial vehicles and look into data-sharing to streamline customs.
Singapore and Malaysia will also align skills training with industry needs, attract skilled workers, and establish the Invest Malaysia Facilitation Centre – Johor (IMFC-J) as a central hub for investments in the JS-SEZ to develop talent.
Tax incentives, such as special corporate tax rates, will be offered by Malaysia to attract high-value investments.
The Joint Ministerial Committee for Iskandar Malaysia (JMCIM) will also be revamped to manage the JS-SEZ’s implementation and strengthen cooperation on transport and environmental projects.
In a Facebook post, PM Wong said, “The SEZ will allow both sides to leverage each other’s strengths to attract more investments and create good jobs for our people.”
He also noted, “We are also taking additional steps to enhance connectivity, including through the Rapid Transit System and cross-border electricity trading.”
He added, “We had fruitful discussions on longstanding bilateral issues – water, airspace and maritime boundary delimitation. We agreed to discuss these issues constructively and holistically to ensure outcomes that are durable and mutually beneficial.”
In a separate Facebook post, PM Anwar said, “The two countries agreed to strengthen bilateral relations through strategic cooperation in various fields, as well as ready to resolve pending issues on principles of friendship and trust.” /TISG
Read also: JS-SEZ agreement to be signed by Malaysia PM on Monday, Jan 6
Follow Google News
Join us on WhatsApp
Follow us on Telegram