On January 7, during a visit to Malaysia by Singapore Prime Minister Lawrence Wong and senior cabinet ministers, the two Southeast Asian countries announced an agreement on the Johor-Singapore Special Economic Zone (JS-SEZ).
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| Malaysia and Singapore announce agreement on joint special economic zone. (Source: Suhaimi Abdullah) |
The agreement will support investment and facilitate the movement of goods and people between the two countries.
In January 2024, Malaysia and Singapore signed a Memorandum of Understanding (MoU) to establish a Special Economic Zone. This is considered a breakthrough in economic cooperation between the two neighboring countries.
JS-SEZ is expected to cover an area of more than 3,500 km², four times larger than Singapore.
Although details of the agreement have not been made public, Johor officials expect the SEZ to create 100,000 new jobs and contribute $26 billion to the Malaysian economy each year by 2030.
Much of this contribution is expected to come from new investments and expansion by Singaporean companies into Johor.
Malaysian Economic Affairs Minister Rafizi Ramli said the two countries aim to attract high-value investments in areas ranging from manufacturing, logistics to tourism and energy transition.
The two sides aim to attract 50 projects to the Special Economic Zone in the first five years since its establishment, and create 20,000 skilled jobs.
"Malaysia will establish and manage an infrastructure fund to support companies that want to set up operations here, while Singapore will set up its own fund to facilitate investment and support Singaporean companies operating in Johor," Mr Rafizi stressed.
Source: https://baoquocte.vn/tiet-lo-ve-dac-khu-kinh-te-johor-singapore-malaysia-ky-vong-dieu-gi-300012.html
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