(7 January 2024 – Malaysia) Malaysia and Singapore have reached an agreement on a special economic zone to support investment and streamline logistics and passenger channels.
The Southeast Asian counties first agreed in principle to jointly develop the economic zone a year ago in the southern Malaysian state of Johor. The countries are seeking to attract high-value investments into Johor in sectors ranging from manufacturing and logistics to tourism and energy transition.
Malaysia will set up and manage an infrastructure fund to support companies looking to set up there, while Singapore will create its own fund to facilitate investments and support Singaporean companies operating in Johor.
“It’s an important project. We can both be more competitive, enhance our value proposition, and jointly attract more investments to our shores. When negotiating the agreement, both sides have actively engaged stakeholders to ensure that the SEZ has the conditions to help our businesses grow together for the longer term” commented Singapore Prime Minister Lawrence Wong and Malaysian Prime Minster Anwar Ibrahim.