By Reuters
[1/4]Prime Minister of Singapore Lee Hsien Loong and Prime Minister of Malaysia Anwar Ibrahim shake hands during a ceremony to commemorate the completion of the connecting span for the construction of the Johor Bahru – Singapore Rapid Transit System (RTS) link project which connects the marine viaduct… Purchase Licensing Rights
KUALA LUMPUR, Jan 11 (Reuters) – Malaysia and Singapore agreed on Thursday to jointly develop a special economic zone (SEZ) in the southern Malaysian state of Johor, aiming to attract investments and free up movement of goods and people.
The Southeast Asian neighbours will work towards a full-fledged pact, aiming to co-operate on renewable energy and smoothing procedures from business approvals to border clearance, they said in a joint statement.
“The zone presents an unprecedented opportunity,” said Malaysia’s Economy Minister Rafizi Ramli, adding that it would boost the cross-border flow of goods and people, strengthening business, and benefit the economies of both.
Rafizi and Singapore’s trade and industry minister signed the deal at a ceremony in Johor, in the presence of the leaders of both countries.
Singapore was Johor’s second-largest foreign investor from January to June 2022, and contributed about 70% of Johor’s total foreign direct investment in manufacturing, according to the statement.
further read @reuters.com: Malaysia, Singapore agree to jointly develop special economic zone | Reuters
