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A ‘premier’ boost to the Special Economic Zone

A ‘premier’ boost to the Special Economic Zone

06 Nov 2023

Investor confidence will be boosted by the commitment of the leaders of Malaysia and Singapore to the proposed Johor-Singapore Special Economic Zone (SEZ), says state executive councillor Lee Ting Han.

The investment, trade and consumer affairs committee chairman said recent statements from Prime Minister Datuk Seri Anwar Ibrahim and his Singapore counterpart Lee Hsien Loong were a significant marker in the development of the SEZ.

“This will give confidence to industry players. The two leaders also mentioned the free flow of goods and people.

“We are looking into whether we can expand the initiative further to the free flow of data or capital that will make the SEZ special,” he said after flagging off the Sunbeam Run 2023 yesterday.

Ting Han said the state government was also part of the Joint Ministerial Committee for Iskandar Malaysia (JMCIM), which is studying the SEZ.

“We are also receiving advice from experts and stakeholders to ensure that the SEZ will benefit the people,” he added.

During the 10th Singapore-Malaysia Leaders’ Retreat on Oct 30, Anwar and Hsien Loong agreed to jointly develop the SEZ.

In a joint statement, the two leaders said that the SEZ would tap into the complementary strengths of the two countries to foster economic connectivity by improving cross-border flows of goods, investments, and people.

The leaders also commended the Industrial Cooperation Work Group and agencies from both countries for working together closely to facilitate high-profile investments and create jobs in Iskandar Malaysia.

Malaysia and Singapore will be inking a memorandum of understanding on the parameters of the SEZ by Jan 11 next year.

Source: The Star