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Malaysia and Singapore ink JS-SEZ memorandum, aiming for RM636 bil cumulative investment

Malaysia and Singapore ink JS-SEZ memorandum, aiming for RM636 bil cumulative investment

11 Jan 2024

The signing of the Johor-Singapore Special Economic Zone (JS-SEZ) memorandum between Malaysia and Singapore will contribute to the targeted cumulative investment of RM636 billion, which is expected to spur the growth involving two economic zones in the state.

Iskandar Development Regional Authority (Idra) chief executive Datuk Dr Badrul Hisham Kassim said apart from the JS-SEZ, spillover from the signing of the memorandum will also benefit the Special Financial Zone (SFZ) in Forest City by the year 2030.

“Idra is pleased with the formalisation of the memorandum signed today between Malaysia and Singapore on the JS-SEZ.

“The implementation of JS-SEZ will bring various opportunities and advantages to Iskandar Malaysia as an investment and business destination for both foreign and local enterprises.

“JS-SZE will not only bring abundant benefits to the comprehensive development of Iskandar Malaysia, including social and environmental sectors but also will contribute to the latest cumulative investment target for the two economic zones in Johor, amounting to RM636 billion by 2030,” he said in the statement today.

Badrul Hisham added that the economic strategies outlined in the JS-SEZ are in line with the objective set under the Iskandar Malaysia Comprehensive Development Plan (CDPiii) 2022-2030.

“JS-SEZ can enhance economic cooperation by leveraging the existing investment momentum between Malaysia and Singapore.

“It will also bring significant benefits to Iskandar Malaysia and stakeholders, especially the Malaysia Investment Development Authority (Mida, Invest Johor, and partners from both government as well as the private sectors.

“Idra will fully utilise the opportunities provided by this economic zone for maximum benefit towards becoming a robust and sustainable international metropolis,” he said.

Earlier today, Prime Minister Datuk Seri Anwar Ibrahim and his Singapore counterpart, Lee Hsien Loong, witnessed the signing ceremony of a Memorandum of Understanding (MoU) for JS-SEZ between the two countries.

The MoU was formalised by Economy Minister Rafizi Ramli and his counterpart, Singapore Trade and Industry Minister Gan Kim Yong.

Source: NST