Malaysia and Singapore have officially established a Special Economic Zone (SEZ) by signing a memorandum of understanding (MoU) in Johor Baru. The signing took place in the presence of Prime Minister Datuk Seri Anwar Ibrahim and his Singapore counterpart Lee Hsien Loong on Thursday (Jan 11), symbolizing a significant milestone between the two neighboring countries.
The MoU was signed by Economy Minister Rafizi Ramli and Singapore’s Trade and Industry Minister Gan Kim Yong. Also in attendance were Johor Mentri Besar Datuk Onn Hafiz Ghazi and Singapore’s National Development Minister Desmond Lee.
The signing of the MoU comes just two months after the 10th Singapore-Malaysia Leaders’ Retreat in October, during which Anwar and Lee Hsien Loong agreed to jointly develop the SEZ. The establishment of the SEZ is expected to have a positive impact on the economic cooperation and development between the two countries.
During the signing ceremony, both parties involved expressed their commitment to the development of the SEZ and the potential benefits it could bring to both Malaysia and Singapore. This collaboration is a testament to the strong bilateral ties between the two nations.
The initiative to establish the SEZ was first mentioned during the 10th Singapore-Malaysia Leaders’ Retreat in October, and the signing of the MoU marks a significant step forward in the realization of this initiative. The SEZ is expected to create new opportunities for economic growth and cooperation in various sectors.
The signing of the MoU is a reflection of the mutual understanding and commitment of both Malaysia and Singapore to further strengthen their economic ties and cooperation. The establishment of the SEZ is poised to bring about a new era of economic collaboration between the two countries.
The signing of the MoU highlights the proactive approach taken by Malaysia and Singapore to enhance their economic partnership and create a conducive environment for mutual economic growth and development. With the establishment of the SEZ, both countries are set to embark on an exciting journey of economic cooperation and collaboration.
The agreement to establish the SEZ reflects the shared vision of Malaysia and Singapore to further promote economic integration and cooperation. Both nations are committed to working together to ensure the success of this initiative and to maximize the potential benefits it could bring to their respective economies.
The signing of the MoU underscores the determination of Malaysia and Singapore to explore new opportunities for economic collaboration and development. The SEZ is expected to serve as a catalyst for the growth of various economic sectors in both countries, paving the way for enhanced trade and investment opportunities.
