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Malaysia and Singapore expected to sign Special Economic Zone deal in September

Malaysia and Singapore expected to sign Special Economic Zone deal in September

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Malaysia and Singapore are nearing a deal to develop Southeast Asia's first Special Economic Zone (JS-SEZ). 

"We have gone into some of the final legworks for JS-SEZ," said economy minister Rafizi Ramli at the JS-SEZ Investment forum. 

"As you might have been aware, the negotiations between the two countries are already in the final stages with deadlines for submission in September," he added. 

Don't miss: Johor-SG Special Economic Zone to create 100,000 job opportunities, says chief minister

Rafizi added that Malaysia is confident that the JS-SEZ will be the launch pad for the ASEAN market for investors in the next 10 years. 

Meanwhile, Johor chief minister Onn Hafiz Ghazi, who was also present at the forum, said that the geographic makeup of the zone has almost been finalised. 

Hafiz also gave assurance that concerns that have been "cropping up" are being addressed. 

"When we meet potential investors, it's about talent, ease of doing business and ease of movement of goods and people," said Onn.

"We would like to give assurance that these issues are being discussed in a detailed manner so when the JS-SEZ is launched, things will be a lot smoother," added Onn. 

Earlier in April this year, it was reported that the JS-SEZ is expected to create up to 100,000 high-paying job opportunities, as well as attract foreign investments and contribute to the economic growth of Johor. 

The JS-SEZ was first proposed in January this year when both Malaysia and Singapore signed a memorandum of understanding. It was mooted by Rafizi after a meeting with the Johor state government in May last year, according to Bernama

Following which, both countries had reportedly agreed to take a step further by setting up a special task force to study the establishment of the special economic zone. 

Photo courtesy Rafizi Ramli, Facebook 

Related articles:  
MY has potential to become economic giant, says PM Anwar 
Foreign investments will go smoothly with govt support, says PM Anwar  
Indonesia plans to boost trade and tourism in Johor

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