The new Johor-Singapore Special Economic Zone (JS-SEZ) in Malaysia is expected to create 20,000 skilled jobs for people on both sides of the Causeway.
The zone for business and investment, covering the Iskandar Development Region and Pengerang, also aims to support the expansion of 50 projects in the first five years, and a cumulative 100 projects in its first decade.
Prime Minister Lawrence Wong and his Malaysian counterpart Anwar Ibrahim witnessed the exchange of the agreement on Jan 7 during the 11th Malaysia-Singapore Leaders' Retreat in Putrajaya.
Speaking at a joint press conference, PM Wong said the JS-SEZ will create good jobs and more opportunities for the people of both countries.
"When negotiating the agreement, both sides have actively engaged stakeholders to ensure that the JS-SEZ has the conditions to help our businesses grow together for the longer term," he said.
"The greater potential for the JS-SEZ is not just about Singapore businesses going to Johor, but it's about both sides working together to attract new investment projects globally," he added.
PM Wong said the project is an important one that will build on the complementary strengths of Singapore and Johor, "so that we can both be more competitive, enhance our value proposition, and jointly attract more investments to our shores".
Datuk Seri Anwar said the JS-SEZ is a unique initiative, as "very rarely you find two countries working together as a team".
Both countries are led by governments that are politically stable, with clear economic policies, he added.
Beyond financial incentives, these characteristics will attract businesses and investments to the new economic zone, Mr Anwar said.
The agreement will improve the flow of goods and enable freer movement of people between Singapore and Johor. It will also strengthen the business ecosystem within the region.
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