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.
Denne historien er fra January 08, 2025-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra January 08, 2025-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
AGE-OLD CRAFT OF WEAVING CARPETS AT RISK
In southern Morocco, women are the guardians of the age-old craft of carpet weaving, an intricate art form that often leaves them with meagre earnings.
Zendaya and Tom Holland engaged, says US media
Spider-Man co-stars Zendaya and Tom Holland are engaged, American media reported on Jan 6, the day after she was spotted wearing a huge diamond ring.
Johnny Depp alerts fans to online scammers posing as him
Hollywood actor Johnny Depp has alerted his fans to online scammers impersonating him.
Singapore composer George Leong calls Dick Lee 'self-centred' amid emotional rant about music scene
Singaporean composer and musician George Leong has worked on some of the biggest hits of Mandopop and Cantopop, but in an impassioned Facebook post, the 54-year-old seemed to have thrown it all away.
Squid Game 2 Met With Backlash Over Vietnam War Reference
Squid Game 2, a dystopian drama in which hopeless people compete for survival by playing Korean children's games, is facing backlash from Vietnamese audiences over a remark on the Vietnam War (1955 to 1975).
68 S'pore writers sign statement on NLB's 'uncritical endorsement' of generative AI
Members of Singapore's literary community are calling on the National Library Board (NLB) to exercise greater prudence in adopting generative artificial intelligence (AI) or risk \"permanently damaging Singapore's literary landscape\".
Mediacorp disqualifies stolen designs from competition
Three illustrations submitted to a Mediacorp design competition have been removed from the media company's website and disqualified after they were found to have been stolen.
From bad boy to Better Man
Pop star Robbie Williams reflects on hedonism and healing for biopic
That very hot drink could be doing you harm
Drinking very hot beverages is a proven risk factor for oesophageal cancer
STRENGTH BAND-AID
Research suggests that resistance bands are as effective as weights at building strength
