Singapore, Malaysia announce deal on special economic zone in Johor

Both sides are targeting 50 projects at the SEZ within the first five years, creating 20,000 skilled jobs.

The neighbours first agreed in principle to jointly develop the economic zone a year ago.

The latest agreement was announced during a visit to Malaysia by Singaporean Prime Minister Lawrence Wong and senior cabinet ministers.

Malaysia’s economic minister Rafizi Ramli said the two countries want to attract high-value investments in a range of sectors, including manufacturing, logistics and energy transition, a newswire reported.

Malaysia will set up and manage an infrastructure fund to back firms looking to set up operations at the SEZ, while Singapore will create its own fund to facilitate investments and support Singaporean companies operating in Johor, Ramli said.

ALCHEMPro News Desk (DS)