PUTRAJAYA: The Johor-Singapore Special Economic Zone (JS-SEZ) is a unique and rare economic initiative between two neighbouring countries aimed at boosting investments.
Prime Minister Datuk Seri Anwar Ibrahim said the project, which officially kicks off today, is guided by clear economic policies and a well-defined approach to addressing social investment concerns.
"The SEZ is truly a unique initiative. It is rare to see two countries collaborating as a team to promote mutual economic growth and attract investments.
"This initiative not only brings clarity to economic policies but also ensures a well-structured approach to social investment concerns. Both governments (Malaysia and Singapore) are being selective to ensure that investments align with future needs and priorities.
"The JS-SEZ initiative is a testament to the significant incentives for businesses to expand their operations, alongside financial and infrastructure incentives provided through this cooperation," he said during a joint press conference with Singapore Prime Minister Lawrence Wong today.
Earlier, both prime ministers witnessed the exchange of a joint agreement document on JS-SEZ between Malaysia's Economy Minister Rafizi Ramli, and Singapore's Deputy Prime Minister and Trade and Industry Minister, Gan Kim Yong.
The Johor-Singapore Special Economic Zone (JS-SEZ), launched today, aims to attract 100 projects within the next 10 years.
JS-SEZ currently covers an area of 357,128 hectares, including the Iskandar development zone, Forest City, Pengerang Integrated Petroleum Complex, and Desaru.
The Iskandar development region also encompasses Johor Baru City Centre, Iskandar Puteri, Tanjung Pelepas-Tanjung Bin, Pasir Gudang, Senai-Skudai, and Sedenak.
Meanwhile, Wong said the initiative sends a message to investors to consider the complementary advantages between Johor, Singapore, and the JS-SEZ ecosystem.
"There are numerous strengths that can be leveraged from both countries to enhance value-added activities and make JS-SEZ more competitive and attractive for business operations," he said.
"From Singapore's side, we have engaged with numerous businesses that are very interested in expanding their activities in Johor. We already have incentives for businesses looking to grow internationally.
"We also have market facilitation programmes and grants that Singaporean businesses can utilise to expand their operations in Johor, aligned with their activities in Singapore," he added.
In addition to the JS-SEZ agreement, the two leaders also witnessed the exchange of six memoranda of understanding (MoUs) covering areas such as climate change and carbon storage, education, women and social welfare, and efforts to combat transnational crime.
Wong and his delegation arrived in Malaysia yesterday to attend the 11th Malaysia-Singapore Leaders' Retreat.