Singapore and Malaysia agree on a special economic zone

Singapore and Malaysia have agreed to establish a joint special economic zone in the border state of Johor with Malaysia to boost investment.

Singaporean Prime Minister Lawrence Wong and his Malaysian counterpart Anwar Ibrahim announced the agreement on Tuesday.

Addressing a joint press conference, Anwar said: “The SEZ is a unique initiative. It is very rare that two countries work together as a team” to promote both countries.
Wong said: “This is an important project that will build on the complementary strengths of Singapore and Johor so that we can both be more competitive, improve our value proposition and jointly attract more investments to our coasts. »
The special economic zone will span 3,500 square kilometers, including the state capital of Johor Bahru.

The project also aims to improve the movement of people and goods by streamlining transport between neighboring countries.

The agreement is expected to create 20,000 skilled jobs within five years on both sides.