Malaysia, Singapore Sign Framework on Cooperation in the Digital Economy

February 2023

The Malaysia-Singapore Framework on Cooperation in Digital Economy is an important effort to further advance the cooperation between the two countries in the digital and green economy fields. The framework will pave the way for knowledge-sharing, technical know-how, and capacity-building, benefiting both countries in terms of industrial development, job creation, and business opportunities.

The cooperation also includes standardization and industry guidelines, technical requirements, a code of conduct, laws, and regulations, as well as capacity-building programs. This move not only strengthens the collaboration between Malaysia and Singapore but also serves as a role model for the other ASEAN countries in preparing their talent, SMEs, and start-ups for the digital decade.

Minister of Trade, Tengku Zafrul, highlighted the importance of incorporating the same principle into any agreements made between two or more countries, including the Cooperation Framework Agreement in the Green Economy and Digital Economy with Singapore. He spoke of the need for strong leadership in ASEAN to ensure the future sustainability of its people, which can be achieved through collaboration with Singapore and their respective economies.

When asked about the investment outlook for Malaysia, Tengku Zafrul acknowledged that there was strong competition in the industry and that there were still areas to be improved. According to the Ministry of International Trade data released recently, Singapore had the highest export value of RM232.57 billion among all ASEAN countries in 2022, followed by Thailand, Indonesia, Vietnam, and the Philippines. Similarly, Singapore, Thailand, and Indonesia were the top three export destinations for Malaysia in 2022, accounting for 78.3% of the nation’s total exports. Exports to almost all ASEAN countries have also achieved a record-breaking high.

(Source: The Star)

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