In mid-July, Singapore announced that it would be setting up a task force with Malaysia to study the feasibility of opening a special economic zone in Johor. The establishment of the economic zone, named Johor-Singapore Special Economic Zone (JS-SEZ), is expected to drive economic growth and strengthen economic connectivity and collaboration between both Singapore and Malaysia, leveraging Johor’s strong growth and significant investments in the region by Singapore. In 2022, the Johor region recorded USD 15.6 billion worth of foreign investment, with Singapore being the second largest foreign investor in the region, contributing to 70% of Johor’s total foreign direct investment in the manufacturing sector.
The special task force will be led by the Ministry of Trade & Industry from Singapore and the Ministry of Economy from Malaysia, with the support of relevant government agencies from Singapore and Malaysia. The task force is expected to provide a progress update at the 10th Singapore-Malaysia Leaders’ Retreat, to be held in Singapore later in 2023.
(Sources: Channel News Asia; Ministry of National Development)
