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On July 14, 2023, Singapore and Malaysia are in talks to establish a special economic zone in Johor and the Republic to drive growth and strengthen connectivity and collaboration, said Minister for National Development Desmond Lee.
A special task force will be set up under the Malaysia-Singapore Joint Ministerial Committee for Iskandar Malaysia (JMCIM) to study the Johor-Singapore Special Economic Zone, he added.
The task force, led by Singapore’s Ministry of Trade and Industry and Malaysia’s Ministry of Economy, will work out the terms of reference and broad areas of collaboration for the zone.
Johor recorded RM70.6 billion (S$20.6 billion) worth of foreign investments in 2022 alone, across various sectors including electrical and electronics, medical equipment, food manufacturing and data centres, with Singapore being the second-largest foreign investor.
The Republic contributed around 70 per cent of Johor’s total foreign direct investment in the manufacturing sector, said the JMCIM.
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