KUALA LUMPUR: The signing of the Memorandum of Understanding (MoU) for the establishment of the Johor-Singapore Special Economic Zone (JS-SEZ) will bolster economic growth and strengthen bilateral ties between Malaysia and Singapore.
The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) said JS-SEZ is well-positioned to connect investors and business in both countries as well as foreign investors to new opportunities from the increasing border trade and rapid economic growth in the region.
ACCCIM president Senator Tan Sri Low Kian Chuan, in a statement today, said the association believed that JS-SEZ could bolster trade and investment, tourism as well as people-to-people connectivity that will mutually benefit Malaysia and Singapore partnership.
"Both Malaysia and Singapore can complement and reinforce each other to achieve optimal investment returns and economic value, leveraging both countries' strength and resources.
"Singapore has a deep talent pool and technology, a strong innovation ecosystem and investment flows, while Johor has the manpower, cost advantages relative to Singapore, land resources, and connectivity with the rest of the states in Peninsular Malaysia.
"Johor and Singapore can identify mutual benefits and clearly define responsibilities in the proper planning and implementation of the JS-SEZ development framework," the statement said.
He, nevertheless, stressed that a comprehensive planning and effective implementation, especially with a high level of commitment from top leadership, is imperative to ensure the success of JS-SEZ.
While both Malaysian and Singaporean governments played an instrumental role to facilitate the development of JS-SEZ, ACCCIM stressed that it is equally crucial that the task force or committee responsible of overseeing the establishment of the special economic zones to have regular constructive communications, feedback and engagement with the business community
On a related matter, Low announced the setting up of a joint steering committee between ACCCIM and its Singaporean counterpart following the signing of MoU between Malaysia and Singapore for the establishment of JS-SEZ.
Dubbed as the Joint Steering Committee for Cooperation and Consultation, he said the body isaimed at providing their contribution in the form of the sharing of feedback, ideas as well as recommendations on policies, facilities and regulations to improve the business operating environment in Malaysia and Singapore.
"ACCCIM looks forward to participating in the engagement process in the development of JS - SEZ," he said.
Earlier today in Johor Baru, Prime Minister Datuk Seri Anwar Ibrahim and his counterpart from Singapore, Lee Hsien Loong witnessed the signing ceremony of a MoU for JS-SEZ.
The MoU was formalised by Economy Minister, Rafizi Ramli on behalf of Malaysia, and his counterpart, Singapore Trade and Industry Minister, Gan Kim Yong.
This MoU comes just two months after the 10th Singapore-Malaysia Leaders' Retreat in October, underscoring the continued efforts to establish a comprehensive agreement on the JS-SEZ.