SINGAPORE: A special economic zone (SEZ) agreement between Singapore and Malaysia is expected to be signed by November, according to Johor’s Chief Minister Onn Hafiz Ghazi. Speaking at a conference in Singapore, Mr Ghazi said that the agreement’s signing had been postponed due to delays in leadership meetings.
“It’ll be signed hopefully by November,” Mr Ghazi stated. Bloomberg reported that Mr Ghazi said officials were still finalising the details of the agreement, with “all relevant parties, decision makers, coming on board to make sure this happens.”
This follows a memorandum of agreement signed by Malaysia and Singapore in January, aimed at enhancing the movement of goods and people between Johor, a resource-rich state in Malaysia, and Singapore, which faces land constraints.
The timeline for the signing has shifted from earlier expectations. In July, Malaysia’s Economy Minister Rafizi Ramli had anticipated that both sides “should be able” to seal the deal and unveil the SEZ by September.
Officials from Johor have highlighted the significant economic impact the SEZ is expected to bring. The development could potentially create up to 100,000 new jobs in Johor and contribute approximately $26 billion to the Malaysian economy annually by 2030. /TISG
Read also: Malaysia and Singapore agree to collaborate on the Special Economic Zone development
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