Malaysia and Singapore have agreed collectively to develop a particular financial zone within the southern Malaysian state of Johor, with the purpose of attracting funding and growing the motion of products and folks throughout their shared border.
In a ceremony yesterday, Economy Minister Rafizi Ramli and Singapore’s Trade and Industry Minister Gan Kim Yong signed a memorandum of understanding on the Johor-Singapore Special Economic Zone (JS-SEZ). In a subsequent joint assertion, the 2 sides mentioned that they might work in the direction of establishing a whole settlement throughout their eleventh Leaders Retreat later this 12 months.
“Under the MoU, Malaysia and Singapore will work towards enhancing cross-border flows of goods and people as well as strengthen the business ecosystem within SEZ to support investments,” they mentioned within the assertion. “The SEZ rides on the strong growth of Johor and significant investments in the region by Singapore.”
Malaysia’s Economy Minister Rafizi Ramli mentioned that the JS-SEZ “presents an unprecedented opportunity” for each nations to reinforce the diploma of crossborder commerce and motion.
According to the joint assertion, Singapore and Malaysia are additionally exploring different initiatives that can “build towards” the JS-SEZ, together with a passport-free clearance system on either side of the border and potential renewable power cooperation.
The signing of the MOU got here shortly after Singapore’s Prime Minister Lee Hsien Loong and Malaysian Prime Minister Anwar Ibrahim witnessed the completion of the primary connecting span of the sunshine rail (or RTS) hyperlink connecting Singapore and Johor’s state capital Johor Bahru.
According to Singapore’s Ministry of Foreign Affairs, the 4-kilometer hyperlink will join Bukit Chagar station in Johor Bahru with the Woodlands North station in Singapore. It could have a peak capability of as much as 10,000 passengers per hour in every course, and is designed to ease visitors congestion on the Johor-Singapore Causeway, one of many world’s busiest land crossings. The RTS, which price an estimated, 10 billion ringgit ($2.2 billion), is predicted to start passenger service on the finish of 2026.
The rail hyperlink is simply the newest improve to the Causeway, which was constructed in 1924 and has been widened and expanded quite a few instances within the years since.
In a publish on Facebook, Prime Minister Lee Hsien Loong wrote that the hyperlink “brings our friendship and bilateral ties closer.” He added that the RTS and JS-SEZ would “enhance cross-border links, support businesses, and create jobs on both sides of the Causeway.”
Both agreements are aimed toward tightening the already shut financial interdependence between Singapore and peninsular Malaya, with which the Lion City was united briefly earlier than its expulsion from the Malaysian Federation in 1965. The border between the 2 nations is likely one of the busiest on this planet, with greater than 350,000 folks commuting from Malaysia to Singapore throughout the Johor-Singapore Causeway every day.
Malaysia and Singapore have additionally mentioned the development of a 350-kilometer high-speed railway connecting Singapore and Kuala Lumpur. The mission was first introduced in 2013, however was eventually terminated in 2020 resulting from disagreements and funding constraints on the Malaysian aspect. Recent months have introduced studies that Anwar’s authorities could also be interested in reviving the mission, if the associated fee could be considerably lowered.
Source web site: thediplomat.com
