Malaysia and Singapore Launch Joint Special Economic Zone

Malaysia and Singapore have agreed to establish a joint special economic zone to enhance investment and facilitate cross-border trade and movement, the Associated Press (AP) reported.

Photo Caption I Photo: Anwar Ibrahim Facebook

The Johor-Singapore Special Economic Zone will capitalize on the unique strengths of both nations, said Malaysian Prime Minister Anwar Ibrahim during a joint news conference with Singaporean Prime Minister Lee Hsien Loong.

“This is a unique initiative that fosters collaboration rather than rivalry,” Anwar stated. "In a polarized world, this partnership is a model for cooperation."

The zone will be located in Johor, Malaysia’s southernmost state, and is set to provide tax incentives and support flagship industries like manufacturing, aerospace, tourism, energy, and healthcare.

Officials aim to attract 50 projects within the next five years, creating 20,000 skilled jobs. Singapore, a financial hub with limited natural resources and land, stands to benefit significantly from the partnership.