Singapore-Malaysia agree to set up a special economic zone

Singapore and Malaysia have agreed to create a special task force to study the establishment of the Johor-Singapore special economic zone.

The purpose of this special economic zone is to increase investment and create high-quality jobs in Johor and Singapore by facilitating the flow of people-to-people movement, goods, and business.

This special task force will be led by Malaysia’s ministry of economy and Singapore’s ministry of trade and industry and will be supported by various government agencies.

Malaysia Economy Minister Rafizi Ramli said his ministry and Singapore’s ministry of trade and industry, and the Malaysian Investment Development Authority (MIDA), had a dialogue with semiconductor companies in Singapore such as Micron, Infineon Technologies, ST Microelectronics, Venture Corporation, and Synopsys to outline a strategic vision for the semiconductor industry in Malaysia.

”The semiconductor industry is estimated to reach USD1 trillion in 2030 due to increased global demand.”

“Therefore, determining a strategic vision that can use our existing advantages, especially in backend and integrated circuit design (integrated circuit design), able to create high-paying and high-value jobs,” said Rafizi in a statement today after attended the 16th meeting of the Malaysia-Singapore Joint Ministerial Committee for Iskandar Malaysia (JMCIM).

K3 Ventures, a venture capitalist for technology startups announced at the 16th JMCIM, that it would open a branch in Kuala Lumpur soon.

”My ministry will hold an engagement session with venture capitalists and experienced founders frequently to express the country’s ambition to make Kuala Lumpur a regional startup hub,” he said.

The Malaysia Ministry of Economy would continue to take an open attitude towards regional cooperation, especially in the economy, talent, and technology, said Rafizi.

Minister for National Development Desmond Lee and Acting Transport Minister Chee Hong Tat attended the discussions with Rafizi.