Malaysia and Singapore have signed a memorandum of Understanding on cooperation
In the presence of Malaysian Prime Minister Anwar Ibrahim and Singaporean Prime Minister Lee Hsien Loong, Malaysia's Minister for Economic Affairs Rafizi and Singapore's Minister for Trade and Industry Ngan Kim Yong signed the mou on behalf of the two countries. The two countries will also set up a joint committee to promote the implementation of the special economic zone plan.
In July last year, Malaysia and Singapore formally proposed the idea of building a "Johor-Singapore Special Economic Zone" in Johor, and subsequently set up a joint working group to promote the plan. The signing of this memorandum is considered to be a substantive move to promote the construction of special economic zones. Rafizi said that the establishment of the special economic zone will promote the flow of people and materials between Malaysia and Singapore, and enhance the economic attractiveness of Johor and Singapore.