Malaysia said it’s near a deal with Singapore to develop Southeast Asia’s first cross-border special economic zone, which the countries hope will lure new investment and spur growth.
“We have gone into some final legwork,” Economy Minister Rafizi Ramli, who is representing Malaysia in bilateral talks with Singapore, said at a briefing in Kuala Lumpur on Wednesday. “Both sides should be able to sign a deal” and unveil the zone in September.
The geographic makeup of the zone has almost been finalised, Johor Chief Minister Onn Hafiz Ghazi said at the briefing.
“We have gone into some final legwork,” Economy Minister Rafizi Ramli, who is representing Malaysia in bilateral talks with Singapore, said at a briefing in Kuala Lumpur on Wednesday.
“Both sides should be able to sign a deal” and unveil the zone in September.
The geographic makeup of the zone has almost been finalised, Johor Chief Minister Onn Hafiz Ghazi said at the briefing.
Malaysia and Singapore signed a memorandum to develop the economic zone in January this year, aiming for the free movement of goods and people between the resource-rich state of Johor and land-constrained Singapore.
Rafizi said the signing will occur before a scheduled year-end leaders retreat involving Malaysia Prime Minister Anwar Ibrahim and Singapore Prime Minister Lawrence Wong.
Malaysia finalised its proposals in May, and is waiting for Singapore to come back, Rafizi said..
Source: Bloomberg
