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SINGAPORE: A joint particular financial zone between Singapore and the state of Johor (JS-SEZ) is in its planning levels, with the signing of a memorandum of understanding (MOU) eyed by the start of subsequent yr, on January 11, 2024.
The JS-SEZ is beneath the purview of the Joint Ministerial Committee for Iskandar Malaysia (JMCIM), which has Industrial Cooperation, Immigration, Transportation Hyperlinks, Innovation, Tourism, and Surroundings Work Teams. A particular activity drive had been established to review the JS-SEZ.
A progress replace was supplied by the duty drive on the tenth Singapore-Malaysia Leaders’ Retreat, which was held in Singapore on Oct 30. This was the primary time for Prime Minister Lee Hsien Loong and Prime Minister Dato Seri Anwar Ibrahim to attend the retreat with one another and the primary retreat that Singapore and Malaysia held because the COVID-19 pandemic.
Learn additionally: Johoreans see price of residing improve after Singaporeans coming over resulting from robust SGD
“The JS-SEZ will faucet into the complementary strengths of each international locations to foster financial connectivity by bettering cross-border flows of products, investments, and folks,” stated each leaders in an announcement issued after the retreat was held.
“The Leaders additionally recommended the Industrial Cooperation Work Group and companies from each international locations for working collectively intently to facilitate high-profile investments into and creating jobs in Iskandar Malaysia,” they added within the assertion, which additionally famous that Singapore is Iskandar Malaysia’s second-biggest investor, with S$9.5 billion (RM 33 billion) price of investments dedicated between 2006 and June 2023.
Talking on the JS-SEZ, PM Lee stated it was a “substantial and promising challenge” and added that particular tax preparations and different initiatives is perhaps a part of the settlement to enhance the move of products between the 2 nations. He additionally expressed hopes for simpler and Bette preparations for staff to cross borders.
As for the MOU, PM Lee acknowledged that it will take loads of work, “We’re hoping to have that carried out by early subsequent yr, however it’s loads of work (for the Ministry of Commerce and Trade) and the Ministry of Financial system on the Malaysian facet. I feel they must scramble, however we want to see it carried out as quickly as we are able to,” The Straits Occasions quotes him as saying.
Learn additionally: Why SGdollar file excessive in opposition to MYringgit excites Singaporeans & Johoreans
On his half, Mr Anwar stated, “We’ve given a really brief timeline to get them to agree on the parameters and signal the MOU by Jan 11… We look ahead to having some type of association and settlement of understanding by mid-January.” /TISG
The submit PM Lee: Johor-Singapore Particular Financial Zone is “substantial and promising challenge” appeared first on The Impartial Singapore Information – Newest Breaking Information
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