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Singapore: People are Proposed Johor-Singapore Special Economic Zone (SEZ) Since Singapore and Malaysia signed a memorandum of understanding in January.
On his first visit to Malaysia on Wednesday (June 12), Singapore Singapore Prime Minister Lawrence Wong Highlighted the potential of the SEZ and said it could bring huge economic benefits to both countries.
“People often talk about competition (between our two economies), but in fact, we complement each other,” Mr Wong said.
Pakistani Foreign Minister Anwar Ibrahim said planning for the economic zone is nearing completion.
The SEZ in the southern Malaysian state has been hailed as a potential “Southeast Asian Shenzhen,” but details of its geographic scope and specific economic sectors remain to be determined. Malaysian and Singaporean working groups plan a series of meetings this month to provide more clarity. The comprehensive agreement is expected to be signed in September.
When Malaysia and Singapore announced plans to collaborate on a special economic zone, people began to wonder which industries and sectors would dominate and thrive in the new area. Johor proposed 16 economic sectors within the special economic zone, including electrical and electronics, medical, aviation and manufacturing.
During the Johor state assembly meeting last month, Chief Minister Onn Hafiz Ghazi also said the state government had proposed expanding the development zone to six areas: Johor Bahru, Iskandar Puteri, Pasir Gudang, Pontian, Kulai and Kota Tinggi, covering an area of 3,505 square kilometres. This is more than four times the size of Singapore and almost twice the size of Shenzhen.
Both Shenzhen and Johor have abundant natural resources and land, as well as a growing young workforce. Both are strategically located close to major economic centers – Shenzhen is close to Hong Kong, and Johor is close to Singapore. As there are several similarities between Johor and Shenzhen, and with the development of the Special Economic Zone, Johor has the potential to emulate Shenzhen’s success in the near future.
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