More Good News For JS-SEZ To Be Announced Next Week – Tengku Zafrul

SINGAPORE, Oct 8 (Bernama) -- More good news is expected to be announced next week on the Johor-Singapore Special Economic Zone (JS-SEZ), as part of ongoing efforts to sustain momentum in attracting investors to the area, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.

Alluding to further incentives, Tengku Zafrul said the announcement will be made at a conference in Singapore, jointly organised by Malaysia’s Ministry of Investment, Trade and Industry (MITI), Singapore’s Ministry of Trade and Industry (MTI), and the Johor state government.

“There will be some good news that we will be sharing. We have to wait till Tuesday (Oct 14),” he said during a fireside chat at the Asia Future Summit, moderated by The Business Times editor Chen Huifen, here today.

Tengku Zafrul said there has been significant synergy between Singapore and Malaysia – particularly Johor – and that the JS-SEZ’s main objective is to attract investors and major multinational companies from around the world.

He emphasised that both Malaysia and Singapore must remain economically strong and politically stable to create a conducive environment for growth.

“It is better to be friends than enemies, better to be collaborators together. We have shown that we can, and I hope the JS-SEZ is an example of how two countries can work together,” he said when asked about the ideal relationship between the two nations.

Tengku Zafrul noted that to further drive mutual success, the two neighbours must continue to leverage each other’s strengths and complement one another in sectors such as manufacturing.

Meanwhile, the minister said it is important to maintain ASEAN’s centrality and neutrality in an increasingly fragmented world, and that multilateralism must continue to be upheld.

“This is where, for Malaysia and for ASEAN, we need to ensure that we manage these two giants (China and the United States). We have got to show that we are acting based on principles,” he said, emphasising the need to engage all parties fairly.

Tengku Zafrul added that at the upcoming ASEAN Summit in Kuala Lumpur, regional leaders are expected to sign the upgraded ASEAN Trade in Goods Agreement (ATIGA), which will boost intra-regional trade.

He also expressed optimism that a substantial conclusion would be reached on the Digital Economy Framework Agreement (DEFA), aimed at further enhancing trade within ASEAN, particularly through the participation of small and medium-sized enterprises (SMEs).

On Malaysia’s investment landscape, Tengku Zafrul said his ministry aims to reduce bureaucratic hurdles – a long-standing challenge that has hindered the country from becoming ASEAN’s top investment destination.

He said initiatives such as the Invest Malaysia Facilitation Centre – Johor (IMFC-J) can help shorten approval timelines for investors, while technologies such as artificial intelligence (AI) can be applied to streamline processes.

“Thankfully, with the advancement of technology, we are now able to do things better and safer. We must ensure our people are ready to embrace this new way of doing things, which reflects evolving investor expectations,” said Tengku Zafrul.

-- BERNAMA