Malaysia, Singapore sign zone development deal

KUALA LUMPUR, Jan 11 (KUNA) -- Malaysia and Singapore signed on Thursday a MoU to develop a special economic zone in the state of Johor, bordering Singapore.

The MoU, witnessed by Malaysian Prime Minister Anwar Ibrahim and his Singaporean counterpart Lee Hsien Loong, would pave the way for a full agreement, as well as explore ways of establishing an integrated commercial and investment center to manage permits, said a joint statement by Malaysian Ministry of Economy and the Singaporean Ministry of Trade and Industry.
The statement added that both governments would look into digitizing cargo clearances, and organizing a forum for investors to give feedback on the Johor-Singapore SEZ, as well as providing training for the talent pool.
Malaysia's Johor attracted USD 15.2 billion in foreign investments, with Singapore being the second biggest investor, contributing 70 percent to the state's total direct foreign investments. (end) aab.fk.