Major trading partners Malaysia and Singapore agreed on a collaborative effort to establish a special economic zone. This endeavour aims to enhance trade between the neighbouring countries, which consider each other as their second most significant trading partner.
The proposed economic zone is slated to be located in Johor, a southern state of Malaysia. This zone will allow businesses to enjoy reduced regulation and minimal government interference, thus boosting trade activities and enhancing connectivity, as per the joint statement.
The agreement was signed on Thursday by Malaysia’s Economy Minister, Rafizi Ramli, and Singapore’s Minister for Trade and Industry, Gan Kim Yong. Both countries’ prime ministers were present during the event.
Ramli, in a statement, regarded the Johor-Singapore Special Economic Zone as a transformative chapter in the bilateral economic relations…
