Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Aziz pointed out that the Johor-Singapore Economic Special Zone (JS-SEZ) will enhance the efficiency and resilience of the ASEAN supply chain.
He said that the proposal to establish an ASEAN/Regional Comprehensive Economic Partnership (RCEP) industrial park in the economic zone will help promote regional economic integration and attract high-value investments.
He believes that with the inclusion of ASEAN dialogue partner countries such as China, Australia, New Zealand, South Korea, and Japan, the proposed industrial park will align with the vision of enhancing supply chain efficiency and resilience.
“We ultimately hope that the Johor-Singapore Economic Zone is not just a bilateral framework, but a value proposition for the whole of ASEAN.”
He said this while delivering the keynote speech at the JS-SEZ Joint Business & Investment Forum today. Attendees included Johor Menteri Besar Datuk Onn Hafiz and Singapore Deputy Prime Minister and Minister for Trade and Industry, Heng Swee Keat.
Zafrul mentioned that the federal government also supports the proposed regulatory sandbox program, located in the Ibrahim Technopolis (IBTEC) and the Ayer Manis Estate.
He added that this program will pave the way for a new wave of sustainable and high-value investments, benefiting local stakeholders and international partners.
Additionally, he said the core of Malaysia-Singapore relations lies in decades of cooperation reaching its best state, as last year Malaysia was Singapore's second-largest trading partner, and Singapore was Malaysia’s largest export destination and the second-largest global trading partner.
“In 2024, our trade volume reached 86.69 billion US dollars, mainly driven by electronic and electrical products, petroleum products, machinery and parts, other agricultural products, and optical and scientific instruments.”
Zafrul emphasized that Malaysia is committed to achieving favorable solutions to maintain important market access and supply chains, continuously attracting foreign investments, and safeguarding the well-being of its employees and enterprises.
Therefore, he emphasized that Malaysia and ASEAN countries will not impose retaliatory tariffs on the United States, as retaliation would only be counterproductive; instead, they seek forward-thinking approaches to engage in constructive dialogue with the US, strengthening economic ties and addressing common challenges.
He said the Malaysian government understands the challenges tariffs pose to employees, manufacturers, and enterprises.
“We must strive through bilateral and multilateral channels to seek acceptable, fair, and just solutions for both parties.”