Join us to explore the future of the Johor-Singapore Special Economic Zone (JS-SEZ) and its potential to drive economic growth and investment in the region.
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00:00Assalamualaikum warahmatullahi wabarakatuh
00:30Zafrul Abdul Aziz, Minister of Investments and Trade of Malaysia, distinguished guest, ladies and gentlemen.
00:43Welcome everyone to the Johor-Singapore Special Economic Zone, JSSZ Joint Business and Investment Forum.
00:53Your presence here on a Monday morning is a real testament of friendship.
01:02So thank you very much to the more than 1,000 of you for being here today.
01:08We see this as a reflection of the strong support and shared interest of both sides of the courseway for the JSSZ.
01:18I am especially grateful to DPM Gan Kim Yong for being here with us today, despite his busy schedule with election season looming upon him.
01:34I know the campaign period only begins on the 23rd of April, but everyone, especially Malaysians, know how eager our friends across the courseway always are to get a head start when it comes to competitions of all sorts.
01:54So thank you very much, sir, for making time today.
02:01In fact, if your party is looking for a capable, handsome, hardworking and smart Malay candidate, look no further, look to your left.
02:15Since his senatorship is finishing at the end of the year, my dear brother, Tengku Zafro, is the perfect candidate.
02:31But you have to be quick, though, because he is very much in demand by all parties in Malaysia.
02:38Thank you.
02:45I am a bit worried because Tengku Zafro is going to speak after this.
02:52In all seriousness, ladies and gentlemen, we wish our Singaporean friends the very best in the coming election.
03:00We understand how important political stability and policy consistency is for any country.
03:11Malaysia certainly learned this lesson from 2018 till 2022.
03:17Political instability is very costly.
03:23Malaysia and Singapore have worked well together.
03:25Let's continue this, especially in the backdrop of global uncertainties.
03:32Ladies and gentlemen, these days, it's often cliché to describe events like these as historic or a pivotal moment.
03:44But today truly is both.
03:46because it's the JSSEZ's first joint investment forum and because it comes at an interesting time for both our countries and the world.
04:00It is yet another waypoint on the journey of collaboration between Malaysia and Singapore.
04:04One that will reshape the landscape of our region, enhancing connectivity, fostering innovation and creating opportunities for businesses and communities alike.
04:18And so, what I'd like to do today is share some thoughts about where we stand now and the way ahead.
04:26Ladies and gentlemen, if it is true, the old safe havens are eroded and investors are looking for new harbours,
04:39I would argue Johor has a track record to emerge as one.
04:44In 2024 alone, we secured RM48.5 billion in approved investments, placing Johor firmly among Malaysia's top three investment destinations.
04:58Even more compelling, in the first quarter of 2025, thanks to Tengku Zafrul and his team,
05:06Johor has already recorded RM27.4 billion in new investments.
05:11a powerful early signal of the momentum behind the Johor-Singapore Special Economic Zone.
05:23In fact, for the month of April alone, there is another 23 billion worth of projects in the pipeline.
05:33Alhamdulillah, these figures truly show that Johor is the next engine of growth,
05:40not just for Malaysia, but for the region as a whole.
05:47And it reflects the trust that investors both domestic and international place in the JSSEZ.
05:57They see the potential of this initiative, the stability of our environment,
06:03and the unwavering spirit of progress that defines us.
06:07My sincerest thanks to all the believers of JSSEZ, especially METI, MIDA, MOF and the Singapore government.
06:18Ladies and gentlemen, towards this end, Johor is committed to ensuring that businesses and investors
06:25have everything they need to succeed.
06:28We have worked tirelessly and will continue to do so to create an environment that is not only welcoming,
06:38but also efficient, transparent and reliable.
06:41Through the establishment of the Invest Malaysia Facilitation Centre Johor,
06:47IMFCJ, we have streamlined our investment processes.
06:54With the Johor Superlane JSL, we have introduced a fast-track mechanism
07:00that significantly reduces bureaucratic delays for priority investments.
07:06Since its launch, IMFCJ has handled 252 investment inquiries with 42 high-impact projects
07:18now under accelerated processing.
07:21What used to take up to 24 months from briefing to operations
07:27can now be achieved in just 13 to 14 months, a time-saving of almost 10 months.
07:36companies such as Princeton Digital Group, WeWin, Mayora, just to name a few,
07:44have all benefited from the Johor Superlane.
07:48This is not just about efficiency.
07:51It is a clear signal to investors.
07:54Johor is serious, responsive and ever-ready.
07:59Ladies and gentlemen, I must say,
08:02the support we have gotten from our Singapore counterparts has been inspiring.
08:08As Prime Minister Lawrence Wong said in January this year,
08:14our message to investors is look at the complementaries between Johor and Singapore
08:22because there are many advantages in coming here.
08:26not Johor by itself, not Singapore by itself,
08:31but as an ecosystem that complements one another.
08:36There are many strengths that we can harness from both sides
08:40that will allow us to enhance our value proposition
08:43and make this much more competitive
08:47and attractive venue for businesses to operate from.
08:52Ladies and gentlemen,
08:54I believe that as long as we remain united,
08:58we will be able to handle any crisis
09:01and meet the challenges ahead.
09:04There is a Chinese proverb
09:07which states,
09:11Wei qi, chiu shi, chuan qi.
09:15I hope I got it right.
09:19Which means,
09:21in every crisis,
09:23there is an opportunity.
09:26It is true,
09:27the tariff issue is a crisis.
09:29but it also gives us the urgency we need
09:33to make JSSEZ a reality
09:37and in turn do what we need to do
09:40to future-proof our economies.
09:43Towards this end,
09:45the Johor State Government
09:46would like to make two proposals
09:48towards strengthening the JSSEZ.
09:52First,
09:53we would like to suggest
09:54the creation of a Johor Regulatory Sandbox
09:58in the JSSEZ area.
10:01What this is,
10:02broadly,
10:03is the creation of a supervised,
10:06flexible environment
10:07for testing innovative technologies,
10:10policies,
10:12and business models,
10:14particularly sectors
10:15constrained by current regulations.
10:18We can start
10:18with the areas such as
10:21the Ibrahim Technopolis,
10:23IPTAC,
10:24Ladang Air Manis,
10:25and Forest City
10:26to attract investments
10:28and foster cross-border innovation
10:31in areas such as
10:33fintech,
10:34smart logistics,
10:35renewable energy,
10:37and autonomous tech.
10:39Through time-limited regulatory exemptions,
10:43the Sandbox will enable
10:44participating companies,
10:47universities,
10:48and consortiums
10:48to achieve
10:50faster development cycles,
10:53public-private collaboration,
10:55and real-world policy experimentation.
10:59Governance
11:00will involve
11:01key federal and state agencies
11:03via the IMF-CJ,
11:06with eligibility focus
11:08on high-potential projects
11:09that meet strategic criterias.
11:13Second,
11:14we also
11:16would like to
11:17moon
11:17the creation
11:18of an ASEAN
11:20industrial park
11:21within the
11:22JSSEZ.
11:24It is
11:25envisioned
11:26that this park
11:27will be
11:28especially geared
11:29towards
11:30the Regional
11:31Comprehensive
11:32Economic Partnership,
11:34RCEP.
11:35The park
11:36will aim
11:37to attract
11:37strategic investments
11:38from RCEP member countries
11:40by focusing
11:41on high-value sectors
11:43such as
11:44advanced manufacturing,
11:46green technology,
11:47and the digital economy.
11:49It will drive
11:50technology transfer,
11:52boost
11:52competitiveness,
11:56and diversity
11:57supply chains
11:58across ASEAN region.
12:00The park
12:01should offer
12:02customised incentives
12:04where's my best friend
12:05Mr John Patrick
12:06from Ministry of Finance,
12:08such as
12:10tax breaks,
12:11simplified talent
12:12mobility,
12:13and temporary
12:14relaxation
12:14of fund
12:15repatriation rules
12:16to make it
12:17highly attractive
12:18to foreign investors.
12:22The ASEAN
12:22industrial park
12:23is hence
12:24designed to
12:25stimulate
12:25economic growth
12:26and job
12:27creation
12:28in the
12:28JSSEZ.
12:30We trust
12:31these proposals
12:33will receive
12:33the necessary
12:34consideration
12:35and support
12:36from our
12:37federal
12:37and Singaporean
12:39colleagues.
12:40Let me assure you
12:42that the Johor
12:43State Government
12:43is committed
12:44to extending
12:46whatever is
12:47needed
12:47to see them
12:48realised.
12:50I pledge
12:50to co-chair
12:51monthly meetings
12:53with the
12:53Miti Minister,
12:55provided he has
12:56not been hijacked
12:57by Singapore,
12:59YB Datuk
12:59Sri Teng Kuzafro,
13:00to maintain
13:01momentum
13:01and bilateral
13:03coordination
13:04on these
13:05initiatives.
13:07Ladies and
13:08gentlemen,
13:08in conclusion,
13:10let us take
13:11this opportunity
13:12to move forward
13:13united
13:14in our
13:15vision.
13:17One vision,
13:18two nations,
13:20and a shared
13:20prosperity.
13:22Together,
13:23we will build
13:24a future
13:24that is brighter,
13:26more connected,
13:27and more
13:28inclusive.
13:29I thank you
13:30all once again
13:31for being here
13:32today.
13:33Thank you
13:33for believing
13:34in Johor
13:34and the potential
13:35of JSSEZ.
13:37Let us move
13:38forward hand-in-hand
13:39Johor,
13:41Malaysia,
13:42and Singapore
13:42as we shape
13:44the future
13:44of our region
13:46together.
13:46Sekian,
13:47terima kasih.
13:48Wabillahi tafidh
13:49wa hidayah.
13:50Assalamualaikum
13:50Warahmatullahi
13:51Wabarakatuh.
13:52Thank you,
13:53Yang Amba
13:54berhormat,
13:54Datuk On
13:55Hafiz Ghazi
13:56for your
13:57inspiring,
13:57welcoming remarks.
14:00Now,
14:00ladies and
14:01gentlemen,
14:02we shall welcome
14:03His Excellency,
14:04Deputy Prime Minister
14:05Gunn,
14:06for his keynote
14:07address.
14:08Please be welcome.
14:08Thank you.
14:09Thank you.
14:09Thank you.
14:09Thank you.
14:09Thank you.
14:09Thank you.
14:09Thank you.
14:09Thank you.
14:09Thank you.
14:09Thank you.
14:09Thank you.
14:31Minister of
14:31Minister of
14:32Investment,
14:33Trade and Industry,
14:35Yang Berhormat,
14:35Senator Tengku Zafru,
14:37my good friend.
14:38Chief Minister of Johor,
14:40Yang Amba Berhormat,
14:43Dato On
14:43Hafiz Ghazi,
14:45my another good friend.
14:47Distinguished guest,
14:48ladies and gentlemen,
14:49good morning to
14:50all of you.
14:51Thank you first
14:52for inviting me
14:53to join you today
14:54at the Joint
14:55Business and Investment
14:56Forum
14:56on the Johor-Singapore
14:58Special Economic Zone.
15:01Today's event
15:02takes place
15:03against a background
15:04of significant
15:06uncertainties
15:07and volatilities,
15:10not just for
15:11our respective
15:11economies,
15:13but also
15:13for the world
15:15economy
15:15and the rules-based
15:17economic order
15:18on which
15:19our businesses
15:20and economies
15:20depend on.
15:23Tension between
15:24the US and China
15:25have escalated
15:27sharply,
15:28with both countries
15:30imposing
15:31an escalatory
15:33tit-for-tat
15:34series of tariffs
15:36that have
15:37effectively
15:38choked off
15:39the trade
15:39between
15:40the two largest
15:41economies
15:42in the world.
15:44This will have
15:44significant implications
15:45on our businesses,
15:48many of whom
15:48are embedded
15:49deeply
15:50within the
15:51production
15:51and supply chains
15:52of both
15:53the US
15:54and China.
15:56We also do not know
15:58how negotiations
15:59between the US
16:00and countries
16:01on which
16:01it intends to
16:02impose
16:03reciprocal tariffs
16:04on will turn out.
16:07And we cannot
16:08rule out
16:08that some level
16:09of these
16:10reciprocal tariffs
16:11will be imposed
16:13on certain
16:13countries,
16:14which may in turn
16:15spark off
16:16retaliatory measures
16:19by these countries.
16:23This series
16:24of unilateral
16:25actions
16:26may also
16:27destabilise
16:28the existing
16:29rules-based
16:30multilateral
16:31trading order.
16:32If countries
16:33choose to trade
16:34with one another
16:35only on their own
16:37preferred terms,
16:38we will always
16:39be at the losing
16:40end and at the mercy
16:42of larger economies.
16:45But
16:45in every
16:47crisis,
16:48there will be
16:49opportunities,
16:50just like
16:50Menteri Bersa
16:51mentioned just now,
16:53weiji
16:53jiusut
16:54juanji.
16:56As
16:56businesses
16:57seek to
16:57reconfigure
16:58their production
16:59and supply chain
17:00arrangements,
17:01there will be
17:02new opportunities
17:03for those
17:04who are nimble
17:05and fast
17:06to adapt
17:07to the new
17:08landscape.
17:08today's event
17:10is therefore
17:11both important
17:12and timely.
17:14Important
17:14because amidst
17:16a sharp rise
17:16in protectionism
17:18around the world,
17:19it demonstrates
17:20how like-minded
17:21countries
17:22can work
17:23with each other
17:24to overcome
17:25challenges
17:26facing us
17:27and unlock
17:28win-win benefits.
17:30And timely
17:31because the
17:32GSSEZ
17:33presents an
17:33opportunity
17:34for businesses
17:35to explore
17:36how to strengthen
17:38their supply
17:38chains
17:39so that they
17:40can better
17:40respond to
17:41the volatilities
17:42and continue
17:43to grow
17:44their businesses.
17:45The GSSEZ
17:47builds on
17:47the strong,
17:48long-standing
17:49economic partnership
17:50between Malaysia
17:51and Singapore
17:52to open
17:53a new avenue,
17:54a new frontier
17:55of opportunities
17:56for businesses.
17:58And I am glad
17:59to hear the
17:59announcements
18:00of the two
18:00initiatives
18:01by Menteri Bersaar.
18:02Some businesses
18:04in Singapore
18:04may choose
18:05to expand
18:06their capacity
18:07in the GSSEZ.
18:09For example,
18:11Akisen,
18:12a Singapore-based
18:13agritech company
18:14whom I just met,
18:16together with
18:16the Malaysian
18:17state-owned
18:17Johor Corporation
18:18subsidiary
18:20Farmbyte,
18:21are jointly
18:21developing
18:22a smart
18:23indoor vertical
18:24farm
18:24in Nusa Jaya
18:26Tech Park
18:27that is expected
18:28to produce
18:29over 300 tonnes
18:31of leafy
18:32vegetables
18:33per annum.
18:34This farm
18:35will add to
18:35Akisen's
18:36existing capacity
18:37of vegetables
18:38from its
18:39indoor farm
18:40in Singapore.
18:42Others may
18:43choose to develop
18:43new capabilities
18:45in the GSSEZ.
18:47For example,
18:49AgroCorp,
18:49a Singapore-based
18:50global agri-commodity
18:52firm,
18:53and MacMilk
18:54Snowbrand,
18:56one of the
18:56leading
18:57dairy companies
18:58in Japan
18:59are jointly
19:00developing
19:01a facility
19:02in Tanjung Langsat
19:04to manufacture
19:05protein
19:05and starch
19:06products
19:07from
19:07climate-friendly
19:08crops
19:09like pulses.
19:12This facility
19:12will enable
19:13the production
19:14of 6,000 tonnes
19:16of cleaner-tasting
19:18plant protein
19:19annually
19:20and enable
19:21the company
19:22to further
19:23its capabilities
19:23downstream
19:24in plant
19:25protein
19:26extraction.
19:27Businesses may
19:28also choose
19:29to twin
19:29their presence
19:30in both
19:31Singapore
19:31and Johor
19:32so that they
19:33can tap
19:34on their
19:34complementary
19:35strengths.
19:37South Korea's
19:38SBC Group
19:38is one such
19:39example.
19:40It has chosen
19:41to site
19:42its Halal
19:42manufacturing plant
19:43in Johor
19:44while establishing
19:45a regional
19:47headquarters
19:47and innovation
19:49and innovation
19:49centre in
19:49Singapore
19:50to drive
19:51its R&D
19:52in product
19:53development.
19:54We also hope
19:55that we can
19:56attract
19:56other new
19:58businesses
19:58that are not
19:59yet in
20:00Singapore
20:00or Malaysia
20:02to site
20:03their new
20:03investments
20:04in the
20:04GSSEZ.
20:06We will
20:07continue to
20:08strengthen
20:08the fundamentals
20:09of the
20:09GSSEZ
20:10in order
20:11to enhance
20:12its value
20:12proposition.
20:14Firstly,
20:14to improve
20:15the flow
20:15of goods
20:16and people
20:16between
20:17Singapore
20:17and Johor
20:18by simplifying
20:19our clearance
20:20processes
20:21and customs
20:22procedures.
20:23Second,
20:24to strengthen
20:25the business
20:26ecosystem
20:26by streamlining
20:28approval
20:28processes,
20:30investing
20:30in talent
20:31development
20:31and establishing
20:33a single
20:34touchpoint
20:34for businesses.
20:36In particular,
20:37on the Singapore's
20:38end,
20:38MTI together
20:39with Enterprise
20:40Singapore
20:41and EDB
20:41have established
20:43a joint
20:44project office
20:46to support
20:47Singapore-based
20:48companies
20:49keen to
20:50expand
20:50and to
20:51do more
20:51in the
20:51GSSEZ.
20:53This will
20:53complement
20:54the Invest
20:55Malaysia
20:55Facilitation
20:56Centre
20:57Johor
20:57or IMFCJ
20:59established
20:59by Malaysia.
21:02Thirdly,
21:03to strengthen
21:04our network
21:05of economic
21:06partnerships
21:07with like-minded
21:08nations
21:08and economic
21:10organisations
21:10such as
21:11within ASEAN
21:12and within
21:13CPTPP,
21:14as well as
21:15between ASEAN
21:16and CPTPP
21:17with other
21:18partners
21:18such as
21:19GCC
21:20and EU
21:21so that
21:22we can
21:22open up
21:22new markets
21:23and supply
21:24chain flows
21:25for our
21:25businesses.
21:27At a time
21:28of significant
21:29volatility,
21:30uncertainty
21:30and anxiety
21:32in the
21:33global economy,
21:34it is even
21:35more important
21:35that we
21:36team up
21:37with like-minded
21:38countries,
21:39double down
21:40on better
21:41connectivity
21:41and ease
21:42of doing
21:42business
21:43and join
21:44hands
21:44with businesses
21:45and investors.
21:47This way,
21:48both Singapore
21:49and Malaysia
21:50can further
21:51bridge our
21:52economies
21:52through the
21:53GSSEZ
21:54and strengthen
21:55our supply
21:56chains
21:57so that we
21:58can be more
21:58dynamic
21:59and resilient
22:00together
22:01and continue
22:02to create
22:03good jobs
22:04for people
22:05of both
22:06countries
22:07and both
22:07regions
22:08across the
22:09coastway.
22:09Thank you
22:10very much.
22:15Thank you,
22:16His Excellency
22:17Deputy Prime
22:18Minister
22:18Gan
22:18for that
22:19strategic
22:19and forward-looking
22:21keynote address.
22:23And now,
22:25ladies and
22:25gentlemen,
22:26we shall
22:26welcome
22:27Yang Berhormat
22:28Senator
22:28Tengku Datuk
22:29Sri
22:29Utama Zafrol Aziz
22:30for his
22:31keynote address.
22:38Thank you very much.
22:51Yang amat berhormat,
22:52Datuk On Hafiz Ghazi,
22:54Menteri Besar of Johor.
22:57His Excellency,
22:58Gan Kim Yong,
22:59Deputy Prime Minister
23:00and Minister of Trade
23:01and Industry Singapore.
23:03YB Liu Jintong,
23:05Deputy Minister of Investment,
23:07Trade and Industry
23:07for Malaysia.
23:09Yang berhormat,
23:10Tan Sri Datuk
23:11Haji Azmi bin Rohani,
23:13di Johor
23:14State Secretary.
23:18His Excellency,
23:19Manu Gopala Menon,
23:21Singapore High Commissioner
23:22to Malaysia
23:22and also Datuk
23:23Dr Azfar
23:24Muhammad Mustafa,
23:26the High Commissioner
23:26of Malaysia
23:27to Singapore.
23:29Tan Sri
23:29Datuk Sri
23:31Zam Zairani,
23:33Chairman of
23:34Maybank
23:34as well as
23:35Novan Amiruddin,
23:37CIMB Group CEO
23:38and the rest
23:40of you
23:41who are here today.
23:43First of all,
23:44Assalamualaikum warahmatullahi wabarakatuh.
23:46A very good morning.
23:47Assalamualaikum warahmatullahi wabarakatuh.
23:49I want to welcome
23:51everyone
23:51to this inaugural
23:52Johor
23:53Singapore
23:54Special Economic Zone
23:56Joint Business
23:57and Investment Forum.
23:59So many
23:59thanks to everyone
24:01who have
24:01helped make
24:03this gathering
24:03possible,
24:05especially
24:05our colleagues
24:06in Singapore
24:07and the
24:08Johor
24:08State Government.
24:11First off,
24:12I would like to say
24:12thank you
24:13to my friend,
24:15still my friend,
24:17Datuk On Hafiz.
24:19Datuk On.
24:21I think
24:21I have to respond
24:22to his statement.
24:25First,
24:25I need to remind him
24:26we are from
24:27the same
24:27political party.
24:28and secondly,
24:34the Deputy
24:35Prime Minister
24:35Gunn
24:35did not
24:36respond
24:36so we
24:36know
24:36the answer
24:37to that.
24:40But on a
24:41serious note,
24:41that was
24:42all a joke,
24:43right?
24:44The High
24:44Commissioners,
24:44please don't
24:45take minutes
24:45on that one.
24:47So for the
24:47on a serious
24:49note,
24:49thank you
24:50very much
24:50Deputy
24:51Prime Minister
24:52Gunn
24:52for making
24:53the time
24:53to come
24:54here today.
24:55When
24:55I spoke
24:56to him
24:56a few
24:57weeks ago,
24:58we didn't
24:58know
24:58it was
24:59going to
24:59be an
25:00election
25:01soon
25:01in Singapore.
25:03But despite
25:04your busy
25:04schedule,
25:05you are
25:05able to
25:06make time
25:07to come
25:07and I think
25:08both
25:09Menteri Besar Johor
25:10and myself
25:10are very
25:11appreciative
25:12of the
25:13efforts
25:13for you
25:14and your
25:15team.
25:18And
25:19Datuk On,
25:20thank you
25:21very much.
25:23Menteri Besar Johor
25:24has been
25:24really
25:26passionate
25:27about
25:27JSSEZ.
25:29We have
25:29many calls,
25:30even on
25:30Raya Day
25:31he came
25:31to see
25:32me,
25:33I said
25:33sorry I'm
25:33not working
25:34and he
25:34turned up
25:34in my
25:35house,
25:36discussing
25:37about how
25:38important
25:38for us
25:39to ensure
25:40that what
25:41we announce
25:42results
25:44in action.
25:46So that's
25:47why in
25:47his speech
25:47just now
25:48he announced
25:49that we
25:49are going
25:50to have
25:50a monthly
25:51meeting.
25:52And I
25:53just found
25:53out about
25:54it just
25:54now.
25:57But I
25:58definitely
25:59will continue
26:00to share
26:00this and
26:01why not
26:01we invite
26:02MTI as
26:03well to
26:04be part
26:04of it.
26:05But on
26:06a serious
26:06note,
26:07I want
26:07to say
26:08that this
26:08is a
26:08very
26:08important
26:09event and
26:10I know
26:10this is
26:11the inaugural
26:11event.
26:12I hope
26:12there are
26:12many more
26:12of these
26:13events or
26:15satellite
26:15events that
26:16can support
26:17this
26:18initiative.
26:18and I
26:20want to
26:20also thank
26:21our
26:21strategic
26:21partners,
26:23CIMB
26:23Group and
26:24the Maybank
26:24Group for
26:25being here
26:26today.
26:27To the
26:27media
26:28partners as
26:29well,
26:29I think
26:29there's
26:30Bernama,
26:31there is
26:31also
26:32Astro,
26:33and of
26:33course our
26:34partners,
26:35Johor State
26:36Government
26:36including
26:37Invest Johor,
26:40Iskandar,
26:41and on the
26:41Singapore
26:42side,
26:42EDB,
26:43as well as
26:44Enterprise
26:45Singapore.
26:47So the
26:48theme of
26:48the forum,
26:50Bridging
26:51Economies,
26:52Strengthening
26:52Supply
26:52Chain,
26:53Business,
26:54Investment,
26:54Services and
26:55Trade,
26:55fits nicely
26:56with the
26:57JSSEZ
26:59aspiration.
27:00It aims to
27:01promote
27:01jointly and
27:04attract
27:04investments as
27:05well into
27:05the JSSEZ,
27:07not only for
27:08the benefit of
27:09Malaysia and
27:10Singapore,
27:11but also
27:12ASEAN as
27:13a regional and
27:14broader
27:14community.
27:15So for
27:16many decades,
27:17the heart
27:18of the
27:18Malaysia-Singapore
27:19relationship
27:20lies in
27:21the fact
27:22that our
27:23two countries
27:24are at
27:25our best
27:26when we
27:26work together.
27:29In
27:292024,
27:30Malaysia was
27:31Singapore's
27:31second largest
27:32trading partner,
27:34while Singapore
27:34was Malaysia's
27:35largest export
27:36destination and
27:38second largest
27:39trading partner
27:40globally.
27:41And our
27:41trade in
27:422024 was
27:43a robust,
27:43cost, close
27:44to US$87
27:45billion,
27:47driven by
27:48E&E
27:49products,
27:50petroleum
27:50products,
27:51machinery
27:51equipment,
27:52also other
27:52agricultures and
27:53optical and
27:54scientific
27:54equipment.
27:56Therefore,
27:56this
27:57JSSEZ is
27:59another
27:59milestone,
28:00is the next
28:01milestone in
28:02what has been
28:03a long,
28:04storied and
28:04mutual,
28:05beneficial
28:06journey.
28:07If we can
28:08get it right,
28:08the road
28:09ahead will
28:10lead to
28:10better things
28:11for both
28:11our
28:12countries and
28:13Johor.
28:14Before I
28:15continue,
28:16I think I'm
28:16going to
28:17elaborate a
28:18bit on what
28:18Deputy
28:19Prime Minister
28:19Gunn
28:20mentioned.
28:20This is to
28:21talk a bit
28:22on the
28:23Liberation
28:23Day,
28:24the Liberation
28:26Day tariffs.
28:27In fact,
28:27tonight I
28:28just briefed and
28:29spoke to both
28:30MB and
28:30Deputy
28:31Prime Minister.
28:31Our team
28:32will be going
28:33to Washington
28:34and we,
28:37Malaysia,
28:38is fully
28:38committed to
28:39securing a
28:40favourable
28:41resolution that
28:42preserves vital
28:44market access and
28:45supply chains,
28:46attract continued
28:47foreign investment
28:47and support the
28:49well-being of our
28:50workers and
28:51businesses.
28:53It bears repeating
28:54that alongside our
28:55ASEAN colleagues,
28:57Malaysia will not
28:58introduce
28:59retaliatory
29:00tariffs.
29:01From ASEAN
29:02perspective,
29:03I think
29:03retaliation is
29:04counterproductive.
29:06Rather,
29:07the region seeks
29:07to engage
29:08constructively with
29:09the US in a
29:10forward-looking
29:11manner to
29:12strengthen economic
29:13ties and address
29:14shared challenges.
29:16Many see the
29:19tariff issues as
29:20a test of ASEAN
29:21unity and
29:22centrality.
29:23When you look at
29:24Liberation Day,
29:26actually,
29:27Liberation Day
29:28renews and
29:29heightens the
29:30debates over how
29:31appropriate the
29:32ASEAN way of
29:33regional integration
29:34is.
29:35But so far,
29:36the sense of
29:37togetherness on
29:38this issue,
29:39I see from my
29:40colleagues have been
29:41encouraging.
29:42Thank you,
29:43DPM Gunn,
29:44as well for your
29:45support.
29:46We must find and
29:47will find a
29:48mutually acceptable,
29:50fair and equitable
29:51solution to this
29:52issue, both
29:53bilaterally and
29:55multilaterally.
29:56process will be long
29:59and certainly
29:59complex, but I
30:01believe all of us
30:02will do our best.
30:05Domestically, the
30:06Malaysian government
30:06understands the
30:07concerns and
30:08difficulties the
30:09tariffs are causing
30:10to our companies,
30:12to our workers.
30:14We affirm our
30:15determination to
30:16overcome and adapt
30:18to this challenge as a
30:20nation.
30:21So, Liberation Day is
30:22also a reminder that
30:23in the face of
30:24geo-economic and
30:25geopolitical
30:26certainties, we
30:28must accelerate
30:29reforms, or in
30:30this case,
30:30uncertainties.
30:32So, while we are
30:33still studying the
30:34full impact that the
30:36tariffs will have,
30:37the need for
30:38JS, SEZ, and
30:40our country's
30:41economic interlinkage
30:43is now, of course,
30:44more important than
30:45ever, in fact,
30:46greater than ever.
30:48So, I hope the
30:49current scenario will
30:50spur us towards
30:51closer collaboration.
30:53So, ladies and
30:54gentlemen, the
30:55JS, SEZ journey
30:57started last year
30:58through the signing
30:59of an MOU between
31:00Malaysia and
31:00Singapore, and then
31:02followed by the
31:02JS, SEZ agreement.
31:05This was January
31:05this year, and the
31:07JS, SEZ initiative
31:09is set to roll out
31:1050 projects in the
31:12first five years,
31:13then scaling up to
31:14a total of 100
31:15projects within a
31:17decade.
31:18This ambitious
31:19growth strategy is
31:20projected to drive
31:21economic expansion in
31:22both Malaysia and
31:23Singapore, creating
31:2420,000 skilled jobs
31:26opportunities.
31:28The key economic
31:28sectors to be promoted
31:30under JS, SEZ include
31:32logistics, manufacturing,
31:34financial services,
31:35business services,
31:36digital economy,
31:37tourism, food security,
31:40education, health,
31:41green economy, as well
31:45as energy.
31:46They have been
31:47carefully selected
31:48to ensure both sides
31:50can leverage on the
31:52complementary value
31:53propositions of each
31:54party.
31:55It is also aligned with
31:56Malaysia plans such as
31:58the Industrial Master
31:59Plan, the Energy
32:00Transition Roadmap, and
32:01various other plans.
32:03I would like to highlight
32:04that the scale of our
32:06JS, SEZ ambition is
32:07being matched and
32:08powered by a whole-of-government
32:11approach.
32:12Whether nationally or
32:13statewide, we work in
32:15close collaboration with
32:17stakeholders from businesses
32:18and civil society.
32:21MITI is among the key
32:22ministries involved
32:23directly in JS, SEZ.
32:25We lead the working group
32:26for ease of doing business
32:28and participate in others
32:30like the economic sector,
32:32movement of goods,
32:33this is of course led by
32:34customs, and talent led by
32:36our human resource.
32:37In fact, tomorrow, there
32:39will be a business clinic
32:41programme, will also be
32:42participated by various
32:44key agencies, apart from
32:45Maida, IRDA, and
32:47Invest Johor.
32:48We also have Johor PBT
32:50Fastlane of the JB City
32:51Council, Iskandar Putri
32:53City Council, Pasegu
32:54Down City Council, and the
32:56Kulai Town Council.
32:58So the ease of doing
32:59business working group led
33:01by MITI, among others, has
33:03executed and will execute
33:04several quick win JS, SEZ
33:07initiatives.
33:08For instance, the official
33:09opening of the Invest
33:11Malaysia Facilitation Centre
33:12in Forest City, this was
33:14in February this year.
33:16This represents a
33:17significant milestone in
33:18streamlining investment
33:20processes for the JS, SEZ.
33:23And for tomorrow's
33:24business clinic, true to
33:26its facilitative DNA, the
33:29IMFCJ, will be
33:31coordinating the presence
33:33of representatives from the
33:35Royal Malaysian Customs
33:36Department, Immigration
33:37Department, Tenaga
33:38National, our utility
33:39company, Department of
33:41Environment, and also
33:42Randhill, SAJ.
33:44We have also
33:45co-organised joint events
33:46to promote trade and
33:47investment into JS, SEZ.
33:49This includes our current
33:50gathering with its forum
33:51and networking opportunities
33:53across key sectors.
33:54I think this will bring
33:55together industry leaders,
33:57policymakers, and businesses
33:59from both countries to
34:00explore partnerships and
34:02drive mutual prosperity.
34:03I am happy to share that
34:05for tomorrow, several
34:07companies have agreed to
34:08participate in the business
34:09matching programme.
34:11They are Super Micro
34:12Computer Malaysia, Ferrotek
34:14Power Semiconductor
34:14Malaysia, ByteDance, Cape
34:17EMS, Insulet, Air Trunk, and
34:20also Hershey Malaysia.
34:22To all these companies, thank you
34:24for having faith in our
34:26economic reform policies and in
34:28what we are trying to achieve
34:29through the JS, SEZ.
34:32Beside this, following the
34:34historic signing of the
34:35JS, SEZ, the Government of
34:37Malaysia, through the
34:38Ministry of Finance, on 8th
34:39of January, announced various
34:42incentives for JS, SEZ.
34:44In the meeting room just now,
34:45everybody talked about
34:46incentives.
34:48These have been deliberately
34:49designed to drive high-value
34:51investments tailored to meet
34:52the evolving needs of global
34:54and domestic investors.
34:56So, for example, effective this
34:58year, investors in JS, SEZ are
35:00eligible for a suite of
35:02incentives.
35:03We also have additional
35:04tailor-made incentives allocated
35:06to business operating in
35:07certain flagship areas in JS, SEZ.
35:11And all these incentives
35:12complement the new investment
35:14incentive framework announced
35:16in our budget, which aims to
35:18propel investments in high
35:20growth, high value, and
35:21sustainable industries to
35:23stimulate economic development
35:25across Malaysia.
35:26But, of course, arguably the
35:29best feature and incentives of
35:30the JS, SEZ, is the unbeatable
35:34strategic location, its
35:36connectivity, rule of law, the
35:39availability of land and human
35:40capital, as well as the unity of
35:42purpose and effort between the
35:44governments involved, Malaysia,
35:46Singapore, and Johor.
35:48Again, it is no accident that this
35:51is a joint investment forum,
35:53highlighting that all three parties
35:55remain more committed than ever
35:56to its success.
35:58I will also say that we are
36:00determined to continue to both
36:01innovate and expand the scope of
36:03JS, SEZ.
36:05For instance, the Federal
36:07Government supports what MB
36:08Johor said just now, the proposed
36:10regulatory sandbox initiative
36:13located at IPTEC, the Ibrahim
36:15Technopolis Kulai and Ladang Air
36:17Manis Kulai, which will be
36:19instrumental in unlocking new waves
36:21of sustainable, high-value
36:23investments that benefit both local
36:25stakeholders and international
36:27partners.
36:28And capitalising on the ASEAN
36:30network, we also welcome the idea
36:33of the establishment of that park,
36:34the ASEAN, plus, as you mentioned,
36:36RCEP, includes the other five
36:40countries.
36:41So we will believe that this will
36:44contribute towards improving regional
36:46economy integration and attracting
36:48high-value investment.
36:49So let's start working quickly on
36:52these two announcements that was made
36:54by MB Johor, and we hope to get
36:57MTI on board as well to support
37:00these initiatives.
37:02I think the proposed industrial park
37:04with the addition of the dialogue
37:07partners, the other five countries
37:08and ASEAN, I think will align the
37:10ASEAN's aspiration to enhance supply
37:13chain efficiency and resilience as well.
37:16So, really, ultimately, we want the
37:19JSSEZ to be more than just a
37:22bilateral framework.
37:23It's a value proposition for the
37:26whole of ASEAN and even beyond.
37:29So, yes, we need to get the
37:30foundations right, but we must continue
37:33to be ambitious and always strive to
37:36move onwards.
37:37Competition will be fierce, and so we'll
37:41need to also stand out rather than
37:43simply deliver.
37:46So there's now the MB of Johor had a
37:50Chinese proverb.
37:52So I had to, while he gave his, while
37:55Deputy Prime Minister Gunn gave his
37:57speech, I had to Google to find out
38:00what can I say in reply.
38:02Because my team didn't prepare any
38:04proverbs.
38:05I'll have a chat with them later.
38:07So, I can't pronounce it properly, but
38:12there are two proverbs that I think
38:15is suitable, but I'll just take one.
38:17This is about the Chinese proverb that
38:20one mountain cannot accommodate two
38:23tigers.
38:27But today, it proves that two tigers can
38:30thrive together in JSSEZ.
38:32So, as an ex-banker, there's two banks
38:42here as well.
38:44There's Maybank and CIMB.
38:47This country also has two tigers in the
38:49forest, and for the fact that Maybank and
38:52CIMB can also work together through this
38:55joint forum means that we all can all work
38:58together towards the success of JSSEZ.
39:02So, in conclusion, I echo what Deputy
39:07Prime Minister Gunn said.
39:08You know, there's no, no one can deny the
39:10fact that we are in challenging times, both
39:13geopolitically and geo-economically.
39:16But despite uncertainties on the global stage,
39:20we are determined to realise the JSSEZ ambition.
39:24And in fact, we want to see it thrive.
39:25and it is needed now more than ever.
39:30We hope that we get the support of all of you
39:32in this room, the private sector and, of
39:35course, the public sector, not only in the two
39:39countries but also in the region.
39:41To this end, we will continue to engage,
39:45we will continue to listen and, if needed, act
39:48quickly to ensure that JSSEZ remains open and
39:53nurturing for business and innovation.
39:55We must be realistic, but we must also guard against
39:59undue pessimism.
40:02The need for JSSEZ is obvious, so we will continue to go all
40:06out to ensure a success.
40:08So, watch this space and we hope investors, all of you in this
40:11room especially, will also choose to come to this space.
40:15So, thank you.
40:16Sekian, wa bilahi taufiq wa hidayah.
40:18Wassalamualaikum warahmatullahi wabarakatuh.
40:21Thank you, Yang Ahmad Bormat Minister, and please remain on
40:25stage as I invite Yang Ahmad Bormat, Datuk Hon Hafiz Ghazi and
40:29His Excellency Deputy Prime Minister Gan to come up on
40:33stage for a group photo to commemorate this inaugural event.
40:51All right, dear ministers, please remain on stage as I now invite the
40:56chairman of Maybank and group CEO of CIMB to join this group photo session.
41:02Please be welcome.
41:21All right, thank you, dear esteemed guests, for that photo session.
41:26You may now return to your seats.