00:00 Excellencies, please exchange the documents.
00:07 [Applause]
00:11 Singapore and Malaysia's relations are strong, particularly on the economic front.
00:16 We are each other's second largest trading partner.
00:19 Investments from Singapore to Malaysia have grown tremendously,
00:23 and Singapore, in the first half of this year, was the top foreign investor in Malaysia.
00:30 In an increasingly uncertain post-pandemic world,
00:35 we need to enhance our cooperation, in particular our economic links and our people-to-people ties.
00:42 During the Prime Minister's introductory visit in January,
00:47 we signed two framework agreements, one on the digital economy and one on the green economy.
00:54 We will build on this promising start to pursue further win-win cooperation.
01:00 Within ASEAN, Singapore and Malaysia are working closely to strengthen regional collaboration
01:05 and the centrality of ASEAN, especially in the emerging areas of digital and green economies.
01:12 Bilaterally, we have a full agenda of cooperation.
01:16 We intend to jointly develop a Johor-Singapore Special Economic Zone,
01:21 which is a substantial and promising project,
01:24 which will enhance the cross-border flow of goods and people and strengthen the business ecosystem,
01:32 and will improve the economic attractiveness for both sides, for both Singapore and Johor.
01:38 Q. What is the potential scale and priority areas of development for the Johor-Singapore Special Economic Zone?
01:46 The potential scale and priority areas of development for the SEZ,
01:51 I think this is the subject of a study because we are now doing a feasibility study to see what we want the SEZ to focus on,
01:59 and where there is interest from investors and market demand.
02:06 Preliminarily, I think there are three things you want to do.
02:10 One, improve the flow of goods between the two sides,
02:14 because SEZ means Special Economic Zone, it may mean special tax arrangements and bonded warehouses,
02:21 and therefore more easy border flows.
02:25 Secondly, better, easier arrangements for flow of people who have to work on both sides of the causeway,
02:33 and they can go in and go out, and then the companies in the SEZ, the investor companies,
02:40 will be able to get the personnel they need and the right mix of professionals, skilled workers and other general workers.
02:50 And then thirdly, for the SEZ to enhance the ecosystem of the Iskandar Development Region, as well as of Singapore,
03:01 because with an SEZ, it makes something meaningful for Iskandar as a place where investors will be focusing their attention,
03:12 and it means that for companies in Singapore, they can think of having a presence on both sides,
03:18 and therefore having more flexibility and being able to do things which they couldn't do if they were only in Singapore or only in Johor.
03:25 So we have great hopes, but first we have to do the feasibility study,
03:30 and we have to negotiate the MOU, and we are hoping to have that done by early next year.
03:36 But it's a lot of work, and MTI and the Ministry of Economy on the Malaysian side, I think they will have to scramble.
03:44 But we would like to see it done as soon as we can.
03:47 On the SEZ, as the Prime Minister has alluded to, we will try our level best to accelerate the process.
03:56 We have given a very short timeline to get them to agree on the parameters and sign the MOU by 11 January.
04:06 I hope that they can succeed, because I don't think it's too much of a complex problem,
04:11 because they have discussed it extensively, both Ministers have done so,
04:16 and I think we look forward to having some sort of arrangement, an agreement, or understanding by mid-January.
04:25 [Long pause]
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