Malaysia’s Economy Minister Rafizi Ramli said the signing of the Johor-Singapore Special Economic Zone is on track for September.
Malaysia 's Economy Minister Rafizi Ramli during the Johor-Singapore Special Economic Zone Investment Forum at Hilton Hotel, Kuala Lumpur on Jul 10, 2024. KUALA LUMPUR: The upcoming Johor-Singapore Special Economic Zone is looking to attract high-tech companies backed by investors that conduct deals in an “agile” manner, Malaysia ’s Economy Minister Rafizi Ramli said, touting an environment with less red tape and bureaucracy.
Johor Chief Minister Onn Hafiz Ghazi during the Johor-Singapore Special Economic Zone Investment Forum at Hilton Hotel, Kuala Lumpur on Jul 10, 2024. Following that, Malaysia hopes to present its financial package for the JS-SEZ, including fiscal and non-fiscal incentives, in October’s Budget speech, he added.
“And when it comes to PEs and VCs, capital movement is an issue that we will have to recalibrate, and we will also see how to remap to make sure that the ecosystem can keep abreast with how such businesses operate.” These investors, Mr Rafizi said, do not necessarily conduct business in a traditional sense, or as a huge part of a conglomerate’s expansion, but they move in a “very much agile” manner.Mr Rafizi said Malaysia would focus on creating a business-friendly environment instead of fixating on the sale of land in the JS-SEZ.
But Mr Onn Hafiz said on Wednesday that the actual geographical scope of JS-SEZ will only be announced after the agreement with Singapore is signed. “Currency is currency, that was not discussed at all. I don't think there will be a ‘Johor ringgit’. Each country would like to maintain a monetary policy,” he said.
When asked to elaborate on passport-free clearance for the JS-SEZ, Mr Onn Hafiz said “all options are being discussed”, with the QR code method being one of them.Mr Rafizi said “more specific plans” for different areas in the JS-SEZ, including people movement, will be revealed after the agreement is signed in September.
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