Over 9 in 10 Singapore companies prepared to spend money on proposed SEZ in Johor, however considerations stay: SBF survey


But, the companies additionally urged different enhancements together with the advance of enhanced border crossing hubs with automatic clearance the use of biometrics, and making an investment in environment friendly multi-modal connectivity. 

Moreover, the record emphasized renewed pursuits inside Malaysia to expand the Singapore-Kuala Lumpur Top Velocity Rail (HSR) venture and to make stronger last-mile connectivity inside the SEZ. 

The 350km-long HSR venture, which is able to commute as much as a velocity of 350km/h, used to be first proposed in 2013 and resulted in a binding settlement inked in Dec 2016 with an goal to have the road operational through 2026.

But it surely used to be to start with discontinued after more than one postponements at Malaysia’s request and an eventual lapsing of an settlement in December 2020.

Malaysia paid greater than S$102 million (US$76.46 million) in reimbursement to Singapore for the terminated venture.

Communicate of a resurrection of the venture won power after Malaysia Top Minister Anwar Ibrahim took energy following the overall elections in 2022 and his discuss with to Singapore early final yr the place he met with Singapore leaders.

On Aug 3 final yr, then-Performing Shipping Minister Chee Hong Tat mentioned in parliament that Singapore used to be keen to talk about any new proposal from Malaysia for the KL-SG HSR venture in just right religion, “ranging from a blank slate”.

In the meantime, Singapore Top Minister Lawrence Wong in June mentioned that the Republic is open to new concepts – together with proposals at the HSR venture – on the upcoming eleventh Malaysia-Singapore Leaders’ Retreat later this yr. 

HOPE FOR STREAMLINED PROCESSES 

The findings printed that 55 in line with cent of companies cited difficulties in dealing with tax problems, and 48 in line with cent of companies indicated that extra expedient shipment clearance could be the most important to enabling the environment friendly waft of products.  

In line with those insights, SBWG advisable imposing streamlined customs and border clearance procedures, harmonising tax and tariff insurance policies, creating built-in delivery networks and logistics infrastructure in addition to bettering digitalisation and e-commerce enablement. 

The survey additionally defined that the present funding facilitation panorama between Singapore and Johor used to be fragmented and complicated, with companies reporting stumbling blocks in acquiring important allows and licences. 

In step with the findings, 58 in line with cent of companies expressed a want for a joint funding promotion company to marketplace the zone and facilitate investor engagement, and 33 in line with cent desired a platform to facilitate collaboration and networking alternatives among each and every different for self-help and beef up.  

SBWG advisable streamlining funding approvals and providing sexy tax incentives, creating tough prison and regulatory frameworks, offering complete industry facilitation products and services and adorning the interoperability of economic techniques.

In the meantime, the Malaysia-Singapore Industry Council (MSBC) on Thursday expressed its beef up for the proposed JS-SEZ.

At its joint assembly on the SBF Heart in Singapore on Thursday, MSBC mentioned that the crowd held discussions that have been centred on advancing the mutual pursuits and exploring new alternatives during the building of the JS-SEZ in Johor in addition to addressing demanding situations within the international financial system.

Dr Robert Yap, government chairman of YCH Workforce and a co-chair of the joint assembly, mentioned that the proposed JS-SEZ will enhance collaboration and force sustainable enlargement between the 2 international locations.

“We’re assured that this initiative will spice up regional competitiveness, create fine quality jobs, and make stronger innovation.

“By way of leveraging our mixed strengths and fostering cross-border synergies, we can construct a resilient financial panorama reaping rewards companies and communities, paving the way in which for a filthy rich and interconnected long run,” mentioned Dr Yap.

His co-chair, Dr Nik Norzrul Thani, added: “The MSBC reiterates its sturdy beef up of the JS-SEZ as a driving force of monetary building and regional cooperation. We imagine within the transformative affect of this initiative and are devoted to fostering sturdy financial collaboration between Malaysia and Singapore.”

Established in 2004 to advertise industry and funding actions between the 2 international locations, the MSBC mentioned that it is still a “collaboration platform” for the industry communities of each Singapore and Malaysia “to begin mutually advisable tasks and discover joint alternatives”.

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