Malaysia, Singapore ink historic Special Economic Zone MoU

JOHOR BARU: Malaysia and Singapore have officially set up a Special Economic Zone (SEZ) with the signing of a memorandum of understanding (MoU) here.

The signing, which was witnessed by Prime Minister Datuk Seri Anwar Ibrahim and his Singapore counterpart Lee Hsien Loong here on Thursday (Jan 11), marks a significant milestone between the neighbouring countries.

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It was signed by Economy Minister Rafizi Ramli and Singapore’s Trade and Industry Minister Gan Kim Yong.

Also present were Johor Mentri Besar Datuk Onn Hafiz Ghazi and Singapore's National Development Minister Desmond Lee.

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The MoU signing comes just two months after the 10th Singapore-Malaysia Leaders' Retreat in October.

During the retreat on Oct 30, Anwar and Lee Hsien Loong agreed to jointly develop the SEZ.