KUALA LUMPUR: The Johor-Singapore Special Economic Zone (JS-SEZ) represents a long-term, cross-border commitment that should not be subject to the whims of political leadership, says Datuk Seri Rafizi Ramli.
The Economy Minister said policies such as the JS-SEZ must endure beyond any one administration or personality.
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“Policy continuity should never depend on the sitting administration of the day or the desires of individual politicians.
“My time here is temporary, and there will eventually be another minister to replace me,” he said in his speech during the JS-SEZ Partners Dialogue: Advancing Facilitation here on Monday (May 19). Also present was Johor Mentri Besar Datuk Onn Hafiz Ghazi.
Rafizi also said the initiative has drawn significant interest from global financial players.
“At every meeting I’ve had with sovereign wealth funds or analysts from global banks, JS-SEZ came up. There is a recognition that this could be a game-changer,” he said.
Monday's event also saw the signing of letters of intent with six prominent banks from Asia, Europe and the United States.
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Rafizi stressed that JS-SEZ is not merely a bilateral experiment but a long-term economic blueprint for both Malaysia and Singapore.
“When we inked the JS-SEZ agreement earlier this year, it may have seemed like a natural progression between two neighbouring countries with shared history. But the truth is far more complex,” he said.
The idea, Rafizi said, was floated at the 16th Joint Ministerial Committee on Iskandar Malaysia in July 2023, when he, together with Onn Hafiz and Singapore minister Desmond Lee saw untapped synergy between Johor’s growth potential and Singapore’s investment power.
“This was unlike the Southern Corridor, which was a Malaysian-led initiative. JS-SEZ is a cross-border partnership, equally driven by both countries,” he said.
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Within six months, the task force finalised a memorandum of understanding that was signed in January last year, well ahead of its two-year timeline.
“That is a credit to the hard work by our civil servants, often unseen,” Rafizi added.
Monday's signing with international and local banks including Bank of America, HSBC, Sumitomo Mitsui Banking Corporation, CGS International Securities, Maybank and CIMB marks the “first decisive step” in realising that vision, he added.
Rafizi said the partnership with the banks signals more than just bilateral cooperation.
“With much of the world turning inwards, JS-SEZ bucks the trend. There is still an appetite for openness and collaboration,” he noted.
In anticipation of scrutiny, Rafizi reassured stakeholders that JS-SEZ would not fade into inactivity.
He said the government plans to launch the JS-SEZ Blueprint by year-end, a comprehensive roadmap laying out its long-term vision, strategic goals and investment prospects.
“I’d like to end on the long term. JS-SEZ, in many ways, is a promise to the future… a future where young Malaysians and Singaporeans coalesce to improve each other’s lives.
“This is the first time both countries have made such a promise. If we remain mindful of our duty to future generations, it won’t be the last,” he said.
