The Johor-Singapore Special Economic Zone (JS-SEZ) is set to enhance ASEAN's supply chain efficiency and resilience, said Minister of Investment, Trade and Industry, Tengku Datuk Seri Zafrul Abdul Aziz in his keynote address at the JS-SEZ Joint Business and Investment Forum on Monday (April 21).
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00:00I will also say that we are determined to continue to both innovate and expand the scope of JSSEZ.
00:15For instance, the federal government supports what MB Johor said just now,
00:20the proposed regulatory sandbox initiative located at IPTEC,
00:25the Ibrahim Teknopolis Kulai and Ladang Air Manis Kulai,
00:29which will be instrumental in unlocking new waves of sustainable, high-value investments
00:34that benefit both local stakeholders and international partners.
00:39And capitalizing on the ASEAN network, we also welcome the idea of the establishment of that park,
00:44the ASEAN plus, as you mentioned, RCEP includes the other five countries.
00:51So we will believe that this will contribute towards improving regional economy integration
00:57and attracting high-value investment.
00:59So let's start working quickly on these two announcements that were made by MB Johor,
01:05and we hope to get MTI on board as well to support these initiatives.
01:13I think the proposed industrial park, with the addition of the dialogue partners,
01:18the other five countries and ASEAN,
01:19I think will align the ASEAN's aspiration to enhance supply chain efficiency and resilience as well.
01:27So really, ultimately, we want the JSSEZ to be more than just a bilateral framework.
01:34It's a value proposition for the whole of ASEAN and even beyond.
01:39So yes, we need to get the foundations right,
01:41but we must continue to be ambitious and always strive to move onwards.
01:47Competition will be fierce, and so we'll need to also stand out rather than simply deliver.
01:55In 2024, Malaysia was Singapore's second-largest trading partner,
02:00while Singapore was Malaysia's largest export destination
02:04and second-largest trading partner globally.
02:07And our trade in 2024 was a robust, close to US$87 billion,
02:13driven by E&E products, petroleum products, machinery equipment,
02:18also other agricultures and optical and scientific equipment.
02:22Therefore, this JSSEZ is another milestone,
02:27is the next milestone in what has been a long, storied and mutual beneficial journey.
02:33If we can get it right, the road ahead will lead to better things for both our countries and Johor.
02:40We, Malaysia, is fully committed to securing a favourable resolution
02:45that preserves vital market access and supply chains,
02:50attract continued foreign investment,
02:52and support the well-being of our workers and businesses.
02:56It bears repeating that alongside our ASEAN colleagues,
03:01Malaysia will not introduce retaliatory tariffs.
03:05From ASEAN perspective, I think retaliation is counterproductive.
03:10Rather, the region seeks to engage constructively with the US
03:13in a forward-looking manner to strengthen economic ties
03:17and address shared challenges.
03:19So, many see the tariff issues as a test of ASEAN unity and centrality.
03:27When you look at Liberation Day,
03:30and actually the Liberation Day renews and heightens the debates
03:34over how appropriate the ASEAN way of regional integration is.
03:39But so far, the sense of togetherness on this issue,
03:43I see from my colleagues, have been encouraging.
03:46So, thank you, DPM Gunn, as well, for your support.
03:49We must find and will find a mutually acceptable, fair and equitable solution
03:55to this issue, both bilaterally and multilaterally.