Malaysia-Singapore Leaders’ Retreat: New Johor SEZ deal guns for global investments, 20,000 skilled jobs in 5 years

Speaking about the SEZ, Mr Wong encouraged investors to look at the “complementarities” between Johor and Singapore as an entire ecosystem that can bring “many advantages”.

“I think there are many strengths that we can harness from both sides that will allow us to enhance our value proposition and make this (JS-SEZ) a much more competitive and attractive venue for businesses to operate from,” he said at a joint press conference with Mr Anwar on Tuesday.

“It’s not just about Singapore businesses going to Johor, but it’s about both sides working together to attract new investment projects globally.”

Mr Anwar added that the JS-SEZ was a “unique initiative” and that it was rare for two countries to be working together as a team.

“It is a rare feat, and we are now expanding this sort of sentiment and policy towards the sub-region and ASEAN as a whole,” he said.

Malaysia will provide a tax incentive package for the JS-SEZ, which includes a special corporate tax rate to companies that undertake new investments in high growth and high value-added activities within the JS-SEZ, Mr Rafizi said.

He also revealed the JS-SEZ will offer a special personal income tax rate, to be announced later by Malaysia’s finance ministry.

The JS-SEZ, which was first mooted in July 2023, will span 3,571 sq km and comprise nine “flagship areas” catering to different economic sectors.