SINGAPORE, Feb 5 (Bernama) -- The Johor-Singapore Special Economic Zone (JS-SEZ) will provide an additional competitive edge for Singapore and its companies against an uncertain and dynamic global economic landscape, the republic’s Parliament was told on Wednesday.
Minister of State for Trade and Industry Alvin Tan said Singapore businesses can build on their strengths, such as an innovative mindset and research development and overcome their lack of land, manpower, and natural resources with the JS-SEZ.
“The global competition, as we have seen over the last couple of weeks, has intensified for talent, trade, and investments. So it’s imperative that if Singapore wants to be competitive, we need to be more nimble and innovative.
“If executed well, the JS-SEZ will give us the additional competitive edge,” he said when answering questions from Bishan-Toa Payoh GRC Member of Parliament (MP) Saktiandi Supaat in Parliament today.
Tan said businesses across sectors, including manufacturing, logistics, and the digital economy, can benefit from an improved cross-border flow of goods and people, and the ease of doing business in the JS-SEZ.
He noted that many Singapore-based companies already have twinning operations in Singapore and Johor, such as South Korea's SPC Group, the parent company of the Paris Baguette bakery-café chain.
The company operates its regional headquarters and innovation centre in Singapore while its regional production base is in Johor.
He further noted that the Singapore Business Federation (SBF) will be leading a business mission comprising over 100 Singapore firms to the JS-SEZ later this month, signalling considerable investment interest there.
Tan said Singapore will continue to support eligible Singapore businesses for the JS-SEZ through existing enterprise support schemes, such as the Market Readiness Assistance (MRA) grant and the Enterprise Financing Scheme.
The MRA grant helps companies expand into new markets overseas by defraying the costs of overseas market promotion, business development, and setup.
Last month, Malaysia and Singapore signed an agreement on the JS-SEZ on the sidelines of the 11th Malaysia-Singapore Leaders’ Retreat in Putrajaya.
JS-SEZ covers the Iskandar development region, Forest City, Pengerang Integrated Petroleum Complex, and Desaru, an area of 357,128 hectares.
-- BERNAMA
