Malaysia is working with several major banks to attract more investment and provide financial support for a special economic zone (SEZ) in Johor, a state in the south of the country near Singapore. The Economy Minister, Rafizi Ramli, announced this on Monday during a special dialogue about the Johor-Singapore SEZ.
Read More: GPT Infra Has Delivered 50% Profit Growth in Q4; Stock Has Climbed 4%
He said that the involvement of banks is important to encourage private companies to invest by providing funds and promoting business activity. A detailed plan or “blueprint” for the SEZ will be launched by the end of this year. This will outline the long-term goals, key strategies, and the investment opportunities available in the area.
Letters of intent were signed with major banks including Bank of America, HSBC, Sumitomo Mitsui, CGS International Securities, Maybank, and CIMB. Talks are also ongoing with a European bank. However, the government did not reveal specific details or financial amounts involved in these agreements.
Malaysia and Singapore created this SEZ in January to make it easier for goods and people to move between the two countries and to attract more business. Malaysia plans to launch 50 new projects in the zone over the next five years and create 20,000 skilled jobs.
Also See: Divis Labs Shares Rise 5% After Strong Q4 Results, Declares ₹30 Dividend Per Share
To support businesses, Malaysia will set up an infrastructure fund, while Singapore will create a separate fund to help its companies invest and operate in the zone.
Johor’s Chief Minister, Onn Hafiz Ghazi, said that in the first quarter of 2025 alone, the state secured investments worth 27.4 billion ringgit (around $6.4 billion), and another 23 billion ringgit is expected soon. If these numbers stay strong, Johor could see investments of more than 50–60 billion ringgit in 2025, beating last year’s 48.5 billion ringgit.
