'Game-changing' JS-SEZ has drawn interest from global financial players, says Rafizi

The Star

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.  Read more at https://tinyurl.com/ykw64sn3  WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

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00:00JFS was first moved at the 16th Joint Digital Committee on Iskandar in July 2023.

00:08My counterpart, Mr. Desmond Tuzmibor, along with Yama Boromachie Minister Chobo,

00:15luckily pressured a common and mutual competitive vision that the time is ready for us to tap

00:23the synergy between the high growth proposition of Chobo and the investment magnet that is in Singapore.

00:32So it's a different model, and this was a cross-border exercise.

00:37In other words, it was a partnership where both countries would be equally invested,

00:43and I hope that will be a game changer going forward for many years.

00:49So, ladies and gentlemen, six months later, after much deliberation and engagement,

00:56both countries landed on an MOU, which was signed in January 2024.

01:03We gave ourselves a two-year window to finalize the deal, and we managed to do it in half the time.

01:11That is a credit to the hard work, often unseen by many, by the civil servants leading these negotiations.

01:21It wasn't the ministers' leading, it was the civil servants.

01:24Please give a round of applause.

01:30However, it was in that interview period, we realized how much this captured the imagination of the markets.

01:37Whenever we had meetings with, for example, a sovereign fund or equity research analyst from a global bank,

01:47they would always inquire about the progress of GSS.

01:51There was an underlying recognition that this could be a huge deal.

01:57But there is also a come-out.

02:00The true task of GSS is that it was never getting a signed deal.

02:04There was some level of skepticism, because MOUs or even agreement with all its highlights.

02:16If not followed through properly, four or five years later, it remains just an agreement.

02:24Rather, what is most important at this stage,

02:26it had to demonstrate that, as an outcome of this deal,

02:32there would be a serious and tangible uptake in economy activity,

02:37where investors would crowd in, and SMEs would relocate for expansion.

02:42And I'm glad, I don't think that the continuous interest to invest in Joho,

02:53as shared by a number of workers, I don't think it was exclusively GSSZ.

02:59There was a lot of economic prospect that Joho has and offers.

03:04But I think GSSZ becomes a focal advertising campaign to position Joho not just for regional investments,

03:17but global investments.

03:18And the best is yet to come.

03:21Ladies and gentlemen, going forward,

03:24we will also be launching the GSSZ blueprint at the end of the year.

03:29This will be a comprehensive roadmap outlining the long-term vision,

03:35strategic aspirations, and investment opportunities.

03:39Think of it as a one-stop document for potential investors, policy makers, and the general.

03:47And on that note, I'd like to end on the long-term part.

03:52I think many of you, you know, might be thinking the elephant in the room,

03:58which is to question the future prospects of GSSZZ,

04:02if there is a change.

04:05If it will continue to be a priority in the coming years,

04:09and if activity will continue to rise.

04:12The last thing we need is for all the momentum, attention, and excitement to go to waste.

04:19What I will say is,

04:21policy continuity should never depend on the sitting administration of the day.

04:26I know the concern of the Jewish state government is that what will happen if we change minister.

04:36And in fact, that has been questioned many, many times, even before there was PKR election.

04:41Policy, good policy should continue.

04:49And my experience coming into the administration,

04:52and I hope this will continue with whoever set of ministers that will have in the future.

04:59I don't think any administration or minister comes in to write help.

05:06Our job is to see what works, what could have been done better,

05:13and principally to build upon the foundation that has been built before us.

05:19There has to be tweaking every now and then,

05:21But usually, the good policy of a country continues,

05:29and it will not depend on the aims and desires of individual politicians.

05:36It could be true that my time is temporary,

05:39but I hope there are a lot of people who have been working and putting a lot of work into JS.

05:46JS, as is that, and we also have an agreement to do now.

05:50And I'm sure, whatever happens,

05:54JS, as is that, is too big, too important,

05:59and too valuable for the country to subject it to changes and different personalities.

06:07And on that note, I think, I'm assured that JS, as is that, in many ways,

06:15is a promise to the future.

06:19And people, successive people, will come in,

06:23and will work on this one.

06:27And we have to deliver this promise

06:30that young Malaysians and Singaporeans

06:33can go, at least, for the betterment of which others like you.

06:37And I think everyone will hold true to that,

06:41and hopefully 10, 15 years down the line,

06:44as we envisioned in the beginning,

06:47that we will have the greater part of Juhu

06:51to rival Klang Valley as a key economic driver of this country.

06:56And it is also the first time both countries have committed to such a promise.

07:03And as long as we are mindful of our duty as stewards

07:07for the coming generations,

07:09I believe it won't be the last time either.

07:12So with that, thank you very much for making the time.

07:14Thank you very much.

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