But in every crisis, there will be opportunities, he said.
“As businesses seek to reconfigure their production and supply chain arrangements, there will be new opportunities for those who are nimble and fast to adapt to the new landscape,” Mr Gan added.
For example, Archisen, a Singapore-based agritech company, and Malaysian state-owned Johor Corporation (JCorp) subsidiary, FarmByte, are jointly developing a smart indoor vertical farm in Nusajaya Tech Park that is expected to produce over 300 tonnes of leafy vegetables per year, he said.
“The JS-SEZ builds on the strong, longstanding economic partnership between Malaysia and Singapore to open a new frontier of opportunities for businesses,” said Mr Gan.
At the same time, Mr Gan said that Singapore is committed to strengthening the fundamentals of the Johor-Singapore SEZ in order to enhance its value proposition.
He pledged that both sides will aim to improve the flow of goods and people between Singapore and Johor by simplifying clearance processes and customs procedures.
Both countries are keen to streamline approval processes, invest in talent development and establish a single touchpoint for businesses, he said.
A joint project office to support Singapore-based companies keen on expanding into the zone will be set up by Singapore’s Ministry of Trade and Industry, together with Enterprise Singapore and the Singapore Economic Development Board (EDB), he said.
The office will complement the Invest Malaysia Facilitation Centre- Johor (IMFC-J) established by Malaysia.
The IMFC-J opened in end-February at Forest City. Johor Chief Minister Onn Hafiz had called it a one-stop office that offers business consultation services for companies keen on investing in the SEZ, and it is the first of its kind outside Klang Valley.
“At a time of significant volatility, uncertainty and anxiety in the global economy, it is even more important that we team up with like-minded countries; double down on better connectivity and ease of doing business; and join hands with businesses and investors,” said Mr Gan.
“This way, both Singapore and Malaysia can further bridge our economies through the JS-SEZ and strengthen our supply chains, so that we can be more dynamic and resilient together, and continue to create good jobs for peoples of both countries … across the Causeway,” he added.
https://www.channelnewsasia.com/asia/malaysia-johor-singapore-sez-gan-kim-yong-trump-tariffs-5077886
