Singapore Companies Eye Savings and New Markets in Malaysia's Special Economic Zone

Singapore companies in the food manufacturing and logistics space said the special economic zone will help them save costs and access new markets.Banking and legal consultants told CNA they have seen a jump in the number of firms seeking advice to enter the SEZ, which aims to boost cross-border economic connectivity between Singapore and Malaysia.

Companies are keeping a close watch on developments, especially as the 11th Malaysia-Singapore Leaders’ Retreat in Putrajaya - where the signing of the deal is set to take place -Companies in the food manufacturing and logistics industries said they hope to save costs and access new markets through the zone. Some of the initiatives previously mooted include tax and regulatory incentives, which will make it easier for businesses to either expand into Malaysia or build their existing presence there. In anticipation of these firms’ needs, OCBC has set up dedicated teams on both sides to develop their business and connect them with suitable partners. Strong interest has emerged among mid-sized manufacturing and logistics firms looking to utilise land in Johor, said Mr Julian Chua, executive director of the enterprise banking international department at OCBC’s global commercial banking division. He said the bank has also seen many foreign-owned firms, predominantly those from China, seeking to enter the SEZ. “The Chinese have always been coming to ASEAN (Association of Southeast Asian Nations), especially to Singapore as a financial hub, to use it as a stepping stone. In this case, given Johor is our neighbour, they are looking to see what more they can do in this special economic zone,” added Mr Chua. Players in Singapore’s food and beverage space will also look at how to benefit from the SEZ when travel on both ends of the Causeway becomes more seamless, he sai

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