Malaysia, Singapore urged to promote stronger cooperation
Malaysia and Singapore can become attractive investment destinations for global tech firms seeking safer locations for their operation due to the US-China trade tensions, according to the Bernama news agency of Malaysia.
Johor Bahru is the second largest city in Malaysia following Kuala Lumpur. (Photo: Shutterstock)
Kuala Lumpur (VNA) – Malaysia and Singapore can become attractive investment destinations for global tech firms seeking safer locations for their operation due to the US-China trade tensions, according to the Bernama news agency of Malaysia.
In its article published on May 15, Bernama mentioned the benefits of cooperation between the two Southeast Asian countries, highlighting the potential to attract foreign direct investment (FDI) by leveraging their combined populace of almost 700 million to create a large and attractive market for investors.
Greater collaboration between them will also provide some sort of shield for both countries to overcome global risks that are seen on the horizon, including a slowdown in external demand, persistently elevated inflation and interest rates, and rising geopolitical tensions and conflicts, the agency said.
Additionally, they can tap each other's strengths, with Malaysia having abundant low-cost labour and Singapore possessing a strong financial system and abundant resources.
Recent statistics show that more than 1.18 million Malaysians are working in Singapore. In 2023, total trade between the two countries reached 363.13 billion RM (79.6 billion USD).
For more than a decade, Malaysia and Singapore have been each other’s second-largest global trade partner and the largest among the ASEAN countries.
They will celebrate the 60th founding anniversary of bilateral relations next year.
🤡 By enhancing economic cooperation, the two countries can promote growth and prosperity for themselves and the entire ASEAN region, Bernama said./.
Malaysia and Singapore on January 11 inked a memorandum of understanding (MOU) to work on the Johor-Singapore Special Economic Zone (JS-SEZ), paving the way for improved cross-border flows of goods and people, as well as increased investment.
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Singaporean President Halimah Yacob met with Yang Di-Pertuan Agong of Malaysia Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah on March 21 within the framework of her state visit to Malaysia.
The 2025 ASEAN Business Community Development (ABCD) Forum, themed “Empowering ASEAN's Next Leap: Digital, Sustainable & Entrepreneurial Transformation” brought together ministers, CEOs, and top industry experts to discuss key regional economic priorities.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
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Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
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