HL Bank Singapore holds forum on JS-SEZ cross-border opportunities
KUALA LUMPUR: HL Bank Singapore convened a high-level forum themed "ASEAN's Next Engine of Economic Growth:, to address the immense cross-border opportunities presented by the Johor-Singapore Special Economic Zone (JS-SEZ) and to discuss comprehensive financial solutions for businesses operating within this dynamic zone.
The forum featured esteemed speakers from key organizations instrumental to the JS-SEZ's development, including Iskandar Regional Development Authority (IRDA), Bank Negara Malaysia (BNM), the Malaysian Investment Development Authority (MIDA), and law firm M/s Christopher & Lee Ong (CLO), alongside experts from HLBS's Malaysia headquarters, Hong Leong Bank ('HLB') and HL Bank Singapore.
The JS-SEZ is envisioned as a thriving hub for advanced industries and innovation, poised to generate substantial investment, create numerous jobs, and significantly boost trade between Malaysia and Singapore.
The zone, covering over 3,500 sq km, more than four times the size of Singapore, will encompass nine flagship zones, each catering to different sectors to create a diversified economic landscape.
Recent shifts in global trade dynamics have amplified the importance of the JS-SEZ, positioning it as a critical platform for businesses seeking to strengthen their supply chains and enhance their resilience to global economic uncertainties
"As the JS-SEZ unfolds as Asean's next engine of growth, the bank will be a steadfast partner, providing the financial backbone and expert insights to help our clients not just participate, but truly flourish in this exciting new chapter of regional economic integration,' said Ng Wee Lee, chief executive of HL Bank Singapore, in a statement.
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New Straits Times
a day ago
- New Straits Times
Johor records RM27.4bil FDI in Q1, fuelled by JSSEZ
KOTA TINGGI: The impact of the Johor-Singapore Special Economic Zone (JS-SEZ) is already being felt, with Johor recording RM27.4 billion in foreign direct investment (FDI) in the first quarter of this year. Johor Menteri Besar Datuk Onn Hafiz Ghazi said this was a substantial increase from RM4 billion achieved in the same period last year. "Last year, in the first quarter of 2024, we only achieved RM4 billion in FDI. That means, if you compare quarter to quarter, there's an increment of RM24 billion just within one year, and this is just the beginning," he said. He noted that the federal government has allocated about RM5 million to upgrade infrastructure within the SEZ area, which includes Desaru Coast, to ensure they are world-class standards. "As you can see, we've started widening highways, including the North-South Expressway, and upgrading the Senai-Desaru Expressway. The Rapid Transit System is also progressing and is expected to be operational by 2027," he added. Onn Hafiz made these remarks during the signing ceremony of a new hotel management agreement and a press conference to announce the appointment of a new operator for Desaru Coast here, today. The ceremony marked the transition of Desaru Coast's flagship luxury resort from One&Only to Mandarin Oriental, a move expected to boost the destination's appeal to high-net-worth travellers from Singapore and the wider region. Meanwhile, the JS-SEZ is a landmark bilateral initiative aimed at strengthening economic integration, connectivity, and cooperation between Malaysia and Singapore, particularly through Johor. A Memorandum of Understanding was signed in January 2024, followed by a formal Agreement of Cooperation in January 2025. Onn Hafiz said to ensure the success of the SEZ, the government is also focusing on human capital development through the Johor Talent Development Council. "We're working with the hotel industry to ensure our people receive training that meets industry standards. Whatever we do, it must have positive impact on our people. Out of 1,500 employees in Desaru Coast, 70 per cent are Johoreans," he added.
The Star
2 days ago
- The Star
HL Bank Singapore holds forum on JS-SEZ cross-border opportunities
KUALA LUMPUR: HL Bank Singapore convened a high-level forum themed "ASEAN's Next Engine of Economic Growth:, to address the immense cross-border opportunities presented by the Johor-Singapore Special Economic Zone (JS-SEZ) and to discuss comprehensive financial solutions for businesses operating within this dynamic zone. The forum featured esteemed speakers from key organizations instrumental to the JS-SEZ's development, including Iskandar Regional Development Authority (IRDA), Bank Negara Malaysia (BNM), the Malaysian Investment Development Authority (MIDA), and law firm M/s Christopher & Lee Ong (CLO), alongside experts from HLBS's Malaysia headquarters, Hong Leong Bank ('HLB') and HL Bank Singapore. The JS-SEZ is envisioned as a thriving hub for advanced industries and innovation, poised to generate substantial investment, create numerous jobs, and significantly boost trade between Malaysia and Singapore. The zone, covering over 3,500 sq km, more than four times the size of Singapore, will encompass nine flagship zones, each catering to different sectors to create a diversified economic landscape. Recent shifts in global trade dynamics have amplified the importance of the JS-SEZ, positioning it as a critical platform for businesses seeking to strengthen their supply chains and enhance their resilience to global economic uncertainties "As the JS-SEZ unfolds as Asean's next engine of growth, the bank will be a steadfast partner, providing the financial backbone and expert insights to help our clients not just participate, but truly flourish in this exciting new chapter of regional economic integration,' said Ng Wee Lee, chief executive of HL Bank Singapore, in a statement.
The Star
3 days ago
- The Star
SMEs urged to grab chance to grow
Mohd Jafni (second from left) speaking with Tey (centre, in white) and hawkers and petty traders who received tents from the state government during a ceremony at Johor Baru City Council. MICRO businesses as well as small and medium enterprises (SME) are urged to seize opportunities that come with the development of Johor-Singapore Special Economic Zone (JS-SEZ). State housing and local government committee chairman Datuk Mohd Jafni Md Shukor said JS-SEZ had the potential to contribute an additional US$28bil (about RM120bil) to Malaysia's gross domestic product (GDP) by 2030. He said the initiative spanning 11 key economic sectors was expected to see the start of about 50 projects in the first five years, with the number of projects going up to 100 in 10 years. 'This shows that JS-SEZ has many opportunities for SME and micro businesses to grab,' he said. The 11 key economic sectors under the JS-SEZ are manufacturing, logistics, food security, business services, tourism, energy, digital economy, green economy, financial services, education and health. During an interview, Mohd Jafni added that the state government, through its 16 local councils, had also been clamping down on the abuse of business licences to ensure that locals benefit from the economic activities. 'We have been running joint operations regularly to go after those abusing business licences, such as illegally renting them to foreigners,' he said. 'We want to ensure that the right people benefit from the state's development and this is the Johor government's priority.' Mohd Jafni highlighted that SMEs contributed 37% of the country's GDP and generated about 48% of the nation's workforce including in sectors such as services, manufacturing, agriculture and commerce. 'The state government recently distributed 6,000 units of tents worth RM3mil to petty traders and SME for the year.' He said the state government had also been collaborating with Bank Rakyat to assist businesses through the BR Johor Niaga financial scheme. As of March 31, 644 entrepreneurs had been accepted for the scheme, which had disbursed more than RM43.2mil since it was launched on March 22, 2023. The scheme allows eligible applicants to receive interest-free funding of between RM5,000 and RM50,000. The interest is fully borne by the state government. Johor Baru Small Business Association president Tey Tian Hwang urged eligible entrepreneurs to apply for the zero-interest scheme to upgrade and improve their businesses. 'SMEs, including hawkers and mobile traderswho are looking forward to the JS-SEZ implementation, should make plans to upgrade their businesses and uplift their services and image. 'With more developments, there will naturally be a higher demand for goods and services, which SMEs will stand to benefit from,' he said. Tey added that next year's Visit Johor Year promotion and completion of the Rapid Transit System Link, connecting Johor and Singapore by rail, would further boost the economy.
