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New Straits Times
3 days ago
- Business
- 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
24-05-2025
- Business
- The Star
OpenAI teams up with former Apple design chief Jony Ive as AI race heats up
Jony Ive, a former Apple executive known for designing the iPhone, is joining forces with OpenAI, the San Francisco startup behind popular chatbot ChatGPT. On Wednesday, OpenAI said it's buying io, an AI devices startup that Ive founded a year ago, for nearly US$6.5bil (RM27.66bil) in an all-stock deal, the largest acquisition in OpenAI's history. "We have the opportunity here to kind of completely reimagine what it means to use a computer," OpenAI chief executive Sam Altman said in a video with Ive about the partnership. The pair don't specify what AI devices they're working on, but Altman called it "the coolest piece of technology that the world will have ever seen." The partnership shows how OpenAI is taking on some of the world's most powerful tech companies including Google, Apple and Meta that are also working on AI-powered devices to shape the future of computing. Chirag Dekate, a VP analyst at Gartner, said the announcement reflected an "inflection point" in the tech industry, where future products and services will offer users more personalized and proactive assistance. "This shift suggests a future where technology is less about the tools themselves and more about the intelligently orchestrated experiences they enable," he said in an email. Globally, spending on generative AI is expected to total US$644bil (RM27.4 trillion) in 2025, an increase of 76.4% from 2024, according to a forecast by Gartner, a research and advisory firm based in Connecticut that focuses on technology. The race to build AI-powered wearable gadgets and roll out more AI tools that can generate video, text and code and help people shop also means that major tech companies are recruiting top-tier talent. Earlier in May, OpenAI hired Fidji Simo, a former top Meta executive and the chief executive of grocery delivery startup Instacart, to lead the startup's applications team. Ive, a British American designer, is a well-known figure in the tech industry because he designed some of Apple's iconic products such as the Macbook, iPhone, iPad and iPod. Joining Apple in the 1990s, Ive became Apple's chief design officer in 2015. He left the company in 2019 and started LoveFrom, a creative collective and design firm that worked with brands including OpenAI. Silicon Valley tech companies have been working on gadgets, including headsets and glasses, for years but they're still not as ubiquitous as the smartphone. There have also been major flops such as Humane's AI pin, a wearable virtual voice-operated assistant that was criticised for various issues such as providing inaccurate information and overheating. In February, San Francisco-based Humane shut down the AI pin after it was acquired by Hewlett-Packard. But the fumbles haven't stopped tech companies from barreling forward with building glasses, brain-computer interfaces and humanoid robots as they look to a future beyond the smartphone. When Google released smart glasses in 2013 that could shoot photos and videos, the company faced concerns about people using the device to surreptitiously record other people or read text while ignoring others. But the gadget resurfaced years later. This week, Google unveiled a prototype of its AI smart glasses at its annual I/O developer conference in Mountain View, demonstrating how people can use the device to search for information about a painting, travel and other topics without having to type on their smartphone. The search giant is partnering with eyewear brands Warby Parker and Gentle Monster on smart glasses. Last year, Santa Monica, California-based Snap unveiled the fifth generation of Spectacles, its augmented reality glasses that overlay digital objects on the physical world. The device, which was only available for developers, allowed people to play with virtual pets, conjure up images with a voice command or swing a virtual golf club. Meta teamed up with Ray-Ban on smart glasses that include an AI assistant that can answer questions, translate and help take a photo. It's also working on a more powerful pair of AR glasses that lets people take video calls, get recipe recommendations and multitask in other ways. And Apple, which unveiled a pricey mixed-reality headset known as the Vision Pro in 2023, is also reportedly working on smart glasses. In the video with Altman, Ive said the products that people use to connect to technology are decades old, so it's "just common sense to at least think surely there's something beyond these legacy products." "I have a growing sense that everything I've learned over the last 30 years has led me to this place and to this moment," Ive said in the video. – Los Angeles Times/Tribune News Service
Business Times
19-05-2025
- Business
- Business Times
Malaysia partners with banks to boost investments in Johor special economic zone
[KUALA LUMPUR] Malaysia is partnering with financial institutions to drive investments and financing support for its special economic zone in the southern state of Johor, the economy minister Rafizi Ramli said on Monday. The banks' presence is key to galvanise private sector participation by pooling capital and commerce, Ramli told the Johor-Singapore Special Economic Zone dialogue, aimed at fostering strategic ties among governments, banks and investors. A blueprint for the zone bordering Singapore is to be launched at the end of the year, Ramli said, adding, 'It will be a roadmap outlining the long-term vision, strategic aspirations, and investment opportunities.' Letters of intent were signed with Bank of America, HSBC, Sumitomo Mitsui Banking Corp, CGS International Securities, Maybank and CIMB Bank, he added, while talks were still being held with a European-based bank. He gave no details of the agreements or financial commitments. Malaysia and Singapore set up the special economic zone in January, looking to boost investment and ease the movement of goods and people between the neighbours. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Malaysia has said it was targeting 50 projects in the zone within the first five years, along with the addition of 20,000 skilled jobs. It will establish and manage an infrastructure fund to support companies looking to set up in the zone, while Singapore will establish its own fund to smooth investments and support companies from the city-state operating there. Johor state chief Onn Hafiz Ghazi, who attended the event, said RM27.4 billion (S$8.3 billion) of total approved investment was secured in the first quarter of 2025, with RM23 billion more in the pipeline. 'If these numbers hold, we believe Johor will exceed RM50 billion to RM60 billion in total investments in 2025, surpassing last year's RM48.5 billion,' he said. REUTERS
New Straits Times
30-04-2025
- Business
- New Straits Times
JS-SEZ to bolster Asean supply chain, drive regional innovation
KUALA LUMPUR: The Johor-Singapore Special Economic Zone (JS-SEZ) is poised to play a key role in enhancing Asean's supply chain efficiency and resilience, thanks to its strategic location, said CIMB Securities Sdn Bhd. Seen as a key driver of Asean's shift from globalised to regionally integrated supply chains, the JS-SEZ is expected to transform Malaysia and Singapore from conventional manufacturing centres into thriving hubs of innovation and technology. CIMB Securities noted that 80 per cent of Johor's approved investments in 2024 were located within the JS-SEZ, including RM23 billion worth of new projects recorded in April 2025 alone—building on the RM27.4 billion in investments secured during the first quarter of the year. "About 560 investment schemes from over 700 projects approved for Johor by the Malaysian Industrial Development Authority (MIDA) in 2024 were in the JS-SEZ. "Of these, more than 50 projects are in the high-value, high-growth sectors, such as medical and semiconductor industries," it said in a note after attending the JS-SEZ joint business and investment forum on April 21-22. To accelerate development, CIMB Securities said Malaysia established the Invest Malaysia Facilitation Centre-Johor (IMFC-J), cutting investment lead times by 10 months. Singapore, meanwhile, has formed a joint agency to aid company expansion into the zone. The firm also highlighted the importance of accelerating infrastructure development in the region, including the JB-Singapore RTS Link, which is expected to launch by end-2026, and the upcoming Johor e-ART transit system that is drawing strong investor interest. CIMB Securities noted that property and construction players such as Sunway, IJM, UEM Sunrise and Mah Sing are set to benefit. Sunway, for instance, is developing an RM2.6 billion transit-oriented development near the Bukit Chagar RTS station. Meanwhile, UEM Sunrise and GuocoLand's memorandum of understanding could unlock the long-term value of UEM Sunrise's development pipeline in Johor, particularly the group's industrial land bank. According to the firm, UEM Sunrise is building a 16-hectare renewable energy park at its proposed industrial park in Precinct 2 of Gerbang Nusajaya. At Sunway City Iskandar Puteri, the first warehouse at the carbon-neutral Equalbase Sunway 103 commercial zone, with an indicative gross development value of RM8 billion, is already under construction. "In our view, these sustainable-friendly initiatives are in tandem with Malaysia's aspirations to promote green industrial parks that supply renewable energy, for which roughly 100 companies are keen to lend their expertise," CIMB Securities added. To retain and attract talent, the firm said an attractive income tax rate of 15 per cent over 10 years is offered for knowledge workers employed in the JS-SEZ. This forms part of the Johor government's efforts to fill the 100,000 quality jobs expected to be curated under the JS-SEZ, in addition to offering attractive starting salaries of RM4,000–5,000 a month.
Independent Singapore
26-04-2025
- Business
- Independent Singapore
JS-SEZ draws nearly 90% of Johor's Q1 investments; Trade and Investment Minister Zafrul says zone is key to ASEAN supply chain security
MALAYSIA: The Johor-Singapore Special Economic Zone (JS-SEZ) is rapidly positioning itself as a regional economic powerhouse, having drawn close to 90% of Johor's RM27.4 billion (S$8.23 billion) in new investments in the first quarter of 2025, according to Malaysia's Minister of Investment, Trade and Industry, Tengku Datuk Seri Zafrul Abdul Aziz. Speaking at the JS-SEZ Joint Business and Investment Forum, the minister said the zone is emerging as a strategic model for cross-border collaboration and economic resilience in Southeast Asia. A magnet for regional investment According to The Edge Malaysia, JS-SEZ's strong performance in Q1 demonstrates growing investor confidence in its potential. The zone, a joint initiative between Malaysia and Singapore, is designed to leverage the complementary strengths of both nations and has already become the primary destination for new capital inflows into Johor. 'Johor, Malaysia, and Singapore have complementary strengths, and this is what the JS-SEZ is all about,' Zafrul said. 'If you look at the geographical area, it is a very compelling argument that no other area can represent these unique qualities and resources, combined with the logistics and access to a global financial centre.' Targeting strategic sectors and supply chain resilience Zafrul emphasised that the JS-SEZ must now focus on drawing 'the right kind of investment that could diversify the supply chain and, in turn, help build the nation's supply chain resiliency and security.' With global trade still impacted by tariffs and geopolitical uncertainty, he called on ASEAN and partner countries to collaborate in strengthening regional economic networks. 'Amid all this discussion, we should refocus on issues or areas where we can cooperate to mitigate those impacts, and we would like to invite investors from the rest of the ASEAN and ASEAN partner countries to also join us at the JS-SEZ,' he said, as reported by The Edge Malaysia. Blueprint for ASEAN-level economic cooperation Signed on Jan 6, 2024, by the leaders of Malaysia and Singapore, the JS-SEZ agreement is intended to serve as a platform to jointly attract global investments and support Singaporean companies looking to expand into the Malaysian side of the zone. Under the agreement, both countries committed to promoting investment in 11 key sectors, including digital economy, manufacturing, logistics, and green technology. Nine flagship zones have been determined within the JS-SEZ, spanning Johor Bahru City Centre, Iskandar Puteri, Tanjung Pelepas-Tanjung Bin, Pasir Gudang, Senai-Skudai, Sedenak, Forest City, Desaru, and the Pengerang Integrated Petroleum Complex. Public sentiment reflects optimism and support Public response to the JS-SEZ's momentum has been overwhelmingly positive on social media, with many Malaysians expressing pride and encouragement. Comments such as 'Congratulations on the great work for Malaysia!' and 'Continue the good relationship between S'pore and M'sia!' reflect widespread support for the cross-border initiative. Others praised the leadership behind the efforts, with remarks like 'Team TZA is the best!' celebrating Minister Tengku Zafrul's role in driving the zone's development. A cross-border partnership amid global uncertainty The two-day JS-SEZ forum, themed 'JS-SEZ: Bridging Economies, Strengthening Supply Chains', was jointly organised by Malaysia's Ministry of Investment, Trade and Industry, Singapore's Ministry of Trade and Industry, and the Johor state government. Zafrul highlighted the strategic value of this binational initiative, stating to The Edge Malaysia, 'With the current tariff issues affecting the global economy, the JS-SEZ is a compelling joint proposition by Malaysia and Singapore to elevate and strengthen the ASEAN supply chain.' As global supply chains seek stability and diversification, the JS-SEZ stands out as a forward-looking model for ASEAN cooperation, one rooted in shared prosperity, resilience, and strategic connectivity. Read also: RTS seen as 'game changer' for Johor-Singapore ties, cautious optimism encouraged
