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January 13, 2025 | 10:40 am
TEMPO.CO, Jakarta - Singapore and Malaysia recently officially launched the Johor-Singapore Economic Zone (JS-SEZ). This project is expected to not only strengthen bilateral relations but also become a global model for cross-border collaboration in climate change mitigation and sustainable energy development.
The JS-SEZ, designed through a year-long negotiation, covers 11 key sectors, including the green economy, energy, and manufacturing. With a target of 50 projects in the first five years and 100 projects in a decade, the zone is projected to create 20,000 jobs.
One of the main objectives of the JS-SEZ is to create an ecosystem that supports innovation in carbon reduction and renewable energy. This is in line with the global commitment to reduce the impact of climate change.
During the launch, six memorandums of understanding (MoU) and one letter of intent (LoI) were signed, covering various strategic areas. Two of them focus on carbon reduction.
Renewable Energy as a Main Pillar
Reported from the Carbon Herald page, renewable energy is one of the main focuses of the JS-SEZ. A Renewable Energy Certificates (RECs) framework is being developed to support cross-border electricity trade and promote renewable energy projects in the region.
As a concrete step, Tenaga Nasional Berhad (TNB) Malaysia and Sembcorp Power Singapore have signed an agreement for the delivery of 50 MW of green electricity to Singapore through the Energy Exchange Malaysia (ENEGEM) platform. In addition, there are plans to import 1 GW of hydropower from Sarawak to Singapore by 2032, which will be one of the largest clean energy projects in Southeast Asia.
Singapore Prime Minister Lawrence Wong emphasized the importance of synergies between Singapore and Johor. Singapore, with its advanced technology ecosystem and logistics capabilities, and Johor, with its abundant natural resources and manpower, offer a strong combination to attract global investment.
“JS-SEZ is not just about regional cooperation. This is an opportunity to show that Southeast Asia can lead the global energy transition,” Wong was quoted as saying by Reccessary.
This fact is reinforced by bilateral trade data between the two countries which reached $132.6 billion in 2023, with Singapore accounting for 23 per cent of the total foreign direct investment (FDI) in Malaysia. These figures show the importance of the economic relationship between the two countries in supporting regional growth.
Potential to Become a Global Model
JS-SEZ offers a great opportunity to become a model for cross-border cooperation in addressing global challenges. In addition to providing direct economic benefits, this initiative also has the potential to strengthen Malaysia and Singapore's reputation as pioneers in the development of green technology and renewable energy.
With the world's increasing attention to sustainability and climate change mitigation, the success of JS-SEZ can be a testament to the fact that cross-border collaboration is key to creating sustainable solutions. If this initiative is successful, the region will not only prosper economically but also become a role model in the global energy transition.
RUTERS | ANTARA | STRAITS TIMES
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