SINGAPORE: Singapore and Malaysia are aiming to boost their cooperation in an effort to spur economic growth in both Southeast Asian countries. The long-time rivals, where each addition to their infrastructure is seen as a competition, have come together to help create a new relationship that will see overall growth. Malaysia's Prime Minister Najib Razak arrived in the island republic yesterday to begin a visit that will mark the beginning of a new era in bilateral relations between Malaysia and Singapore. For the first time, the state investment arms of both countries — Khazanah Nasional Bhd and Singapore's Temasek Holdings Ltd — will be involved in mega joint venture projects with multi-billion ringgit in gross development value (GDV), bringing bilateral economic cooperation to greater heights. The buzz is especially apparent in Johor, where another feather will be added to the Iskandar Malaysia cap, to the tune of RM11 billion in GDV. The prime minister and his Singaporean counterpart, Lee Hsien Loong, will launch the 2ha “urban wellness” project in Medini North with a groundbreaking ceremony. Both countries said they will release new project information and hope that it will help create a new union between the two economic powers across the region. The efforts have seen positive reactions among the business community in Singapore, who believe that the coming together of the two powers will create economic growth unparalleled in the region's history. “Absolutely, this should be a great enterprise for us local business owners wanting to get a larger footprint in Malaysia and vice versa,” said Thomas Ling, a local importer-exporter in Singapore. He told Bikyanews.com that the growth of both countries should have been linked and brought together sooner. “We are culturally a lot more similar than people believe and the ambition that we all have is really ideal for this kind of effort,” he added. Khazanah and Temasek are also involved in the “resort wellness” project in Medini Central with an estimated GDV of RM3 billion. The project, covering more than 80ha, will see houses, condominiums, apartments and shops being built. Also in Johor, Iskandar Waterfront Holdings Sdn Bhd and two Singapore government-linked companies will jointly develop 28ha strategically located at Danga Bay with a GDV of RM8 billion. BN
