Tan Teck Long Welcomes Johor-Singapore Special Economic Zone Agreement
Deal News | Jan 07, 2025 | Oversea-Chinese Banking Corp L
In a statement made on January 7, 2025, Tan Teck Long, Head of Global Wholesale Banking at Oversea-Chinese Banking Corporation Limited (OCBC), announced the signing of the Johor-Singapore Special Economic Zone (JS-SEZ) agreement between Malaysia and Singapore. The deal is expected to significantly boost the interest of regional businesses looking to establish operations in Johor, benefiting from its strategic geographical location, connectivity, and economic policy framework. OCBC has already supported 260 new mid-sized enterprises in 2024 in sectors like services, construction, manufacturing, and wholesale and retail trade to set up their businesses in Malaysia and anticipates a 20% increase in such numbers in 2025. With dedicated teams positioned on both sides of the Causeway, OCBC is committed to providing advisory services to handle the surge in business interest. The completion and launch of the Johor Bahru-Singapore Rapid Transit System (RTS) Link project scheduled for January 2027 is projected to further enhance the region's economic appeal.
Sectors
- Banking and Financial Services
- Real Estate and Construction
- Transportation and Logistics
Geography
- Singapore – The article discusses the involvement of Singapore in the Johor-Singapore Special Economic Zone and OCBC's role in this development.
- Malaysia – Malaysia, particularly the state of Johor, is a crucial participant in this Special Economic Zone, serving as a location for increased business activities.
Industry
- Banking and Financial Services – The article features the role of OCBC, a major banking institution, in facilitating the setup of businesses within the Johor-Singapore Special Economic Zone.
- Real Estate and Construction – The development of the Johor-Singapore Special Economic Zone involves infrastructure and economic growth, which are integral to the real estate and construction sectors.
- Transportation and Logistics – The mention of the Johor Bahru-Singapore Rapid Transit System (RTS) Link highlights the importance of this sector in enhancing connectivity and regional growth.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Tan Teck Long | Head of Global Wholesale Banking, OCBC | Person | He provided the statement announcing the JS-SEZ agreement and OCBC's involvement in supporting business setups. |
| Oversea-Chinese Banking Corporation Limited (OCBC) | Bank | Company | OCBC is a major bank assisting in business setups in the Johor-Singapore Special Economic Zone. |
| Malaysia | Country involved in JS-SEZ | Government | Along with Singapore, Malaysia is a party to the JS-SEZ agreement aimed at fostering economic growth and cooperation. |
| Singapore | Country involved in JS-SEZ | Government | Singapore, along with Malaysia, is instrumental in the establishment and development of the JS-SEZ. |