MALAYSIA, 16/05/2024 (Asia News Channels) - Newly appointed Singapore Prime Minister Lawrence Wong is expected to enhance the robust relationship with Malaysia by reinforcing existing bilateral economic policies and fostering strong ties between the two countries, according to economic experts, as reported by BERNAMA.
Deputy President of the Malaysian Economic Association, Prof. Dr. Yeah Kim Leng, anticipates Wong will prioritize current agreements and initiatives, elevating them to new heights. One significant focus will likely be the development of the Johor-Singapore Special Economic Zone (JS-SEZ), which Malaysia could leverage with its land and labor resources.
"We anticipate greater emphasis from the new leadership, continuing the agreements signed with former Prime Minister Lee Hsien Loong. Wong, previously the Deputy Prime Minister, will need to address some pending issues with Malaysia. I don't foresee these issues being too challenging, given the emphasis on cooperation," Kim Leng stated to Bernama.
Wong's task is made easier by Hsien Loong's assertion that, during his 20-year tenure as Prime Minister, Singapore has made progress on various issues despite the frequent changes in Malaysia's leadership, from Tun Abdullah Ahmad Badawi to the current Prime Minister, Datuk Seri Anwar Ibrahim.
Kim Leng noted that one key area of focus for Wong would be the much-anticipated Kuala Lumpur-Singapore High-Speed Rail (HSR) project. This project is crucial for Wong to ensure it becomes financially sustainable and beneficial for both nations, as it will introduce a new dimension in transportation relations.
"This project will have spillover effects for both countries. It is unproductive to negotiate over these spillovers since they are uncertain. The priority should be ensuring the project is sustainably funded without excessive financial burdens on either country," he emphasized.
Kim Leng added that Malaysia could benefit from Singapore's strong public finances and substantial reserves, potentially reducing the project's financing costs.
Meanwhile, Associate Professor Dr. Ahmed Razman Abdul Latiff from Putra Business School believes Wong will not drastically alter current economic policies, given Singapore's significant role as a trade partner for Malaysia. These policies have been effective bilaterally thus far.
"I expect no significant changes in economic strategy under Singapore's fourth Prime Minister," Razman said.
For over a decade, Malaysia and Singapore have been each other's second-largest global trading partners and the largest among ASEAN countries. In 2023, trade between the two nations was valued at $79.6 billion (RM363.13 billion).
-- ASIA NEWS CHANNELS