SINGAPORE: Singapore and Malaysia have agreed to deepen cooperation in the digital economic system and green economic system, stated the Ministry of Trade and Industry (MTI) in a information launch on Thursday (Jun 30).
Singapore Minister for Trade and Industry Gan Kim Yong and Malaysia Senior Minister and Minister of International Trade and Industry Mohamed Azmin Ali met in Kuala Lumpur on Thursday and agreed to start discussions on frameworks of cooperation in these areas, with a view of concluding the frameworks this 12 months.
“The digital economy and green economy are key drivers of economic growth. Singapore and Malaysia share strong economic relations, and the discussions on frameworks of cooperation represent the commitment of our two countries to deepen existing bilateral economic collaboration, and bring about tangible benefits to our economies,” stated Mr Gan.
The COVID-19 pandemic has highlighted the significance of digital connectivity between international locations and accelerated the digital transformation of conventional enterprise fashions, stated MTI.
“To put together for the subsequent section of progress in the digital economic system, it will be significant for Singapore and Malaysia to foster larger inter-operability and collaboration,” it added.
“This will unlock a larger vary of alternatives for the good thing about our companies and communities.”
Climate change and sustainability are more and more shaping financial progress and commerce, it added. This is why likeminded events akin to Singapore and Malaysia want to work collectively in direction of a low-carbon future, for the world to obtain its local weather ambitions.
“This means partnering on efforts to decarbonise our industries, and enable businesses and workers to seize opportunities in the green economy,” MTI stated.
Both ministers recognised that the digital and green economies are “key to sustainable and inclusive growth” for Singapore and Malaysia.
The frameworks will strengthen dialogue and cooperation in these areas, and will function the foundation for future associated bilateral cooperation initiatives.
Mr Azmin additionally stated that the digital and green features are quickly turning into the elementary type in the economic system.
Thus, Malaysia and Singapore are collaborating in these two areas, which can in the end present a wider vary of advantages to companies in each international locations.
The two ministers additionally mentioned their current engagement at the Informal Ministerial Meeting on the Indo-Pacific Economic Framework (IPEF) held in Paris.
They affirmed the strategic and financial significance of the IPEF as a “valuable platform” for the US to have interaction with the area.
“The ministers also underscored the importance of the IPEF continuing to be an open, inclusive, and flexible initiative, which would facilitate broader participation and more meaningful collaboration,” stated MTI.
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