News & Events

[ 21-02-2013 ]
Malaysia, Singapore Businesses Should Increase Cooperation, Says Anifah
SINGAPORE, Feb 18 (Bernama) -- Businesses in Malaysia and Singapore should increase cooperation and take advantage of the good bilateral relations between both countries.

In making the call, Foreign Minister Datuk Seri Anifah Aman said Malaysia was pleased with the uptrend in bilateral trade with Singapore.

"This has helped spur economic growth in both countries."

He was speaking to Malaysian reporters here in conjunction with the Malaysia-Singapore Leaders' Retreat between Prime Minister Datuk Seri Najib Tun Razak and his counterpart, Lee Hsien Loong.

The two-day event began here Monday.

Najib, accompanied by his wife Datin Seri Rosmah Mansor is leading the Malaysian delegation, which comprises 10 Cabinet Ministers and Johor Menteri Besar Datuk Abdul Ghani Othman, as well as senior government officials.

Touching on trade figures, Anifah said from January to November last year, the value of bilateral trade between Malaysia and Singapore was at US$52.5 billion, an increase of 8.2 per cent, compared to the corresponding period in 2011.

He said Malaysia's exports to Singapore for the same period was US$28.5 billion, an increase of 7.9 per cent, compared to the corresponding period of 2011.

Meanwhile, Malaysia's imports from Singapore totalled US24.0 billion, an increase of 8.6 per cent, in contrast to the corresponding period of 2011.

He said in 2011, Singapore was Malaysia's second largest export destination, and also the second largest source of imports.

"With total exports of US$28.8 billion to Singapore and total imports of US$24 billion from the republic, the overall total trade was in Malaysia's favour, with a trade surplus of US$4.8 billion," he added.

Anifah said that Malaysia looked forward to Singapore increasing its investments in Malaysia.

"We hope the private sectors in both countries will take advantage of the positive state of the relationship to increase cooperation," he added.

He also noted that there had been an increase in the flow of investments from Singapore.

From January to October last year, a total of 88 projects involving Singapore's participation in the manufacturing sector, were approved with investments of US$585.5 million.

"These projects are projected to create 10,470 jobs," he added.

Touching on the Leaders' Retreat, Anifah said the meeting will provide an excellent opportunity for both leaders to chart a course for greater partnership between Malaysia and Singapore.

The last retreat was held on Jan 5, 2012 in Putrajaya.