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Malaysia-Singapore economic relations are good: Malaysian trade minister

Malaysia-Singapore economic relations are good: Malaysian trade minister

Malaysian International Trade and Industry Minister Darell Leiking said more deliberation is required before ratifying the CPTPP. (Photo: Facebook/Darell Leiking)

SINGAPORE: Economic relations between Malaysia and Singapore are “good”, said Malaysian International Trade and Industry Minister Darell Leiking on Wednesday (Aug 29).

He added that recent issues that have surfaced, such as the 1962 Water Agreement and the stalled High-Speed Rail (HSR) project, are not likely to affect long-standing bilateral relations.

READ: Price of water sold to Singapore 'ridiculous'; Malaysia to renegotiate deal, says Mahathir

READ: Discussion on Malaysia's request to defer HSR ongoing, says Singapore's Ministry of Transport

“The trust and closeness between us have always been there. Singapore is very aware Malaysia is going through a tough time. We have fiscal mismanagement,” Darell said on the sidelines of the 50th ASEAN Economic Ministers’ (AEM) Meeting and Related Meetings held in Singapore.

He noted that like China, Singapore knew that Malaysia is "going to redo and revamp our fiscal management".

“After all, how could we carry on some projects that will burden our nation?” he added.

On Tuesday, Darell met his Singapore counterpart Chan Chun Sing.

He said that Singapore's Minister for Trade and Industry had expressed hope for the new Malaysian government to continue working closely with Singapore.

“We will be able to resolve any small problems that we have, if any.  We never look at the problems. We are looking at solutions,” Darell stressed.

ASSURING CONTINUED INVESTMENT IN MALAYSIA

During his working visit to Singapore, the minister will also meet the business community, potential investors, local and foreign business chambers as well as the Malaysian diaspora.

“We have met business council and chambers who have given assurance that they will continue to invest in Malaysia … they will add more investments in Malaysia.

“On our part, we have assured them that we will try our best to overcome any obstacle that they are facing, and help them to reduce bureaucracy, if any,” he said.

Darell said he believes that foreign investors are starting to see that the new government is seriously “reviving and rebuilding” the country.

“We want to do away with the mistrust and distrust that they had over the years,” he said.

Commenting on his first AEM Meeting and Related Meetings, Darell said that there would be some policies that would be relooked if they were against the aspirations of the current administration.

“Bottom line, the policies must be people-oriented and Malaysia’s sovereignty must be protected,” he said.

“We are not negotiating the sovereignty of Malaysia,” he added.

“Though some may say it is a backtrack (on) policy. For us, it is never a backtrack if it is for the interest of the people,” he said.

Darell noted that it would include what had been agreed by the previous government in the ongoing negotiations of the Regional Comprehensive Economic Partnership.

The minister assumed office on Jul 2 under the Pakatan Harapan government which won the 14th General Election last May, ending the 60-year ruling government under Barisan Nasional.

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