SINGAPORE: Singapore and Malaysia have agreed to deepen cooperation in the digital economy and green economy, said the Ministry of Trade and Industry (MTI) in a news release 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 begin discussions on frameworks of cooperation in these areas, with a view of concluding the frameworks this year.
“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,” said Mr Gan.
The COVID-19 pandemic has highlighted the importance of digital connectivity between countries and accelerated the digital transformation of traditional business models, said MTI.
“To prepare for the next phase of growth in the digital economy, it is important for Singapore and Malaysia to foster greater inter-operability and collaboration," it added.
"This will unlock a greater range of opportunities for the benefit of our businesses and communities.”
Climate change and sustainability are increasingly shaping economic growth and trade, it added. This is why likeminded parties such as Singapore and Malaysia need to work together towards a low-carbon future, for the world to achieve its climate ambitions.
“This means partnering on efforts to decarbonise our industries, and enable businesses and workers to seize opportunities in the green economy,” MTI said.
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 serve as the basis for future related bilateral cooperation initiatives.
Mr Azmin also said that the digital and green aspects are rapidly becoming the fundamental form in the economy.
Thus, Malaysia and Singapore are collaborating in these two areas, which will ultimately provide a wider range of benefits to businesses in both countries.
The two ministers also discussed their recent engagement at the Informal Ministerial Meeting on the Indo-Pacific Economic Framework (IPEF) held in Paris.
They affirmed the strategic and economic significance of the IPEF as a “valuable platform” for the US to engage with the region.
“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,” said MTI.