Singapore, Malaysian businesses to mount joint investment missions

Singapore, Malaysian businesses to mount joint investment missions

Agence France-Presse
Singapore

Singapore and Malaysia signed an agreement here on Friday that
will help their business people organize joint investment
promotions in third countries in another sign of improving
bilateral ties.

The first joint mission will be in Indonesia on Aug 22-24,
Singapore Trade Minister George Yeo said.

Yeo and his Malaysian counterpart, Rafidah Aziz, signed the
Agreement on the Malaysia-Singapore Business Development Fund
(MSBF).

The agreement establishes a fund totaling 10 million ringgit
(US$2.6 million) which will be used to help Malaysian and
Singapore companies carry out feasibility studies and organize
joint missions.

During the mission to Indonesia, the Malaysian and Singaporean
business leaders will meet with Indonesian trade officials and
network with their counterparts there.

"We hope to see more such increased joint missions to third
countries over the next few months," Yeo said in a speech to a
seminar here held to promote cooperation between the business
communities of the two countries.

"Malaysian and Singapore businesses should actively combine
their strengths to become more competitive globally," he said,
citing vast opportunities in Southeast Asia, China and India.

The signing of the agreement is another sign of improving ties
since Prime Minister Abdullah Badawi was elected in March.

Abdullah succeeded Mahathir Mohamad, whose outspoken comments
on several unresolved bilateral issues such as the price of raw
water Malaysia sells to Singapore had soured relations.

Yeo noted in his speech that "there is a strong political will
to improve bilateral relations" on both sides, and that "the
economic relationship between Malaysia and Singapore should
become stronger in the coming years."