Malaysia and Singapore have struck a deal to work together on promoting digital and green economies.
Ministry of International Trade and Industry (Miti) said in a statement that two frameworks on the agreed cooperation have been concluded with Singapore.
“The frameworks will serve as the basis for future bilateral initiatives related to the digital and green economies. Both countries have agreed to work towards signing the framework by end-2022,” it said.
The frameworks were concluded at a meeting between its minister Datuk Seri Mohd Azmin Ali and his Singapore counterpart Gan Kim Yong in the republic yesterday.
According to the statement, the digital economy framework will facilitate intensified cooperation in areas such as trade facilitation, digital identities, standards, investment promotion and facilitation in digitalisation, as well as digitalisation of micro-, small- and medium-sized enterprises (MSMEs).
“This will unlock a wider range of opportunities, benefiting the businesses, workers, and communities in both countries,” it said.
On the green economy front, Miti said Singapore and Malaysia will strengthen collaboration to decarbonise their industries and enable businesses and workers to seize arising opportunities.
It added that under the green economy framework, both countries agreed to cooperate in next-generation mobility, including electric and autonomous vehicles, environmental, social and governance (ESG) policy exchanges, capacity development for exporters, low-carbon solutions including hydrogen and carbon capture, utilisation and storage, carbon credits industry collaborations, and renewable energy technology standards.
Azmin stressed that the agreed areas of cooperation in green economy are in line with the 12th Malaysia Plan goal of promoting green industries and markets, reducing pollution and greenhouse gas emissions, and conserving natural resources.
He said the effort was undertaken as part of the government’s initiative to expedite the transition of the local manufacturing sector, especially the SMEs, to ESG and green economy.
“This will allow them to integrate into the regional and global supply chains, bolstering supply chain resilience in addition to meeting the rising demand of local consumers for products that are ESG-compliant,” he said.
In particular, he said, through this cooperation, both countries could exchange best practices in terms of quantification of carbon emissions in the manufacturing sector.
On the digital economy framework, Azmin expressed confidence that it is in line with the MyDigital agenda, which will further empower businesses to digitally integrate their operations globally, hence enhancing economic competitiveness.
Gan said the two frameworks mark a milestone in the longstanding and multifaceted partnership between Singapore and Malaysia.
He said the agreements lay the foundation for further cooperation between the two countries across various areas of the green and digital economies in Singapore and Malaysia, to deliver tangible benefits to the communities and businesses.
