KUALA LUMPUR: Malaysia and Singapore have agreed to deepen cooperation in the digital economy and green economy.
Singapore Minister for Trade and Industry Gan Kim Yong said the digital economy and green economy were key drivers of economic growth.
Gan said Singapore and Malaysia would begin discussions on frameworks of cooperation in these areas, with a view of concluding the frameworks this year.
"Singapore and Malaysia share strong economic relations. 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," Gan said in a joint statement today.
The Covid-19 pandemic has highlighted the importance of digital connectivity between countries and accelerated the digital transformation of traditional business models.
To prepare for the next phase of growth in the digital economy, it was important for Singapore and Malaysia to foster greater collaboration and interoperability, the statement said.
This will unlock a greater range of opportunities for the benefit of both countries businesses and communities.
Senior Minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali said the digital and green aspects were rapidly becoming the fundamental form in the economy.
Hence, Azmin said Malaysia and Singapore were embarking on conscientious collaboration in these two areas that would ultimately provide a wider range of benefits to businesses in both countries, namely in entrepreneurship, industrialisation, investment and trade aspects.
"The frameworks of cooperation are also for Malaysia and Singapore to manifest implementable and targeted programmes that will contribute towards greater, sustainable global economic linkages, including those being fostered through Asean," he said.
The discussion also touched upon both ministers' recent engagement at the Informal Ministerial Meeting on the Indo-Pacific Economic Framework (IPEF) in Paris.
Both ministers affirmed the strategic and economic significance of the IPEF, as a valuable platform for the United States to engage the region and for countries to work together to strengthen the open and rules-based trade ecosystem.
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.