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Business Times
2 days ago
- Business
- Business Times
Malaysia hopes to draw back talent to power JS-SEZ
[SINGAPORE] Malaysia hopes to draw back some of the hundreds of thousands of Malaysians who cross the causeways daily, by tapping them to power the Johor-Singapore Special Economic Zone (JS-SEZ), said panellists on Wednesday (Jun 18). However, Idzham Mohd Hashim, president and chief executive officer of Iskandar Investment (IIB), stressed that this was not about competing with Singapore, but about creating a 'symbiotic relationship' that benefits both countries. He was speaking on a panel titled 'Johor Focus: Building the Future with JS-SEZ', alongside Mohd Noorazam Osman, CEO of the Iskandar Regional Development Authority (IRDA) and former mayor of Johor Bahru. The discussion was part of the Nikkei Forum held in Medini, Johor, and moderated by the Japanese news organisation's senior producer Kaori Takahashi. IIB is leading the infrastructure development in the JS-SEZ, while IRDA oversees planning and coordination. The agreement to establish the SEZ was signed by Singapore and Malaysia in January with the aim of having both countries work together to attract new investment projects from around the world. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The SEZ covers an area of more than 3,500 sq km, roughly four times the size of Singapore. Idzham said that while the zone's infrastructure – including roads, power supply, and fibre optic networks – is already in place, what is still missing is the 'software'. 'Most of the businesses who come here… they ask: 'Do you have (the) talents?'' said Idzham. 'We do have (the) talents, because 300,000 of them go to Singapore every day.' Both Idzham and Noorazam pointed to plus points in Johor that could woo back these residents, such as more industry-relevant training, increased job opportunities through business expansion, and the lower cost of living in the state. For instance, Noorazam said the Johor Talent Development Council is working with academic and vocational institutions, as well as industry players, to ensure that training matches demand. While he did not go into detail, he added there are also plans to offer tax incentives and to work towards a minimum starting salary of RM4,000 (S$1,210) for graduates in Johor. He added that investors should see the lower wage expectations – at around 50 to 75 per cent of Singapore's salary levels – as part of the SEZ's broader cost advantage. In a separate panel discussion at the forum titled 'Building Digital Nations: Innovation, Inclusion and Impact' – which mostly focused on retaining talent in Johor – Johor Corp's chief talent officer Najmie Noordin acknowledged that it will be an uphill task to bring Malaysians working across the border back home. He noted that it would be difficult to convince Johoreans earning the equivalent of RM15,000 in Singapore to return for just RM5,000. Moderator Brian Fernandez, CEO of BizTech Asia, pointed out that many of these Johoreans – 'the cream of the crop' – work in the Republic purely for the higher pay. However, he added, many would also be willing to stay if salaries were even half of those in the city-state, especially given the daily grind of commuting. In any case, Najmie noted that one plan is to develop more high-quality local talent and encourage them to stay, as well as attract workers from other parts of Malaysia, such as Melaka. Responding to the discussion, Fadzli Abdul Wahit, head of digital transformation at Malaysia Digital Economy Corporation, said that efforts to retain talent must also focus on understanding industry demand. Rather than compete directly with advanced economies, Malaysia should identify niche opportunities, such as supplying digital assets to mature gaming and animation markets such as Japan and South Korea, where such content is in short supply, he added. Even so, panellists discussing the JS-SEZ maintained that Johor's cost and location advantages make it a compelling base for companies looking to scale up. Idzham noted that the cost of doing business in Johor is nearly 60 per cent lower than in Singapore, and about 30 per cent lower than in Kuala Lumpur – a key advantage for companies looking to expand across the border to grow their businesses. As for what Singapore brings to the table, Noorazam highlighted its global networks and financial strength. He added that Johor's vast land availability, affordability and talent pool make it a natural partner. In response to Takahashi on how the JS-SEZ would shape Johor's future as an innovation hub, Idzham said that the master plan for Medini is focused on business tourism, research and development (R&D), and environmental, social and governance-led urban development. The plan includes a new convention city near Legoland, a tech zone for R&D, and a net-zero carbon business district, with support from universities, the government and industry players. 'We should look at both Johor and Singapore as one growth area,' noted Noorazam. 'The JS-SEZ… can become the gateway to Asean, a market of 700 million people.'
The Sun
3 days ago
- Business
- The Sun
JS-SEZ draws global investor interest
JOHOR BAHRU: The Johor-Singapore Special Economic Zone (JS-SEZ) is drawing increasing interest from international investors, particularly from Japan, South Korea, China, and Europe, as Johor positions itself as a strategic gateway to the Asean market. Iskandar Regional Development Authority (IRDA) chief executive Datuk Mohd Noorazam Osman said recent investment enquiries received by the Invest Malaysia Facilitation Centre Johor reflect strong interest from these key markets, underscoring Johor's emergence as a promising regional growth hub. 'This is a very positive outlook not only for Johor, but also for Malaysia as a whole. Amid ongoing global volatility, investors are looking to Asean as a promising entry point into new regional markets,' he said when met after speaking as a panellist at the Nikkei Forum Medini 2025: Driving Asia's Innovation Hub held here yesterday. On key investment sectors, Mohd Noorazam said Japanese investors are particularly drawn to electrical and electronics, financial services, technology, and the digital economy. Asked about confirmed Japanese investments, he noted that while specific names could not yet be disclosed, several companies had requested meetings with Johor Menteri Besar Datuk Onn Hafiz Ghazi, a clear indication of their strong interest. 'We have also received enquiries from Japanese banks acting on behalf of their clients. We are facilitating engagements, particularly with institutions such as Mizuho Bank and Sumitomo Mitsui Banking Corporation, with whom the Economy Ministry recently signed a letter of intent,' he added. Meanwhile, Iskandar Investment Bhd (IIB) president and CEO Datuk Idzham Mohd Hashim said Medini is fully equipped to welcome new investors, supported by comprehensive infrastructure and a business-friendly ecosystem. He said the 'plug and play' development model implemented in Medini enables investors to begin operations immediately, without delays. 'The land is ready, and essential utilities, including electricity, water, fibre optics, and cabling, are already in place. Instead of starting from scratch, investors can establish operations in Medini, which already hosts nearly 40 international companies. 'These businesses are thriving, and it's now a matter of scaling up. At IIB, we see ourselves as growth partners, committed to helping businesses succeed in Medini,' he said. Idzham also emphasised Medini's high quality of life, supported by amenities such as pocket parks, Sireh Park, golf courses, Legoland, and the revitalised Johor Zoo, all catering to diverse lifestyles and income groups. Commenting on global uncertainties and Singapore's recent downward revision of its gross domestic product growth forecast to 0.2%, he acknowledged that some investors are adopting a wait-and-see approach due to geopolitical tensions. 'There may be short-term corrections, such as what Singapore is experiencing, but we believe these are temporary. Asean remains one of the world's fastest-growing regions, with a youthful and expanding middle class. Young people account for about 50 to 60% of Southeast Asia's 650 million population,' he said. He also highlighted the natural geographic advantages of Johor and Singapore as investment destinations, further bolstered by political stability and the absence of natural disasters. On IIB's development strategy, he stressed that focus is not solely on physical infrastructure but also soft infrastructure. 'Soft infrastructure includes talent development, facilitation by government agencies, and enabling businesses to access markets. 'That's the ecosystem we're building, not just buildings and roads, but the support systems businesses need to thrive.' The two-day Nikkei Forum Medini 2025 forms part of broader efforts to position Johor as a regional innovation hub, supporting the JS-SEZ initiative to attract high-quality investments and integrate value chains between Malaysia and Singapore. – Bernama
Business Times
3 days ago
- Business
- Business Times
Malaysia hopes to draw back talent to power Johor-Singapore economic zone
[SINGAPORE] Malaysia hopes to draw back some of the hundreds of thousands of Malaysians who cross the causeways daily, by tapping them to power the Johor-Singapore Special Economic Zone (JS-SEZ), said panellists on Wednesday (Jun 18). However, Idzham Mohd Hashim, president and chief executive officer of Iskandar Investment Bhd (IIB), stressed that this was not about competing with Singapore, but about creating a 'symbiotic relationship' that benefits both countries. He was speaking on a panel titled Johor Focus: Building the Future with JS-SEZ, alongside Mohd Noorazam Osman, CEO of the Iskandar Regional Development Authority (IRDA) and former mayor of Johor Bahru. The discussion was part of the Nikkei Forum held in Medini, Johor, and moderated by the Japanese news organisation's senior producer Kaori Takahashi. IIB is leading the infrastructure development in the SEZ, while IRDA oversees planning and coordination. The agreement to establish the SEZ was signed by Singapore and Malaysia in January with the aim of having both countries work together to attract new investment projects from around the world. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The SEZ covers an area of more than 3,500 square kilometres, roughly four times the size of Singapore. Idzham said that while the zone's infrastructure – including roads, power supply, and fibre optic networks – is already in place, what is still missing is the 'software'. 'Most of the businesses who come here… they ask, 'Do you have (the) talents?',' said Idzham. 'We do have (the) talents, because 300,000 of them go to Singapore every day.' Both Idzham and Noorazam pointed to plus points in Johor that could woo back these residents, such as more industry-relevant training, increased job opportunities through business expansion, and the lower cost of living in the state. For instance, Noorazam said the Johor Talent Development Council is working with academic and vocational institutions, as well as industry players, to ensure that training matches demand. While he did not go into detail, he added there are also plans to offer tax incentives and to work towards a minimum starting salary of RM4,000 (S$1,210) for graduates in Johor. He added that investors should see the lower wage expectations – at around 50 to 75 per cent of Singapore's salary levels – as part of the SEZ's broader cost advantage. In a separate panel discussion at the forum titled Building Digital Nations: Innovation, Inclusion and Impact – which mostly focused on retaining talent in Johor – Johor Corp's chief talent officer Najmie Noordin acknowledged that it will be an uphill task to bring Malaysians working across the border back home. Najmie noted that it would be difficult to convince Johoreans earning the equivalent of RM15,000 in Singapore to return for just RM5,000. Moderator Brian Fernandez, CEO of BizTech Asia, pointed out that many of these Johoreans – 'the cream of the crop' – work in the Republic purely for the higher pay. However, he added, many would also be willing to stay if salaries were even half of those in the city-state, especially given the daily grind of commuting. In any case, Najmie noted that one plan is to develop more high-quality local talent and encourage them to stay, as well as attract workers from other parts of Malaysia, such as Malacca. Responding to the discussion, Fadzli Abdul Wahit, head of digital transformation at Malaysia Digital Economy Corporation, said that efforts to retain talent must also focus on understanding industry demand. Rather than compete directly with advanced economies, Malaysia should identify niche opportunities, such as supplying digital assets to mature gaming and animation markets like Japan and South Korea, where such content is in short supply, he added. Partners in growth Even so, panellists discussing the JS-SEZ maintained that Johor's cost and location advantages make it a compelling base for companies looking to scale up. Idzham noted that the cost of doing business in Johor is nearly 60 per cent lower than in Singapore, and about 30 per cent lower than in Kuala Lumpur – a key advantage for companies looking to expand across the border to grow their businesses. As for what Singapore brings to the table, Noorazam highlighted its global networks and financial strength. He added that Johor's vast land availability, affordability and talent pool make it a natural partner. In response to Takahashi on how the JS-SEZ would shape Johor's future as an innovation hub, Idzham said that the master plan for Medini is focused on business tourism, research and development (R&D), and environmental, social and governance-led urban development. The plan includes a new convention city near Legoland, a tech zone for R&D, and a net-zero carbon business district, with support from universities, government and industry players. 'We should look at both Johor and Singapore as one growth area,' noted Noorazam. 'The JS-SEZ…can become the gateway to Asean, a market of 700 million people.'
Malay Mail
3 days ago
- Business
- Malay Mail
JS-SEZ turns heads: Johor's regional rise draws investors from Japan, China, Europe
JOHOR BARU, June 18 — The Johor-Singapore Special Economic Zone (JS-SEZ) is drawing increasing interest from international investors, particularly from Japan, South Korea, China, and Europe, as Johor positions itself as a strategic gateway to the Asean market. Iskandar Regional Development Authority (IRDA) chief executive Datuk Mohd Noorazam Osman said recent investment enquiries received by the Invest Malaysia Facilitation Centre Johor reflect strong interest from these key markets, underscoring Johor's emergence as a promising regional growth hub. 'This is a very positive outlook not only for Johor, but also for Malaysia as a whole. Amid ongoing global volatility, investors are looking to Asean as a promising entry point into new regional markets,' he said when met after speaking as a panellist at the Nikkei Forum Medini 2025: Driving Asia's Innovation Hub, held here today. On key investment sectors, Mohd Noorazam said Japanese investors are particularly drawn to electrical and electronics, financial services, technology, and the digital economy. Asked about confirmed Japanese investments, he noted that while specific names could not yet be disclosed, several companies had requested meetings with Johor Menteri Besar Datuk Onn Hafiz Ghazi, a clear indication of their strong interest. 'We have also received enquiries from Japanese banks acting on behalf of their clients. We are facilitating engagements, particularly with institutions such as Mizuho Bank and Sumitomo Mitsui Banking Corporation, with whom the Economy Ministry recently signed a letter of intent,' he added. Meanwhile, Iskandar Investment Bhd (IIB) president and chief executive officer Datuk Idzham Mohd Hashim said Medini is fully equipped to welcome new investors, supported by comprehensive infrastructure and a business-friendly ecosystem. He said the 'plug and play' development model implemented in Medini enables investors to begin operations immediately, without delays. 'The land is ready, and essential utilities, including electricity, water, fibre optics, and cabling, are already in place. Instead of starting from scratch, investors can establish operations in Medini, which already hosts nearly 40 international companies. 'These businesses are thriving, and it's now a matter of scaling up. At IIB, we see ourselves as growth partners, committed to helping businesses succeed in Medini,' he said. Idzham also emphasised Medini's high quality of life, supported by amenities such as pocket parks, Sireh Park, golf courses, Legoland, and the revitalised Johor Zoo, all catering to diverse lifestyles and income groups. Commenting on global uncertainties and Singapore's recent downward revision of its gross domestic product growth forecast to 0.2 per cent, he acknowledged that some investors are adopting a wait-and-see approach due to geopolitical tensions. 'There may be short-term corrections, such as what Singapore is experiencing, but we believe these are temporary. Asean remains one of the world's fastest-growing regions, with a youthful and expanding middle class. Young people account for about 50 to 60 per cent of Southeast Asia's 650 million population,' he said. He also highlighted the natural geographic advantages of Johor and Singapore as investment destinations, further bolstered by political stability and the absence of natural disasters. On IIB's development strategy, he stressed that focus is not solely on physical infrastructure but also soft infrastructure. 'Soft infrastructure includes talent development, facilitation by government agencies, and enabling businesses to access markets. That's the ecosystem we're building, not just buildings and roads, but the support systems businesses need to thrive,' he said. The two-day Nikkei Forum Medini 2025 forms part of broader efforts to position Johor as a regional innovation hub, supporting the JS-SEZ initiative to attract high-quality investments and integrate value chains between Malaysia and Singapore. — Bernama
Online Citizen
6 days ago
- Business
- Online Citizen
Authorities to criminalise firms soliciting bankruptcy filings to exploit debt relief scheme
SINGAPORE: The Ministry of Law (MinLaw) has proposed legal amendments to prevent abuse of the Debt Repayment Scheme (DRS), a bankruptcy alternative for individuals with smaller debts. The move targets consultancy firms that allegedly encourage debtors to borrow money and self-petition for bankruptcy solely to qualify for the DRS. On 9 June 2025, MinLaw announced plans to introduce a new offence under the Insolvency, Restructuring and Dissolution Act (IRDA). This offence will criminalise the solicitation of bankruptcy applications by businesses. The proposed punishment includes a fine of up to S$10,000, imprisonment for up to three years, or both. Regulated professionals such as lawyers, accountants, and financial advisers—as well as recognised charitable entities—will be exempted from the law. The DRS was introduced in 2009 in response to financial challenges faced during the Great Recession. It offers wage-earning debtors with unsecured debts not exceeding S$150,000 a way to repay creditors under a structured plan lasting no more than five years. According to MinLaw, an increasing number of debtors are engaging consultancy firms that charge substantial fees and encourage clients to incur additional debt to fund these services. These practices have led to a rise in debtor-initiated bankruptcy filings. The Straits Times reported in March that in 2024, 2,928 out of all bankruptcy applications—or 59 percent—were filed by debtors themselves. MinLaw has expressed concern that many such filings are motivated not by genuine financial distress but by attempts to obtain a partial discharge of debts under the DRS. Under current law, debtors must file for bankruptcy to be considered for the scheme. However, the ministry emphasised that the scheme was never intended for abuse. In addition to the new criminal offence, MinLaw is proposing two further grounds under which debtors may be deemed unsuitable for the DRS. The first is the failure to pay the preliminary fees totalling S$600, which are required to cover administrative costs borne by the Official Assignee (OA), the officer overseeing the scheme. The second is where a debtor incurs debt with no reasonable expectation of repayment—particularly within 12 months prior to a bankruptcy application. This aims to address cases where individuals take on new loans shortly before applying for the DRS, effectively using the scheme to bypass full repayment. MinLaw is also proposing to designate this same behaviour—incurring debt without a reasonable expectation of repayment—as a ground for failure of the DRS, even after a debtor has been accepted into the scheme. This would empower the OA to terminate repayment plans and issue a Certificate of Failure, allowing creditors to commence bankruptcy proceedings. To enhance administrative efficiency, a new statutory four-week deadline for creditors to file proofs of debt is also proposed. At present, delays in creditor submissions can disrupt the planning and implementation of repayment arrangements, particularly if new claims exceed the S$150,000 threshold. Under the changes, creditors who miss the deadline may still request an extension, but must provide a valid reason. Those who fail to file on time without justification will forfeit claims after a debtor successfully completes the plan. These proposed legislative amendments follow a previous review of the DRS in 2016, which raised the debt threshold from S$100,000 to S$150,000. Other minor procedural updates are also proposed, including changes to appeal procedures and timelines, and clarification of existing statutory provisions. MinLaw is inviting public feedback on the proposals through an online consultation portal. Submissions are open until 27 June 2025. The ministry said the proposed changes are aimed at preserving the integrity of the DRS while ensuring that both debtor rehabilitation and creditor interests remain balanced and protected.
