COOPERATING ON RENEWABLE ENERGY, DEVELOPING SMEs
Beyond that, Mr Lee said the countries agreed to strengthen cooperation on renewable energy, as they move towards a low-carbon and sustainable future.
Singapore has said it intends to import 30 per cent of its electricity supply from low-carbon sources by 2035, while Malaysia has lifted a ban on renewable energy exports and expressed ambitions to be at the centre of a regional power grid.
“We are pursuing cross-border electricity trading, which will be a win-win for both countries and the renewable energy potentially can come from both Peninsular Malaysia as well as from East Malaysia,” Mr Lee said.
The countries also signed an MOU on the development of small- and medium-size enterprises (SME) in Malaysia and Singapore.
The MOU will cover the exchange of knowledge and best practices in areas like digitalisation, sustainability and market access, and the implementation of activities like business fairs, conferences and seminars.
“Through this new MOU, Singapore and Malaysia SMEs can participate in more business matching and networking events to expand their business networks across both countries,” said Enterprise Singapore in a statement.
The countries also agreed to update the Malaysia-Singapore Business Development Fund, which helps companies in both countries jointly pursue opportunities in third countries.
The updated fund will support joint test-bedding and pilot projects in areas like the green economy and digital economy, which can be done in Singapore, Malaysia or any other third country markets.
“With the enhanced agreement, Singapore and Malaysia companies can form partnerships to tap on each other’s capabilities and capture new opportunities in emerging areas,” Singapore’s Ministry of Trade and Industry said.
Prior to the signing of the MOUs, Mr Anwar also called upon President Tharman Shanmugaratnam at the Istana.
“We share much in common – culture, kinship, and history. And regular contacts and exchanges between our leaders, civil servants and entrepreneurs. Singapore is a major investor in Malaysia, and our peoples cross the border often when we have breaks, to enjoy each other’s tourist attractions.
“These shared bonds have allowed us to weather challenges together in the past. They will also enable us to work together to create a more borderless environment for enterprises, local and foreign, so we can complement each other and maximise the economic potential of our countries as well as Association of Southeast Asian Nations (ASEAN),” Mr Tharman wrote on Facebook.