Image credit: The Straits Times
KUALA LUMPUR: Malaysia and Singapore have substantively concluded a framework of cooperation in the digital economy and green economy.
Senior Minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali said the agreed areas of cooperation in the green economy were in line with the 12th Malaysia Plan's goal.
The senior minister said this effort was being undertaken as part of the Malaysian government's initiative to expedite the transition of the local manufacturing sector, especially small and medium enterprise (SMEs) to environmental, social and governance (ESG) and green economy.
"In particular, through this cooperation, both countries can exchange best practices in terms of quantification of carbon emissions in the manufacturing sector.
"The digital economy framework will further empower businesses to digitally integrate their operations globally, hence enhancing economic competitiveness," he said in a joint statement today.
Singapore's Minister for Trade and Industry Gan Kim Yong said the frameworks of cooperation in both the digital economy and green economy marked a milestone in the long-standing and multifaceted partnership between Singapore and Malaysia.
"The agreements lay the foundation for further cooperation between both countries across various areas of the green and digital economies in Singapore and Malaysia.
"This will deliver tangible benefits to our communities and businesses," Gan said.
The frameworks of cooperation serve as the basis for future bilateral initiatives related to the digital and green economies.
Malaysia and Singapore agreed to work towards signing both frameworks of cooperation by the end of 2022.
The framework of cooperation in the digital economy will facilitate intensified cooperation in wide-ranging areas, including on trade facilitation; digital identities; standards; investment promotion and facilitation in digitalisation, as well as digitalisation of micro, small and medium enterprises.
This will unlock a wider range of opportunities, benefiting the businesses, workers, and communities in both countries.
On the green economy front, Singapore and Malaysia will strengthen collaboration to decarbonise our industries, and enable businesses and workers to seize arising opportunities.
Under the framework of cooperation, both countries agree to cooperate in next-generation mobility; ESG policy exchanges; capacity development for exporters; low-carbon solutions, utilisation and storage; carbon credits industry collaborations; and renewable energy technology standards.