During their meeting in KL on June 30, both ministers agreed to begin discussions on frameworks of cooperation in these areas.
Singapore and Malaysia have agreed to deepen cooperation between both countries in the digital and green economies.
Minister for Trade and Industry Gan Kim Yong and Malaysia’s Senior Minister and Minister of International Trade and Industry YB Dato’ Seri Mohamed Azmin Ali met in Kuala Lumpur on June 30 to discuss ways to do so.
During their meeting, both ministers agreed to begin discussions on frameworks of cooperation in these areas. The frameworks are slated to be concluded this year.
The frameworks of cooperation would strengthen dialogue and cooperation in these areas, and would serve as the basis for future bilateral cooperation initiatives related to the digital and green economies.
According to the Ministry of Trade and Industry (MTI), 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 is important for Singapore and Malaysia to foster greater interoperability and collaboration. This will unlock a greater range of opportunities for the benefit of our businesses and communities,” reads the statement released on June 30.
As climate change and sustainability are increasingly shaping economic growth and trade, “like-minded parties” like Singapore and Malaysia need to work together towards a low-carbon future, says the ministry.
Further to its statement, MTI revealed that both ministers “recognised that the digital and green economies are key to sustainable and inclusive growth for both countries”.
“The digital economy and green economy are key drivers of economic growth. Singapore and Malaysia share strong economic relations, and 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,” says Gan.
Malaysia’s Mohamed Azmin mentioned that the digital and green aspects are rapidly becoming the fundamental form in the economy.
“Hence, Malaysia and Singapore are embarking on conscientious collaboration in these two areas that will ultimately provide wider range of benefits to businesses in both countries, namely in entrepreneurship, industrialisation, investment and trade aspects,” reads the statement by MTI.
“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,” continues the statement.