Malaysia and Singapore have formalised a framework of cooperation in the digital economy and green economy.

Datuk Seri Mohamed Azmin Ali, Senior Minister and International Trade and Industry Minister, stated that the agreed areas of collaboration in the green economy were in line with the goal of the 12th Malaysia Plan.

According to the senior minister, this effort is part of the Malaysian government's drive to accelerate the transition of the local manufacturing sector, particularly small and medium enterprises (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.

Singapore's Minister for Trade and Industry, Gan Kim Yong, stated that the frameworks of collaboration in the digital economy and green economy represented a significant milestone in Singapore and Malaysia's long-standing and multidimensional partnership.

"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 trade facilitation; digital identities; standards; investment promotion and facilitation in digitalisation, as well as digitalisation of micro, small and medium enterprises.

This will result in a broader range of options for businesses, workers, and communities in both countries.

In terms of the green economy, Singapore and Malaysia will strengthen their partnership to decarbonise industries and enable businesses and employees to capitalise on emerging opportunities.

Both countries have agreed to collaborate on next-generation mobility, ESG policy exchanges, exporter capacity development, low-carbon solutions, utilisation, and storage, carbon credit industry collaborations, and renewable energy technology standards under the framework of cooperation.

Source: New Straits Times

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