ISKANDAR PUTERI: Malaysia is generating enough energy surplus to power new major development projects as well as grow its exports, its prime minister said today, as it looks to court investors to a special economic zone (SEZ) planned with neighbouring Singapore.
The two countries plan to finalise a deal by the end of the year to develop the SEZ in Malaysia’s southern Johor state, just north of Singapore, aimed at attracting investment and freeing up the movement of goods and people.
Prime Minister Datuk Seri Anwar Ibrahim said the government would continue to pursue renewable energy and energy transition initiatives, as it aims to achieve net-zero emissions by 2050, while still focusing on projects like the Johor-Singapore SEZ.
“Taken together with various energy-focused projects in all states and regions of Malaysia ... we are confident of a surplus of energy that feeds developments such as the JS-SEZ, as well as have enough to grow our exports of energy,” Anwar told an investment event in Johor.
Johor is expected to see a rise in energy demand, having attracted large investments in data centre facilities in recent years from tech giants such as Nvidia, and China’s ByteDance.
The investment boost has helped propel Malaysia’s economy this year, with growth beating expectations in the past two quarters, and the local stock market becoming the best performing in the region, Anwar said.
Economic performance in the third quarter was similarly “looking promising”, Anwar said.
