Rehda Institute chairman Jeffrey Ng said bilateral trade between Singapore and Malaysia reached US$83.53 billion (RM389 billion) in 2022 with both countries being each other’s second-largest trading partners.

“Johor is the state to watch next year. The SEZ may stimulate infrastructure development in the region, including transportation, utilities, and communication networks.

“This will create positive spillover effects on the overall economic development, including Forest City development by the Country Garden group,” Ng said in his keynote address at the CEO Series 2023 (Economy and Business Forum) today.

Besides the current Rapid Transit System (RTS) Link project between Woodlands in Singapore to Bukit Chagar in Johor Bahru, he believed a revival of the high-speed railway (HSR) and additional crossings via ferry or even a third link bridge will generate positive effects on growth.

The RTS Link project is expected to have an hourly capacity of 10,000 passengers per direction with a daily 40,000-passenger ridership.

“However, we also hope that the government can understand the plight of the property industry.

“The price increase in building materials, logistics, and labour poses a serious challenge to construction and property development and has a spillover effect on the rest of the supply chain,” said Ng.