Malaysia, Singapore to sign framework of cooperation on digital, green economies by year-end

The framework will serve as the basis for future bilateral initiatives for both countries on both economies

by AUFA MARDHIAH / pic courtesy of MITI

MALAYSIA and Singapore have concluded two frameworks of cooperation which encompasses digital economy and green economy, and the framework will be inked by the end of 2022.

The framework will serve as the basis for future bilateral initiatives for both countries related to the digital and green economies.

On digital economy, the framework will facilitate intensified cooperation in wide-ranging areas such as on trade facilitation, digital identities, standards, investment promotion and facilitation in digitalisation, as well as digitalisation of micro, small and medium enterprises (MSMEs).

Meanwhile, on green economy, the framework will witness cooperation of both countries in next-generation mobility (including electric and autonomous vehicles) such as environmental, social and governance (ESG) policy exchanges, capacity development for exporters, low-carbon solutions including hydrogen and carbon capture, utilisation and storage, carbon credits industry collaborations and renewable energy technology standards.

Senior Minister and Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali (picture, left) stated that the agreed areas of cooperation in green economy are in line with the 12th Malaysia Plan’s goal of promoting green industries and markets, reducing pollution and greenhouse gas emissions, as well as conserving natural resources.

“This effort is part of the government’s initiative to expedite the transition of the local manufacturing sector especially SMEs to ESG and green economy, allowing them to integrate into regional and global supply chains, bolstering supply chain resilience in addition to meeting the rising demand of local consumers for products that are ESG-compliant.

“In particular, through this cooperation, both countries can exchange best practices in terms of quantification of carbon emissions in the manufacturing sector,” he said in a statement yesterday.

The senior minister was also positive that the Digital Economy Framework (in line with MyDigital Agenda) will further empower businesses to digitally integrate their operations globally, which will then enhance economic competitiveness.

On the other hand, Singapore’s Minister for Trade and Industry Gan Kim Yong said the framework marks 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 digital and green economies, to deliver tangible benefits to our communities and businesses,” he said in a joint statement.