26-9-2024 (KUALA LUMPUR) Prime Minister Anwar Ibrahim has declared that Malaysia is producing sufficient energy surplus to fuel new major development projects and increase its energy exports. This announcement comes as the nation seeks to attract investors to a planned special economic zone (SEZ) in collaboration with neighbouring Singapore.
Speaking at an investment event in Johor, Anwar emphasised the country’s readiness to meet the energy demands of ambitious projects such as the Johor-Singapore SEZ while simultaneously growing its energy export capacity. “Taken together with various energy-focused projects across 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 energy exports,” the Prime Minister stated.
The Malaysian government is actively pursuing renewable energy and energy transition initiatives as part of its commitment to achieving net-zero emissions by 2050. However, Anwar assured that this green agenda would not hinder the progress of significant development projects like the Johor-Singapore SEZ.
The special economic zone, planned for Malaysia’s southern state of Johor, just north of Singapore, aims to attract investment and facilitate the movement of goods and people between the two countries. Both nations are working towards finalising a deal for the SEZ by the end of this year, marking a significant step in regional economic cooperation.
Johor, in particular, is expected to see a substantial rise in energy demand. The state has recently attracted considerable investments in data centre facilities from tech giants such as Nvidia and China’s ByteDance. This influx of high-tech infrastructure underscores the importance of Malaysia’s energy surplus in supporting future growth and development.
The Prime Minister also highlighted the positive impact of these investments on Malaysia’s overall economic performance. “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 noted. He added that economic performance in the third quarter was “looking promising”, suggesting continued momentum in the country’s economic recovery.
