Singapore and Malaysia Unite to Create Special Economic Zones to Compete with Indonesia, Luhut: We Are Not Afraid

"Dream - Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, stated that Singapore and Malaysia will soon complete the construction of the Special Economic Zone (SEZ) in Johor, Southern Malaysia. This area will serve as a competitor to the SEZ in Indonesia."

"We will have KEK competitors from Johor and Singapore, which will sign the Special Economic Zone corridor. Where Johor will provide competitive land resources and energy resources, while Singapore supports with high-quality human resources,"

Luhut's words quoted from Liputan6.com, Wednesday, August 7, 2024.

Singapore and Malaysia Unite to Create Special Economic Zones to Compete with Indonesia, Luhut: We Are Not Afraid

"Despite having competitors, Luhut admitted he is not afraid to compete with Singapore and Malaysia. He believes President Joko Widodo (Jokowi) has prepared for that."

"I am glad that our president must be competitive. We are not afraid to compete with them, because we have strong capital and credibility, trust that we have built."

The translation of "kata Luhut." to English is "words of Luhut."

As an example, Luhut mentioned that Jokowi has successfully built a downstream program for the development of the battery and electric vehicle ecosystem. Although this effort faced opposition initially when the government issued a policy banning the export of nickel.

"The result is that Indonesia's nickel export figures could soar rapidly after the implementation of that policy. Luhut believes that this step serves as a significant capital for Indonesia in building foreign investor trust, so that they are willing to invest their capital while also developing the industry in the homeland."

"Kredibilitas ini penting karena ini akan jadi daftar kepercayaan dari investor. Kita tidak dapat bersaing dengan negara tetangga hanya mengandalkan insentif, tapi kredibilitas dan kepercayaan jadi faktor kunci yang harus kita pertahankan," translates to: "This credibility is important because it will become a list of trust from investors. We cannot compete with neighboring countries just by relying on incentives, but credibility and trust are key factors that we must maintain,"

The translation of "ungkap Luhut." to English is "reveal Luhut."

"Previously, Acting Secretary General of the National KEK Council Rizal Edwin admitted to having received seven proposals for new KEK candidates. The seven proposals are still in the review and examination stage, so they can be moved on to the next stage."

"

"Then for the proposals, we have received 7 new proposals that are currently being examined and reviewed," said Rizal Edwin. Rizal could not provide further information about the names of the KEK. But he said, the seven KEK are spread out, including one in IKN. "There is one around IKN, one in Sulawesi, and one in Java as well, but we cannot disclose that yet, but clearly there are some outside Java and in Java," Rizal revealed.

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