PM to chair meeting on Johor-S’pore economic zone on Feb 28

A special meeting on the Johor-Singapore Special Economic Zone between the federal and state governments will be held on Feb 28 to fast track discussions on its establishment.

Communications Minister Fahmi Fadzil said the meeting, to be chaired by Prime Minister Datuk Seri Anwar Ibrahim, would be attended by the Johor menteri besar and various other ministries.

They include the Transport Ministry, Investment, Trade and Industry Ministry, Economy Ministry, Home Ministry and Finance Ministry.

“The prime minister has stressed that there should be an overall coordination, hence a meeting between the state government and governments will be held on Feb 28 to assess a number of matters,” Fahmi said at a press conference yesterday.

He added that some of the topics that would be discussed were the location of the special economic zone and border issues.

Meanwhile, Fahmi said any proposals to increase the overnight policy rate (OPR) as the solution in addressing the depreciation of the ringgit would only burden the rakyat.

He said increasing the OPR would only cause interest rates in Malaysia to fluctuate.

Fahmi said the government left the decision on the OPR to Bank Negara Malaysia.

“Increasing the OPR will not help the rakyat. The prime minister is well aware of this issue.

“I think that is not a good move at this time, but we will leave the decision to Bank Negara,” he said.

Earlier yesterday, it was reported that the ringgit had reached a new low against the Singapore dollar just a day after hitting 3.56.

Fahmi said the cabinet meeting held yesterday did not discuss the depreciating ringgit.

He, however, said analysts also projected the ringgit to strengthen this year, adding that the government would expedite efforts to ensure so.

This included expediting export processes and investment approvals.