Malaysia generates enough surplus energy for large development projects and exports. PM says

Malaysia generates enough surplus energy to power major new development projects and grow its exports. Its prime minister announced this on Thursday as the country tries to attract investors to its special economic zone planned with Singapore.

The two countries are planning to sign a deal before the end of this year for the development of a special economic zone (SEZ) in Malaysia's southern Johor State, just north from Singapore. This is to attract investment and to free up the movement and goods of people.

Anwar Ibrahim, Prime Minister, said that the government will continue to pursue initiatives for renewable energy and energy transformation, as the goal is to achieve net-zero emission by 2050. However, the focus remains on projects such as the Johor Singapore Special Economic Zone.

Anwar said at an investment event in Johor that "we are confident we will have enough energy to increase our energy exports."

Johor will see an increase in energy consumption, after attracting large investments from tech giants like Nvidia and China's ByteDance in the data centres in recent years.

Anwar stated that the investment boom has propelled Malaysia's economy in this year. Growth in the last two quarters exceeded expectations, and the stock market in Malaysia is now the best-performing in the region.

Anwar stated that the economic performance of the third quarter is also "looking promising".

(source: Reuters)