MY Morning Wrap | Shin Yang Group to Acquire Toyota and Lexus Car Dealership Business in Malaysia

A report by the Singapore Business Federation (SBF) working group has found that Singapore businesses have shown an overwhelming interest in the proposed Johor-Singapore Special Economic Zone (JS-SEZ). The report reveals that 93% of respondents view Johor as an attractive investment destination, with 50% already operating in the state. The report identified three key success factors for the JS-SEZ, namely drawing on complementary economic strengths, steadfast commitment from both the Singaporean and Malaysian governments, and the importance of embracing experimentation and agility. However, the report also highlighted significant challenges that need to be addressed to ensure the JS-SEZ's success, such as gaps in the manpower landscape in Johor, easing the cross-border movement of people and goods, as well as the fragmented and complex investment facilitation landscape between Singapore and Johor.

Official data from the Department of Statistics Malaysia shows that Malaysia's wholesale and retail sales grew 7.1% YoY to MYR147.9bn ($34.9bn) in May, the fastest rate since March 2023. The growth was fueled by higher retail sales in non-specialised stores, with the retail sector increasing 7.1% to MYR62.8bn, while the wholesale segment rose 4% to MYR64.1bn. Motor vehicle sales maintained a double-digit growth rate for the second consecutive month at 10.5%. MIDF Research expects consumer demand to remain in expansionary mode amid a stable job market, better pick-up in tourism activities, and supportive and accommodative economic policies, but there are still potential downside risks to demand.