Malaysia and Singapore leaders have signed an agreement to create a special economic zone to attract global investment and ease the cross-border flow of goods and people.

The leaders of Malaysia and Singapore formalized an agreement establishing a special economic zone linking their two nations’ border region, with the aim of attracting 50 projects in the first five years of its establishment.

The Johor-Singapore Special Economic Zone is nearly twice the size of Shenzhen, whose success it is hoping to emulate.