GOH Speech by SMS Low Yen Ling at Groundbreaking Ceremony of Agro Show Tanjung Langsat, Johor Bahru

Yang Amat Berhormat Dato’ Onn Hafiz Bin Ghazi, Chief Minister of Johor

Yang Berhormat Lee Ting Han, Chairman of the Johor State Investment, Trade, Consumer Affairs and Human Resources Committee

His Excellency Ishikawa Hiroshi, Japan’s Ambassador to Singapore,

Mr Vishal Vijay, CEO of Agrocorp International,

Mr Takashi Mori, Managing Executive Officer, Megmilk Snow Brand

Distinguished Guests,

Ladies and gentlemen,

Introduction

1. Thank you for inviting me to the groundbreaking ceremony of Agro Snow. This is a new protein extraction facility in Johor, by Agrocorp International and Megmilk Snow Brand. This facility marks a significant milestone in our journey toward sustainable, innovative food solutions. On behalf of the Singapore government, the Ministry of Trade and Industry as well as my colleagues in Enterprise Singapore, we want to extend our heartiest congratulations to Agrocorp and Megmilk Snow Brand on this visionary joint venture.

Venturing Into New Growth Areas in Soy-free Plant Protein Products

2. Agro Snow will produce soy-free protein products like pea protein, pea starch, as well as pea fibre. All these can be used in various plant-based foods, including beverages and meat alternatives.

3. This joint venture opens up very exciting new opportunities in the food industry to meet the growing demand for sustainable and nutritious food options.  Not only are peas an affordable source of plant-based protein, but they are also more environmentally friendly, requiring less water and land than many other crops.

4. This joint venture leverages the strengths of both companies – Megmilk Snow Brand, which is one of Japan's largest dairy companies. Earlier on, you heard from Mori-san, he hopes that this can be completed so that it can commemorate Megmilk’s 100^th year anniversary, and Agrocorp is a leading trader in pulses. Together, they are well-positioned to capture a growing share of Asia's sustainable food and beverage market.

5. As part of Singapore’s Trade 2030 strategy, we are committed to helping trading companies based in Singapore diversify beyond their traditional trading activities. This includes supporting them in downstream value-added areas such as like innovation, research and development, as well as international expansion. This project is a wonderful way to attest to how Enterprise Singapore and Singapore’s Ministry of Trade and Industry will continue to support our Singapore-based trading companies to grow by international expansion, working hand-in-hand with Johor.

6. With the support of Enterprise Singapore, Agrocorp collaborated with one of our autonomous universities, the Singapore Institute of Technology, to test and develop new pea protein extraction techniques. This manufacturing facility is a tangible example of how research and innovation translate to commercial products, enabling Agrocorp to scale new production techniques.

Deepening economic cooperation between Singapore and Malaysia

7. Today’s groundbreaking ceremony captures our aspirations for what Singapore and Malaysia businesses can achieve together through partnerships like this. Companies from both sides of the causeway can leverage our combined strengths to seize fresh economic opportunities to compete on the global stage.

8. The economies of Singapore and Malaysia are closely intertwined. We are among each other’s top trading partners:

a. Last year in 2023, Singapore was Malaysia’s second-largest trading partner, and Malaysia was Singapore’s third largest.

b. Now, Singapore is also one of Malaysia’s top sources of FDI - foreign direct investment, contributing to more than 20% of Malaysia’s total FDI.

9. Building on this solid foundation, we have further deepened our economic collaboration.

10. Since signing the MoU on the Johor-Singapore Special Economic Zone (JS-SEZ) initiative, earlier this year. Singapore has engaged in active discussions with our Malaysian counterparts at the Federal level and State government levels. We are focused on streamlining the flow of goods and people between Singapore and Johor, and strengthening Johor’s investment ecosystem.

11. In addition, the JS-SEZ will provide opportunities for companies like Agrocorp and Megmilk Snow Brand to find more growth synergies, benefiting both Singapore and Malaysia.

12. Agrocorp and Megmilk Snow Brand’s investment into the Johor Bahru pea protein extraction facility will complement Agrocorp’s current headquarters in Singapore while enabling further expansion downstream in the pulses value chain.  The facility allows them to expand their regional operations, tapping on the transport connectivity infrastructure in Singapore and Johor, while creating skilled jobs such as researchers, plant operators, lab technicians and quality control specialists in Singapore and Malaysia.

13. Singapore will continue to work closely with our in-market partners, such as the Malaysian Investment Development Authority (MIDA), Iskandar Regional Development Authority (IRDA), and Invest Johor, to continue to facilitate investments into Malaysia, into Johor.

Conclusion

14. The establishment of Agro Snow is a testament to the benefits of the long-standing friendship between Singapore and Malaysia. Businesses like Agrocorp International and Megmilk Snow Brand are well-positioned to gain from our countries’ complementary strengths. We look forward to many more collaborations in the near future as we welcome and forge closer economic ties with Johor. Thank you.