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.

KUALA LUMPUR, Malaysia (AP) — Malaysia and Singapore leaders signed an agreement on Tuesday to create a special economic zone to attract global investment and ease the cross-border flow of goods and people.

Malaysia and Singapore announced on Tuesday an agreement on a special economic zone in the southern Malaysian state of Johor, aiming to support investment and free up movement of goods and people between the countries.