KUALA LUMPUR – Malaysia and Singapore will continue to deepen cooperation in economic and security matters, with an eye on greater integration, the neighbors said on Wednesday following the 11th Malaysia-Singapore Leaders' Retreat in Kuala Lumpur.

Both countries have long been key trading partners and consistently rank as each other's top trading partner within the Association of Southeast Asian Nations (ASEAN), with bilateral trade recorded at $78.59 billion between January and November 2024, a 6.7 percent increase over the same period in 2023, Malaysian Prime Minister Anwar Ibrahim and his Singaporean counterpart Lawrence Wong said in a joint statement.

"This growth was driven by higher trade in electrical and electronic products, machinery, equipment and parts, and chemicals and chemical products. Singapore was also Malaysia's largest source of approved foreign direct investment (FDI) in 2023, contributing $9.52 billion to Malaysia's FDI," reads the statement.

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The two leaders also emphasized the need for continued close cooperation between Malaysia and Singapore to combat the ever-evolving threat of transnational crimes, which poses significant risks to national peace and security.

They also reaffirmed the commitment to continue exploring and enhancing collaboration in cross-border trading of electricity and renewable energy, in pursuit of their shared goals of decarbonization, energy security, and economic growth.