Wednesday, August 29, 2007
THIS WAS FROM THAT DAY, YEAH DIDN'T HAVE TIME TO POST:
The merging includes:
1) The establishment of a common market between Singapore's trade market and Malaysia's trade market for:
-Where goods can be sold freely without taxes.
-Which will create more jobs.
- But Malaysia was reluctant to to establish the common market as they feared that goods manufactured in Malaysia would face competition with Singapore's.
- On agreement for establishing the common market, Singapore would have to contribute 40% of her yearly revenue to Kuala Lumpur.
- They will also grant Pioneer certs to which allowed new industries to enjoy privileges like 5-10 years of tax free days.
2) Borneo loan. The federal government needed financial help to build Sabah and Sarawak as they just included them into the fedration.
- They wanted M$50 mil