Singapore is doubling its power import capacity under a regional trading agreement in a bid to meet growing energy demand.

Singapore currently imports up to 100 megawatts (MW) of renewable energy from Laos through a cross-border initiative called the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project (LTMS-PIP). This will double to a maximum of 200MW of renewable hydropower, with supply from Malaysia as well.

Additional clean energy supply will come from Malaysia, increasing the total electricity import capacity to 200 megawatts (MW) via the Laos-Thailand-Malaysia-Singapore (LTMS) power integration project,

The government is also offering lower income tax rates for foreign workers as well as concessionary corporate tax rates to attract international firms.

Malaysia is offering 0% tax rate for family offices to set up shop in its struggling mega-project Forest City, as it looks to revive investor interest in the $100 billion development near its border with Singapore.

Malaysia announced on Friday tax breaks and incentives for the troubled Forest City development, a $100 billion project backed by Chinese developer Country Garden Holdings, in a bid to lure investments and spur economic growth in the area.