LIMA, PERU - Singapore has proposed to make an 'iconic investment' in Iskandar Malaysia as a symbol of commitment between the two countries, said Deputy Prime Minister Datuk Seri Najib.

He said the suggestion was put forward by Singapore Prime Minister Lee Hsien Loong when the two met at the sidelines of the Asia Pacific Economic Cooperation leaders summit here on Saturday.

'The investment will be some sort of high impact economic project that is viable and effective for the two nations.

'The Singapore PM said the investment was a symbolic one as a commitment of his nation to Iskandar Malaysia,' said Najib to Malaysian newsmen at the end of the two-day Apec summit on Sunday.

Iskandar Malaysia in Johor is the new name of the Iskandar Regional Development Area, one of the five regional development corridors launched by the Government in the past four years.

Prime Minister Datuk Seri Abdullah Ahmad Badawi had said at the launch of the project that Iskandar Malaysia would be to Singapore what "Shenzen is to Hong Kong" as the area is close to the Second Link that connects the two neighbouring nations.

Foreign Minister Datuk Seri Dr Rais Yatim, who was present at the meeting between Najib and Lee, said the two leaders have left it to their officials to discuss details of the proposed investment.

'The officials will also decide on the scope and value of the investment that is to be made,' Dr Rais added.

He also revealed that he would meet with his Singaporean counterpart George Yeo in Bali to discuss the schedule for the negotiations of unresolved issues between the two countries.

Najib had earlier announced that he and Lee had agreed that the two Foreign Ministers should meet to discuss the unresolved points of agreement that was stated in the 1990 agreement between Malaysia and Singapore.

Dr Rais said he and Yeo would discuss the schedule for discussion as well as the issues.