Malaysia unveiled a slew of tax incentives to lure investors to its joint special economic zone with Singapore that seeks to add $26 billion per year to the Malaysian economy by 2030.

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.

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.