Singapore and Malaysia agreed to build a high-speed rail link between Singapore and Kuala Lumpur by 2020, the prime ministers of the two countries announced on Tuesday.

The rail link will allow people to travel from Singapore to Kuala Lumpur within 90 minutes, said Malaysian Prime Minister Najib Razak.

Singapore Prime Minister Lee Hsien Loong and Najib, who is in Singapore for an informal meeting with his Singaporean counterpart, both described the high-speed rail link as a "game changer."

The rail link will dramatically improve the connectivity between the two countries and "usher in a new era of strong growth, prosperity and opportunities for both countries," they said in a joint statement.

"It will facilitate travel between Kuala Lumpur and Singapore, enhance business linkages and bring the peoples of Malaysia and Singapore closer together," the statement said. "Ultimately, this project will give both countries greater stakes in each other's prosperity and success."

Lee said the high-speed rail link will change the way the two countries see each other, much like what happened when a high- speed railway was built between England and France.

The rail link is expected to be completed by 2020.

There are current three trains daily departing from Singapore for Kuala Lumpur, with a travel time of six to seven hours. It takes four to five hours by bus between the two cities more than 300 kilometers apart.