Special financial zone to be created in Forest City - PM

 

The government will create a special financial zone in Forest City, Johor to boost investment, growth, and economic activities in the state.

In making the announcement, Prime Minister Anwar Ibrahim said this means the cost of doing business in this special financial zone is more affordable, aided by several government incentives.

This also means other management costs in the zone are not too high, such as for tourism, education, and health, said Anwar, who is also the finance minister.

He said Johor’s strategic location next to Singapore and having complete basic infrastructure can attract more investors especially when costs in Singapore are very high nowadays.

“This is in line with the Madani Economy framework... and the synergy that exists in Johor is different from other states and (we) can take advantage of Singapore’s achievements… among them are the costs that are very high that large companies cannot bear,” he said.

He was speaking during the Budget 2024 Johor State Tour at the Banquet Hall, Bangunan Sultan Ismail, Kota Iskandar, in Iskandar Puteri today.

Thus, Anwar said all ministries, departments, and state governments should ensure that plans to create a special financial zone can be implemented in the near future.

He also announced several incentives in the special financial zone, the expansion of incentives in Iskandar Malaysia to Forest City, including a special income tax rate of 15 percent for skilled workers and multiple entry visas.

Johor is the second state after Malacca for the Finance Ministry’s engagement session with all state governments to collect input regarding Budget 2024, which will be presented in Parliament on Oct 13.

This is the first engagement session of the state attended by Anwar in conjunction with Budget 2024.

Also present were Deputy Finance Minister Ahmad Maslan and Johor Menteri Besar Onn Hafiz Ghazi.

- Bernama