Forest City ‘special financial zone’ to be launched on Sept 20 in Johor
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A night view of Forest City.
PHOTO: ST FILE
JOHOR BAHRU - Forest City’s special financial zone (SFZ) will be launched on Sept 20 with various incentives and packages to stimulate investment, growth and economic activities in Johor.
Johor Investment, Trade, Consumer Affairs and Human Resources Committee chairman Lee Ting Han said Malaysian Finance Minister II Amir Hamzah Azizan is expected to grace the event and explain the significance of the SFZ.
“Packages and incentives will be offered to insurance finance companies and others,” he said in response to questions about the SFZ in Forest City at a press conference after officiating Sunbeam Splash 2.0 at the Austin International Convention Centre on Sept 16.
On Aug 25, 2023, Malaysian Prime Minister Anwar Ibrahim announced the formation of SFZ in Forest City and incentives to boost Johor’s economic activities and surrounding areas.
Johor recorded RM5.2 billion (S$1.2 billion) in July exports, with petrochemicals and chemicals, electricity and electronics (E&E), and non-metallic materials among the main export contributing sectors, Mr Lee said.
“The petrochemicals and chemicals sector was among the contributors. We have industrial areas such as Pengerang, Pasir Gudang and also Tanjung Langsat.
“Meanwhile, the E&E sector involves semiconductors and non-metallic materials, which also contribute to the basic manufacturing materials for other sectors,” he said.
Malaysia’s chief statistician Mohd Uzir Mahidin reportedly said Johor, Selangor and Penang dominate Malaysia’s exports, contributing 70.6 per cent of July’s total exports. THE STAR/ASIA NEWS NETWORK