Industrial plan, enhancing SMEs among major announcements ahead of Malaysia’s Budget 2024: Anwar

KOTA ISKANDAR, Johor – There will be some “major announcements” before the government presents Budget 2024 in October, said Malaysian Prime Minister Anwar Ibrahim.

These include a comprehensive industrial plan to be announced next week, said Mr Anwar.

He added that it would not be an “ordinary plan”, but would focus on certain projects or sectors and provide direction, including in digital transformation.

“We will also be looking at enhancing SMEs (small and medium-sized enterprises) to generate growth and also to create more jobs,” he said, speaking at the Budget 2024 roadshow in Johor on Friday.

“While we will continue to focus our efforts on attracting foreign investments, we will also be looking at how we can further develop domestic investments that have huge potential.

“I have directed all ministries in this unity government to engage with stakeholders to get their feedback and ideas to ensure the success of the second Madani budget,” said Mr Anwar, referring to the “Malaysia Madani” concept of his administration, with the word “madani” in Arabic generally meaning civilised, or modern.

He added that the roadshow was for the government to get feedback and opinions from all levels of society, including the business community, so that the upcoming federal budget would reflect the pulse and aspirations of the people.

“The government emphasises the importance of consultation, discussion and negotiations,” he said.

The Johor leg of the roadshow was the second after the one in Melaka.

The nationwide tour to gather feedback on Budget 2024 is expected to go on until Sept 22, covering all states.

Mr Anwar also announced that the multibillion-ringgit Forest City project in Johor would be designated a special financial zone to spur the economy there and in the Iskandar Malaysia economic region.

Among the incentives, he said, were allowing multiple-entry visas and fast-track clearance for skilled workers commuting between Malaysia and Singapore.

“Knowledge workers will also enjoy a flat income tax rate of 15 per cent,” he said.

“This will spur the growth of those involved in healthcare, education and tourism.”

He said all these incentives were in addition to what was already available for Forest City.

“I am confident this will attract many companies that are experiencing high operating costs in Singapore,” he said, adding that housing and education costs were also high in the Republic.

He said the Immigration Department has been directed to look into the matter.

Mr Anwar added that Johor was unique because it was next to Singapore, and instead of competing with each other, Malaysia and the Republic could complement each other. THE STAR/ASIA NEWS NETWORK