KOTA ISKANDAR, Johor - Malaysia’s government has designated the multi-billion ringgit Forest City project as a special financial zone to spur the economy in Iskandar Malaysia, said Prime Minister Anwar Ibrahim.

He listed some incentives including allowing for multiple entry visas, fast track entry for those working in Singapore and a flat income tax rate of 15 per cent for knowledge workers.

“This will spur the growth of those involved in healthcare, education and tourism,” he said at a gathering with about 200 people here during his nationwide tour to gather feedback on the 2024 Budget.

He said all these incentives were in addition to what has been announced for Forest City.

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

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

Datuk Seri Anwar said that Johor has a uniquen advantage as it is next to Singapore and instead of competing with each other, Malaysia and the island republic could complement each other. THE STAR/ASIA NEWS NETWORK