Malaysia set to launch Forest City’s special financial zone on Sept 20
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The special financial zone in Forest City (above) was first announced by Malaysian Prime Minister Anwar Ibrahim on Aug 25, 2023.
PHOTO: ST FILE
Malaysia is set to launch Forest City’s special financial zone (SFZ) on Sept 20, which will come with incentives to stimulate economic activities in Johor.
The chairman of Johor’s investment, trade, consumer affairs and human resources committee, Mr Lee Ting Han, said on Sept 16 that “packages and incentives will be offered to insurance finance companies and others”, reported state news agency Bernama.
He was responding to questions about Forest City’s SFZ at a press conference at the Austin International Convention Centre in Johor Bahru.
He reportedly said that Finance Minister II Amir Hamzah Azizan is expected to attend the launch of the SFZ and explain the zone’s significance.
In July, Johor recorded RM5.2 billion (S$1.2 billion) in exports, mainly in sectors such as petrochemicals and chemicals, electricity and electronics, and non-metallic materials, said Mr Lee.
Johor, Selangor and Penang dominated Malaysia’s exports, making up 70.6 per cent of the July total exports, reported Bernama, citing Malaysia’s chief statistician Mohd Uzir Mahidin.
The SFZ in Forest City was first announced by Malaysian Prime Minister Anwar Ibrahim on Aug 25, 2023.
Datuk Seri Anwar said then that incentives that would be introduced include multiple entry visas, fast-track entry for those working in Singapore, and a flat income tax rate of 15 per cent for knowledge workers.
