ISKANDAR PUTERI (THE STAR/ASIA NEWS NETWORK) - Malaysian Prime Minister Datuk Seri Najib Razak has announced four special incentives for the multi-billion ringgit mixed development project Forest City in Johor, including making the four manmade islands duty free.
He also announced special corporate tax breaks as well as tax breaks for those involved in tourism, education and healthcare sectors.
"The companies given the tax breaks will not be imposed with restrictions on foreign ownership of their company shares," he said, hoping that all these incentives are able to help contribute RM175 billion (S$59 billion) in foreign direct investments by 2035.
He added that the project is expected to offer 220,000 job opportunities to Malaysians in the next 20 years.
Najib made the announcement during the launch of the project, which was officially opened by Sultan of Johor Sultan Ibrahim Sultan Iskandar.
The Ruler signed the plaque to launch the project, witnessed by Mr Najib and Mentri Besar Datuk Mohamed Khaled Nordin during the grand opening ceremony held at the Forest City sales gallery on Sunday (March 6).