ISKANDAR PUTERI – The government plans to establish a special financial zone in Forest City in order to boost investment, growth, and economic activity in the state of Johor.
In making the announcement, Prime Minister Datuk Seri Anwar Ibrahim said that this means the cost of conducting business in this special financial zone is now more affordable, thanks to a number of government incentives.
This also means that other management costs in the zone, such as tourism, education, and health, are not too high, said Anwar, who is also finance minister.
He said that Johor’s strategic location next to Singapore, as well as its complete basic infrastructure, can attract more investors, especially since the cost of living in Singapore is currently considered very high.
“This is in line with the Madani Economy framework, and the synergy that exists in Johor is different from other states, and we can take advantage of Singapore’s achievements. Among them are the costs that are so high that large companies cannot bear them,” he said during the Johor Budget 2024 Tour at Bangunan Sultan Ismail, Kota Iskandar, here, today.
Thus, Anwar said all ministries, departments, and state governments must ensure that the plans to establish a special financial zone can be implemented quickly.
He also announced several incentives in the special financial zone, including the expansion of incentives in Iskandar Malaysia to Forest City, including a special income tax rate of 15% for skilled workers and multiple entry visas.
Johor is the second state, following Melaka, for the Finance Ministry’s engagement session with all state governments to collect input for Budget 2024, which will be presented to Parliament on October 13.
This is the first engagement session in the state attended by Anwar in conjunction with Budget 2024.
Also present were Deputy Finance Minister Datuk Seri Ahmad Maslan and Johor Menteri Besar Datuk Onn Hafiz Ghazi. – August 25, 2023