Forest City granted special financial zone status to attract foreign investment, PM reveals

Forest City granted special financial zone status to attract foreign investment, PM reveals

25 Aug 2023

orest City, a mega multi-million-development project in Iskandar Puteri, has been designated a Special Financial Zone.

Prime Minister Datuk Seri Anwar Ibrahim announced this today, saying that the move aimed to boost foreign investment and simultaneously invigorate the economic growth in Iskandar Malaysia.

Anwar, also the finance ministry, said underpinning this initiative was a key provision to benefit knowledge workers (K-workers) within the special financial zone.

As knowledge-workers (k-workers), he said they would enjoy a flat income tax rate of 15 per cent with immediate effect.

He added that other facilities offered to eligible companies and individuals include special-rate tax incentives and expedited immigration lanes to facilitate the entry of experts from abroad.

The prime minister made the announcement during his speech at the Jelajah Belanjawan tour, held at the Dewan Banquet in Bangunan Sultan Ismail in Kota Iskandar here today.

“These incentives would stimulate growth, particularly in healthcare, education, and tourism.

“I am confident that these measures would attract numerous companies facing high operational costs in Singapore,” he said, citing the republic’s elevated housing and education costs.

“The Immigration Department was instructed to facilitate the rollout of these incentives,” he said.

He said the unique advantage of Johor’s proximity to Singapore should be seen as a complementing factor.

“Johor and Singapore should not compete but complement each other towards an economic cooperation aimed at maximising the potentials of both nations.

“The Forest City project’s designation as a special financial zone further shows the unity government’s commitment to fostering economic growth and competitiveness in the Iskandar Malaysia region,” Anwar said.

The first leg of the nationwide Jelajah Belanjawan tour kickstarted in Johor.

It attracted industry players from various to collect feedback on the 2024 Budget.

Source: NST