Forest City’s SFZ to propel Johor as premier investment hub
23 Sep 2024
Johor is set to become a prime investment destination with the introduction of the Special Financial Zone (SFZ), marking a significant milestone for both local and international investors.
Johor Investment, Trade, Consumer Affairs and Human Resources Committee chairman Lee Ting Han said the SFZ’s strategic incentives and infrastructure would position the state as a competitive player in Southeast Asia’s investment landscape.
“The introduction of the SFZ signals a new era of opportunities. With attractive tax incentives, streamlined regulations and world-class infrastructure, Johor is poised to emerge as one of the most competitive investment destinations in the region,” he told the New Straits Times, today.
The SFZ will provide a business-friendly environment that reduces red tape and accelerates growth opportunities across key sectors, including technology, finance, logistics and manufacturing.
Lee likened its potential to the transformation of Johor’s petrochemical industry, recalling how, over the past 10 to 15 years, the Pengerang Integrated Petroleum Complex in Kota Tinggi became a major industrial hub through collaborative efforts by the federal and state governments.
“Just as we built a comprehensive ecosystem in Pengerang, we aim for the SFZ, particularly Forest City, to replicate this success in the financial and technology sectors,” he said.
Local businesses, will not be left behind, Lee said. The state government is committed to ensuring that domestic companies seize the opportunities presented by the SFZ through capacity-building programmes, SME incentives and partnerships with international firms.
Local companies will also gain access to financing, advanced technologies and innovation, enabling them to remain competitive. Additional workforce training and certification programmes will further uplift local talent, equipping them with the skills necessary for the evolving business landscape.
The SFZ is expected to cement Johor’s status as a global hub for trade, finance and investment, attracting multinational corporations and fuelling Malaysia’s economic growth.
“SFZ will drive innovation, create jobs and support sustainable development, reinforcing Johor’s role as a key gateway to Asean markets and enhancing investor confidence worldwide.
The SFZ will elevate Johor on the global stage, attract major players and place the state firmly on the world investment map,” Lee said.
On Friday (Sept 20), Finance Minister II Datuk Seri Amir Hamzah Azizan announced the Forest City SFZ incentive packages, aimed at attracting international capital to the zone.
He said the establishment of the Forest City SFZ was not merely a new chapter in the country’s financial development, but a bold vision that would position Malaysia as a dynamic player on the global financial stage.
Source: NST
