Forest City’s Special Financial Zone (SFZ) will commence on 20th September with a variety of incentives and packages to encourage investment, growth, and economic activity in Johor.
According to the Star, Johor Investment, Trade, Consumer Affairs, and Human Resources Committee chairman Lee Ting Han has stated that Malaysian Finance Minister II Amir Hamzah Azizan is slated to attend the ceremony and explain the significance of the SFZ.
“Packages and incentives will be offered to insurance finance companies and others,” he said in response to questions about the SFZ in Forest City at a press conference after officiating Sunbeam Splash 2.0 at the Austin International Convention Centre on 16th September.
Malaysian Prime Minister Anwar Ibrahim announced on 25th August 2023, the establishment of an SFZ in Forest City, as well as incentives to stimulate Johor’s economic activity and adjacent areas.
Johor’s exports in July totalled RM5.2 billion, with petrochemicals and chemicals, electricity and electronics (E&E), and nonmetallic products accounting for the majority of the exports, according to Lee.
“The petrochemicals and chemicals sector was among the contributors. We have industrial areas such as Pengerang, Pasir Gudang and also Tanjung Langsat.
“Meanwhile, the E&E sector involves semiconductors and non-metallic materials, which also contribute to the basic manufacturing materials for other sectors,” he said.
Johor, Selangor, and Penang are believed to account for 70.6% of Malaysia’s total exports in July, according to reports citing the country’s chief statistician, Mohd Uzir Mahidin.
