THE establishment of the Forest City Special Financial Zone (SFZ) as a landmark development in Johor will significantly boost the state’s economy.
Iskandar Investment Berhad (IIB) said the SFZ’s introduction comes at a crucial time, when the state is poised to capitalise on its strategic location and growing infrastructure, cementing its role as a vital financial and economic hub in Southeast Asia.
“We are incredibly excited about the launch of the Forest City SFZ, which is set to attract high-value investments through enticing incentives like a concessionary corporate tax rate of 0% to 5%, a flat 15% income tax rate for knowledge workers, and fast-tracked immigration processes,” said IIB president and CEO Datuk Idzham Mohd Hashim.
“We anticipate that these benefits will make Johor a highly appealing destination for multinational corporations and global financial institutions, driving job creation and growth in sectors such as financial services, technology, and logistics.
“The Forest City SFZ will be a game changer, fuelling sustainable economic development, fostering innovation, and enhancing cross-border collaboration in the region.”
The long-awaited revival of Forest City through the SFZ is also poised to further catalyse Johor’s development trajectory.
Its proximity to Singapore, one of the world’s foremost financial centres, strengthens its appeal to global investors and positions Johor as a key player in the regional economy.
Further, Iskandar Puteri’s proximity to Forest City places it in an ideal position to benefit directly from the economic spillover of this initiative.
With IIB’s existing projects such as Tech Medini and GBS Iskandar @ Medini, Iskandar Puteri is already thriving as a hub for technology and innovation.
IIB said the Forest City SFZ will complement these efforts by attracting a new wave of businesses, increasing demand for high-quality commercial space, and driving further investments in infrastructure.
This will accelerate Iskandar Puteri’s transformation into a world-class business district and a centre for high-skilled jobs.
Additionally, Johor’s upcoming transport infrastructure projects including the Rapid Transit System (RTS), the Autonomous Rapid Transit (ART), and the potential revival of the High-Speed Rail (HSR) will enhance connectivity between the SFZ, Iskandar Puteri and Singapore.
These transport links will further boost the attractiveness of Iskandar Puteri to global investors and businesses, making it an even more accessible and competitive destination.
With enhanced connectivity and integration into larger regional initiatives, Johor can attract global players by offering strategic incentives and creating customised business environments.
Johor’s SFZ can further accelerate the state’s own economic transformation, fostering innovation and driving sustainable growth for the region. – Sept 24, 2024
Main image: Bloomberg
