PMX Wants to Make Forest City Johor a Financial Hub Like Dubai?

<p>&nbsp;Along with the MADANI economy, Prime Minister Datuk Seri Anwar Ibrahim has announced Forest City, Johor as a Special Financial Zone when speaking at the Johor State Budget 2024 Tour dialogue ceremony, last Friday.</p><p><br /></p><p>The move is aimed at increasing foreign investment into Malaysia in addition to boosting economic development around the area.</p><p><br /></p><p>According to Anwar, apart from Johor's privilege of being a neighbor to Singapore and Forest City's complete infrastructure, he saw the importance of Johor and Singapore complementing each other.</p><p><br /></p><p>He added that Singapore had a history with Malaysia and we should complement each other rather than compete.</p><p><br /></p><p>Forest City was previously reported to have created thousands of job opportunities for the surrounding residents and provided many contracts to local contractors.</p><p><br /></p><p>As the Minister of Finance, Anwar stated that several additional incentives will be provided in the special zone area including a special tax income rate of 15% for industrialists in Forest City, a special 'multiple entry visa' permit and a fast track for immigration between the special zone and Singapore.</p><p><br /></p><p><br /></p><p>He is confident that this initiative will further increase the attraction of investors with the facilities available in Forest City in terms of medicine, education and tourism.</p><p><br /></p><p>He also insisted that the implementation will not be delayed once the policy has been determined and announced.</p><p><br /></p><p>In another development, the Chinese real estate firm that is currently squeezed by the crisis, namely Country Garden, is also reported to be involved in the Forest City development project.</p><p><br /></p><p>Country Garden reports that the $100 billion investment in the Forest City project in Johor is progressing as planned and with enough assets despite many judging the firm's financial level to be worrying.</p><p><br /></p><p>Concerns like this are not new as Forest City in Iskandar Puteri has previously been accused of being a failed mega project.</p><p><br /></p><p>However, Tengku Mahkota Johor (TMJ) Tunku Ismail Sultan Ibrahim appeared to deny the allegations as baseless slander by certain parties.</p><p><br /></p><p>The project has not only increased job opportunities for the people of Johor, but also contributed to the state's opinion in the form of taxes, dividends and others.</p>