Malaysia's Forest City: The rise of the Special financial zone ushered in a new era of regional economy

ISKANDAR PUTERI, Malaysia, Oct. 3, 2024 /PRNewswire/ -- Johor, Malaysia, has ushered in a moment of great historical significance. Witnessed by the Regent of Johor, Forest City Special Financial Zone (SFZ) was officially announced. The Second Minister of Finance of Malaysia and the State Minister of Johor attended the press conference.

The Second Minister of Finance and the State Minister introduced the planning and vision of the SFZ detail. The SFZ will strive to become a highland of financial innovation in the region, attract various financial institutions to settle in, and promote the vigorous development of the financial industry.

The Second Minister of Finance introduced Forest City as the first location in Malaysia to offer zero tax rate for family offices, He added that supported by good infrastructure, a competitive talent pool, robust common law practices and effective governance, opportunities were abound for family offices.

The development of the financial zone is of great significance to Johor, especially in the field of international finance and banking. The state government is committed to introducing advanced financial formats and financial infrastructure in Johor. With the unique advantage of being adjacent to Singapore, the Asia-Pacific financial center, the Forest City SFZ will develop a new financial ecosystem that complements and cooperates with Singapore, rather than competing with each other, and is expected to become the financial "dual-core engine" in the ASEAN region.

The construction of the Forest City SFZ will bring more investment opportunities to Johor, create more jobs, and promote the rapid development of the local economy. At the same time, it will further enhance Johor's status and influence in the international financial field and make positive contributions to the prosperity of the regional economy.

Financial experts are confident about the development prospects of the financial zone. They believe that the establishment of the Forest City SFZ will inject new impetus into the growth of the regional economy. With its unique geographical location, superior policy environment and perfect infrastructure, it is expected to attract a large number of financial resources to gather and form a strong financial industry cluster.

Forest City is actively promoting the application for the "Malaysian Digital Status". Qualified companies will enjoy a 10-year corporate income tax exemption. In July 2024, Forest City Island 1 was officially listed as a duty-free island, which will attract more investors and companies to settle in and further promote its economic development.

Forest City is applying for "Malaysian Digital Status" with qualified companies enjoying a 10-year corporate income tax exemption. In July 2024, Island 1 was listed as a duty-free island. The Johor State Government plans to set up the Investment Malaysia Coordination Center (IMFC) in Forest City. With multiple preferential policies, Forest City has become a "special zone within a special zone", attracting government departments and enterprises. It will ignite the regional economic development engine.