Malaysia’s Forest City, backed by China, set to become a special financial zone

The Forest City Special Financial Zone (SFZ) will be launched on Friday, offering various incentives and packages aimed at boosting investment, growth and economic activities in Johor.

Johor State Investment, Trade, Consumer Affairs and Human Resources Committee chairman Lee Ting Han said Finance Minister Amir Hamzah Azizan is expected to be present at the event to explain the significance of the SFZ.

“Packages and incentives will be offered to insurance, financial and other companies,” he said.

On August 25 last year, Malaysian Prime Minister Anwar Ibrahim announced the establishment of a free trade zone (SFZ) for the Chinese-backed Forest City and initiatives to boost economic activity in Johor and surrounding areas.

On Johor’s top export sectors, after recording exports of 5.2 billion ringgit (US$1.2 billion) in July, Lee listed petrochemicals and chemicals, electricity and electronics (E&E) and non-metallic materials.