SFZ Forest City to be launched on Friday, incentives to be introduced

JOHOR BAHRU: The Forest City Special Financial Zone (SFZ) will be launched this Friday, offering a range of incentives and packages aimed at stimulating investment, growth and economic activities in Johor.

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

“We will offer packages and incentives to insurance and financial companies and others,” he said in response to questions about the Forest City SFZ at a news conference following the Sunbeam Splash 2.0 event at the Austin International Convention Center.

On August 25 last year, Prime Minister Datuk Seri Anwar Ibrahim announced the establishment of an SFZ in Forest City and initiatives to boost economic activities in Johor and its surrounding areas.

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

“The petrochemical and chemical sector has been one of the factors contributing to the growth. We have industrial areas such as Pengerang, Pasir Gudang and also Tanjung Langsat.

“Meanwhile, the E&E sector includes semiconductors and non-metallic materials, which are also basic production materials for other sectors,” he said.

Malaysia’s Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin reportedly said Johor, Selangor and Penang dominate Malaysian exports, accounting for 70.6% of total exports in July 2024.

Exports in July stood at 131.1 billion ringgit, up 12.3 percent from 14.4 billion ringgit a year earlier.

The increase was driven by higher exports in most states, namely Johor (+RM5.2 billion), Selangor (+RM2.3 billion), Penang (+RM1.9 billion), Sarawak (+RM1.8 billion), Kuala Lumpur (+RM1.3 billion). – Bernama

Special Financial Zone, Lee Ting Han, Forest City, Launch, Incentives