Forest City incentives will help attract international capital, says Anwar

• With the introduction of the single family office scheme, coordinated by the Securities Commission Malaysia, Prime Minister Datuk Seri Anwar Ibrahim hopes to attract regional and Malaysian families to manage their family wealth from Malaysia.

ISKANDAR PUTERI (Sept 26): The recently announced incentives are expected to attract international capital to Forest City’s special financial zone (SFZ) and Johor, which is considered the country's new main growth engine, said Prime Minister Datuk Seri Anwar Ibrahim.

The prime minister was referring to the incentives announced by the government last Friday to jumpstart the Forest City SFZ, which include a concessionary corporate tax rate of between 0% and 5%, a special individual income tax rate of 15% for knowledge workers and Malaysians working there, as well as a 0% tax rate for family offices.

"Last week, we announced a competitive package of incentives to make Forest City a magnet for international capital," Anwar said in his keynote address at Invest Malaysia 2024 here.

"This is quite a special sort of consideration because we want to propel Johor as one of the primary engines of growth in the country," he added.

With the introduction of the single family office scheme, coordinated by the Securities Commission Malaysia, Anwar hopes to attract regional and Malaysian families to manage their family wealth from Malaysia.

Johor-Singapore collaboration vital for economic growth

Besides the recently announced initiatives in Forest City, Anwar emphasised the significance of Johor’s collaboration with Singapore in driving economic growth, particularly within the Johor-Singapore Special Economic Zone (JSSEZ).

“Johor's success stems from the strong cooperation between the federal and state governments, alongside Singapore. Policymakers, investors, and businesses from both countries have worked together to make this zone a success,” he said.

Anwar reaffirmed the government’s commitment to maintaining robust ties with Singapore, noting that any issues between the two nations are minor and can be resolved through dialogues.

“We benefit from a win-win relationship, and I am eager to strengthen our collaboration with Singapore, especially as Malaysia prepares to chair Asean next year,” he added.

The flagship edition of Invest Malaysia 2024, organised by Bursa Malaysia Bhd (KL:BURSA), is held for the first time in Johor this year. With a special highlight on the JSSEZ, the conference is co-hosted with Malayan Banking Bhd (KL:MAYBANK), CIMB Securities, and HSBC Malaysia.

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