Forest City a special financial zone to boost economy, says PM

KOTA ISKANDAR: The government has designated the multi-billion ringgit Forest City project as a special financial zone to spur the economy in Iskandar Malaysia, says Prime Minister Datuk Seri Anwar Ibrahim.

He said among the incentives were allowing for multiple entry visas, fast track entry for those working from Singapore and a flat income tax rate of 15% for knowledge workers.

"This will spur the growth of those involved in healthcare, education and tourism," he said at a gathering with about 200 people here during his nationwide tour to gather feedback on the 2024 Budget.

He said all these incentives were in addition to what has been announced for Forest City.

"I am confident this will attract many companies which are experiencing high operating costs in Singapore," he said, adding that housing and education costs were also high in the island republic.

He added the Immigration Department has been directed to look into the matter.

Anwar said that Johor has a uniqueness as its next to Singapore and instead of competing with each other, Malaysia and the island republic could complement each other.