In the coming year or two, Johor’s economy could surpass that of other Malaysian states thanks to significant projects like the Johor-Singapore Special Economic Zone ( SEZ ) and Forest City’s special financial zone; Anwar Ibrahim, the prime minister of Malaysia, said on Thursday ( Apr 18 ) that there was “pur growth.”
” Both ( projects ) will ensure a more rapid growth ( for Johor ). During a Madani Aidilfitri 2024 event in Johor Bahru, he said to reporters that they are still being developed but will aid in accelerating economic development.
In January, Singapore and Malaysia signed a Memorandum of Understanding ( Johor-Singapore SEZ ). which aims to boost cross-border financial connection.
Both parties will work together under the MOU to promote cross-border flow of goods and people, and create a foundation that will enable a full contract on the area.
In the interim, both nations are looking into other initiatives, including a passport-free certification program on both sides of the border.
In order to boost the economy in the Iskandar Malaysia region, Mr. Anwar made an announcement in August of last year that the blighted Forest City task in Johor had become designated a particular financial zone.
The area may provide enterprise incentives to set up operations, such as a flat income tax rate of 15 per cent for skilled foreign workers, compared to the 30 per cent abroad, many entry visas, as well as fast track entry for those who are based in Singapore.
According to Mr. Anwar, I am convinced that this will draw in some businesses in Singapore that are paying high running costs.
In his Thursday talk, the excellent secretary said Johor continues to drive progress in Malaysia, with the country’s progress and development among the top nationwide.
” We are establishing a special economic zone that you build a close relationship We are creating a unique economic territory in Forest City in collaboration with Singapore. These indicate that Johor will report a very fast growth, ” he said.