Forest City to become free trade zone to boost local economy, tourism
This development comes following the signing of the Memorandum of Understanding (MoU) between Malaysia and Singapore in Jan 2024, marking a new era of economic collaboration.
SHAH ALAM - The Johor-Singapore Special Economic Zone (JSSEZ) is set to receive a major boost with the designation of Forest City as a Free Trade Zone, aimed at supporting local tourism and economic activities.
This development comes following the signing of the Memorandum of Understanding (MoU) between Malaysia and Singapore in Jan 2024, marking a new era of economic collaboration.
Presenting the Malaysia Madani Budget 2025, Finance Minister Datuk Seri Anwar Ibrahim announced that the government has approved Forest City as a Free Trade Zone to support tourism activities and the local economy.
He emphasised that this initiative is part of a broader strategy to enhance the region’s economic prospects.
“A tax incentive package has been introduced for the Forest City Special Financial Zone, with a focus on encouraging financial services such as global business services in finance and Fintech.
“The newly launched Single Family Office scheme aims to promote family fund management within this zone,” he said.
In his speech, Anwar explained that to facilitate the operation of the Family Office, the Securities Commission will act as the approving authority for granting Resident Passes and Employment Passes to Founding Family Investors and relevant Family Office investment professionals.
Looking ahead, the government has promised further incentives to attract high-quality investments and create high-value job opportunities in the JSSEZ.
“The government will also provide special incentives to attract high-quality investments and offer high-value jobs. These incentives will be announced by the end of this year.
“Additionally, the establishment of the Invest Malaysia Facilitation Centre - Johor (IMFC-J) is underway to streamline investment processes within the JSSEZ.
“This centre is expected to play a crucial role in reducing bureaucracy and expediting approvals for investors in the region,” Anwar said.
