KUALA LUMPUR, Oct 18 (Bernama) -- The establishment of the Johor-Singapore Special Economic Zone (JS-SEZ) is set to enhance the economic landscape of both Malaysia and Singapore, positioning them as a global hub along a key shipping route, said the Ministry of Finance (MoF).
In its Economic Outlook 2025 report today, MoF highlighted that the JS-SEZ initiative draws inspiration from successful models like the Shenzhen SEZ and Dubai International Financial Centre.
“The JS-SEZ aims to foster collaboration between the two nations, leveraging their complementary strengths.
“It aligns with several existing development plans in Johor and Singapore, including the Forest City Special Financial Zone, Malaysia’s National Semiconductor Strategy and Singapore’s Industry Transformation Maps,” said the ministry.
MoF also said that the shared objectives focus on attracting high-value investments, promoting inclusive development, and ensuring sustainable growth.
Key industries targeted within the JS-SEZ include logistics, financial services, tourism, food security, education, healthcare, digital economy, energy, and manufacturing.
MoF said that the Forest City Special Financial Zone in Iskandar Puteri, Johor, is designated to enhance foreign investment and further support the development of JS-SEZ, particularly in the financial sector.
“The Forest City Special Financial Zone is specifically designed to bolster foreign investment in the financial sector, offering attractive tax incentives to global companies, including exemptions and special rates on corporate tax for firms, special rates on income taxes for skilled workers, as well as exemptions and special rates on stamp duty for properties,” it said.
To facilitate investment, a dedicated one-stop business centre will streamline approval processes, creating job opportunities and stimulating economic growth in the region, stated MoF.
In July 2024, the parliament passed the amendments of five bills to designate Pulau Satu as a duty-free island.
This would promote economic activities in Iskandar Malaysia including financial, tourism and retail activities that benefit both countries, said MoF.
-- BERNAMA
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