SFZ Forest City To Be Launched On Friday, Incentives To Be Introduced - State Exco

JOHOR BAHRU, Sept 16 (Bernama) – Forest City’s special financial zone (SFZ) will be launched this Friday with various incentives and packages to stimulate investment, growth and economic activities in Johor.

Johor Investment, Trade, Consumer Affairs and Human Resources Committee chairman Lee Ting Han said Finance Minister II Datuk Seri Amir Hamzah Azizan is expected to grace the event and explain the significance of the SFZ.

"Packages and incentives will be offered to insurance finance companies and others," he said in response to questions about the SFZ in Forest City at a press conference after officiating Sunbeam Splash 2.0 at the Austin International Convention Centre here today.

On Aug 25 last year, Prime Minister Datuk Seri Anwar Ibrahim announced the formation of SFZ in Forest City and incentives to boost Johor’s economic activities and surrounding areas.

On Johor’s main export contributing sectors after recording RM5.2 billion in July exports, Lee said petrochemicals and chemicals, electricity and electronics (E&E), and non-metallic materials were among those sectors.

"The petrochemicals and chemicals sector was among the contributors. We have industrial areas such as Pengerang, Pasir Gudang and also Tanjung Langsat.

"Meanwhile, the E&E sector involves semiconductors and non-metallic materials which also contribute to the basic manufacturing materials for other sectors," he said.

Malaysia's chief statistician Datuk Seri Dr Mohd Uzir Mahidin reportedly said Johor, Selangor and Penang dominate Malaysia's exports, contributing 70.6 per cent of July 2024’s total exports.

July exports were worth RM131.1 billion, a 12.3 per cent rise from RM14.4 billion a year ago.

The rise was influenced by higher exports in most states, namely Johor (+RM5.2 billion), Selangor (+RM2.3 billion), Penang (+RM1.9 billion), Sarawak (+RM1.8 billion), Kuala Lumpur (+RM1.3 billion).

-- BERNAMA