Introduces a Special Financial Zone in Forest City to attract foreign investment

On 25 August 2023, the Government of Malaysia announced the introduction of a Special Financial Zone (SFZ) in Forest City, aimed at boosting investment. The SFZ is meant to lower the cost of doing business by offering several incentives and the extension of benefits previously available in Iskandar Malaysia to encompass Forest City. Key incentives include a specialized income tax rate of 15 percent for skilled workers and the provision of multiple entry visas, aimed at attracting and retaining talent and businesses in the area.

• Type:

  • Treatment and operation (Immigration regulations)
  • Promotion and facilitation (Special economic zones)
  • Promotion and facilitation (Investment facilitation , Investment incentives)

• Industry:

  • Not industry specific

• Sources:

  • Government of Malaysia, SPECIAL FINANCIAL ZONE TO BE CREATED IN FOREST CITY – PM ANWAR, https://www.pmo.gov.my/2023/08/special-financial-zone-to-be-created-in-forest-city-pm-anwar/, 25 Aug 2023
  • thestar, Forest City a special financial zone to boost econom, https://www.thestar.com.my/news/nation/2023/08/25/forest-city-a-special-financial-zone-to-boost-economy-says-pm, 25 Aug 2023
  • nst, Forest City granted special financial zone status to attract foreign investment, PM reveals, https://www.nst.com.my/news/nation/2023/08/947406/forest-city-granted-special-financial-zone-status-attract-foreign, 25 Aug 2023