The special financial zone (SFZ) in Forest City will benefit both Johor and Singapore, especially in terms of economic growth and job creation, said Stulang state assemblyman Andrew Chen Kah Eng.
He said the economic spillovers will increase in the financial, manufacturing and services sectors, noting that Johor’s proximity to Singapore is one of the state’s unique selling propositions, enabling the state to attract foreign direct investments totalling RM70 billion last year.
“I also hope that the SFZ will create employment opportunities for Malaysians who are currently working in Singapore.
“Currently, about 300,000 Malaysians are commuting between Malaysia and Singapore daily, and the number of hours they spend travelling could be saved by working in Malaysia, with a competitive salary,” he said in a statement today.
He added that they would have a better work-life balance, with more time to spend with their families.
At the same time, Chen said the inflow of Singaporean investors would also strengthen demand for the ringgit, and help to stabilise the currency’s value.
On Aug 25, Prime Minister Datuk Seri Anwar Ibrahim announced that the government would establish the SFZ in Forest City, as well as incentives which include multiple entry visas, fast-track entry for those working from Singapore and a flat income tax rate of 15 per cent for skilled workers.
Source: BERNAMA News Agency