THE special financial zone (SFZ) in Forest City will benefit both Johor and Singapore, especially in terms of economic growth, Stulang assemblyman Andrew Chen Kah Eng said.

He mentioned that the financial, manufacturing, and services sectors would see an increase in economic spillovers. He also highlighted that Johor’s proximity to Singapore is one of the state’s unique selling points, which helped attract RM70 billion in foreign direct investments 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 influx of Singaporean investors would also strengthen demand for the ringgit and help to stabilise the currency’s value.

On August 25, Prime Minister Anwar Ibrahim announced that the government would establish the SFZ in Forest City, as well as introduce incentives which include multiple entry visas and fast-track entry for those working in Singapore as well as a flat income tax rate of 15% for skilled workers. – Bernama, September 10, 2023.