Forest City's Special Financial Zone: A Leap Forward with New Favorable Policies
Time: 17:15: Apr-15, 24     Author :   news
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On April 6, 2024, the Chief Minister of Johor, Onn Hafiz Ghazi, announced plans to integrate Forest City into the Johor-Singapore Special Economic Zone (JS-SEZ). He expressed confidence that with several plans underway, Forest City will see new opportunities and a surge in economic activity.

Following his visit to Forest City, Onn Hafiz revealed on Facebook that these initiatives include designating Forest City as a Special Financial Zone, establishing an Invest Malaysia Coordination Center (IMFC) there, and hosting the 2025 ASEAN Tourism Forum from January 19 to 25 in Forest City. He believes that these plans will bolster investor confidence to view Forest City as a strategic business location, positioning Johor as a spotlight for international investment.

Onn Hafiz also shared that he had met with Forest City’s leadership to discuss promoting the area, international business events, and hosting large-scale international events. Furthermore, he expressed gratitude to the Minister of Investment, Trade, and Industry, Tengku Zafrul Aziz, for proposing the establishment of the IMFC in Johor, marking a pioneering collaborative investment entity between the central and state governments.

The minister noted that the conveniences offered by the coordination center would attract more foreign investment and positively impact the JS-SEZ. The government's move into Forest City indicates significant ties to economic policymaking and resource allocation, enhancing the economic functions of Forest City.

He also thanked the Minister of Tourism, Arts, and Culture, Datuk Seri Tiong King Sing, for agreeing to select Forest City as the venue for the 2025 ASEAN Tourism Forum. This recognition of Forest City as a venue for tourism and major events suggests that it may host more significant domestic and international events in the future.

In related news, transportation developments are closely linked to Forest City's progress. On the evening of April 5, the Malaysian Minister of Transport, Anthony Loke Siew Fook, suggested on the podcast "Take A Break" that if the Kuala Lumpur-Singapore High-Speed Rail (HSR) project were to restart, it should include strategic areas such as Forest City within the JS-SEZ.

The HSR project was initially set to begin in 2018 but faced delays due to political shifts in Malaysia, ultimately being terminated on January 1, 2021. The reinstated unity government of 2022 is revisiting the HSR project, with Singapore's Ministry of Transport prepared to consider proposals to restart it. This development signals the potential recommencement of the HSR, promising more efficient and faster transportation for Forest City's Special Financial Zone and further upgrades to its transit systems.

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