IIB president and CEO Idzham Mohd Hashim said the launch of the SFZ arrives at a crucial time, as the state seeks to leverage its strategic location and expanding infrastructure, reinforcing its status as a vital financial and economic hub in Southeast Asia.
He said the Forest City SFZ aims to attract high-value investments through appealing incentives, including a concessionary corporate tax rate ranging from 0 to 5%, a flat income tax rate of 15% for knowledge workers, and expedited immigration processes.
“We anticipate these benefits will make Johor a highly attractive destination for multinational corporations and global financial institutions, driving job creation and growth in sectors such as financial services, technology and logistics.
“The Forest City SFZ will be a game changer, fuelling sustainable economic development, fostering innovation and enhancing cross-border collaboration in the region,” he said in a statement on Monday.
With existing projects, such as Tech Medini and GBS Iskandar @ Medini, Idzham said Iskandar Puteri is already thriving as a hub for technology and innovation.
“The Forest City SFZ would complement these efforts by attracting a new wave of businesses, increasing demand for high-quality commercial space, and driving further investments in infrastructure, thereby accelerating Iskandar Puteri’s transformation into a world-class business district and a centre for high-skilled jobs,” he said.
He also said Johor’s upcoming transport infrastructure projects, including the Rapid Transit System, Autonomous Rapid Transit, and the potential revival of the High-Speed Rail, will enhance connectivity between the SFZ, Iskandar Puteri, and Singapore, further boosting the region’s attractiveness to global investors and businesses.
“With enhanced connectivity and integration into broader regional initiatives, Johor can attract global players by offering strategic incentives and creating customised business environments.
“The SFZ can accelerate its own economic transformation, fostering innovation and driving sustainable growth for the region,” he said.