The Forest City in Johor has faced its share of criticisms from being ranked the second most useless megaproject in the world by a YouTube channel to foreigners expressing their regret after purchasing units there.
However, in a step to spur the economy in the area, Prime Minister Datuk Seri Anwar Ibrahim has recently announced that the government has designated the multi-billion ringgit Forest City project as a special financial zone.
During a press conference, Anwar listed some incentives, including allowing for multiple entry visas, fast-track entry for those working in Singapore and a flat income tax rate of 15% for knowledge workers.
“This will spur the growth of those involved in healthcare, education and tourism.”
He added that all these incentives were in addition to what has been announced for Forest City and pointed out that Johor has a unique advantage as it is next to Singapore, and instead of competing with each other, the two neighbouring countries could complement each other.
“I am confident this will attract many companies which are experiencing high operating costs in Singapore,” he explained, adding that housing and education costs were also high in Singapore.
Meanwhile, he shared that the Immigration Department has been directed to investigate the matter.
What do you think of the initiatives? Let us know in the comments.
This post first appeared on WORLD OF BUZZ.
