PM: Johor’s Forest City accorded duty-free status

ISKANDAR PUTERI: The Forest City development here is accorded a duty- free status to spur business activities and tourism on its four islands, Datuk Seri Najib Tun Razak said.

The granting of the status is one of four incentive packages announced by the prime minister at the official launch of its development here yesterday.

Johor Sultan Ibrahim Almarhum Sultan Iskandar was present.

Three other packages were corporate tax incentive for green developers and green development managers; corporate tax incentive for qualified service sector employers, or Iskandar Development Region ( IDR) Class companies in tourism, health and education sectors; and no restriction/ equity conditions for foreign shareholders in companies that are eligible for the corporate tax incentives introduced.

“These packages are designed to ensure the success of the Forest City project based its masterplan and target of becoming a smart and green city,” Najib, who is also on his working visit to Johor, said.

The prime minister said the Forest City project was one of large- scale development projects, which used the concept of environmental and sustainable development approach.

Hence, the importance and abundance of the environment for the local community and people of Johor will be given priority as it transforms into an environmentally- friendly and smart city of the 21st century, he said.

The prime minister said that sustainable development like the Forest City project would be future development.

“We need to prove that we are serious in developing the country according to our own development model and mould,” he said.

The prime minister said although the country is facing global economic challenges, the Forest City project has the potential to be a gem for Iskandar Malaysia and raise Malaysia’s and Johor’s stature.

“From the economic aspect, I am pleased to share with you that this project could attract foreign investment ( FDI) worth RM175 billion.

“Moreover, for the next 20 years, that is by 2035, the project is expected to create as many as 220,000 jobs to Malaysians working in high value- added sectors such as finance and Ecommerce,” he said.

The prime minister said the development would give a positive value to the people by creating more jobs and enhancing value chain in the country. — Bernama