Forest City, Malaysia’s troubled China-backed project, to become special financial zone

Forest City’s special financial zone (SFZ) will be launched on Friday with various incentives and packages to stimulate investment, growth and economic activities in Johor.

Johor Investment, Trade, Consumer Affairs and Human Resources Committee chairman Lee Ting Han said Finance Minister Amir Hamzah Azizan is expected to grace the event and explain the significance of the SFZ.

“Packages and incentives will be offered to insurance finance companies and others,” he said.

On August 25 last year, Malaysian Prime Minister Anwar Ibrahim announced the formation of SFZ for the China-backed Forest City and incentives to boost Johor’s economic activities and surrounding areas.

On Johor’s main export contributing sectors after recording RM5.2 billion (US$1.2 billion) million) in July exports, Lee said petrochemicals and chemicals, electricity and electronics (E&E), and non-metallic materials were among those sectors.