Chief Minister Chow Kon Yeow of Penang stated that the state government lacks information about a proposal to establish a special financial zone (FZ) in the area. He clarified that the state government does not possess any details regarding the proposal, which focuses on the northern region similar to the existing one in Forest City, Johor. During a press conference at Komtar, he expressed hope that the relevant ministry would provide a response following the debate.
During the debate on the 12th Malaysia Plan (12MP) mid-term review, Bagan MP Lim Guan Eng highlighted that Penang’s mature manufacturing industry base has reached critical mass, which will contribute to development and drive growth in the services sector not only in the northern region but also for the entire country. He revealed that Penang recently contributed RM10 billion in state tax to the federal revenue. Moreover, reports indicated that 436 projects with a value of RM22.17 billion have been approved for Kelantan, along with 511 projects costing RM29.5 billion for Pahang. Lim emphasized that while they do not oppose the allocation given, it is crucial to support development in Penang as the state is the largest export contributor in the country.
The Prime Minister, Datuk Seri Anwar Ibrahim, previously announced plans to establish a special financial zone in Forest City to enhance investment, growth, and economic activities in Johor. Anwar mentioned that the special financial zone offers more affordable costs of doing business due to various provided incentives, which also lowers other management expenses such as tourism, education, and healthcare. He further emphasized that Johor’s strategic location adjacent to Singapore and its well-developed infrastructure make it an attractive destination for investors, particularly when considering the high costs in Singapore.
Credit: The Star : News Feed
