KOTA ISKANDAR: Prime Minister Datuk Seri Anwar Ibrahim has revealed that there will be several “major announcements” before the government presents Budget 2024 in October. One of these announcements is a comprehensive industrial plan set to be unveiled next week, which will focus on specific projects or sectors and provide a direction for digital transformation, among other things.
Anwar emphasized the importance of enhancing small and medium enterprises (SMEs) to generate growth and job creation, in addition to the government’s efforts in attracting foreign investments. He has instructed all ministries in the unity government to engage with stakeholders and gather their feedback and ideas to ensure the success of the second Madani Budget.
The recently held Budget 2024 roadshow in Kota Iskandar aimed to obtain feedback and opinions from various segments of society, including the business community, in order to incorporate the people’s aspirations into the federal budget. Anwar stressed the government’s commitment to consultation, discussion, and negotiations in the budget-making process.
This roadshow in Johor was the second leg of a nationwide tour that will continue until September 22, covering all states. During the event, Anwar also announced that the Forest City project, which brings significant economic potential to the region, will be designated a special financial zone. This move is expected to boost the economy in Iskandar Malaysia and offer incentives such as multiple-entry visas and fast-track clearance for skilled workers commuting between Malaysia and Singapore.
Furthermore, knowledge workers involved in healthcare, education, and tourism within the development will enjoy a flat income tax rate of 15%. Anwar expressed confidence that these incentives, along with the existing advantages of Forest City, will attract companies facing high operating costs in Singapore, where housing and education expenses are also significant.
The Prime Minister highlighted the uniqueness of Johor as it is located next to Singapore, proposing that Malaysia and the island republic should complement each other instead of competing. He directed the Immigration Department to look into the matter and explore potential collaborations.
Credit: The Star : News Feed
