Largest Free Tax Zone in Iskandar Malaysia
Malaysia Oriental Newspaper press release yesterday at 10 Nov
2013 noted that Johor State government is in talk with property developer,
planning to develop a free tax zone
near to Second link – Gelang Patah with build up areas of 2000 acres. Once the
plan confirmed and approved, it will be biggest of its kind in Malaysia.
According to the source from government insider of Johor State,
the above mentioned free tax zone development will be co-operation and co-developed by China property developer
Country Garden Group and Kumpulan Prasarana Rakyat Johor KPRJ, investment
arm of Johor State. This plan has been brought up to discuss with the Johor
State government for the initial stage. The purpose of free tax zone
development is to further enhance and develop the Iskandar Malaysia as a
special economic zone, and attracting more foreign investment.
The source said that the free tax zone idea is being brought up
in recent months, and because it is a very new idea and concept, its actual
development details and strategy is yet to be completed discussed and research.
The source said that Johor State government hopes to transform Johor to be like
Labuan, become International Commerce and Financial Centre of the choice of
foreign direct investment, and free tax zone. This project not only will
improve Johor State’s tourism sector, but also attracting foreign institutional
investors and multinational company to setup their businesses, increasing
manufacturing and factory present and financial sector direct investments, and
diversify the development portfolio.
Based on the newspaper release, when the China Premier Xi
visited Malaysia early this month, he do mentioned China’s intention to invest
in logistics sector within Iskandar
Malaysia area. Therefore, we believe this will be good news to facilitate
the development of free tax zone plan.
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| Free Tax Zone |
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