KUALA LUMPUR, Sept 13 — The government should create a special financial zone (SFZ) in Penang just like the one in Forest City, Johor, Bagan MP Lim Guan Eng said in Parliament today.
He said the Penang SFZ will boost the economy for the whole country, not just the state.
“As Penang now has a critical mass with a mature manufacturing industry, this will drive the development and planning of the growth of the service sector.
“With a 15 per cent tax, as well as a multiple entry visa, it will attract highly skilled and highly skilled workers and also restrict the flow of output of large talented Malaysians,” the former finance minister said while debating the mid-term review of the 12th Malaysia Plan (12MP) in Dewan Rakyat.
“If possible, one for the south of Malaysia and another one for the north,” he added.
On August 25, Prime Minister Datuk Seri Anwar Ibrahim announced that the government will create an SFZ in Forest City by providing certain incentives to lower the cost of doing business in multiple sectors like tourism, education and health.
Anwar, who is also finance minister, said the SFZ aims to boost investment, growth and economic activities in the state of Johor.