JOHOR BARU: Johor has become a focal point for economic development as Forest City attains its Special Financial Zone (SFZ) status, a move that an economic development expert predicts will mirror successful global models.
The recent decision by the prime minister to elevate Forest City into an SFZ is seen as a strategic initiative pivotal in paving Johor's way towards achieving a developed state status by 2030.
Universiti Teknologi Malaysia (UTM) lecturer Associate Prof Dr Mohd Effandi Yusoff, who is an expert in economic development attached to the university's Department of Accounting and Finance, weighed in on the transformative potential of the strategic move.
He said the SFZ designation will place Malaysia on the international financial map, offering prospects for growth in the financial and banking sectors.
The impact will transcend various sectors, benefiting government bodies, industries, and the public at large.
Collaboration potentials between Forest City's SFZ and Singapore, draws parallels to the successful cooperative models observed between Shenzhen and Hong Kong.
This partnership is poised to establish a 'dual-core engine' in the ASEAN region, to Forest City's strategic advantage and its well-established infrastructure ready for substantial development.
Collaborative efforts between governments and private sectors, supported by investor-friendly policies, will nurture an environment conducive for international investments.
He projected that foreign investments would not only foster economic growth but also facilitate knowledge transfer, thereby advancing Malaysia's knowledge-based economy.
Effandi said the initiative, aligned with the environmental, social and governance (ESG) principals, will further attract global industry players committed to environmental sustainability, bolstering Malaysia's sustainable development commitments.