Special financial zone like Johor's Forest City proposed in Parliament for Penang

[superadmin]

KUALA LUMPUR – Former finance minister Lim Guan Eng has proposed that the federal government create a special financial zone (SFZ) in Penang which focuses on the northern region, just like the one in Forest City, Johor.

The Bagan MP said that since Penang now has a critical mass with a mature manufacturing industry base, this will drive development and boost the growth of the service sector, not only in the northern region but for the whole country.

“It was reported that Penang contributed RM10 billion in state tax to the federal revenue recently. There were also reports of 436 projects worth RM22.17 billion having been approved for Kelantan and 511 projects with a cost of RM29.5 billion for Pahang.

“We do not object to the allocation given but we have to help all states and I hope the federal government will give consideration to development in Penang as this state is the country’s largest export contributor,” he said while debating the motion for the Mid-Term Review of the 12th Malaysia Plan (12MP MTR) in the Dewan Rakyat today.

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