The government should act fast as neighbouring countries are actively looking to attract more foreign investments.
Forest City is a controversial property development in the Straits of Johor comprising four artificial islands on reclaimed land, spanning 30 sq km.
“Therefore, Malaysia should act fast and offer incentives to lure these investments, especially high-net-worth individuals,” he said. Teh said previously the development was “politicised by outsiders”, resulting in foreigners being afraid to invest due to what they considered a “flip-flop policy”. Maimunah said the economic spillover from the incentives can be seen as it will be relatively cheaper to conduct economic activities there compared to Singapore and other areas in Malaysia.
Maimunah noted the infrastructure in Forest City has been fully completed to support the growing population and industrial expansion. Forest City vice-president Syarul Izam Sarifudin said the project is now in phase two of its development and is poised to create more investment opportunities.
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