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Budget 2024 set to stimulate growth in Iskandar Malaysia, says Irda CEO

October 14, 2023 - JOHOR BARU: The Budget 2024 is set to stimulate various sectors and will further boost investors’ interest in Iskandar Malaysia, says Iskandar Regional Development Authority (Irda).


Its chief executive officer Datuk Dr Badrul Hisham Kassim said the Budget is also in line with the Iskandar Malaysia Comprehensive Development Plan (CDPiii) 2022-2030.


"Budget 2024 will contribute to the efforts in developing and strengthening promoted sectors in Iskandar Malaysia, particularly in the tourism, creative, finance and business and services sectors as well as modern agriculture, which is the latest addition to the promoted list.


"The restructuring of the economy to prioritise future investments in high-growth high-value areas is in line with one of the key focuses of the CDPiii,” he said in a statement.


He added that the move to make 2026 a Visit Malaysia Year with an allocation of RM350mil would also boost tourism in Johor, an important gateway for international tourists due to its proximity to Singapore.


Improved tourism flow and accessibility will be further enhanced through Visa-On-Arrival facilities, social visit passes, multiple entry visas and the expansion of the North-South Expressway from four to six lanes from Sedenak to Simpang Renggam,” he added.


He added that the proposal to set special income tax rates of up to 10% for film production companies, foreign film actors and film crews working in Malaysia would also directly benefit the creative sector and is in line with the presence of the international standard Iskandar Malaysia Studios in the region.


This initiative is supported by an allocation of RM160mil for various initiatives to support art practitioners, including the Digital Content Fund, the Film in Malaysia Incentive and the MyCreative Matching Fund Scheme.


The finance and services sectors in Iskandar Malaysia will also benefit from the Global Services Hub tax with the 5% or 10% income tax rate incentive based on performance for up to ten years.


"Through the support provided by this budget to stimulate promoted sectors and investments in this region, Irda will continue to collaborate with investment promotion agencies like the Malaysian Investment Development Authority at the national level, Invest Johor at the state level and all strategic partners in various other efforts to realise the vision of Iskandar Malaysia as a strong and sustainable international metropolis,” he added.

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