Latest news with #JohorInvestment
The Star
23-04-2025
- Business
- The Star
32 local, foreign companies show interest in opening business operations in Forest City SFZ
Johor investment, trade, consumer affairs and human resources committee chairman Lee Ting Han. JOHOR BAHRU: A total of 32 local and foreign companies, including those from Singapore and Thailand, have expressed interest in opening business operations in the Forest City Special Financial Zone (SFZ). Chairman of the Johor Investment, Trade, Consumer Affairs, and Human Resources Committee, Lee Ting Han, said that 19 companies from the three countries, including Malaysia, have shown interest in establishing family offices, with two already receiving approval from the Securities Commission Malaysia (SC). "The renowned Malaysian investment company, CMY Capital and Yow Kee Family Office, have obtained SC approval, making them the first group to open family offices that will operate in Forest City SFZ," he said in a statement today. He said the opening of the two companies would have a direct impact, with more family offices and financial institutions expected to begin operations in Forest City this year. According to him, this achievement also reflects that all the planning by the state and federal governments to ensure the success of Forest City as an SFZ and the Johor-Singapore Special Economic Zone (JS-SEZ), more broadly, is on the right track. Lee said the Ministry of Finance is currently finalising the incentive package announced earlier. "This includes a zero corporate tax rate for family offices, a corporate tax rate of zero to five per cent for businesses, and an average income tax rate of 15 per cent for highly skilled workers, which is expected to be enforced soon. "During that period, accepted applications will be processed individually to expedite approvals and simultaneously attract more investments to SFZ," he said. Lee noted that the recent visit of Chinese President Xi Jinping to Malaysia brought significant development opportunities, particularly in economic and trade cooperation between the two countries, thereby providing further investment prospects for Johor, including the Forest City SFZ. "His Majesty, Sultan Ibrahim, the King of Malaysia, stated that there is great potential for companies and investors from China to explore opportunities in Malaysia, aligning with the interests of regional connectivity and high-quality development under China's 'Belt and Road' Initiative," he said. Therefore, he said the Malaysia Investment Facilitation Centre in Johor (IMFC-J) has been established as a one-stop centre for investors, where an account manager is assigned to review each investment file and profile. "The role of the account manager is to facilitate transactions between investors and local authorities, federal government agencies, and utility companies," he said. Lee added that since January 2025, the IMFC-J office has received more than 250 enquiries from interested investors. - Bernama
Yahoo
07-03-2025
- Business
- Yahoo
Cooking oil shortage hits Johor as 1kg, 2kg bottles disappear from shelves
JOHOR BARU, March 6 — Shoppers across Johor are struggling to find 1kg and 2kg bottles of locally produced cooking oil, as retailers report stock shortages that have persisted since the start of the year. Checks at sundry shops and supermarkets in Larkin, Tampoi, Pasir Gudang, and Kulai found empty shelves, with retailers confirming that supply has been disrupted since January. Wong Kok Wai, a second-generation sundry shop owner, said his stock of 1kg and 2kg cooking oil bottles has been low for months as suppliers have halted deliveries. 'A 1kg bottle of palm oil is priced at around RM6.90, while a 2kg bottle costs RM12.70. Right now, we only have alternatives like peanut, canola, corn, and sunflower oil, but those are nearly double the price of palm oil. 'Our supply of the RM2.50 subsidised cooking oil packets remains stable,' said Wong, who also serves as secretary of the Johor Federation of Grocery and Sundry Goods Merchants Association. He attributed the shortage to record-high crude palm oil prices, which have made production less profitable under government price controls. 'The global market price for crude palm oil is expected to go up RM5,300 per tonne. Previously, the highest price was RM3,800 per tonne. 'Factories are reluctant to increase production because selling at government-controlled prices is not profitable for them. While 5kg bottled cooking oil is still available at RM30.90, Wong noted that supply is limited and urged consumers to buy only what they need. Hypermarkets and supermarkets are also facing similar shortages of 1kg and 2kg cooking oil bottles, though 3kg and 5kg options remain available. Mas Imran Adam, general manager of a supermarket chain, said supply issues began in December and worsened in January. 'We only received 25 per cent of our usual supply. If we normally get 1,000 tonnes, this time we only got 250 tonnes. Many of our branches are affected, and some outlets have only one type of cooking oil in stock, while others have none at all,' he said. Supermarket owner Tiong Foo Kai said demand has surged unexpectedly, leading to stock depletion. 'Previously, our 250kg stock of packet cooking oil lasted a week. Now, it sells out within an hour. 'Even with a three-packet-per-person limit, customers are coming in groups to buy in bulk. We receive at least 2,000kg of cooking oil per month, so the supply is there, but panic buying is making it hard to keep up,' he said. Johor Investment, Trade, Consumer Affairs, and Human Resources Committee chairman Lee Ting Han confirmed that the state government is aware of the issue. He said Johor Mentri Besar Datuk Onn Hafiz Ghazi has been briefed and that the state will engage with the Domestic Trade and Cost of Living Ministry to explore solutions.
