The Prime Minister, Datuk Seri Anwar bin Ibrahim, today announced the launch of Tun Razak Exchange (TRX) as Malaysia’s International Financial Centre.
TRX, designated as Malaysia’s International Financial Centre (IFC), holds a unique position, enjoying special status conferred by the government. This special status comes with a range of incentives designed to attract companies to establish their base within its premises.
Anwar said that the incentives include an industrial building allowance, tax exemption on 70% of statutory income for property developers over a five-year period, stamp duty exemption on loans and services for TRX Status Companies.
In recognising TRX as Malaysia’s premier financial hub, these incentives aim to bolster its attractiveness to businesses seeking a strategic location. By offering such incentives, the government seeks to foster growth and development within TRX, positioning it as a key player in the region’s financial landscape.
In his speech, Anwar said the MADANI administration is adopting a whole-of-government approach to achieve a common goal. “For example, the Ministry of Finance (MOF) sets the measures and the budget to kickstart Malaysia’s journey towards realising Ekonomi MADANI’s vision. The Ministry is also guided by the Public Finance and Fiscal Responsibility Act 2023 to ensure prudence in our pursuit of economic growth.” Anwar said.
Additionally, Anwar said the MOF also collaborates with the Ministry of Economy to decide the country’s economic trajectory, with a focus on the subsidy targeting exercise for near-term fiscal recovery.
“MITI leads the consolidation of Malaysia’s investment promotion agencies (IPA) to streamline the process of courting investments and enhance ease of doing business.”
“In this vein, MIDA elevate our net FDI from RM3.1 billion in the second quarter of 2023 to RM17.1 billion in the fourth quarter. Kudos to MITI for successfully forging a strategic partnership with the UAE to advance digital infrastructure development.” he further added.
Anwar emphasised the importance of change and building a more open, transparent, and competitive Malaysian economy to ensure prosperity for all Malaysians.
He expressed confidence in the success of these policies with the support of the business and financial community.
