The Johor-Singapore Special Economic Zone (JS-SEZ) is more than just business.
Attracting people — especially high-net-worth individuals — to set up family offices in Malaysia is one of the many initiatives for the zone.
Minister of Investment, Trade and Industry (MITI) Tengku Datuk Seri Zafrul Abdul Aziz alluded that his ministry and the Finance Ministry (MoF) are working on coming up with a proper framework for family offices.
This expected to be announced on Monday (April 21).
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Attracting people — especially high-net-worth individuals — to set up family offices in Malaysia is one of the many initiatives for the zone.
Minister of Investment, Trade and Industry (MITI) Tengku Datuk Seri Zafrul Abdul Aziz alluded that his ministry and the Finance Ministry (MoF) are working on coming up with a proper framework for family offices.
This expected to be announced on Monday (April 21).
WATCH MORE: https://thestartv.com/c/news
SUBSCRIBE: https://cutt.ly/TheStar
LIKE: https://fb.com/TheStarOnline
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NewsTranscript
00:00Can you provide details on the infrastructure, projects, plan for JSSEC and how will they support businesses?
00:30So when we talk about that, we talk about infrastructure both digital and physical and when I talk about physical, it's about transportation network like roads, rail and ports and then on digital, it's more advanced digital infrastructure, we can talk about high speed internet, the AI and hyperscalers data centers and also don't forget the normal utilities that's required which is always by industry,
00:59we look at power and water, so those are the other part that I mentioned just now is on regulatory, so this is quite important because we have been working very hard on regulatory element, what I do I mean by this is kita nak streamline the regulatory framework supaya the business operation is smooth lah, so kita look at all the bureaucratic hurdles just now pun dengan MB Johor, dengan all the SQ Johor yang looking on this,
01:29we look at how do we promote the ease of doing business, on Monday we are going to announce lah that we are going to set up a new working committee, jointly chat by MB and myself, when I talk about physical, those are the three things lah, infrastructure digital and regulatory.
01:48The good, there's a concern that the legal framework for family offices in JS, it's a big to say for instance changes in the state regulations, particularly in Johor, so like in the future right, so how do we ensure that participants that the family office structure will not be subject to such a risk?
02:05Yeah, that's actually one of the things I wanted to mention just now, but we just had a discussion with MOF on this, good news is they have agreed to some of incentives, they are finalising the incentive to be put into, to be accepted, but what it can be done is they are looking at it on case to case basis, but it's coming,
02:35and we are going to give a conversation with the team and the government and ourself jointly announce it lah, but that is one of the framework that has been worked on, on the family office there.
02:47So there will be no risk in terms of changes or political structure?
02:52Yeah, that's the plan. And then we also need to, like I said, that is streamlined.
03:02If Singapore is still better, then why would they come here?
03:07So that's why I talk about harmonization and the standards all have to be similar
03:12so that the companies also don't have to have two set of rules, two set of standards and everything will be better.
03:18But just for this, some are difficult to do because of the current role and regulation.
03:24Some, we can try and pilot it by putting it in the sandbox to test it first.
03:30But the family office is something that we feel and MOF is quite supportive that we can.
03:35So we are waiting for the final details, but it's moving quite fast.
03:41Some time this year?
03:43I think maybe Monday they can announce, yeah.
03:47What is the issue from Singapore or香港 in terms of attracting family officers?
03:53How do we actually close the gap?
03:55This is one of the things that we will hopefully announce because obviously there are pros and cons of having family officers, right?
04:04Because there's always an argument that the family officers don't really create jobs.
04:08They don't create the kind of supply chain.
04:11So we have to look at it differently.
04:12There is more capital play, you know.
04:14So this is where Benegara and MOF are looking at the pros and cons of that, right?
04:19So again, I don't know the details. You have to wait.
04:23But what I can say is it's moving and it's something that will be, I think, competitive enough.
04:32Because there are other competitive advantage we have, right?
04:36And apart from the incentive, of course there's cost, cost competitiveness and etc.
04:43So you have to look at it holistically.
04:46So I'll let MOF finalize and let them announce next week.
04:51Thank you
04:57All right, that has been a lot of retreat groups.
05:00Thank you
05:01Thank you
05:04You
05:05You