Plan for financial hub to stem brain drain gets mixed reaction

Free Malaysia Today

Business groups see it as a step forward in retaining talent but an economist says a political decision is not enough of a draw.  Read More: https://www.freemalaysiatoday.com/category/business/2023/09/08/plan-for-financial-hub-to-stem-brain-drain-gets-mixed-reaction/  Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: http://bit.ly/2Rn6xEV Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on Twitter: http://bit.ly/2OCwH8a  Follow FMT on Instagram: https://bit.ly/2OKJbc6 Follow FMT on TikTok : https://bit.ly/3cpbWKK Follow FMT Telegram - https://bit.ly/2VUfOrv Follow FMT LinkedIn - https://bit.ly/3B1e8lN Follow FMT Lifestyle on Instagram: https://bit.ly/39dBDbe ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews #Johor #ForestCity #FinancialHub #Singapore #Businesses

Transcript

00:00 A plan to develop a financial zone in Forest City in Iskandar Putri Johor has been lauded

00:06 as a step forward to slow down brain drain by a business group.

00:10 Data shows that about 5.5 percent of Malaysians have emigrated for better prospects, of which

00:14 1.13 million are in Singapore, according to Human Resource Minister V Sivakumar.

00:20 Malaysian International Chamber of Commerce and Industry President Christine Atee said

00:23 it will also attract start-ups from Singapore to move their operations to Malaysia.

00:28 She said this is because setting up in Johor, just a hop away from Singapore, will incur

00:32 lower operational costs.

00:34 But this must come hand in hand with better infrastructure and more attractive incentives,

00:38 which would be a draw for new businesses.

00:41 She was commenting on the government's announcement on August 25th that a special financial zone

00:45 will be created in the Forest City to stimulate investment and economic growth in Johor.

00:50 Economist Carmelo Ferlito of the Center for Market Education said, "Forest City won't

00:54 turn into a financial or tech hub just because of political decisions."

00:58 "Cities are emergent spontaneous order and therefore the result of bottom-up decentralized

01:07 processes of human interactions.

01:10 As such they can't be planned like an artist plans a painting, they just emerge.

01:15 A city can't be a financial center or a tech center just because of some political

01:21 decision."

01:22 Dhaneshwaja Rizwa, FNT News.

01:25 [MUSIC PLAYING]

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