In a significant development for Malaysia’s financial landscape, Prime Minister Datuk Seri Anwar Ibrahim announced a series of enticing incentives aimed at attracting companies to the newly established Tun Razak Exchange (TRX) in Kuala Lumpur. The announcement was made during an official launch event, marking a pivotal moment in Malaysia’s ambition to establish a leading global financial district.
Key Incentives Unveiled for TRX
The Prime Minister outlined several incentives designed to make TRX an attractive destination for businesses looking to establish or relocate their bases. These incentives include:
- An Industrial Building Allowance,
- A 70% tax exemption on statutory income for property developers over five years,
- A stamp duty exemption for loan and service agreements.
These incentives reflect the government’s commitment to fostering a conducive environment for business growth and development within TRX.
TRX: Symbolizing Malaysia’s Global Aspirations
Anwar emphasized that TRX is more than just a financial hub; it represents Malaysia’s aspirations to be a formidable player on the global financial stage. “TRX enjoys a special status as the country’s IFC, backed by the government’s slew of incentives for companies moving their bases here,” Anwar stated. He highlighted the strategic geographic location of Malaysia, its role in global supply chains, and the comprehensive approach taken by the government to ensure economic growth and financial stability.
A Milestone in the Madani Economy Initiative
The launch of TRX is also seen as a crucial step in the government’s broader mission to revitalize Malaysia’s economic and financial architecture through the Madani Economy initiative. Anwar pointed out the ongoing efforts to optimize subsidies, a task undertaken collectively by the Ministry of Finance and the Ministry of Economy.
TRX: A Green IFC and National Aspiration
Datuk Azmar Talib, CEO of TRX City Sdn Bhd (TRXC), the master developer of the TRX district, highlighted the vision behind TRX. “It’s not just another real estate development but a green IFC that embodies the national aspiration. TRX is envisioned as a district that is well-connected, smart, safe, secure, sustainable, and equipped with world-class infrastructure,” he explained.
Partnerships and Economic Impact
TRX has already attracted major investment partners, including the Lendlease Group, Mulia Group, HSBC Malaysia, and Prudential Malaysia, among others. With over 30,000 employees, including 20,000 knowledge workers, TRX is poised to become a dynamic business hub driving economic growth, innovation, and job creation in the heart of Kuala Lumpur.
