KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim today officially launched the Tun Razak Exchange (TRX) as Malaysia's International Financial Centre (IFC) by announcing incentives for companies relocating their base there.
The incentives include an industrial building allowance, tax exemption on 70 per cent of the statutory income for a period of five years for property developers, stamp duty exemption on loan and service for TRX Status company.
Anwar said after a decade of development, TRX symbolises Malaysia's aspirations to create a leading global financial district, supporting its ambition to compete on the world stage.
"As the country's IFC, TRX enjoys special status. With this status, the government has provided a slew of incentives for companies moving their base here," he said.
Anwar added the Tun Razak Exchange is a step forward in the long and proud narrative of Malaysia, reflecting the country's rich history as a trading nation.
He said geographically, Malaysia is in a strategic location straddling the most important trade routes, being also a key part of various global supply chains.
"Already, TRX is home to major financial players. "Today's launch of TRX also represents a milestone forward in the government's mission to renew the country's economic and financial architecture through the Madani Economy," he noted.
Meanwhile, TRX City Sdn Bhd (TRXC) chief executive officer Datuk Azmar Talib said TRX represents what Malaysia needs, a modern, vibrant, and sustainable destination that fosters the convergence of great business minds to shape the future.
"This achievement would not have been possible without our partners in government, investors that believe in our country and the opportunities we bring, and the TRX community of global and home-grown blue-chip companies," he said at the launch.
Also present at the event were Finance Minister II Datuk Seri Amir Hamzah Azizan, international delegates, industry leaders and government officials.
TRX investment partners include the Lendlease Group of Australia, Mulia Group of Indonesia, HSBC Malaysia, AFFIN Group, CORE Precious Development Sdn Bhd, Veolia, IJM Group and Prudential Malaysia.
With over 30,000 employees, including 20,000 knowledge workers, TRX has become a bustling business hub expected to drive economic growth and innovation while creating job opportunities.
Situated in the heart of Kuala Lumpur, TRX spans 70 acres and boasts modern infrastructure.
TRX City Sdn Bhd (TRXC), a subsidiary of MOF Inc, is the master developer of the TRX district.