Najib announces task force to oversee Tun Razak Exchange

Tun Razak Exchange

The development of the Tun Razak Exchange (TRE), previously known as the Kuala Lumpur International Financial District, will be managed by a special task force until it is fully operational, according to Prime Minister Datuk Seri Najib Tun Razak.

The task force will be helmed by the Economic Planning Unit in the Prime Minister's Department and chaired by Tan Sri Nor Mohamed Yakcop, Minister in the Prime Minister's Department. Its members will comprise senior officers from the Securities Commission, Bank Negara, Finance Ministry and other related agencies.

In a report by Bernama, Najib said the task force will ensure that the TRE gets the support of the entire government machinery - from planning, implementation, and until it is fully up and running.

"The Government will go out of its way to ensure that the exchange is a success and as a first step, I can announce to you today that we will begin a comprehensive review of business regulations."

Najib also noted that more incentives are in the pipeline for companies involved in the TRE. These include Accelerated Capital Allowance, Industrial Building Allowance, stamp duty exemption on service and loan agreements, and the 70 percent income tax exemption for five years for eligible real estate developers.

Najib added that "there will be a strategic investor who will be bringing in more than RM3.5 billion in foreign direct investment. There will be a special ceremony in September to mark this during which the identity and details will be announced."

The 28ha Tun Razak Exchange is envisioned as a haven for new investment opportunities and is expected to yield a gross development value of RM26 billion.

More than 250 of the world's leading companies will be located at the TRE, generating 500,000 jobs by the time it is fully operational, added Najib.

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