KUALA LUMPUR: The Tun Razak Exchange (TRX), which was launched as Malaysia’s International Financial Centre recently, is expected to continue to drive economic transformation and serve as a catalyst for innovation, entrepreneurship and job creation.
TRX City Sdn Bhd (TRXC) chief executive officer Datuk Azmar Talib said TRX represents Malaysia’s needs, namely, a modern, vibrant and sustainable destination that fosters the convergence of great business minds to shape the future.
“(It took) 10 years in the making, (and now) TRX stands as a testament to Malaysia’s ambitious vision to establish a world-class international financial district, aligned seamlessly with the nation’s ambition to compete prominently on the global stage,” he said in a statement.
The 70-acre TRX is located at the heart of Kuala Lumpur and boasts state-of-the-art infrastructure and cutting-edge facilities.
TRXC, a wholly owned subsidiary of Minister of Finance (Incorporated), is the district’s master developer.
Azmar said TRX has emerged as a global business hub with a diverse array of companies and a working population of over 30,000 including 20,000 knowledge workers.
“This achievement would not have been possible without our partners in the government, investors who believe in our country and the opportunities we bring, and the TRX community comprising global and home-grown blue-chip companies,” he said.
Prime Minister Datuk Seri Anwar Ibrahim launched TRX as Malaysia’s International Financial Centre on Feb 23, 2024.
At the launch, Anwar said TRX enjoys special status with a slew of incentives for companies based there comprising an industrial building allowance, a tax exemption on 70 per cent of statutory income for five years for property developers, and stamp duty exemption on loan and service for TRX status companies.
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.
Azmar said with the opening of (retail component) The Exchange TRX and the 10-acre TRX City Park in November, the district has reached an even wider spectrum of Malaysians and international tourists.
“The response from the public towards our retail and lifestyle components has been overwhelming. TRX now stands as a symbol of urban sophistication and is fast emerging as KL’s new Central Business District,” he added. – BERNAMA
