( March 19, 2025 ) — LIM BENG TATT/The Star
GEORGE TOWN: Penang plans to set up a financial hub to spur economic growth, says Chief Minister Chow Kon Yeow.
He said the state's public policy think tank the Penang Institute has put out a request for expressions of interest (EOI) to develop the initiative, dubbed the Penang International Financial Centre (PIFC).
"This initiative aligns with Penang's long-standing role as a global trading hub and its growing prominence in the manufacturing and technology sectors.
"Penang, often referred to as the 'Silicon Valley of the East', is well-positioned to develop a dynamic financial ecosystem that supports industrial growth, particularly in the semiconductor and high-tech industries," Chow told a press conference in Komtar here on Wednesday (March 19).
Chow said PIFC is expected to bring several benefits, including attracting capital to advance the semiconductor sector in the Northern Corridor, in line with the New Industrial Master Plan (NIMP) 2030 and the National Semiconductor Strategy (NSS).
"Besides expanding tech-driven investments in the region, PIFC is also expected to complement Malaysia's existing financial centres by drawing new sources of capital for financial innovation and diversifying employment opportunities in the professional services sector.
"We also hope that PIFC would increase national and state revenue through enhanced total factor productivity," he said.
Chow said the state submitted a formal letter to Prime Minister Datuk Seri Anwar Ibrahim on Thursday (March 13) to outline its commitment and intentions to establish PIFC.
"We look forward to the Federal Government's support in making this initiative a success and positioning the country as a leader in financial innovation and industrial development," Chow added.
He welcomed interested parties including financial institutions, property developers, industry leaders, and investment firms to participate in the initiative.
EOI documents can be collected from the Penang Institute from now until March 26, with the deadline to submit proposals set at noon on May 19.
