GEORGE TOWN: Seven of Penang's 10 priority projects have been accepted for consideration by the federal government ahead of Budget 2027, says Chief Minister Chow Kon Yeow.
He said the seven projects were now being considered by the relevant ministries, with details expected to be announced during the Budget or communicated later.
The projects include a proposal to map and assess groundwater resources in Penang, the Penang STEM Talent Blueprint and construction of a public market complex in Teluk Kumbar.
Also under consideration are the upgrading of mechanical and electrical infrastructure for flood control systems, including those in Penang; upgrading of Jalan Bukit Tambun (FT149) from the Federal Route FT001 junction to the Bukit Tambun Selatan Toll junction; upgrading of Federal Route FT001 from Permatang Tinggi to Sungai Juru; and the Sungai Kilang Ubi flood mitigation plan in central Seberang Perai district.
"From the 10 priority projects, seven have been accepted by the ministries for consideration.
"Some may be announced, while if they are not announced, the respective ministries will inform us later," he said during a press conference at Komtar on Wednesday (Oct 7).
Chow said the state understood the federal government's financial constraints and would continue to raise projects that it considered important.
"All these projects are important to us, but we understand the federal government's financial position, and they will try to approve projects considered necessary to be implemented urgently or those deemed priority projects," he said.
The Budget 2027 is scheduled to be tabled in the Dewan Rakyat on Friday.
The three projects not accepted for consideration could still be raised by the state government, Chow said.
He also expressed hope that Budget 2027 would bring news on another proposal by the state – the establishment of the Penang Technology Financial Centre (PTFC).
The proposal was previously known as the Penang International Financial Centre (PIFC), but was renamed after a series of discussions to reflect Penang's role as a technology and semiconductor hub.
Chow said the state government's PIFC task force had submitted a white paper to the Finance Ministry in September.
After a series of discussions, Chow said they have now changed the name of PIFC to PTFC.
He said the proposed centre would help provide access to capital for small and medium enterprises and local companies, particularly those supporting the semiconductor and artificial intelligence (AI) sectors.
"Many things are happening in Penang and neighbouring states that need to be supported through access to capital, especially to help SMEs and local companies expand their businesses.
"We want to see more startups and SMEs in these sectors gain access to capital so that they can scale up their operations," he said.
Chow said the initiative was also aimed at helping more local companies grow alongside multinational companies driving the semiconductor and AI sectors.
