George town: The proposed establishment of the Penang International Financial Centre (PIFC) is currently at the engagement stage with the federal government, Bank Negara Malaysia (BNM), and the Securities Commission. Chief Minister Chow Kon Yeow revealed these developments while addressing attendees at the investiture of state awards, medals, and honours at Dewan Seri Pinang.
According to BERNAMA News Agency, the think tank Penang Institute was tasked with initiating the Expression of Interest (EOI) process for the PIFC last March. The results of this initiative have already been presented to the state's Cabinet. The PIFC project, envisioned as a long-term strategy to support Penang's continuous growth, includes the development of a nearly 100-acre site with various financial facilities and supporting infrastructure. The proposed facilities encompass fund management, an international convention centre, high-end banking services, a fintech free trade zone, and a logistics hub.
Chow highlighted the PIFC's goal to attract new capital flows to bolster the semiconductor sector in the Northern Corridor. This aligns with both the New Industrial Master Plan (NIMP) 2030 and the National Semiconductor Strategy (NSS). The Chief Minister also mentioned the progress of the Sedusun Tech Valley project through the Northern Corridor Implementation Authority (NCIA), which is in the site-clearing phase and expected to complete by the first quarter of 2027. This project aims to transform Penang into an 'Agricultural Silicon Valley,' emphasizing smart farming to optimize agricultural yields.
Additionally, Chow discussed the state government's focus on improving mobility through projects under the 13th Malaysia Plan (13MP). This includes upgrading the Federal Highway from Bayan Lepas to Teluk Kumbar to a four-lane dual carriageway, addressing longstanding traffic flow issues. Furthermore, the state is anticipating the commencement of the Juru-Sungai Dua Elevated Expressway project in the fourth quarter of this year. Chow expressed hope that these and other projects under the 13MP will garner attention from Prime Minister Datuk Seri Anwar Ibrahim.