Penang special financial zone project still being studied, says Chow

• Chief Minister Chow Kon Yeow: “Among the conclusions of the workshop were that more than 93% of participants supported the establishment of the SFZ in Penang, as it would create more job opportunities that would benefit young graduates, and the SFZ would increase capital financing to boost the local advanced manufacturing sector.”

GEORGE TOWN (Nov 28): The prospect of establishing a special financial zone (SFZ) in Penang as a growth engine is still under study by the Penang Institute (PI), said Chief Minister Chow Kon Yeow. (pictured)

He said the PI had organised a round-table session with experts in the fields of finance, banking, insurance, financial technology and wealth management on Wednesday, and that the proposed framework for the implementation of the SFZ would be presented to the State Executive Council after the completion of the PI study.

Chow, who is the chairman of the state Finance, Economic Development, Land and Communications Committee, said a public engagement workshop was also held on Sept 24, with the attendance of more than 100 participants from the logistics, trade and financial institutions sectors.

“Among the conclusions of the workshop were that more than 93% of participants supported the establishment of the SFZ in Penang, as it would create more job opportunities that would benefit young graduates, and the SFZ would increase capital financing to boost the local advanced manufacturing sector.

“The workshop participants also concluded that Gurney Bay and Andaman Island are the main location choices for SFZs, while traffic congestion, lack of talent and low salary offers are the main concerns in implementing the SFZ,” he said.

He said this when winding up the Supply and Development Budget Bill 2025 at the State Legislative Assembly sitting here on Thursday.

The Supply Budget Bill 2025 was then approved by voice vote after being debated by 40 state assemblymen since Monday.

Looking to buy a home? Sign up for EdgeProp START and get exclusive rewards and vouchers for ANY home purchase in Malaysia (primary or subsale)!