Penang invites parties to submit expressions of interest for proposed international financial centre

• Chief Minister Chow Kon Yeow stated that eligible participants include financial institutions, property developers, industry leaders, and investment firms.

GEORGE TOWN (March 19): The Penang state government, through the Penang Institute, is inviting relevant parties to submit expressions of interest (EOIs) for the proposed establishment of the Penang International Financial Centre (PIFC).

Chief Minister Chow Kon Yeow (pictured) stated that eligible participants include financial institutions, property developers, industry leaders, and investment firms.

"The EOI documents can be obtained from the Penang Institute from March 17 to 26, during office hours, while the deadline for proposal submissions is before 12 noon on May 19," he said at a press conference at his office in Komtar on Wednesday.

Chow said the initiative to establish the PIFC aligns with Penang's position as a global trade hub, particularly in the semiconductor and high-tech sectors.

In addition, he highlighted that Penang, known as the Eastern Silicon Valley, is also strategically positioned to develop a dynamic financial ecosystem.

The PIFC is expected to strengthen the semiconductor sector in the Northern Corridor, in line with the New Industrial Master Plan 2030 and the National Semiconductor Strategy, while also expanding technology investments in the region.

"The PIFC also complements Malaysia's existing financial centre by attracting new capital, fostering financial innovation, creating diverse job opportunities in the professional services, and boosting national and state revenue," he said.

Chow further stated that the state government had submitted an official letter to Prime Minister Datuk Seri Anwar Ibrahim on March 13 to express its commitment to the initiative and hopes for the federal government's support.

He also emphasised that Penang's economy needs diversification and should not rely solely on the electrical and electronics, tourism, and services sectors.

Regarding other developments, Chow reaffirmed the state government’s commitment to resolving the 14-year delay in disbursing proceeds from the Bayan Mutiara development project.

He noted that proceeds from the land transactions amounting to RM1.07 billion from the Bayan Mutiara project had been deposited into the state revenue account between 2011 and 2018.

However, he stressed that the proceeds must be channelled back to the Penang Development Corporation (PDC) to fund affordable housing projects (AHS) in the state.

Chow explained that part of the funds had already been used to implement six AHS — in Bandar Cassia, Batu Kawan; Teluk Kumbar, Bayan Lepas; Kampung Jawa, Butterworth; Pintasan Cecil, George Town; Mak Mandin, Seberang Perai; and Bandar Cassia Phase 4, Batu Kawan.

"The state government and PDC have conducted a review and found that there are still funds that need to be channelled to the PDC. Therefore, I am determined to coordinate and resolve this issue," he added.

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