GEORGE TOWN: The proposed Penang International Financial Centre (PIFC) has reached the engagement stage with Bank Negara Malaysia (BNM) and the Securities Commission, marking a key milestone in its development. Chief Minister Chow Kon Yeow confirmed the progress, noting that the Penang Institute had completed the Expression of Interest (EOI) process earlier this year.
“The results have been presented to the state Cabinet, and we are committed to realising this long-term project,“ Chow said during an investiture ceremony at Dewan Seri Pinang. The PIFC will span nearly 100 acres, featuring financial facilities such as fund management, fintech zones, and an international convention centre.
The initiative aligns with the New Industrial Master Plan 2030 and the National Semiconductor Strategy, aiming to attract capital for the Northern Corridor’s semiconductor sector. Chow also highlighted the Sedusun Tech Valley project, which is set to transform Penang into an ‘Agricultural Silicon Valley’ by promoting smart farming for higher yields.
Infrastructure upgrades remain a priority, with plans to expand the Federal Highway from Bayan Lepas to Teluk Kumbar and commence the Juru-Sungai Dua Elevated Expressway by late 2025. Chow urged federal support for these projects under the 13th Malaysia Plan. - Bernama
