PIFC Establishment Now At Engagement Stage With BNM, Securities Commission - Chow

GEORGE TOWN, July 26 (Bernama) -- 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 said the think tank, Penang Institute, was given the role to initiate the Expression of Interest (EOI) process last March, and the results had already been presented to the state’s Cabinet.

“As a long-term plan to sustain the state’s continuous growth, the proposed PIFC project will be realised, which includes the development of a site measuring almost 100 acres (40.46 hectares) and involves various financial facilities and supporting infrastructure.

“This includes fund management, an international convention centre, high-end banking services, a fintech free trade zone and a logistics hub,” he said in his speech at the investiture of the state awards, medals and honours at Dewan Seri Pinang here today.

The ceremony, which was held in conjunction with the Penang Governor Tun Ramli Ngah Talib’s 84th birthday celebration, saw 280 individuals being honoured with the state’s awards, medals and honours.

Chow said PIFC aims to attract new capital flows to strengthen the semiconductor sector in the Northern Corridor, in line with the New Industrial Master Plan (NIMP) 2030 and the National Semiconductor Strategy (NSS).

Meanwhile, he said the Sedusun Tech Valley project through the Northern Corridor Implementation Authority (NCIA) is currently in the stage of clearing the project site and is expected to be fully completed in the first quarter of 2027.

The Chief Minister said it is an effort to make Penang an 'Agricultural Silicon Valley' that focuses on the smart farming industry towards increasing agricultural yields optimally compared to traditional methods.

In addition, Chow said the state government is also giving priority to addressing the urgent needs of the people's mobility, including through the application under the 13th Malaysia Plan (13MP) involving the upgrading of the Federal Highway from Bayan Lepas to Teluk Kumbar to a four-lane dual carriageway.

“It is also seen to solve the ‘missing link’ issue that has long affected the smooth flow of traffic in the southern part of the island, and the state government is also awaiting the implementation of the Juru-Sungai Dua Elevated Expressway project scheduled to begin in the fourth quarter of this year,” he said.

Chow also expressed hope that more projects listed and presented under the 13MP requirements will receive the attention of Prime Minister Datuk Seri Anwar Ibrahim.

-- BERNAMA