Latest news with #PenangInternationalFinancialCentre
The Star
4 days ago
- Business
- The Star
PIFC proposal under discussion with federal authorities
GEORGE TOWN: The proposed establishment of the Penang International Financial Centre (PIFC) is currently at the discussion stage with the Federal Government, Bank Negara 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 process last March, and the results had already been presented to the state 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 yesterday. The ceremony, which was held in conjunction with Penang Governor Tun Ramli Ngah Talib's 84th birthday celebration, saw 280 individuals receiving awards, medals and honours. In the Bernama report, Chow said PIFC aims to attract new capital to strengthen the semiconductor sector in the Northern Corridor, in line with the New Industrial Master Plan 2030 and the National Semiconductor Strategy. Meanwhile, he said the Sedusun Tech Valley project by the Northern Corridor Implementation Authority is currently at project site clearance stage, 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 giving priority to addressing the people's mobility, including an application under the 13th Malaysia Plan (13MP) involving the upgrading of the federal route 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.
The Sun
5 days ago
- Business
- The Sun
Penang International Financial Centre in talks with BNM, Securities Commission
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
Barnama
5 days ago
- Business
- Barnama
PIFC Establishment Now At Engagement Stage With BNM, Securities Commission
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.
Malay Mail
06-05-2025
- Business
- Malay Mail
Penang's new investment facilitation centre to spur locally driven growth amid global uncertainty, says CM
GEORGE TOWN, May 6 — The establishment of an Invest Malaysia Facilitation Centre (IMFC) in Penang will encourage domestically driven investments, said Penang Chief Minister Chow Kon Yeow. He said this is especially crucial during this period of global economic uncertainty. In welcoming the recent announcement by the prime minister that IMFC will also be established in Penang, he said it is a strategic move that can strengthen Malaysia's position as a regional investment destination. 'It also presents an opportunity for Penang to align its own initiatives, particularly the Penang International Financial Centre (PIFC), to ensure cohesive and complementary growth,' he told Malay Mail in a brief response to the announcement. He said the IMFC could help facilitate more Foreign Direct Investment (FDI) into Malaysia, benefiting multiple states including Penang. 'Such developments can enhance investor confidence in Malaysia's long-term economic stability and governance,' he said. 'For Penang, this underscores the need to strengthen our own investment value proposition, especially in new areas such as digital finance, ESG investments, and fintech,' he said. Chow said Penang's robust ecosystem in manufacturing and global business services will continue to draw in investors. 'The state government remains committed to fostering an investment climate that supports both international and local economic resilience,' he said. He said the state will wait for more information from the federal government on the execution of IMFC. Recently, Prime Minister Datuk Seri Anwar Ibrahim announced that Putrajaya will be establishing IMFC in Sarawak and Penang. The IMFC was first established in 2023 to enhance the existing advisory service centre at the Malaysian Investment Development Authority (Mida). Its primary objective was to expedite the process of various approvals for investments. A second IMFC was established in Johor in February this year at Forest City for the Johor-Singapore Special Economic Zone.
