Penang SFZ Project Still Being Studied, Framework To Be Tabled To MMK - Chow

GEORGE TOWN, Nov 28 (Bernama) -- The prospect of establishing a Special Financial Zone (SFZ) in Penang as a growth engine is still under study by Penang Institute (PI), said Chief Minister Chow Kon Yeow.

He said PI had organised a roundtable session with experts in the fields of finance, banking, insurance, fintech and wealth management yesterday and that the proposed framework for the implementation of the SFZ would be presented to the State Executive Council (MMK) after the PI study was completed.

Chow, who is also 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 per cent 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 special financial zone,” he said.

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

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

-- BERNAMA