THE state think-tank Penang Institute is in the final stages of reviewing and shortlisting proposals for the establishment of the Penang International Financial Centre (PIFC), Chief Minister Chow Kon Yeow announced.
According to Chow, PIFC is expected to play a vital role in attracting capital inflows, fostering financial innovation, and reinforcing Malaysia’s semiconductor and high-tech industries.
“This initiative is spearheaded by the Penang Institute through a Request for Expressions of Interest (EOI), aligning with Penang’s longstanding role as a global trading hub and its prominence in manufacturing and technology.
“This will be a long-term effort to make Penang a trusted hub for regional finance, supported by strong digital infrastructure, fintech innovation, green investment, and world-class professional services.
“The aim is simple – to attract global capital, create quality jobs for Penangites, and strengthen our position as a key player in the region.
“More announcements about this initiative will be made from time to time,” Chow said in his speech during the 80th anniversary of the Penang Importers and Exporters Association (PIEA) at Jen Hotel in George Town this evening.
Also present were Ministry of International Trade and Industry (Miti) Penang director Siti Norbaya Kamaludin, Penang Port Commission chairman Datuk Yeoh Soon Hin, PIEA president Datuk Seri Lim Kai Seng, Penang Chinese Chamber of Commerce (PCCC) president Datuk Seri Choot Ewe Seng, PCCC executive director Datuk Seri Hong Yeam Wah and Anniversary dinner organising chairman Benson Neoh Kah Wei.
Chow congratulated PIEA on its milestone anniversary.
“Tonight is not just about celebrating the past 80 years. It is about setting our sights on the next 80.
“The state government will keep working to create a business-friendly environment, cut red tape, and champion innovation and sustainability.
“Congratulations once again to the PIEA. May you continue to grow, succeed, and contribute to Penang, Malaysia, and the region for many years to come,” he said.
Meanwhile, Lim said that since its establishment in 1945, PIEA has grown from a small trade association into a broad-based industry platform with a diverse membership.
“Along the way, we have witnessed national independence, economic growth, waves of globalisation, and regional economic integration.
“Throughout this journey, we have remained steadfast in uniting our members, promoting trade, working closely with the government on policy advancement, and enhancing Malaysia’s, especially Penang’s, competitiveness on the global stage,” said Lim.
Lim added that PIEA will continue to focus on four key directions to adapt to the restructuring of supply chains, the rise of artificial intelligence (AI), digital technologies, and the push for sustainable green development.
He said the four key directions are strengthening regional and global connectivity, empowering business growth, driving green and digital transformation, and fostering cross-sector collaboration and youth leadership succession.
Story by Riadz Akmal
Pix by Muhamad Amir Irsyad Omar
Video by Siti Nuratikah Rahmat