THE Penang government will provide its latest update next week on the initiative to establish the Penang International Financial Centre (PIFC) in the state.
Chief Minister Chow Kon Yeow said the PIFC initiative remains a work in progress, noting that the effort is both ambitious and challenging.
“We will announce our latest update on the PIFC next week after the state executive council (exco) meeting.
“The announcement will outline the latest efforts by the state government to obtain the consent and approval of the Federal Government.
“This is crucial as the PIFC is envisioned to attract greater capital inflows, strengthen Malaysia’s financial innovation landscape, and support the nation’s semiconductor and advanced technology ecosystem,” he said.
Chow added that Penang must continue to diversify its economy beyond its traditional strengths.
“We need to diversify our economy, from being a manufacturing hub and a premier tourism destination to becoming a digital economy centre.
“The PIFC initiative will also elevate Penang to a new level of excellence that we, as Penangites, can take pride in,” he said in his speech during a breaking-of-fast event at Buckingham Place this evening.
The event was organised by the Muslim Jewellers and Money Changers Association of Penang (Penang MJMC).
Chow also said that the Penang government remains committed to the revitalisation of Komtar through the upgrading of commercial spaces and public facilities in an effort to restore the area as a prominent economic and tourism landmark.
He added that the state government is also determined to ensure that infrastructure projects planned under the Penang2030 vision progress smoothly before the end of his term, noting that most of the projects have already been approved and are currently being implemented.
Speaking about the event, Chow said that since its establishment in 1973, the Penang MJMC has played a significant role in shaping the state’s economic landscape.
“Under the leadership of Penang MJMC president Datuk Dr Anvar Hussain Rahumathullah, the association continues to strengthen Penang’s position as a major gold trading hub in the country,” he said.
Meanwhile, Dr Anvar expressed the association’s appreciation for the state leadership, which has consistently provided opportunities for various communities in Penang to grow and contribute to the state’s development.
He also commended Chow as a dedicated and capable chief minister who has left behind a legacy of progress, stability and racial harmony.
Also present at the event were Penang Youth, Sports and Health Committee chairman Daniel Gooi Zi Sen, Komtar assemblyman Teh Lai Heng and Penang Island City Council (MBPP) mayor Datuk A. Rajendran.
Story by Riadz Akmal
Pix and video by Siew Chia En