Penang seeks federal government support to set up PIFC

PENANG is seeking support from the federal government to set up the Penang International Financial Centre (PIFC).

According to Chief Minister, Chow Kon Yeow, PIFC will be a a key initiative to strengthen Malaysia’s position as a global financial and industrial hub.

“The PIFC is expected to play a role in attracting capital, fostering financial innovation, and reinforcing Malaysia’s semiconductor and high-tech industries.

“This, as Penang aspires to consolidate its standing as a key site for the electronics global supply chain,” he said.

Chow emphasised that the financial centre would attract new sources of capital while complementing Malaysia’s existing financial hubs.

 “This initiative will drive technological investments, create high-value employment opportunities, and contribute significantly to both national and state revenue,” he said, adding that he was confident of a positive response from the federal government.

PIFC is also to advance the semiconductor sector in the northern region corridor, in line with the New Industrial Master Plan (NIMP) 2030 and the National Semiconductor Strategy (NSS), which was envisioned by the Economics Ministry.

Chow said that it will also support tech-driven investments in the region, introduce new financial innovations, diversify employment opportunities in the professional services, and enhance national and state revenue through improved productivity. – March 19, 2025