DEPUTY Minister of Investment, Trade and Industry (MITI) Sim Tze Tzin is envisioning a financial hub to be set up at Pulau Jerejak following plans by the developer to construct a connecting bridge to Penang.
The financial hub can complement the surrounding Bayan Lepas and the Batu Kawan Free Industrial Zones, besides helping the services sector in tourism, Sim told a media briefing.
He has proposed that the mooted Penang Financial Centre be within the 32ha development site by the Tropical Island Resort, which plans to complete the construction of hotels, condominiums and recreational areas.
"It can be the right ecosystem to power the next growth level for Penang. It can attract investors to support the industrial, property and tourism sectors."
Sim said that the proposed financial centre could complement the manufacturing sector by bringing investors closer to engineers and young entrepreneurs.
“Penang needs venture capitalists, private equity funds, bankers and technology investors to set up offices in one location so that they can interact with technology companies and potentially channel funding into new ventures.
“We have about 20,000 integrated circuit design engineers. Many do not have funders to help them start their own start-ups," said Sim.
Investors can set up offices anywhere, but the better choice is to place them together, he said.
The example is the concept of clustering financial and technology companies in Silicon Valley, a California enclave in the United States.
Sim, who had worked in Silicon Valley for six years, believed a similar ecosystem could stimulate Penang technology's growth.
“The industrial area will have a lot of engineers and young entrepreneurs. They must create that kind of symbiosis.
“They must be able to meet each other every day, talk to each other and exchange new ideas.”
Sim said the development would also be subject to restrictions on building height and density.
The construction of the 1km elevated bridge, with two lanes in each direction as well as pedestrian and cycling lanes, would kick off with road widening works next month.
Works will involve widening Persiaran Bayan Indah near Queens Waterfront, and building a connecting road from the Tun Dr Lim Chong Eu Expressway to the bridge to Jerejak.
The construction will take three years, with completion expected by 2029.
It will connect the area near Queensbay Mall to Jerejak, providing direct road access to the island which currently relies on boat services.
Sim said he had urged the developer to make the bridge an iconic structure.
“They have accepted my ideas and will hire one local and two international architects to design it.”
He said the bridge would improve access to Jerejak, making the island a more attractive destination for tourists.
Sim said the state government had requested the developer restore several heritage sites on the island.
He stressed that as 85% of Jerejak was gazetted as forest reserve, those would remain untouched.
Jerejak, which encompasses about 360ha, was previously a quarantine centre in the 1940s, and there was a treatment centre for those suffering from leprosy. - August 23, 2026.
