GEORGE TOWN – Eight Pakatan Harapan lawmakers have thrown their support behind DAP chairman Lim Guan Eng’s proposal for a special financial zone (SFZ) to be established here to help stimulate stronger economic growth for the northern region.
The eight, together with Lim, are lobbying extensively for a SFZ to be accorded to the state when Prime Minister Datuk Seri Anwar Ibrahim, who is the finance minister, tables the budget for next the fiscal year.
In the statement, the eight urged the national unity government to study the proposal on grounds that Penang needs new stimulants to spark the economy.
They said that while Penang is moving toward Industrial Revolution 4.0, the state has traditionally attracted foreign investments through its mature electrical and electronic (E&E) manufacturing sector, securing its position as a top destination for investors.
“However, the lack of industrial land space in Penang is limiting the inflow of foreign investments.
“Consequently, Penang was not listed among the top five places attracting investments in the first half of 2023, and it urgently needs new avenues to attract foreign investments to ensure sustained economic growth.
“Following the example set by Anwar, who designated an area in Johor’s Iskandar Economic Zone as an SFZ with a range of incentives, including a 15% special income tax rate for high-skilled workers and multiple-entry visas for foreign experts, we believe that a similar zone should be established in Penang to ensure synchronised development between the north and south of the peninsula,” they said.
They said the robust development of Penang’s E&E industry demonstrates the state’s capability as an economic powerhouse.
In view of this, they urged the unity government to establish a SFZ in Penang, paving the way for economic prosperity and securing a better future for the state and country.
The eight are Syerleena Abdul Rashid (Bukit Bendera MP), Wong Yuee Harng (Pengkalan Kota assemblyman), Chee Yeeh Keen (Bagan Jermal assemblyman), Connie Tan (Seri Delima assemblyman), Joshua Woo Sze Zeng (Pulau Tikus assemblyman), Lee Boon Heng (Kebun Bunga assemblyman), Calvin Kumaran Krishnan (Bagan Dalam assemblyman), and Phee Syn Tze (Sg Puyu assemblyman). – The Vibes, September 20, 2023
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