GEORGE TOWN – The Penang south reclamation (PSR) project is critical for the future of Penang, despite concerns raised by non-governmental organisations and other critics.
State Infrastructure and Transport committee chairman Zairil Khir Johari says the project aims to be an economic catalyst like the Bayan Lepas Free Industrial Zone, which has driven the state's economy for the past few decades.
The PSR project involves the development of three artificial islands covering an area of 1,821 ha in Permatang Damar Laut, near Bayan Lepas.
It is being developed to fund various state infrastructure projects, most specifically the Penang Transport Master Plan, which is estimated to cost around RM46 billion.
He said the main purpose of the PSR project was not as a commercial or housing centre, although these elements would certainly be included.
"For Island A with an area of 2,300 acres, it is to provide new industrial land.
“The industrial area for Island A is not just ordinary open land but it will be designed specifically according to the current needs of the world industry," he said when debating the Budget 2021 Bill at the Penang State Legislative Assembly, today.
Through the embankment of the new island, Zairil said the development of greenfield land can be done so that Penang can offer suitable industrial areas as well as attract new investors.
He added that many leading companies no longer looked at cheap labor costs or local incentives alone, but they now prioritize ESG (Environmental, Social, Governance) factors.
"In other words, they will choose investment sites that can meet the requirements of international ESG standards that are difficult to reach with brownfield land or areas that have been developed," he said. – The Vibes, October 14, 2020
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