GEORGE TOWN, March 20 – The Penang state government has launched a request for expressions of interest (EOI) to develop the Penang International Financial Centre (PIFC), aiming to strengthen its position as a global trade and financial hub. Chief Minister Chow Kon Yeow announced that Penang Institute, which has been researching the initiative for a year, will oversee the EOI process.
The proposed PIFC is designed to attract capital inflows, particularly for the semiconductor and high-tech industries, diversifying the state’s economy beyond the electrical and electronics sector. The project will be developed on a 100-acre site, with the selected company responsible for securing approvals and establishing the necessary infrastructure. Chow emphasized that the PIFC will complement existing financial centres in Malaysia rather than duplicate them.
A formal proposal was submitted to Prime Minister Datuk Seri Anwar Ibrahim on March 13, seeking federal support while encouraging private sector participation. The EOI is open to financial institutions, developers, industry leaders, and investors, with documents available at Penang Institute from March 17 to 26. Submissions must be completed by May 19 at 12pm.
