Summary
- Budget 2027 recognises Penang’s proposed technology financial hub.
- PTFC blueprint and action plan expected by November.
- Federal-state committee planned to coordinate implementation.
GEORGE TOWN, October 9 — Penang has welcomed the federal government’s recognition of its proposed Penang Technology Financial Centre (PTFC) under Budget 2027.
Aimed at strengthening Malaysia’s semiconductor and high-technology industries. Chief Minister Chow Kon Yeow said the state submitted its PTFC white paper to the Finance Ministry on Sept 23.
And plans to present a strategic blueprint and action plan by November. The state will also pursue discussions with the ministry to establish a federal-state joint committee to coordinate planning and implementation.
Chow said the initiative could improve access to capital, strengthen local technology companies and support Malaysia’s ambitions in advanced manufacturing and intellectual property development.
