Summary
- Penang submits PTFC proposal to Finance Ministry.
- Proposed incentives target semiconductor and high-tech industries.
- Finance Ministry and MITI involved in ongoing discussions.
GEORGE TOWN, November 5 — Penang has submitted a proposal to the Finance Ministry seeking incentives for the Penang Technology Finance Centre (PTFC), Chief Minister Chow Kon Yeow said.
Responding to Pulau Tikus assemblyman Joshua Woo, Chow said the proposal includes financial and non-financial incentives to support semiconductor, electronics and high-tech industries.
The state is exploring a special financial zone framework alongside existing investment incentives and financing schemes. Chow said the Finance Ministry has shown interest.
While the Investment, Trade and Industry Ministry’s northern regional office is participating in a dedicated PTFC task force. The proposed framework also aims to facilitate investment.
And strengthen specialised expertise within Penang’s technology financing ecosystem. Further discussions with federal authorities will determine the incentives that could be introduced.
