KUALA LUMPUR, March 4 – Batu Kawan MP Chow Kon Yeow has sought clarification from the Finance Ministry on the Federal Government’s approach to supporting the proposed Penang International Financial Centre (PIFC).
In a written reply in the Dewan Rakyat on March 2, the government described the establishment of an international financial centre as a strategic national agenda requiring clear policy direction and alignment with Malaysia’s existing financial ecosystem and long-term development plans.
The government said the proposal must first undergo comprehensive study at the state level with holistic engagement involving the Ministry of Finance, Ministry of Economy, Ministry of Investment, Trade and Industry, Bank Negara Malaysia and the Securities Commission Malaysia.
Emphasising fiscal discipline, Putrajaya stressed that any new economic or financial zone must be supported by thorough cost-benefit analysis to ensure projected gains, such as high-value jobs and technology transfer, justify potential revenue forgone through incentives.
The Federal Government reaffirmed its commitment to maintaining an investor-friendly ecosystem while safeguarding national fiscal sustainability.
