Budget 2027: Penang hopes for good news on penang technology financial centre, 7 projects under RP2

GEORGE TOWN – Penang hopes Budget 2027 will bring good news regarding the proposal to establish the Penang Technology Financial Centre (PTFC) in collaboration with the federal government to strengthen the state’s technology ecosystem.

Chief Minister Chow Kon Yeow said the proposal, previously known as the Penang International Financial Centre, has been renamed PTFC after a series of discussions and in response to feedback.

He said the change aligns with the role of Penang and the northern region as a hub for the country’s electrical and electronics (E&E) and semiconductor sectors, while also taking into account developments in the artificial intelligence (AI) sector.

“We shift from Penang International Financial Centre to Penang Technology Financial Centre to focus on Penang’s strengths in the technology sector.

“So, we very much hope that this budget will bring good news regarding our request to jointly establish the Penang Technology Financial Centre with the federal government,” he told a press conference at Komtar, here today.

Chow said the state government, through the Penang International Financial Centre task force, had submitted a white paper on the proposal to the Ministry of Finance (MOF) in September following a brief discussion with Prime Minister Datuk Seri Anwar Ibrahim and a presentation to the ministry.

He said establishing PTFC will broaden access to capital, particularly for small and medium-sized enterprises (SMEs), startups, and local companies, and help them develop their businesses and scale up operations.

According to Chow, access to capital is important to help local companies grow in tandem with the development of the semiconductor and AI sectors, which are led by multinational corporations (MNCs), thereby producing more large-scale local companies.

“There are many that have already been listed on Bursa Malaysia. We also want to see more startups and SMEs in this sector gaining access to capital so they can scale their operations,” he said.

Meanwhile, Chow said seven of Penang’s 10 priority projects submitted for Rolling Plan Second (RP2) 2027 under the 13th Malaysia Plan (13MP) have been accepted for consideration by the federal government ahead of the Budget 2027 presentation this Friday.

He said the 10 projects were submitted by the State Economic Planning Unit to MOF in February, while three projects that were not accepted can still be raised again by the state government.

Among the seven projects accepted for consideration are the mapping and assessment of groundwater resources in Penang, the Penang STEM Talent Blueprint, the proposed Teluk Kumbar public market complex, and projects to upgrade the mechanical and electrical infrastructure for the flood control system.

Also listed are the upgrading projects for Jalan Bukit Tambun FT149 from the FT001 federal road intersection to the Bukit Tambun South Toll Plaza intersection, as well as the road upgrading project from Permatang Tinggi to Sungai Juru on the FT001 Federal Route and the Sungai Kelang Ubi flood mitigation plan in Seberang Perai Tengah. – BERNAMA