The Penang Institute is within the last levels of reviewing and shortlisting proposals for the institution of the Penang Worldwide Monetary Centre (PIFC), a strategic initiative aimed toward boosting the state’s function in world finance.
Chief Minister Chow Kon Yeow mentioned PIFC is anticipated to draw capital inflows, foster monetary innovation, and strengthen Malaysia’s semiconductor and high-tech sectors.
“This initiative, pushed by the Penang Institute by means of a Request for Expressions of Curiosity, aligns with Penang’s place as a worldwide buying and selling hub and a pacesetter in manufacturing and expertise,” Chow mentioned.
He famous that the undertaking will likely be a long-term effort to place Penang as a trusted regional finance hub, supported by strong digital infrastructure, fintech development, inexperienced funding, and top-tier skilled companies.
“Our goal is straightforward – to draw world capital, create high quality jobs for Penangites, and cement our standing as a key regional participant,” he added, pledging that additional bulletins will observe because the undertaking progresses.
Chow made the remarks in the course of the eightieth anniversary celebration of the Penang Importers and Exporters Affiliation (PIEA) in George City. The occasion was attended by key commerce and trade leaders, together with representatives from the Ministry of Worldwide Commerce and Business (MITI) and the Penang Port Fee.
Whereas congratulating PIEA on its milestone, Chow highlighted the state authorities’s dedication to fostering a business-friendly setting, lowering crimson tape, and driving innovation and sustainability.
PIEA president Datuk Seri Lim Kai Seng mirrored on the affiliation’s evolution since its founding in 1945, noting its function in selling commerce, collaborating with authorities on coverage, and enhancing Penang’s competitiveness.
Lim mentioned PIEA’s future focus will centre on strengthening connectivity, empowering enterprise development, advancing inexperienced and digital transformation, and nurturing youth management.
As Penang strikes nearer to realising PIFC, the initiative is seen as a catalyst for integrating the state’s manufacturing prowess with high-value monetary companies, additional diversifying its economic system and reinforcing its place on the worldwide stage.
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