Penang in need of financial centre to boost electrical and electronics sectors - CM
PENANG needs an International Financial Centre (Technology) for upscaling, expansion and greater access to the global financial markets, said Chief Minister Chow Kon Yeow. He appealed for the Finance Ministry to consider it in the proposal for the up...
Chief Minister Chow Kon Yeow has called for the establishment of an International Financial Centre (Technology) in Penang to bolster the island's global semiconductor ecosystem. Despite decades of growth in electrical and electronics sectors, financing remains a critical gap, according to Chow. He urged the Finance Ministry to include the proposal in the upcoming Budget 2027.
Chow emphasized that while competition among companies is inevitable, collaboration is key to strengthening the ecosystem. He urged local companies to be more confident and daring in accessing capital, including through equity financing, institutional investors, and IPOs.
Small and Medium Enterprises (SMEs) form the backbone of the semiconductor ecosystem, and Chow stressed the importance of stronger links to multinational corporations (MNCs), technology, talent, and capital to enable SMEs to grow and become more competitive. He stated that connecting SMEs to these resources will create a more robust semiconductor ecosystem.
Chow clarified that the proposed financial centre is not meant to create a new financial district or special economic zone, but rather to complement Penang's existing industrial and technology ecosystem by improving companies' access to capital.
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