Got 20,000 tech engineers, but where are the investors? Jerejak may have the answer, says Bayan Baru MP

Penang's plan to transform part of Pulau Jerejak into a financial and lifestyle hub aims to provide technology start-ups with access to investors, according to Bayan Baru MP Sim Tze Tzin. The proposed 32-hectare development could bring venture capitalists, private equity firms, bankers, and technology investors closer to the engineers driving Penang's semiconductor industry, creating an ecosystem similar to Silicon Valley.

Sim, who lived in Silicon Valley for six years, believes that clustering investors and technology companies in one place could help turn engineering talent into new businesses. The development, which includes a financial centre, resort, serviced apartments, and hotels, is subject to restrictions on building height, density, and the conservation of 85% of the island's 360-hectare area as forest reserve.

Additionally, the state government has asked the developer to restore several heritage sites on the island, which has a history as a quarantine and medical site before becoming a detention centre.

Brief written by urgent.news from Malay Mail's own syndicated text. Machine-written — may contain errors; check the original before relying on it.