Plans underway to set up financial hub on Pulau Jerejak

The deputy Minister of Investment, Trade and Industry (MITI), Sim Tze Tzin, is planning to establish a financial hub on Pulau Jerejak following the developer's intention to build a bridge connecting Penang. The financial hub would complement the Bayan Lepas and Batu Kawan Free Industrial Zones, enhancing the services sector in tourism. Sim proposed the financial centre to be within the 32ha development site by the Tropical Island Resort, which is constructing hotels, condominiums, and recreational areas.

The financial hub could attract investors to support the industrial, property, and tourism sectors, and could bridge the gap between venture capitalists, private equity funds, bankers, and technology investors. Sim highlighted the importance of having these investors together to foster innovation, similar to Silicon Valley's ecosystem in the United States.

Sim, who has worked in Silicon Valley for six years, believes a similar system could boost Penang's technology growth. The development would adhere to restrictions on building height and density, and the 1km elevated bridge would undergo road widening works next month. The construction, expected to be completed by 2029, will connect the area near Queensbay Mall to Jerejak, providing direct road access to the island currently reliant on boat services.

Sim has urged the developer to make the bridge an iconic structure, with local and international architects set to design it. The bridge will improve access to Jerejak, making it a more attractive destination for tourists. Sim requested the developer to restore several heritage sites on the island, maintaining that 85% of Jerejak is a forest reserve, which will remain untouched.