2027 Budget: Penang seeks federal backing for Technology Financial Centre

In George Town, Penang is requesting federal backing through the 2027 Budget to develop the Penang Technology Financial Centre. The centre aims to bolster the state's technology sector and position Penang as a national hub for electrical and electronics (E&E) and semiconductor industries. The proposal, initially named Penang International Financial Centre, has been rebranded to better align with Penang's evolving role.

Chief Minister Chow Kon Yeow disclosed that the state submitted a White Paper to the Finance Ministry following talks with Prime Minister Datuk Seri Anwar Ibrahim. The centre will prioritize providing SMEs, startups, and local companies with improved access to capital to fuel their expansion and bolster the semiconductor and artificial intelligence sectors.

Chow expressed optimism that the 2027 Budget would yield a positive outcome for the centre's establishment, alongside the federal government. Among the seven priority projects under consideration for inclusion in the 2027 Budget are groundwater resource mapping, a STEM Talent Grouping, a public market complex in Teluk Kumbar, flood control system upgrades, and road upgrades in Permatang Tinggi and Sungai Juru.

The remaining projects have not yet received approval, but Chow indicated that the state would continue to present them to the federal government as necessary.