Penang: Penang should consider exploring the establishment of a gold bazaar and potentially a gold storage facility as part of efforts to develop the state into a regional gold hub, said Entrepreneur and Cooperatives Development Minister Steven Sim Chee Keong. He stated that the proposal would complement the state's established gold jewellery manufacturing industry and strengthen gold's role as one of the key assets supporting Penang's aspiration to become a financial hub.

According to BERNAMA News Agency, Sim expressed hope that with collaboration from both the state and federal governments, a complete gold ecosystem could be established, including the setting up of a gold bazaar in Penang. He noted that Penang has the potential to become an alternative location for gold buyers and sellers, similar to Dubai or India. Sim made these remarks during the launch of Public Gold's new international-standard refinery.

The event was also attended by Penang Chief Minister Chow Kon Yeow. Sim highlighted that Penang's gold manufacturing industry accounts for about 70 percent of Malaysia's gold jewellery production, providing a strong foundation for developing a regional gold bazaar. The creation of a complete gold ecosystem, including manufacturing, refining, trading, and storage, could unlock existing wealth and attract new capital to support Penang's development.

Meanwhile, Public Gold founder and executive chairman Datuk Seri Louis Ng discussed the new refinery at the Batu Kawan Industrial Park. The facility, covering a 0.461-hectare site with a built-up area of approximately 4,038.68 square meters, is designed to refine up to 10 tonnes of precious metals annually. It has the capacity to expand between 20 tonnes and 50 tonnes per year as market demand grows. Ng emphasized that the refinery will allow Public Gold to refine scrap gold locally, reducing transportation, insurance, and refining costs. Over the past two months, Public Gold has exported about two tonnes of scrap gold to Hong Kong and Singapore for refining.

The project is expected to create approximately 1,000 direct employment opportunities, spanning highly skilled technical and engineering positions, quality assurance, operations, and corporate support functions.