Penang:The state of Penang is optimistic that the upcoming Budget 2027 will provide favorable news for the establishment of the Penang Technology Financial Centre (PTFC), a collaborative effort with the federal government aimed at bolstering the technology ecosystem in the region.
According to BERNAMA News Agency, Chief Minister Chow Kon Yeow highlighted that the proposal, initially known as the Penang International Financial Centre, has been rebranded as PTFC. This change was made following discussions and feedback and aligns with Penang's role as a hub for the electrical, electronics, and semiconductor sectors, as well as the burgeoning artificial intelligence (AI) industry.
The Chief Minister expressed hope that Budget 2027 would support their joint initiative with the federal government to establish PTFC, which is expected to enhance access to capital for small and medium-sized enterprises (SMEs), startups, and local companies. This access is crucial for these businesses to grow alongside multinational corporations in the semiconductor and AI sectors, contributing to the development of larger local companies.
Chow mentioned that a white paper on the PTFC proposal was submitted to the Ministry of Finance (MOF) in September after a discussion with Prime Minister Datuk Seri Anwar Ibrahim and a presentation to the ministry. He emphasized that many local companies are already listed on Bursa Malaysia, and there is a desire to see more startups and SMEs access the capital needed to expand their operations.
In addition to the PTFC initiative, Chow reported that seven out of ten priority projects proposed by Penang for Rolling Plan Second (RP2) 2027 under the 13th Malaysia Plan have been accepted for consideration by the federal government. These projects were submitted by the State Economic Planning Unit in February and include initiatives such as groundwater resource mapping, the Penang STEM Talent Blueprint, and infrastructure upgrades for flood control systems, among others.
Chief Minister Chow acknowledged that while three projects did not receive initial acceptance, they can be revisited by the state government in the future.