CHIEF Minister Chow Kon Yeow has called for the proposed Special Financial Zone (SFZ) to be included in the 13th Malaysia Plan (RMK-13), the nation’s strategic development blueprint set for implementation from 2026 to 2030.
Speaking at the RMK-13 engagement session held at the Setia SPICE Convention Centre in Bayan Lepas today, Chow emphasised the initiative’s potential to bolster Penang’s economic dynamism and significantly contribute to Malaysia’s overall growth.
“This initiative, if materialised, will attract more foreign direct investments (FDIs) into the state and position Penang as a global powerhouse in key industries,” Chow stated.
The session, attended by Economy Minister Rafizi Ramli, highlighted Penang’s role as a vital player in Malaysia’s electrical and electronics (E&E) sector.
Rafizi lauded Penang for its success in the semiconductor industry, noting the state’s significant contributions alongside Selangor.
“Penang is at the forefront of many economic sectors. In the next five to 10 years, its infrastructure ecosystem will likely reach an advanced level, ready to attract even more investments,” Rafizi said.
He urged the Penang government to align its long-term development plans with RMK-13 to sustain its growth trajectory.
Chow also provided updates on the RMK-13’s Fifth Rolling Plan, revealing that the Penang government has received 93 project applications from 19 departments and agencies, amounting to an estimated RM17.7 billion.
“So far, six projects worth RM199.1 million have been approved, with RM1.9 million earmarked for relevant initiatives in 2025.
“We are optimistic about having other proposed projects considered as well,” he said.
The proposed SFZ, if integrated into RMK-13, is expected to amplify these efforts by fostering an environment conducive to FDIs, further cementing Penang’s reputation as Malaysia’s economic engine.
The event was attended by key figures, including Penang State Secretary Datuk Zulkifli Long and Deputy Chief Minister I Datuk Dr Mohamad Abdul Hamid.
As the engagement session concluded, it became clear that the proposed SFZ is not just a local ambition but a national opportunity to propel Malaysia’s economy to new heights.
Story by Kevin Vimal
Pix by Siew Chia En
Video by Noor Siti Nabilah Noorazis