The Penang Institute is in the final stages of reviewing and shortlisting proposals for the establishment of the Penang International Financial Centre (PIFC), a strategic initiative aimed at boosting the state’s role in global finance.

Chief Minister Chow Kon Yeow said PIFC is expected to attract capital inflows, foster financial innovation, and strengthen Malaysia’s semiconductor and high-tech sectors.

“This initiative, driven by the Penang Institute through a Request for Expressions of Interest, aligns with Penang’s position as a global trading hub and a leader in manufacturing and technology,” Chow said.

He noted that the project will be a long-term effort to position Penang as a trusted regional finance hub, supported by robust digital infrastructure, fintech advancement, green investment, and top-tier professional services.

“Our aim is simple – to attract global capital, create quality jobs for Penangites, and cement our standing as a key regional player,” he added, pledging that further announcements will follow as the project progresses.

Chow made the remarks during the 80th anniversary celebration of the Penang Importers and Exporters Association (PIEA) in George Town. The event was attended by key trade and industry leaders, including representatives from the Ministry of International Trade and Industry (MITI) and the Penang Port Commission.

While congratulating PIEA on its milestone, Chow highlighted the state government’s commitment to fostering a business-friendly environment, reducing red tape, and driving innovation and sustainability.

PIEA president Datuk Seri Lim Kai Seng reflected on the association’s evolution since its founding in 1945, noting its role in promoting trade, collaborating with government on policy, and enhancing Penang’s competitiveness.

Lim said PIEA’s future focus will centre on strengthening connectivity, empowering business growth, advancing green and digital transformation, and nurturing youth leadership.

As Penang moves closer to realising PIFC, the initiative is seen as a catalyst for integrating the state’s manufacturing prowess with high-value financial services, further diversifying its economy and reinforcing its place on the global stage.