GEORGE TOWN: The state government has no details on the proposal to create a special financial zone (FZ) in Penang, says Chief Minister Chow Kon Yeow.
He added the state government has no information on the proposal which focuses on the northern region, just like the one in Forest City, Johor.
"We don’t have those details, maybe at the end of the debate, hopefully, the relevant ministry can respond to the proposal," he said during a press conference at Komtar.
On Wednesday (Sept 13), during the debate on the 12th Malaysia Plan (12MP) mid-term review, Bagan MP Lim Guan Eng said Penang now has reached critical mass with a mature manufacturing industry base, which will drive development and boost the growth of the services sector, not only in the northern region but for the whole country as well.
He reportedly said that Penang contributed RM10 billion in state tax to the federal revenue recently. There were also reports of 436 projects worth RM22.17bil having been approved for Kelantan and 511 projects with a cost of RM29.5bil for Pahang.
"We do not object to the allocation given, but we have to help all states and I hope the Federal Government will give consideration to development in Penang as this state is the country’s largest export contributor," he said.
Last month, Prime Minister Datuk Seri Anwar Ibrahim said that the government would create a special financial zone in Forest City in an effort to boost investment, growth and economic activities in Johor.
He added that the cost of doing business in this special financial zone was more affordable, aided by several incentives provided by the government.
This also meant that other management costs in the zone were not too high, such as for tourism, education and health, said Anwar, who was Finance Minister.
He said Johor’s strategic location next to Singapore and having a complete basic infrastructure could attract more investors especially when the cost in Singapore was considered very high.
