GEORGE TOWN: Penang will submit its action plan and supporting papers for the proposed Penang Technology Financial Centre (PTFC) to the Finance Ministry in November.
Chief Minister Chow Kon Yeow said state government officers and the State Finance Department would engage with the ministry on the next steps to advance the proposal.
"We will submit the action plan and the papers we need in November," he told reporters after the Penang International Science Fair.
Chow said further discussions with senior ministry officials were expected after the 2027 Budget debate and approval process was completed.
"The discussions will focus on initiating the necessary work to implement the proposal," he said.
He said the proposed centre had also been referred to as the National Technology Financial Centre during discussions, adding that the state was open to the initiative being established as a national-level centre.
"For now, we are still using the temporary name as further discussions need to be held," he said.
In his 2027 Budget speech, Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim announced plans to develop Penang as a national technology hub, supported by a RM100 million fund established by Khazanah Nasional Bhd and InvestPenang for early-stage semiconductor and advanced manufacturing companies.
Following the announcement, Chow said the state would continue discussions with the Finance Ministry on establishing a federal-state joint committee to coordinate planning, implementation and follow-up action.
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