Penang is exploring the creation of a Special Financial Zone (SFZ) to fuel economic growth, revealed Chief Minister Chow Kon Yeow. The Penang Institute is assessing public opinion on the SFZ, which promises to enhance business operations and attract capital.
Penang eyeing economic boost
Chow stated that discussions are ongoing, and an application for the SFZ will be submitted to the federal government. Supporting voices include Lim Guan Eng and local commerce chambers. Financially, Penang seeks alternative federal support, considering advances based on prior deficits or loans for significant projects.
With a low federal debt of RM36.73 million, Penang aims to avoid new loans to maintain its path towards financial autonomy. The state’s financial strategies are under continuous review.
Follow us on:
Read More News at #latestmalaysia #BusinessNews and #WorldFuture
