Guan Eng: Penang SFZ proposal needs support from all including Opposition to boost Penang’s economy

Malay Mail
Malay Mail

KUALA LUMPUR, Sept 17 — Everyone in Penang, including Opposition members, should support securing federal government approval for a special financial zone (SFZ) in the state, said DAP chairman Lim Guan Eng today.

In a statement, the Bagan MP called for everyone to put aside partisan politics for a boost to Penang’s economic development and sustainability.

“The cost of doing business in an SFZ will be more affordable, with management costs not too high, such as for tourism, education and health.

“Incentives in a SFZ include a special income tax rate of 15 per cent for skilled workers and multiple entry visas for foreign expertise.

“An SFZ in Penang will help to boost investment, growth and economic activities and bring Penang to the next level of economic development,” the former finance minister said.

His proposal for an SFZ in the state is based on Penang having achieved critical mass with a foundation in the manufacturing industry, which will contribute to the growth of the services sector in the northern region of peninsular Malaysia and the rest of the country, he added.

He said he had received support from those in Penang over the proposal, including both the Chinese Chamber of Commerce and the Indian Chamber of Commerce.

Lim had made the proposal on Wednesday while debating the mid-term review of the 12th Malaysia Plan (12MP) in Dewan Rakyat.

On August 25, Prime Minister Datuk Seri Anwar Ibrahim announced that the government will create an SFZ in Forest City, Johor by providing certain incentives to lower the cost of doing business in multiple sectors like tourism, education and health. Anwar, who is also finance minister, said the SFZ aims to boost investment, growth and economic activities in the state of Johor.