GEORGE TOWN: A first-term member of parliament (MP) and assemblymen today voiced their full support to the proposal for a Special Financial Zone (SFZ) in Penang.
They comprised Bukit Bendera MP Syerleena Abdul Rashid and assemblymen Wong Yuee Harng (Pengkalan Kota), Chee Yeeh Keen (Bagan Jermal), Connie Tan Hooi Peng (Seri Delima), Joshua Woo Sze Zeng (Pulau Tikus), Lee Boon Heng (Kebun Bunga), K. Kumaran (Bagan Dalam) and Phee Syn Tze (Sungai Puyu).
DAP national chairman and Bagan member of parliament Lim Guan Eng had on Sept 13, proposed in Parliament for the setting up of a SFZ in Penang, just like the one in Forest City.
He subsequently called for undivided support from all Penangites, the state government and all elected representatives, including the opposition, to secure the federal government's approval for the SFZ
According to the first-term MP and assemblymen, while Penang is moving towards the fourth industrialisation revolution (IR4.0), the state has traditionally attracted foreign investments through its matured electrical and electronic (E&E) manufacturing sector, securing its position as a top destination for investors.
They, however, said the lack of industrial land space in Penang was limiting the inflow of foreign investments.
This led to Penang not being listed among the top five places attracting investments in the first half of this year.
"Therefore, Penang urgently needs new avenues to attract foreign investments to ensure sustained economic growth.
"Following the example set by Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim, who designated an area in Johor's Iskandar Economic Zone as a SFZ with a range of incentives, including a 15 per cent special income tax rate for high-skilled workers and multiple-entry visas for foreign experts, we believe that a similar SFZ should be established in Penang to ensure synchronised development between the north and south of the Peninsula," they said today.
They further said that Penang was establishing a Digital Free Trade Zone (DFTZ), boasting a modern port, the Penang International Airport and reliable communication infrastructure.
They said the success of the E&E sector in Penang had led to the state commanding eight per cent share of global backend semiconductor exports.
"The robust development of the Penang's E&E industry demonstrates the state's capability as an economic powerhouse and its tremendous potential to thrive as a SFZ.
"Therefore, we urge the unity government to establish a SFZ in Penang, paving the way for economic prosperity and secure a better future for the state and country," they added.
Last week, Lim had called for undivided support from all Penangites, the state government and all elected representatives, including the opposition, to secure the federal government's approval for the SFZ.