GEORGE TOWN, Aug 23 — Penang’s plan to turn part of Pulau Jerejak into a financial and lifestyle hub is being pitched as a way to give the state’s technology start-ups something they have long lacked — access to investors.
Bayan Baru MP Sim Tze Tzin said the proposed 32-hectare development could bring venture capitalists, private equity firms, bankers and technology investors closer to the engineers driving Penang’s semiconductor industry, The Star reported.
“Penang needs venture capitalists, private equity funds, bankers and technology investors to set up offices in one location so that they can interact with technology companies and potentially channel funding into new ventures,” he told reporters in Sungai Nibong yesterday.
Sim said Penang has about 20,000 integrated circuit design engineers, many of whom remain salaried employees because they lack investors to help them establish their own companies.
He said clustering investors and technology companies in one place could create the kind of interaction needed to turn engineering talent into new businesses, likening the proposed ecosystem to Silicon Valley in the US.
Sim, who lived in Silicon Valley for six years, said regular interaction between engineers, entrepreneurs and investors could help generate new ideas and spur the growth of Penang’s technology sector.
The proposed development by Tropical Island Resort is to include a financial centre, resort, serviced apartments and hotels, with the aim of creating an ecosystem to attract investment into the state’s technology and semiconductor industries.
Sim said development would be subject to restrictions on building height and density, while 85 per cent of Pulau Jerejak’s 360-hectare area remains gazetted as forest reserve.
He also said the state government had asked the developer to restore several heritage sites on the island, which has a history as a quarantine and medical site before later becoming a detention centre.
Work on a 1km elevated bridge linking Pulau Jerejak with Penang island is expected to begin with road-widening works next month and be completed by March 2029.
The RM500 million bridge will have two lanes in each direction, as well as pedestrian and cycling lanes, and will connect the area near Jambatan Harapan and Queensbay Mall to the island.
Sim said the developer had agreed to his proposal for the bridge to become an iconic landmark, with two international architects and one local architect to be appointed for its design.
The bridge is expected to provide direct road access to Pulau Jerejak, which currently relies on boat services, while making the island more accessible to tourists.
