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 sa...