He said the revenue from these projects would go back into federal coffers and that the true impact of new investments would be realised in years to come.

As such, Chow said Putrajaya should decant at least 20% of the overall taxes collected in the state, so that it can carry out much needed developments for the well-being of its people.

“We need to study how the government distributes allocations to states. Penangites are paying more than RM7 billion in taxes annually.

“Twenty per cent of that would give us a lot of space to develop the state further. As a semiconductor state, we are parched for revenue,” he told the Penang assembly during question time.

The national semiconductor strategy, unveiled by the prime minister yesterday, outlines five main targets, starting with plans to attract at least RM500 billion in investments.

Chow previously called for a more equitable return of taxes to the state to shore up funds for development. He is also keen on taking Sarawak’s path in taxing petroleum resources, in the event that a Petronas exploration yields hydrocarbon resources in Penang waters.