In the advent of the goods and services tax which starts today, the state government has launched the Penang Future Foundation scholarship programme for Malaysians pursuing tertiary studies.

The programme is Penang’s latest solution for the problem of brain drain - and an attempt to address the lack of talent and skills plaguing the country.

Chief Minister Lim Guan Eng said the scholarship is made possible by generous donations from the private sector, including the Penang Turf Club, which is a significant funder.

Lim said the donations have no strings attached for the state. However, the recipients would have to agree to work in Penang after completing their studies.

“This condition seeks to nurture Penang as a talent hub, this objective is critical in our vision to transform Penang into an international and intelligent city,” Lim said at a press conference.

“Penang faces scarce or hardly any natural resources, our economic prosperity and material success depend solely on our ability to build, retain, attract and utilise human talent,” added Lim, who is also Bagan MP.

“Penang prospers or withers by our wits and wits alone,” he quipped.

Lim also claimed that this effort is a first for Penang and is therefore, “historic”.

The parties forming the backbone of the scholarship fund are the accounts committee headed by the state finance officer and the selection committee, where Lim will be assisted by several prominent individuals.

Among them are key personalities experienced in property development like Nazir Ariff and Daisy Ooi, philanthropist Koon Yew Yin, former Aliran president P Ramakrishnan and state investment agency Invest Penang general manager Loo Lee Lian.

The Penang CAT Centre will act as the programme’s secretariat, while selected industry leaders and members of academia will further support the selection committee in granting the scholarship awards.

The initial start-up fund for the programme is RM20 million, but Lim said the state is seeking more contributions from the private sectors.

Online application will be made available from April 9 to 30, and further information about the programme can be found at www.penangfuturefoundation.my .

Malaysians aged 25 or younger, with a minimum CGPA 3.0 and who come from a household with income less that RM15,000 a month can apply.

All monetary contributions will be tax-exempted, Lim noted.

Asked whether those who wish to remain in Penang and work with Penang BN - the state opposition coalition - can apply for the scholarship, Lim said, “Yes, as long as they remain to work in Penang after completing their studies.”