Lim Guan Eng has announced Padang Kota assemblyperson Chow Kon Yeow as the new chief minister of Penang.

Lim, who has been named for the finance portfolio of the new federal cabinet, said today will be the last day he serves as the caretaker chief minister.

"With a heavy heart I am leaving Penang, but Penang will always be in my heart.

"You can take me out of Penang, but you cannot take Penang out of me," he said during a press conference in Komtar today.

Chow thanked Lim for the chance to be Penang's fifth chief minister.

"We hope we can work closely with the new finance minister so that we can succeed in our projects for the benefit of the people," he said.

Chow will be sworn in at Penang Governor Abdul Rahman Abbas' residence at Seri Mutiara tomorrow at 10am.

A mega-ceramah to welcome Chow (below) and bid Lim good-bye will be held at the Esplanade tomorrow at 8pm.

Lim expressed confidence in Chow's leadership, saying the state DAP chairperson would take Penang to greater heights after a decade of change since Harapan (previously Pakatan Rakyat) took over the state in 2008.

"We can see changes in Penang in that the state has become more vibrant in these ten years and we are confident the state will develop more under Chow's stewardship," Lim said.

"Even the mainland has developed and has become an important economic hub with the coming of Ikea, a major furniture retail player, to Batu Kawan next year," Lim added, saying a clear transformation had taken place in the state.

He reiterated that Penang had also done well in terms of reducing its debts which were now the lowest in the country.

More funding request

He noted that Harapan had not only swept the state with a landslide victory in GE14, capturing 37 out of 40 seats but also won 11 out of 13 parliamentary seats some of which were deemed BN strongholds in the past.

Meanwhile, Chow expressed hope that there would be better relationship between the state and newly-minted federal government, now that Lim was going to be finance minister.

"We now hope the state can get more funding on flood mitigation projects," he said, to much amusement from the MPs and assemblypersons present at the press conference.

Funding for flood mitigation projects was a bone of contention previously between the state government and the BN federal government.

Asked about his state executive council line-up, Chow said the line-up had not been determined yet and will be decided on Wednesday.

"Wait until I am sworn-in first," Chow said when asked who would be his deputy chief ministers.