PENANG has undergone a remarkable economic transformation with over five decades of industrialisation.
Once a traditional seaport economy, the state has evolved into a global manufacturing powerhouse, renowned for its high-tech industries and cutting-edge innovations.
Today, Penang is a crucial pillar of Malaysia’s economy, contributing more than 50% of the nation’s electrical and electronics (E&E) exports and accounting for approximately 5% of the global semiconductor market.
Chief Minister Chow Kon Yeow reaffirmed Penang’s commitment to maintaining its competitive edge through strategic initiatives that will drive sustainable economic growth and long-term success.
“We must never become complacent. Instead, we must continuously push forward, innovate, and deliver results,” Chow emphasised.
Beyond economic strategies, Chow highlighted the importance of empowering the next generation of leaders, whether in business or politics, to shape the future.
“Regardless of the industry, we must trust and pave the way for young minds to take the lead. I am delighted to see future leaders among us tonight.
“I understand the immense responsibility you carry, to honour the foundations laid by your predecessors while also forging new paths for your companies.
“Balancing respect for the past with a bold vision for the future is key to keeping Penang at the forefront of economic growth,” Chow said in his speech at the Penang Premium Business Enterprise Association (PPBEA) annual dinner at the Penang Marriott Hotel in George Town today.
In addition to its stronghold in the E&E sector, Chow stressed the need for Penang to broaden its economic footprint, particularly in emerging sectors such as Global Business Services (GBS) and medical technology.
“Despite the challenges posed by the ongoing US-China trade war, Penang continues to hold a strategic advantage within the region.
“Our world-class infrastructure, skilled workforce, and business-friendly policies ensure that we remain a preferred destination for investors,” he said.
The annual dinner was attended by key state representatives, including Deputy Chief Minister II Jagdeep Singh Deo, along with state executive councillors Zairil Khir Johari, Wong Hon Wai, Lim Siew Khim, and H’ng Mooi Lye.
Also present was PPBEA president Datuk Seri Khor Teng Tong, who echoed the importance of leadership and innovation in shaping Penang’s future.
Story by Kevin Vimal
Pix by Siti Nuratikah Rahmat
Video by Lim Min Jun