PENANG is on the right trajectory for economic recovery, the Northern Corridor Implementation Authority (NCIA) said.
NCIA chief executive officer Datuk Seri Jebasingam Issace John said that Penang’s overall economic indicators signal optimistic recovery.
“Further targeted initiatives are required to boost its tourism recovery following the resumption of the interstate and international travel (in the future).
“NCIA will continue to enhance its projects and programmes to support the trajectory in Penang.
“Penang is on the right trajectory, and it only needs to keep its momentum,” he said during an online NCIA meeting today.
Among those present were Prime Minister Datuk Seri Ismail Sabri Yaakob, Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz, Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed and the state leaders in the northern region.
In his slide presentation, Jebasingam showed that Penang recorded the lowest unemployment rate in the Northern Corridor Economic Region (NCER), with recovery supported by growth in the Electrical and Electronics (E&E) manufacturing sector.
“The manufacturing sector is expected to drive economic recovery of the state, given the global demand in E&E products.”
On Covid-19 vaccination progress, it showed that 99.3% of the adult population, and 83.4% of the total population in Penang have been fully vaccinated as of Nov 14.
Jebasingam mentioned that NCIA’s projects and programmes had created significant impact on the ground.
“Up to 2020, NCER has attracted RM130.69 billion of committed investments, of which RM111.54 billion has been realised.
“Meanwhile in terms of job creation (up to last year), a total of 165,112 new committed jobs have been created in the region. Some 28,074 entrepreneurs have been created from 2008 to 2020,” he said.
He added that 35.1% of the national trade (reflected in Q3 2021) went through NCER.
“External trade is largely dominated by manufacturing, where Penang recorded the largest share in NCER.”
Jebasingam also said that 71.6% (1H 2021) of the total manufacturing investment (national) went through NCER.
“It means that this is an important region, and strategic projects and progress need to be focused on the four states (Perlis, Kedah, Penang and Perak).
“In terms of trade, Penang is in the lead, having the largest share; while in terms of manufacturing investments, Penang and Kedah are on a comparable basis,” he said.
Jebasingam also highlighted the 30 NCER key development zones and the respective states’ key economic growth activities.
“These are the key economic growth activities as stated in the Shared Prosperity Vision 2030 (SPV2030). The SPV2030 identifies strategic focus areas for the four northern states.”
Penang focuses on logistics hub, high technology industry, health tourism, heritage and tourism, as well as technology centres of excellence.
Jebasingam said that the 30 NCER key development zones needed strategic focus, in terms of policy and implementation.
Among the 30 NCER key development zones are the Batu Kawan Industrial Zone, Greater Butterworth-Permatang Pauh-Bukit Mertajam Growth Corridor, Kepala Batas-Tasek Gelugor Growth Node, Seberang Perai Aquaculture Zone, George Town Development Zone, Penaga-Kepala Batas National Food Security Zone, and Balik Pulau-Teluk Bahang Biodiversity Zone.
Ismail Sabri said it was understood that NCIA had taken a collaborative effort to stimulate the economy through the NCER Strategic Development Plan (2021-2025) and its post-Covid-19 strategic framework.
“The strategic development plan prioritises the people’s interests and is consistent in the development agenda of the Federal Government.
“The Government welcomes an integrated approach and people-centric human capital programmes for the purpose of eradicating poverty, which is in line with the 12th Malaysia Plan,” he said.
Chief Minister Chow Kon Yeow said the Penang government strives to reignite the state’s economy.
“We commend the industries for their unwavering support, and we welcome them to work together with the state to build a brighter future.
“Let us move towards a smart state, in line with the Penang2030 vision,” he said.
Story by Christopher Tan
Pix by Ahmad Adil Muhamad