ESTABLISHED in 1969, the Penang Development Corporation (PDC) has been a key player in propelling Penang into an economic powerhouse, mirroring the state’s transformation while steering sustainable growth and prosperity.
Initially focused on attracting foreign investments and developing industrial zones, PDC’s role has evolved significantly over the years.
Pioneering Malaysia’s first Free Trade Zone in Bayan Lepas and developing eleven industrial parks, PDC has fostered an environment conducive to industrialisation and job creation.
PDC chief executive officer Datuk Aziz Bakar said the proactive approach has contributed significantly to Penang’s reputation as the ‘Silicon Valley of the East,’ attracting global tech investors and driving economic growth.
“By 2022, Penang became Malaysia’s fastest-growing economy, with a remarkable gross domestic product (GDP) growth of 13.1%, outpacing the national growth rate.
“The unemployment rate in Penang also saw a drastic reduction, dropping from 14.5% in 1969 to an impressive 2.3% by the end of 2022, surpassing Malaysia’s national unemployment rate of 3.6%,” he said recently.
Beyond industrial development, PDC has showcased prowess as a transformative township developer.
Projects like Bayan Baru and Seberang Jaya exemplify integrated urban planning, while the ongoing Bandar Cassia smart eco-city highlights PDC’s adaptability and vision for sustainable urban development.
The success of PDC can be attributed to strategic planning and efficient execution.
“By aligning strategies with global trends and local needs, PDC has developed world-class infrastructure and vibrant townships.
“Its commitment to maintenance and sustainability ensures project adaptability, as seen in upgrades to iconic structures like Komtar and Global Business Services (GBS) buildings.
“Despite economic uncertainties and Covid-19 disruptions, PDC has exhibited resilience and innovation,” Aziz added.
Emphasising technological intensity to provide high-income skilled jobs, PDC is moving towards a departure from traditional labour-intensive practices.
“While our neighbouring countries may hold an advantage in cost competitiveness, Penang’s resilient ecosystem and robust supply chains are pivotal reasons why the state consistently attracts high-quality investors,” Aziz explained.
As Penang continues its economic prosperity journey, PDC remains at the forefront, driving growth and innovation.
With a legacy of achievements and a vision for the future, PDC is poised to spearhead new horizons, reaffirming Penang’s status as a beacon of progress in the northern region.
Story by Christopher Tan
Pix courtesy of PDC