PENANG needs to diversify its economy while leveraging on its robust manufacturing sector, says Chief Minister Chow Kon Yeow.
Chow shared this during a courtesy visit by His Excellency Rafael Daerr, the European Union (EU) ambassador and head of the EU delegation to Malaysia, at his office in Komtar today.
“The synergetic spillover effect from the manufacturing industry to related sectors, such as the digital economy, services, and financial sectors, will bring significant benefits and propel Penang forward,” he said.
Chow said that the state government is exploring the feasibility of establishing a Special Economic Zone in Penang, similar to Johor.
“We are also working on getting the Federal government’s help to move beyond a manufacturing state and becoming a financial centre.
“Although this is just an idea, we believe there is a need to diversify our economy,” Chow said.
Chow also expressed hope that the Federal government’s green energy agenda will be expedited.
“The industries here are hoping for a faster transition than the 2050 deadline, as they are eager to adopt more green energy solutions to meet the compliance requirements of their home countries.
“Penang has little resources and control over green energy production, and we remain a consumer of such energy,” Chow said.
Chow thanked the EU for its business initiatives in Penang, which would help boost trade and economic cooperation.
Daerr mentioned that the EU-Malaysia Chamber of Commerce and Industry (Eurocham Malaysia) would like to organise a business day event with the participants from its member states.
Additionally, there will be a meeting between all the EU ambassadors from various countries with Chow, aimed at strengthening diplomatic and economic ties.
Daerr also added that Penang and the EU have strong historical, cultural, and economic ties.
Also present was the EU deputy head of mission Timo Gossmann.
Story by Tanushalini Moroter
Pix by Alissala Thian