PENANG is currently on the right track, with well-proven track records and a stable government dedicated to pursuing rapid economic development.
Yang di-Pertua Negeri Tun Ahmad Fuzi Abdul Razak said this during his speech at the Penang Economic Forum 2024 at Penang Institute today.
However, Ahmad Fuzi said more can be done to achieve greater success, despite the various challenges faced.
“Penang needs to develop a mindset that land size is not a barrier to becoming a high-income state, inspired by small, successful countries like Singapore and the Netherlands.
“STEM programmes in schools need to be increased to produce high-skilled professionals and with the support of the Federal government attract foreign talent to balance workforce migration.
“Apart from that, we need to encourage local businesses to invest in Penang rather than overseas, and ensuring balanced development between the island and mainland to reduce socio-economic disparities,” Ahmad Fuzi said.
He also shared several other ideas to make Penang future-ready and to enhance socio-economic development in the state.
“I have always admired how the Sarawak state government drives economic growth with innovative ideas.
“They took over Bintulu Port, set up a Sovereign Wealth Fund, and acquired MASwings Sdn Bhd to start their airline,” he added.
The forum was organised by Penang Institute together with Affin Hwang Investment Bank.
Meanwhile, Penang Institute executive director Datuk Dr Ooi Kee Beng said the state government has been making significant investments in the digital sector.
“They are stimulating start-ups, supporting the creative industry, and enhancing digital literacy among Penangites through practical initiatives.
“This forum marks the start of a conversation, and of an approach to studying what future possibilities await Penang, Sarawak, Johor, and the rest of the country.
“We are interested in the future and the potential of the national economy of Malaysia as a whole.
“More specifically, Penang Institute’s research on economic growth focuses on three main areas: the manufacturing sector, the services sector, and economic research and policy,” Ooi said.
The first session, moderated by Penang Institute’s director of communications Fazil Irwan Som, featured four speakers and they were:
Sarawak government Economic Planning, Development deputy state secretary Datuk Dr Muhammad Abdullah Zaidel, Advisory Committee to the Finance Minister (Acfin) member and former Balik Pulau MP Dr Nungsari Ahmad Radhi, Khazanah Nasional Behad head of research Nicholas Khaw and Iskandar Investment Bhd chief executive officer Datuk Idzham Mohd Hashim.
The speakers discussed regional development, strategic geographical location and connectivity, decentralisation, and synergy between Penang, Johor and Sarawak in their respective expertise areas such as the semiconductor industry, data centres and renewable resources.
The forum comprised three sessions featuring various speakers. The other two discussions covered topics, including ‘Flavors of Penang in Malaysia’s Capital Markets’ and ‘The Penang Agenda – The State’s Prospects and Aspirations’.
Story by Tanushalini Moroter
Pix by Law Suun Ting