PENANG is expected to maintain or exceed its stellar economic performance from now until 2028 following the newly launched Penang Strategy for Economic Ecosystem Development (Penang SEED).
The state is expected to achieve an average annual gross domestic product (GDP) growth rate of 3.5% to 5.8% during the said period.
Penang Institute executive director Datuk Dr Ooi Kee Beng said the state’s Penang2030 vision and policy compass, which was launched in 2018, laid the conceptual framework for policymaking in Penang.
“The Penang SEED approach is possible only because of the good work done over the last five years under the Penang2030 umbrella.
“At the beginning of this year, we were asked to work out a strategy for Penang’s economic development over the coming five years or so.
“Today, we introduce Penang SEED after consultations with key stakeholders, discussions with the Chief Minister’s Office, and the ideas which we had worked on in PRISM (Penang Regional Industrial Support Measures),” he said in his speech at Penang Institute today.
Chief Minister Chow Kon Yeow said Penang SEED was intended to catalyse the strategic sectors identified under ‘Theme B’ of the Penang2030 vision.
The Penang2030 vision comprises four themes and 16 strategic initiatives (four strategic initiatives under each theme).
‘Theme B’, which is Upgrade the Economy to Increase Household Income, consists of four strategic initiatives, namely – Advanced Economy; Modernise Agriculture; Quality Tourism; and Creative Industry and Niche Business Services.
Chow said Penang SEED, a five-year plan, is aimed at achieving a dynamic, equitable, and inclusive prosperity for all Penangites, in line with the Penang2030 theme to upgrade the economy to raise household income.
“Penang SEED outlines specific action plans to address critical economic challenges, with short-term measures to be completed within two years, and medium-term measures within five years.
“The plan has been developed based on current policy documents, state policy positions, and stakeholders’ input,” he said before launching Penang SEED.
Chow added that strategies for the manufacturing and tourism sectors; creative industries and business services; as well as agriculture have been established under Penang SEED.
“Each state agency has a crucial role to play to ensure the success of Penang SEED,” he said.
Also present at the launching ceremony were Deputy Chief Minister I Datuk Ahmad Zakiyuddin Abdul Rahman, Deputy Chief Minister II Prof Dr P. Ramasamy, state Social Development and Non-Islamic Religious Affairs Committee chairman Chong Eng, Penang Entrepreneurial Development, Trade and Industry Committee chairman Datuk Abdul Halim Hussain, state Agrotech and Food Security, Rural Development and Health Committee chairman Dr Norlela Ariffin, the Chief Minister’s special advisor on economic affairs Datuk Seri Lee Kah Choon, and Seberang Perai City Council (MBSP) mayor Datuk Azhar Arshad.
The digital version of Penang SEED can be found at https://penanginstitute.org/publications/reports-and-papers/reports/penang-strategy-for-economic-ecosystem-development-seed/
For more details on Penang SEED, e-mail [email protected] .
Story by Christopher Tan
Pix by Siew Chia En
Video by Alissala Thian