PENANG Chief Minister Chow Kon Yeow has expressed optimism about the ongoing and future investments in the state following his return from a successful investment and trade mission to the United States.
Chow and the delegates from InvestPenang participated in 22 strategic meetings and site visits with current and potential investors during the mission.
Among the highlights, the team managed to introduce two key initiatives: Penang Silicon Design @5km+ and Penang STEM Talent Blueprint, which aim to strengthen Penang’s role as a hub for innovation and technology.
Speaking to the press today, the Chief Minister said: “The conclusion of my visit has been highly positive.”
“We received affirmation from our existing investors about Penang as a place where they can expand their operations.
“The majority of the companies we visited are already invested in Penang and are considering further expansion plans. We also engaged with new investors who are keen to explore opportunities here,” he added.
However, he cautioned that investment is a gradual process.
“Investment may take one to three years and not happen immediately. Investors need to plan, analyse the market, and secure financing for their projects.
“In the pipeline, there will be some expansion from existing investors,” he explained.
During the press briefing, Chow also addressed concerns regarding Intel’s recent announcement of cutting 15,000 jobs globally.
“We did not visit Intel in the United States this round. Our last visit included discussions with them, but as of now, we have not been informed of any specific plans that would impact Penang.
“While the layoffs are part of their global operations, we do not know how many will come from Penang.
“Hopefully, as they are building their expansion plant here, we expect more recruitment than retrenchment,” Chow said.
Seperately, Chow said that the state has not been informed of any plans to turn Jerejak Island into an eco-extreme sports island.
“We have not received any proposals or plans related to the development of extreme sports on Jerejak Island,” he said.
Jerejak Island encompasses 367.02 hectares, with 286 hectares (77.88%) gazetted as permanent reserves under the National Forestry Act 1984 on March 26, 2020. This portion of land is owned by the Penang government.
The gazetted area falls under the supervision of the Penang State Sports Council (MSNPP) and the Penang Forestry Department.
The remaining 22.12%, which includes most of the now-defunct Pulau Jerejak Resort, is said to be privately owned.
The Chief Minister emphasised the state’s commitment to preserving the island’s environment.
“Even though part of the island is a forest reserve, certain activities such as hiking, walking trails, and other recreational activities are allowed,” he said.
It was reported that the Penang Forestry Department, in collaboration with the Penang State Sports Council (MSNPP), is exploring the possibility of transforming Jerejak Island into an eco-extreme sports island.
According to the department’s director Muhammad Ezhar Yusuf: “We have received requests from different parties to develop the island into an eco-extreme sports destination.”
“Since the island was gazetted under the Act in 2020, there are guidelines and conditions that must be adhered to before we can proceed with other plans,” he said.
Story by Christopher Tan
Pix by Ahmad Adil Muhamad
Video by Alissala Thian