WITH the aim of uplifting Malaysian Indian-owned small and medium-sized enterprises (SMEs) in the Electric and Electronics (E&E) sector, the Malaysia Madani Penang Indian E&E SME Summit 2024 is taking place at the Amari Hotel today.
Approximately 100 participants are attending the one-day summit, which focuses on fostering innovation, bridging development gaps, and enhancing accessibility for Indian-owned E&E SMEs.
Chief Minister Chow Kon Yeow emphasised that Penang’s economic success hinges on the strength of its SMEs, which are crucial for job creation, innovation, and economic growth.
“Indian-owned SMEs, in particular, have substantial growth potential within our economic landscape,” Chow noted.
“However, to unlock their full potential, we must equip these businesses with the necessary tools, knowledge, and networks to thrive in an increasingly competitive market,” Chow noted.
He also highlighted the summit’s role as a platform for networking and discovering new business opportunities.
“While Penang is home to 6,000 SMEs across various sectors, today our focus is on the E&E sector, which is a cornerstone of Penang’s contribution to the national GDP,” Chow said during his speech, praising the event’s organiser, Steerix Sdn Bhd.
Chow further stressed the summit’s commitment to sustainability and inclusive growth.
“As we work to elevate Indian-owned SMEs, we are also championing environmentally responsible practices and technologies.
“This dual focus on economic advancement and environmental stewardship aligns perfectly with our Penang2030 vision. Our goal is to build a future where economic growth complements environmental sustainability,” he stated.
The Chief Minister also shared plans for the state government’s upcoming ‘Penang Silicon Design@5km+ initiative’, which includes the IC Design and Digital Park, the Penang Chip Design Academy, the Silicon Research & Incubation Space, and the Penang STEM Talent Blueprint.
“These projects, set to launch in the coming months, are designed to further enhance our E&E industry ecosystem,” he added.
During a recent trip to the United States with the InvestPenang team, Chow observed that existing investors are keen on expanding their operations in Penang due to the region’s robust ecosystem.
“Many companies have plans for expansion. They appreciate Penang’s ecosystem, which supports their growth and investment plans through a strong talent pool, supportive government, enabling policies, and well-developed infrastructure.
“Of course, no place is without its challenges. We are constantly working to improve our capabilities to support new investments and the reinvestment plans of existing multinational corporations in Penang,” he said.
Chow also noted the growing interest in IC design, with many companies looking to establish and leverage Penang’s comprehensive ecosystem.
“During my visit to the summit booths, I observed several companies involved in IC design, which is a niche area ripe for development.
“We must continually innovate to maintain Penang’s attractiveness as an investment destination,” he stressed.
Batu Uban assemblyman A. Kumaresan, who led the organising team, expressed gratitude to state Trade, Entrepreneurial Development, and Rural Development Committee chairman Rashidi Zinol for his RM24,000 contribution toward organising the summit.
“We hope that our next summit can be conducted on a larger scale with the support of our Chief Minister, allowing more participants to engage as the event grows,” Kumaresan added.
Among the other dignitaries present were Penang Housing and Environment Committee chairman Datuk Seri Sundarajoo Somu, state Tourism and Creative Economy Committee chairman Wong Hon Wai, Chief Minister Incorporated general manager Datin S. Bharathi, Penang Convention & Exhibition Bureau chief executive officer Ashwin Gunasekeran, and Kontron Malaysia chief executive officer Dr P. Shanmuganathan.
Story by Tanushalini Moroter
Pix Law Suun Ting
Video Darwina Mohd Daud