IT is high time to boost the growth of local companies and diversify the economy in light of the recent uncertainty of the US tariff, Chief Minister Chow Kon Yeow said.
Chow shared this during a courtesy visit by representatives from the Bank of America Malaysia Sdn Bhd to his office in Komtar today.
“Our local companies must continue to grow, and we need to develop our technology.
“At the same time, our local businesses can grow together with the multinational companies (MNCs) through collaboration and shared opportunities,” Chow said while adding that several large local companies (LLCs) have made it into the global market.
Representing the bank were managing director and country executive Gautam Puntambekar and corporate banking subsidiaries director Surinder Singh.
It was reported that US President Donald Trump had initially announced a 10% tariff on imports from all countries effective April 5, followed by higher tariffs from April 9 before he announced a 90-day pause on April 10 to allow time for trade negotiations with the respective countries.
Chow also highlighted the need to reduce over-reliance on the electrical and electronic (E&E) and semiconductor sectors.
“We cannot be strong in every sector, but we already have many medical device companies and can leverage this to have continued growth.
“The digital economy is another interesting sector we need to continue developing, as it offers tremendous opportunities.
“We cannot run away from being an export-oriented state, but we must diversify the economy and fully utilise technology.
“In the past few days, following the US tariff announcement, we have been reminded on the importance of fully embracing technology, and without it, any country risks falling behind,” he said.
Meanwhile, Gautam expressed the bank’s interest in working closely with the state government.
He said that the bank has been operating in Malaysia for 66 years.
“During my previous visit, I met with InvestPenang chief executive officer Datuk Loo Lee Lian and discussed how we can become a partner and help promote Penang as an investment destination.
“We cater to US and European MNC clients. In Penang, we have several clients as well,” he said.
Gautam added that the bank is refocusing its efforts, with a representative to be travelling to Penang frequently to meet clients and promote the state.
Additionally, Gautam also proposed organising a roadshow and roundtables in different parts of the US if Chow happens to visit the country in the future.
“We have a team specialising in public policy based in Washington, D.C., and we would be happy to arrange phone calls via Zoom or any other platform to stay updated on relevant developments,” he added.
Surinder shared that banks are the unsung heroes in many ways.
“While our contribution may not always be official when MNCs inquire about investment opportunities, we are often the ones making the recommendations,” he said.
Story by Tanushalini Moroter
Pix by Law Suun Ting