The HTH Corporation & Sokochan Malaysia Launching & Partnership Signing Ceremony

Speech by Chief Minister of Penang

At The HTH Corporation & Sokochan Malaysia Launching & Partnership Signing Ceremony

The Light Hotel, Seberang Jaya, Penang
1.30pm, 9 November 2018 (Friday)

Mr Lee Chin Heng, Chairman of HTH Corporation (Malaysia)

Mr Adrian Stewart, Founder of Sokochan Co Ltd (Thailand)

Mr Rhyce Chng, General Manager of Unag Logistics Pte Ltd (Singapore)

His Excellency Mr Raschada Jiwalai, Royal Thai Consul-General

Eminent Speakers

Members of the media

Distinguished Guests

Ladies and Gentlemen

A very good afternoon.

First, allow me to thank the host for inviting me to the official launch and partnership signing ceremony of a new joint venture between HTH Corporation (Malaysia), Sokochan Co Ltd (Thailand), and Unag Logistics Pte Ltd (Singapore). Congratulations to the joint venture partners on this new, exciting and distinguished collaboration.

The joint venture company, known as Sokochan Malaysia Sdn Bhd, focuses on providing a one-stop supply chain and logistics support to E-Commerce merchants based in Penang and the Northern region. This ‘E-Commerce Fulfillment Platform’ caters to the essential business needs of merchants, such as, product storage, real-time order and inventory tracking, as well as shipment status. With these needs covered by Sokochan Malaysia, merchants can concentrate more on their business expansion, domestically and internationally.

Over the years, Malaysia’s digital economy has expanded exponentially, and this is due to the growth of our E-Commerce industry. From 2010 to 2016, the digital economy as defined by the government grew by 9% per year in value-added terms, faster than overall Gross Domestic Product. This is expected to approach 20 percent of the economy by 2020.

The digital transformation impact on the economy is also expected to significantly increase by RM400 billion by 2025, according to the Malaysia Digital Economy Corporation, CEO, Datuk Yasmin Mahmood. Alongside this very positive digital economy growth forecast, it is believed that the digital economy will generate more than 85,000 new jobs in Penang alone.

Ladies and gentlemen,

Penang, which is now dubbed as the Silicon Valley of Malaysia, has a strong base of multinational companies and small-medium enterprises in the information technology and e-commerce sectors. In June this year, I've written to Alibaba founder Jack Ma to visit the state so that he might consider investing here, while sharing his knowledge and experience with Penangites. I’m sure Ma will be an inspiration to young entrepreneurs here. I am still waiting for his good news.

Penang is working on digital transformation plan and this is one of the reasons the state launched the Vision Penang2030 recently. It is aimed at creating a family-focused green and smart state that inspires the nation. We have to continue taking advantage of the digital revolution that is now changing the way we do things. I hope Sokochan could play its role in this vision too.

I would like to take this opportunity to commend the joint venture partners for setting up this platform, a first of its kind, in Penang. It is a great initiative that will create more jobs for Penangites, and significantly benefit the E-Commerce merchants.

Subsequently, Sokochan Malaysia will also be able to contribute considerably to the growth of the digital economy in Penang and Malaysia. This will then strengthen Penang’s position in Malaysia and South East Asia, as an emerging E-Commerce Market. I urge Sokochan Malaysia to continuously reach out to E-Commerce merchants in Penang and other states of Malaysia, to encourage them to use this platform to stay ahead in this very competitive industry.

Once again, congratulations to the joint venture partners. I wish Sokochan Malaysia all the very best in their endeavours, as they drive Penang and Malaysia towards a greater economic and social development.

Thank you.