POWERING TOMORROW’S TRADE FACILITATION EVENT

Speech By The Chief Minister of Penang YAB Tuan Chow Kon Yeow For POWERING TOMORROW’S TRADE FACILITATION EVENT

17 October 2019

 

Thank you for inviting me to witness this momentous occasion for Penang and the rest of the country. With the theme “Powering Tomorrow’s Trade Facilitation”, it is certainly apt for the new age of technology we live in.

In the era of the Fourth Industrial Revolution, the way we do business, the way we transact and the way we deliver will be disrupted. No longer does the consumer have the patience to wait for weeks or months for their parcels to arrive, or even be in a state of anxiety if it would ever arrive because today, consumers expect immediate gratification.

Businesses and governments must respond and take a more proactive approach to meet consumer demands. This MoU between the Penang State Government and Fusionex will see the establishment of a Smart Trade Facilitation and Intelligent Logistics Platform that will be of great benefit for the state of Penang.

My deepest gratitude to Fusionex for coming up with a solution that will further improve trade efficiency. By taking proactive measures, the state government and businesses can work in tandem to provide better connectivity, more seamless integration and an enhanced customer service.

The eTFP could potentially spur economic growth, hence, taking the state of Penang to greater heights. This is why it is imperative for Penang to play a vital role in being an invaluable trade facilitation hub, which spells job creation, GDP growth as well as investment opportunities for everyone to benefit from.

At the end of day, businesses will benefit and the consumer will be happy when goods are delivered promptly and in a satisfactory manner. Now the question is: Why Penang?

Ladies and Gentlemen,

Penang is the second most developed state in the country. With more than a RM80 billion economy that over the last few years has had a compounded growth rate of over 5% and investments of over RM9 billion in just the first half of 2019 — Penang is indeed, the Pearl of the Orient.

Penang’s star is shining brightly. As you know, our state is also widely called the Silicon Valley of the East. We are a fabrication hub for many of the world’s largest Electrical and Electronic manufacturers especially for semiconductors. But Penang does not exist in isolation. We are part of the global supply chain that ensures the goods rolling out of our assembly lines do so in a timely and efficient manner.

This would not be possible without technology. And it would be further enhanced with the help of a Smart Trade Facilitation and Intelligent Logistics Platform. Such initiatives will make Penang an even more attractive location for investments and a place to conduct business.

I commend the team at Fusionex and my colleagues in the state government for working together to making this possibility a reality.

Together, we can propel Penang and the rest of the country towards a better way of carrying out trade as envisioned in Penang2030 as each and every one of us here play our respective role in advancing the readiness of our local manufacturing industries for the digital age and the green economy in our beloved state.

Before I end my speech, allow me the opportunity to urge the entrepreneurs and business folks in this room to mingle, share knowledge and exchange ideas, as it would be the catalyst for future growth. We cannot wait for change to happen. We must be the agents of change.

Thank you once more to Fusionex for making all of this possible. I end my speech by wishing all of you a productive time at this event.

Terima kasih and have a great afternoon.