SAMENTA Luncheon and Inauguration of 2023 – 2026 Committee
SPEECH BY CHIEF MINISTER OF PENANG YAB TUAN CHOW KON YEOW
SAMENTA Luncheon and Inauguration of 2023 – 2026 Committee
14 November 2023
Jen Hotel, Penang
YB Lim Siew Khim
EXCO for Social Development, Welfare and Non-Islamic Religious Affairs
YB Rashidi Bin Zinol
EXCO for Trade & Entrepreneurial Development and Rural Development
YB Fahmi Bin Zainol
EXCO for Agrotechnology & Food Security and Cooperative Development
YBhg Dato’ Loo Lee Lian
CEO of InvestPenang
YBhg Dato’ Seri Haji Abdul Halim Hussain
SAMENTA, Honorary Advisor
YBhg Dato’ William Ng
SAMENTA National President
Mr Calvin Kwan
SAMENTA National Deputy President & Northern Region Chairman
Dr Celvin Tan
Organizing Chairman, SAMENTA National Vice President & Northern Region Deputy Chairman
Distinguished guests from MIDA, Talent Corp, Digital Penang, NCIA, MPC, HRDCorp & InvestPenang
Media friends
Distinguished guests,
Ladies & gentlemen,
Good afternoon, everyone. Thank you for inviting me to this luncheon session organized by the Small and Medium Enterprises Association Malaysia (SAMENTA). I would also like to extend my heartfelt congratulations to the newly elected committee members who will serve from 2023 until 2026.
Today’s event marks a significant moment in the journey of SMEs in Malaysia, and I believe it is a testament to the dedication and hard work of all those involved in supporting the growth of SMEs in Malaysia.
SAMENTA has played a significant role in supporting our SMEs in Malaysia, contributing towards their growth and success. While serving as a bridge between the business owners and their relevant stakeholders, SAMENTA's efforts in assisting and representing your members, allowing them to voice their concerns and tackle the challenges they encounter, are crucial in improving the overall business environment for SMEs.
Ladies & gentlemen,
Underpinned by over 50 years of industrial excellence, Penang is the key pillar for Malaysia’s economy. On the trade performance, Penang topped the nation’s list in 2022 with an all-time high export of RM463 billion and generated a commendable trade surplus of RM126 billion. Among which, Electrical & Electronics (E&E) products and medical devices made up about 80 percent of the state’s total exports.
In terms of investment performance, the manufacturing sector has always been the largest contributor for the state. In 2022, Penang garnered RM16.3 billion in its total approved investments, of which RM13.7 billion were from the manufacturing industry. Notably, Penang marked a significant achievement with RM4 billion in domestic direct investments (DDIs), the highest amount recorded in the past decade. Moving into the first half of 2023, foreign direct investments (FDIs) amounted to RM2.8 billion, constituting 66 percent of the state's manufacturing investments, while DDIs contributed RM1.4 billion, making up 34 percent of the total. Penang is also the country's main exporter at 34.6 percent for the third quarter of 2023.
Holding to a long-standing commitment to the growth and development of local SMEs, I am delighted to witness the growth and transformation of our homegrown companies, in tandem with the multinational corporations. This has demonstrated the strength of Penang's industrial ecosystem, providing an ideal platform for local businesses to engage and flourish.
I am confident that our industrial clusters, comprising SME producers and players in the manufacturing support services industry will equip us with the competitive edge we need to maintain our status as a compelling investment destination.
Ladies & gentlemen,
As the ongoing trends in advanced technology continue to present Penang with significant opportunities, it becomes increasingly imperative that our SMEs are well-prepared to harness the potential of digitalisation, automation, and innovation. I believe this is also part of SAMENTA Northern Chapter’s manifesto to ensure SMEs becoming the enablers for the state’s digital transformation journey.
Above that, Environmental, Social, and Governance (ESG) principles are firmly embedded in our state's agenda. In line with the Penang2030 Vision of becoming a family-focused green and smart state, I take great pride in the fact that Penang's supportive environment not only fosters industrial growth but also enables businesses to embrace sustainability. We have observed a notable increase in companies making true commitments to environmental stewardship, social inclusivity, and ethical and corporate governance.
Moving forward, the state is cognizant on the urgent need for talents to be nurtured for jobs of the future. Addressing that, the state, via InvestPenang and other state agencies, has rolled out various initiatives that are aimed at building a healthy talent pipeline to meet the industry’s growing demand.
In particular, Penang Internship Subsidy Programme, in short PISP, aims to support local companies in attracting talents from other states and enhance the growth of Penang’s talent ecosystem. PISP offers subsidies amounting to RM400 per month for each intern recruited by SMEs or LLCs that has a presence in Penang. The application is still open and I encourage all of you to visit Penang CAT Centre website to apply for this internship subsidy programme.
Having said that, the collaboration between the state government and industry associations like SAMENTA has been instrumental in these efforts. Our shared vision for a thriving SME ecosystem has been the driving force behind initiatives such as training and development programmes, access to resources and networking opportunities. We look forward to the continued collaboration that will drive the growth and prosperity of our SMEs.
Before I end, I would like to once again extend my heartfelt congratulations to the newly elected committee members of SAMENTA. Your dedication and leadership will be crucial in shaping the future of SMEs in Malaysia. Together, we will continue to build a thriving ecosystem that empowers SMEs, creates jobs, and fuels economic growth.
Thank you.