MICCI PENANG ANNUAL LUNCHEON DIALOGUE 2024
SPEECH BY YAB TUAN CHOW KON YEOW CHIEF MINISTER OF PENANG FOR MICCI PENANG ANNUAL LUNCHEON DIALOGUE 2024
6 MAY 2024 (MONDAY) | 12.00PM
Lexis Suites Penang, Bayan Lepas
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[SALUTATIONS]
Distinguished guests,
Members of the Media,
Ladies and gentlemen,
Good afternoon to you all,
It is my pleasure to be present here this afternoon. My sincerest appreciation to Malaysia International Chamber of Commerce and Industry (MICCI) for organizing and inviting me to speak in today’s annual dialogue.
This year’s chosen theme, “Enhancing Penang’s Competitiveness Beyond 2030”, comes as a very important topic to dive into. As we head closer to the year 2030, it is relevant to discuss how to continue improving Penang beyond that timestamp. In this ever-changing era, maintaining and enhancing competitiveness are vital for Penang to showcase its resilience and adaptability for investors.
Ladies and gentlemen,
With over 50 years of industrialisation, Penang has established a well-developed and resilient industrial ecosystem. Driven by our twin engines of economic growth which are the manufacturing sector and the services sector, Penang is constantly ranked as one of the top investment contributors in the nation.
In terms of approved manufacturing investments, Penang is proudly ranked top contributor for approved investments among all states, with a total of RM63.4 billion, representing 42% of the country’s total. Notably, foreign direct investments (FDI) accounted for RM60.1 billion or 95% of the state’s manufacturing investment inflows while the remaining RM2.3 billion or 5% were contributed by domestic direct investments (DDI).
Looking into the figures, Penang has proven its industrial capacity and the State also aims to promote technological transfers and localisation in the ecosystem. I am hopeful for these strategic investments to draw their existing supply chain networks to establish a presence in Penang, potentially setting off a chain of further investments into the state.
On the trade front, Penang continues to demonstrate its excellence by being a top contributor for the country. In 2023, Penang remained at the top in the list with a recorded export value of RM435 billion which is 31% of the national total. Additionally in March 2024 alone, Penang took top spot in the nation’s export with RM 41.152 billion recorded, making up a staggering 32 per cent share of the nation’s export. Therefore, once again outperforming states twice its size in Malaysia.
Ladies and gentlemen,
As we celebrate these new milestones of the State, it is necessary for us to accelerate our competitiveness in the long term. The State recognises the significance to adapt with current global trends of rapidly advancing technologies as well as continuous geopolitical uncertainties i.e.: The US-China Strategic Competition which has affected the global supply chain. Hence, Penang is committed to position itself as a prime economic hub that can continue attracting high-impact investors which can bring the State up the value chain.
In tandem with Penang’s competitive mission, the State is conscious of the pressing need to develop talents that can serve in new advanced technological sectors. As the talent demand from the industry increases, the State took various initiatives to promote a healthy STEM talent supply to meet the industry’s growing demand.
Equally important is the constant engagement between the State and the industry itself. Through public-private conversations such as our luncheon dialogue today, we are able to understand and collaborate on the latest happenings and development within our industry. On this note, the Penang State Government is also proactively engaging with government agencies and academia to further synergise our capabilities towards holistically developing our industry.
The Penang2030 vision marks the State’s commitment in developing the State comprehensively. As we reach closer to that year, it is now a right time to start addressing actions to be taken beyond 2030. The State, via InvestPenang and other state machinery, continues our mission to strive upwards in our competitive advantages and generate new potential for the State to move forward.
Before I end, I wish to congratulate MICCI for successfully organizing today’s dialogue.
My best wishes to everyone. Thank you very much and enjoy your lunch.