FMM-OCBC Power Talk 2020: “Managing Your Business in Covid-19 Times:Lessons and Opportunities in Supply Chain Management”
Closing Remarks by the Chief Minister of Penang YAB Tuan Chow Kon Yeow for the FMM-OCBC Power Talk 2020: “Managing Your Business in Covid-19 Times:Lessons and Opportunities in Supply Chain Management”
24 October 2020
YBhg. Dato’ Dr. Ooi Eng Hock
Chairman of FMM Penang Branch
YBhg. Tan Sri Dr Lim Wee Chai
Founder & Chairman of Top Glove Corp. Bhd
YBhg. Dato’ Ong Eng Bin
CEO of OCBC Bank (M) Bhd
YBhg. Datuk Johan Idris
Managing Partner of KPMG Malaysia
YBhg. Dato’ Jimmy Ong
Event Organiser
Mr Chu Jenn Weng
CEO of Vitrox Technologies Sdn Bhd
Ms Stephanie Lee
COO of Island Hospital
FMM Members & OCBC valued customers
Members of the press, Ladies & Gentlemen
Good evening everyone! Salam sejahtera kepada semua para hadirin. I would like to first thank Dato’ Dr Ooi Eng Hock and Dato’ Ong Eng Bin for inviting me to this joint Power Talk by FMM Penang Branch and OCBC Bank Bhd.
To many people including all of us who are here this evening, 2020 is indeed a very challenging year with the Covid-19 pandemic hitting us in the first quarter and it brought with it a wide range of pressing circumstances which we haven’t faced before. Businesses, big and small, are affected, many lost their jobs and the people’s livelihood are in the doldrums because the pandemic impacted not only the state of our economy but also restricted our movement and all of us have to adapt to the New Normal.
Yes, times are bad right now but all is not lost and every cloud has a silver lining! I noticed that despite the catastrophe we are now facing, FMM-OCBC still managed to raise RM800,000 to ease the burden of the less privileged members of our society. Your charitable endeavour is most admirable, especially at this moment in the midst of the current challenging economic situation. For this great accomplishment, I raise my hat to all the great sponsors!
Ladies & Gentlemen
Before the outbreak of Covid-19, the digital platform was merely an emerging trend still in its infancy in the conduct of our business activities or the education of our children as we still preferred the conventional methods of our daily communication. The pandemic changed all that and we were all precipitated into unlocking the marvels of digitalization in order to survive the hard truths thrown at us – that the world will never be the same again – and we have to embrace the New Normal and new business management systems in order to survive.
Hence, the only way forward is for the public and private sectors to work hand-in-hand to help transform Penang into a digital society. The State government will, on our part, continue to facilitate digitalization through infrastructure, platforms and policies.
The Digital Penang Sdn Bhd was established this year in April against the backdrop of the impending 4th Industrial Revolution in achieving the vision of Penang 2030. This State agency was set up to accelerate efforts in pursuing opportunities in the digital economy.
I know it is not easy for everyone to move forward to face the challenges ahead of us, especially with the pandemic still looming over us every day. But it is a fact that companies that innovated towards the e-platform during the pandemic, managed the crises better and are able to survive the harsh economic conditions. Again, we do not have the luxury of choice and this is the only way forward. The survival of Penang, of our businesses, our jobs and livelihood will depend on each and every one of us willing to take the digital plunge.
Rest assured that the Penang state government will do our best to support the industries to overcome the pitfalls of this Covid-19 and together we will come out stronger and more resilient than ever. Our first step is to adhere strictly to the SOP set by the Government, flatten the curve of Covid-19 and flatten the curve of retrenchment in Malaysia as well.
The State Government will continue to work hard with the relevant government agencies to ensure that Penang continues to attract the FDI and at the same time, encourage local investments.
Despite the pandemic and global economic slowdown, Penang still managed to add a feather to its cap with a year-on-year spike of 452% in approved manufacturing investments for the 2nd quarter this year. MIDA approved RM2.02 billion of projects between March to June.
Currently, Penang is ranked number two in receiving investments amounting to RM8.422 billion from January to June 2020 with 29 projects approved. These projects will create 6,971 new jobs. We have a robust supply chain, strong talent pool, well established infrastructure and good support services, thus, making Penang the first choice to foreign investors.
Ladies & Gentlemen
Before I end my speech, I wish to put on record my heartfelt appreciation to FMM Penang Branch, OCBC Bank and all the great sponsors for a job well done. The State Government looks forward to your inputs. Together, we can achieve Penang2030!
Thank you.