PENANG ECONOMIC SUMMIT 2022: THE POST-PANDEMIC ECONOMIC RESET

SPEECH BY THE CHIEF MINISTER OF PENANG

YAB TUAN CHOW KON YEOW FOR THE

PRESS CONFERENCE

PENANG ECONOMIC SUMMIT 2022: THE POST-PANDEMIC ECONOMIC RESET

3 October 2022

Datuk William Ng

Vice Chairman, Enterprise Asia

Dato’ Dr. Ooi Kee Beng

Executive Director, Penang Institute

Members of the media, distinguished guests, ladies and gentlemen:

                     

Good morning and thank you for joining us today.

Firstly, I would like to congratulate Enterprise Asia and Penang Institute for bringing the Asia Economic Forum 2022 to Penang and holding it as the Penang Economic Summit 2022.

The State Government looks forward to welcoming the local and international delegates to Penang. Personally, I am keen on exchanging thoughts with the esteemed speakers and panellists, and to see what we can do to move Penang forward to the next level.

The theme of the Summit - The Post-Pandemic Economic Reset – is very much in line with the Penang2030 Vision. Penang is now making significant stride towards our vision of becoming “A family-focused green and smart state that inspires the nation.” As such, our concerted efforts to reboot the state’s economy and to revive our various sectors are now being carried out full-fledged.

The Penang Economic Summit will serve as an important catalyst to this vision. Beyond the intellectual discourse on the way forward for Penang and Penangites, it is also an opportunity to showcase the best of Penang – our cultural heritage, our dynamism as one of the most developed state in the nation, our talented and skilled workforce and the spirit of innovation that underlined Penang’s growth over the past decades.

As we celebrate the 50th anniversary of Penang’s industrialisation this year, we are determined to work closely with the industry and civil society to propel Penang into a high-income economy, underscored by innovation, digitalization and high quality of life for Penangites and visitors alike.

Being a part of the Northern Corridor Economic Region, we welcome efforts in enhancing Penang's attractiveness to investors in various sectors, particularly if it involves the development of advanced technology and high-skilled local talent. The attendance of foreign delegates further consolidates Penang as a preferred investment location especially with our robust landscape in the technology, smart manufacturing and tourism industries.

Penang’s status as the investment destination of choice is again proven as we brought in a record RM76.2 billion in approved manufacturing investments last year. More importantly, these investments are of high quality and include investments in electrical and electronics, medical devices, and specialised machinery and equipment sectors.

On the trade front, Penang not only topped the nation’s list in 2021 with an all-time high export value of RM354 billion and generated trade surplus of RM101 billion. As of August this year, figures released by the Department of Statistics Malaysia (DOSM) showed that Penang recorded the highest trade amounting to RM69.2 billion. At the same time, Penang was also the main exporter contributing about 29.9% with total exports reaching RM42.3 billion.

As our economy reopens to the world, we are excited to welcome the delegates to Penang.

Once again, my heartiest congratulations and gratitude to Enterprise Asia and Penang Institute for putting together the Penang Economic Summit. I look forward to kicking off the Summit on 20th October at Setia Spice Convention Centre.

Thank you.

Pejabat Ketua Menteri Pulau Pinang Tingkat 28, KOMTAR, 10502, George Town, Pulau Pinang