FREPENCA Dialogue with the Penang Chief Minister
SPEECH BY THE CHIEF MINISTER OF PENANG YAB TUAN CHOW KON YEOW
FREPENCA Dialogue with the Penang Chief Minister
14 October 2022
St. Giles Wembley
Dato’ Seri Ir. Jaseni Maidinsa
CEO of Perbadanan Bekalan Air Pulau Pinang (PBAPP)
Dato’ Ar. Yew Tung Seang
Mayor of Penang Island City Council (MBPP)
Dato’ Aziz Bakar
CEO of PDC
Dr. David Lacey
President of FREPENCA (The Free Industrial Zone, Penang, Companies’ Association)
Tn. Hj. Ismail Lathifi bin Teh
General Manager of TNB Penang
Madam Ar. Ahila Ganesan
Senior Director of Think City
En. Mohd Syukri
Acting Director, MBSP Engineering Department
Fellow Members of FREPENCA
It is a pleasure to be here this evening. Thank you FREPENCA for organising and inviting me to speak in today’s Dialogue. The honour is truly mine to be with all of you, captains and members of the industry, who have gathered here today to connect and to exchange views on the current happenings.
Ladies & gentlemen,
The arrival of the 8 pioneer investors in Penang has sparked the development of a vibrant industrial ecosystem and anchored the state’s position as a preferred location for MNCs. More importantly, Penang has also nurtured numerous homegrown technopreneurs, who founded and built companies that have grown to become internationally renowned in their own right.
Hence, I am always in awe of Penang’s industrialisation journey, from a low-cost manufacturing hub to a strategic site for Industry 4.0, our digitalisation, R&D as well as advanced manufacturing activities.
The five decades of industrial excellence have indeed translated into far-reaching effects on the local economy, in terms of raising the state’s gross domestic product (GDP), uplifting the skillset of the local workforce, and of course, having huge economic spill-over effects in the country.
The manufacturing and service industries collectively garnered a record high of RM84 billion in 2021, of which RM76 billion were investments from manufacturing industry. From January to June 2022, Penang is among the top contributors for the country, clocking in RM7.9 billion of approved manufacturing investments.
On the trade front, Penang topped the nation’s list in 2021 with an all-time high export value of RM354 billion and generated trade surplus of RM101 billion. From January to July 2022, Penang’s export value climbed 27% year-on-year to RM251 billion, representing 29% of the country’s total.
Ladies & gentlemen,
This 50-year industrialisation journey would not have been possible without all industry players’ contributions along the way and more so for your confidence and trust towards the Penang Development Corporation (PDC) to make this partnership work.
The year 2021 was a difficult one for PDC because it had been directly affected by the Covid-19 pandemic. The progress and implementation of projects have been relatively slow due to financial constraints as the focus at the time was on cash recovery efforts. PDC, furthermore, always emphasises the strategies and initiatives outlined in the PDC Strategic Plan to be more oriented towards projects that generate the highest and most sustainable profitability.
Given such circumstances, PDC moved forward with a rebranding strategy which reintroduced and promoted its role as a major agency of the Penang State Economic Development Corporation (PKEN) in collaboration with all stakeholders. The efforts by PDC were focused towards achieving the following:
- Increase in land bank as well as increase in revenue through the sale of industrial and non-industrial land;
- Provision of public-friendly infrastructure and facilities along with comprehensive high-speed broadband facilities for Penangites; and
- Creating new employment opportunities through the development of the real estate sector, conducive housing services and industry.
All of the initiatives I have just mentioned are pivotal in stimulating regional development in the state. PDC will examine and adapt its Sustainable Development Goals (SDGs) to strengthen the implementation of the PDC Strategic Plan in accordance with our Penang2030 Vision.
Ladies & Gentlemen,
Holding on the 50th anniversary celebration tagline, ‘50 Years of Excellence and Beyond’, the state is grateful for the continued confidence of all investors and strives to uphold our conducive ecosystem capable of stimulating the advancement of strategic industries for the next 50 years and beyond.
In realising this aspiration, aside from constantly seizing the opportunities arising from global development in a very timely manner, the state also places huge emphasis on the sustainability agenda. Penang is proud to be home to a diverse range of industry players, demonstrating their exemplary Environmental, Social and Governance (ESG) practices and corporate citizenship.
On a similar note, I wish to also share that in parallel to the rapid growth of Penang’s industrial ecosystem, the state’s various STEM initiatives are aimed towards building healthy talent pipeline to meet the industry demand. In particular, I ask for more industry support and partnership for our STEM initiatives to help cultivate industry-ready talent pool in this fast-paced environment.
The state government remains committed to being the leader, the enabler and the propeller by offering a competent platform for all industry players to grow and to thrive. We will continue to spearhead the development of a sustainable ecosystem, including the physical and digital infrastructure, workforce, environment and the highly prized liveability of Penang.
All of which, I believe, will set the State on the right trajectory in attracting high-quality investors and making Penang shine in the world map of technology.
Thank you.