FREPENCA ANNUAL DIALOGUE & CEO NETWORKING DINNER
SPEECH BY THE CHIEF MINISTER OF PENANG
YAB TUAN CHOW KON YEOW
FREPENCA ANNUAL DIALOGUE & CEO NETWORKING DINNER
4 DECEMBER 2023 | 6.30PM
ST. GILES WEMBLEY
Dato’ Aziz Bakar
CEO of PDC
Dato’ Loo Lee Lian
CEO of InvestPenang
Sr. (Surveyor) Cheong Chee Hong
Secretary of MBPP
Dato’ Hj. Ismail Lathifi bin Teh
General Manager of TNB Penang
Dr. David Lacey
President of FREPENCA
Ir. Ts. Tean Sze Nee
Head of Planning & Development, PBA
En. Mohd Syukri bin Said
Director, MBSP Engineering Department
En. Ir. Zainuddin bin Mohamad Shariff
Deputy Director, MBPP Engineering Department
ACP Mohd Norazlan
Deputy Head, Department of Crime Prevention and Community Safety (Strategic Planning), PDRM Penang
Ms Cheong Yin Fan and En Mohd Firdaus Ibrahim Representatives of Rapid Penang
Fellow Members of FREPENCA
Good evening, and thank you for the warm welcome.
I am truly honoured to stand before you tonight at the FREPENCA Annual Dialogue and CEO Networking Dinner, a gathering that exemplifies the collaborative spirit propelling Penang into a future of shared success.
As we commemorate '50 Years of Excellence and Beyond,' it is an opportune moment to delve into the intricate layers of Penang's economic landscape. I extend my deepest appreciation to our dedicated investors whose unwavering commitment has been a cornerstone in shaping Penang's success story. Your belief in our potential has played a pivotal role in propelling us to greater heights.
The economic journey of Penang has been nothing short of remarkable. In the fiscal year 2022, our GDP witnessed an impressive 13 percent year-on-year growth, reaching RM112 billion. The services sector and manufacturing, constituting 95 percent of our GDP, grew at rates of 11 percent and 15 percent, respectively, underscoring the resilience and dynamism of our economic ecosystem.
Beyond the numerical triumphs, Penang has emerged as a beacon for investments, attracting a total of RM16.3 billion, with manufacturing securing a significant RM13.7 billion.
The approval of RM4.3 billion in manufacturing investments in the first half of 2023 further solidifies Penang's status as a coveted investment destination.
Our pivotal role in the country's external trade is evident in the 2022 total exports, which soared to an unprecedented RM463 billion. The 15 percent compound annual growth rate over the past five years and Penang's consistent contribution of 55–60 percent to the country's E&E exports exemplify our integral position in the national economic landscape.
Moving beyond the economic realm, the Penang State Government remains steadfast in creating a conducive business environment.
Agencies like InvestPenang and the Penang Development Corporation play pivotal roles in facilitating investments and ensuring seamless operations through the provision of necessary infrastructure and facilities. We too comprehend the challenges that accompany progress, and addressing issues like traffic congestion remains our priority.
Our commitment to the Penang Transport Master Plan, especially the Bayan Lepas Light Rail Transit project, exemplifies our comprehensive approach to tackling traffic woes. Simultaneously, our endeavours to secure federal support for the construction of the Elevated Expressway or Juru-Sungai Dua Expressway underscore our dedication to holistic traffic solutions.
Anticipating potential water scarcity by 2030, our collaboration with the Perak State Government and the RM1.1836 billion investment in the Penang Water Supply Corporation's Water Contingency Plan 2030 is a testament to our short and long-term commitment to ensuring a sustainable water supply for 585,740 domestic and 91,117 industrial users in Penang.
In the realm of power supply, our state is actively facilitating a RM500 million project to strengthen electricity supply.
A 8.5-kilometer monopole transmission overhead line from the Perai Power Station to The Light in the island part of the state, managed by TNB, will generate 2,000 megawatts of electricity upon completion in August 2024.
Furthermore, aligning with the Federal Government's Renewable Energy Transition, we aim to introduce new energy sources such as 'solar photovoltaic,' hydrogen, and other sustainable options from 2024 to 2030.
Ladies and gentlemen,
Beyond seizing global opportunities, Penang places immense emphasis on sustainability.
Our state is proud to host a diverse range of industry players committed to exemplary Environmental, Social, and Governance (ESG) practices. It is heartening to witness the normalization of ESG initiatives among multinational corporations, and we encourage them to mentor and partner with SMEs, fostering the adoption of sustainability throughout the supply chain.
In parallel to Penang's industrial growth, our STEM initiatives are building a robust talent pipeline to meet industry demands. The Penang Future Foundation Scholarship, managed by InvestPenang, stands as a beacon of support for aspiring minds. Additionally, our outreach programs to secondary school students—such as the "Step Up Initiative" and "STEM Future-Proofing"—aim to ignite their interest in STEM fields, securing our technological future.
A new program, "Technical Skills Learning," is set to launch, grooming less academically-inclined students for work-study options and future careers as Technicians or Technical Specialists.
We call for industry support and partnerships to further enrich our STEM initiatives and cultivate an industry-ready talent pool.
Ladies and gentlemen,
For the State Government, the success of these projects is not merely a measure of economic prosperity but a commitment to the holistic development of our industries and our beloved state. Aligned with the Penang2030 Vision, our goal is to realize Penang as 'A Family-Focused Green and Smart State that Inspires the Nation.'
As we continue this journey of excellence, your presence, investments, and collaboration with the Penang State Government are not just welcomed; they are integral to our shared success. Therefore, as I bring my words to a close, I implore each of you to intertwine your aspirations with the Penang State Government. Together, let us craft a future that pulsates with economic vitality, resonates with environmental stewardship, and thrives on social inclusivity.
Let us, as one united community, embrace the challenges of tomorrow with determination, creativity, and a shared sense of purpose. Together, we can build a Penang that not only stands as a testament to its past achievements but also as a beacon of progress for generations to come.
In closing, I express my gratitude to FREPENCA for providing this platform for meaningful discussions and collaborations. The relationships forged here tonight will undoubtedly contribute to the continued success of Penang.
Thank you, and may our collective efforts pave the way for a prosperous and sustainable Penang.