45TH INTERNATIONAL ADVERTISING ASSOCIATION (IAA) WORLD CONGRESS OPENING CEREMONY

SPEECH BY THE CHIEF MINISTER OF PENANG YAB TUAN CHOW KON YEOW FOR 45TH INTERNATIONAL ADVERTISING ASSOCIATION (IAA) WORLD CONGRESS OPENING CEREMONY SPEECH
6 MARCH 2024 (WEDNESDAY) | 9.00AM
SETIA SPICE CONVENTION CENTRE, PENANG
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Esteemed guests and participants

Ladies and Gentlemen,

Good morning to you all.

First and foremost, allow me to take this opportunity to extend a heartfelt welcome to all attendees and esteemed speakers of the 45th International Advertising Association (IAA) World Congress. Your presence indeed adds significance to this prestigious yet impactful congress, and we are honored to have you join us in Penang for this global gathering.

Since its inception in 1938, the IAA World Congress has graced cities such as New York, London, Paris, Tokyo, Sydney, Beijing, Dubai, and even Moscow. Now, with its presence in Penang, we mark a significant milestone in solidifying our global standing and presence. Our rich tapestry of diversity that seamlessly blends heritage with technological innovations has positioned Penang as a leading investment and tourism hub in Asia Pacific. Our reputation as the ‘Silicon Valley of the East’ is not merely a title but a testament to our continuous dedication to technological excellence and forward-thinking initiatives.

The IAA World Congress has brought together professionals from advertising, marketing, technology, media, digital, public relations agencies, education, and research firms spanning diverse industries. With this, I am optimistic that it will unlock new investment opportunities and contribute to the robust economic growth of our state.

It is understood that this year’s Congress has convened over 1,200 attendees from 26 countries and features more than 25 speakers set to grace this three-day event. With that, enabling a staggering Estimated Economic Impact (EEI) of RM5.84 million to Penang.

Ladies & Gentlemen,

As we embrace the honor of hosting the 45th IAA World Congress, themed 'Brand: RE-CODE, for a Better World, Better Life,' we recognise that this theme aligns seamlessly with Penang's vision for a sustainable and inclusive future.

In this regard, the Penang2030 vision signifies the state government’s commitment to consistently pursue a greener and sustainable future, transforming Penang into a state that is a ‘family focused green and smart state that inspires the nations’. This in part was ushered as a response to addressing the ever-concerning climate change and the evolving landscape of sustainable development. The state government as well as key entities such as the Penang State Economic Planning Unit, Penang Green Council, Penang Institute and other state agencies have been mobilized to undertake strategic initiatives to not just invest but build environments for the notion of improving resilience. To date, our dashboard of the Penang2030 vision indicates 50 percent above the threshold in strategic initiatives particularly in, balancing development (66 percent), mobility and infrastructure (51 percent) as well as climate change adaptation plans (52 percent). Additionally, such initiatives also align well with the Penang Green Agenda launched in 2021.

In this respect, the Penang Green Agenda aspires Penang to be the greenest state in Malaysia driven by a green economy, innovative governance with the inculcation of the 4P partnerships (Public, Private, People, Professional) and a sustainability-led development agenda by 2030. In 2050 however, we look forward for Penang to becoming a high-income, compassionate, inclusive, low-carbon, and resilient state. We emphasize the integrity of our people and environment, with a commitment to enriching and restoring the health of our cultural and natural ecosystems. Therefore, we are adamant in achieving these targets for the years to come.

Ladies & gentlemen,

The IAA World Congress perfectly integrates with the Penang2030 vision, where key emphasis is also placed on amplifying industry engagement efforts. It serves as a tangible manifestation of our dedication to broadening the State's investor portfolio, moving beyond the confines of conventional manufacturing foreign direct investment (FDI) towards the inclusion of diverse economic and growth sectors.

As the second smallest state in the country, Penang exceptionally leads as the preferred investment destination of Malaysia. According to MIDA (Malaysian Investment Development Authority), Penang contributed a staggering RM71.9 billion from RM329.4 billion in approved investments last year, attributing these to the manufacturing and the service sectors as the primary growth engine. From that amount, RM61.7 billion was accredited to Foreign Direct Investments (FDI) while RM 10.2 billion was to Domestic Direct Investments (DDI). In relation to that, manufacturing continues to become the leading contributor to the aforementioned, with RM63.4 billion recorded. These figures are upheld by the Electrical & Electronics (E&E) industry (86.2 percent), Chemicals & Chemical products (5.4 percent) and followed by other industries. Therefore, this clearly indicates a surge in approved investments from 2022’s amount of RM16.3 billion.

InvestPenang, a non-profit entity of the Penang State Government, is steadfast in its commitment to promoting investments within our region. Our primary goal is to rejuvenate, grow, and lead Penang's economy into the upcoming century by fostering sustainable business activities through the promotion of both foreign and domestic investments.

As we host this year’s international congress, we see it as an opportunity to showcase Penang's investment potential, attract diverse investments, and further contribute to the economic vibrancy of this region. The Congress serves as a catalyst for economic growth, fostering collaboration, and propelling sustainable development in Penang and beyond.

By strategically aligning with the Penang2030 vision, we aim to create a more resilient and dynamic economic landscape, fostering innovation, job creation, and sustainable development. This endeavor reflects our forward-thinking approach in ensuring that Penang remains not only an attractive destination for traditional investments but also a thriving hub for diverse industries, promoting long-term economic vitality.

Ladies & gentlemen,

In conclusion, the hosting of the IAA World Congress is not just a congress; it is a strategic move that will propel Penang further onto the global stage. I extend my gratitude to everyone involved in making this happen, and I look forward to three days of insightful discussions, fruitful collaborations, and lasting impacts.

As we embark on the extraordinary journey of the 45th IAA World Congress here in Penang, I extend my heartfelt gratitude to each one of you for being a part of this global gathering. Once again, Selamat datang to all our esteemed delegates and speakers joining us from various corners of the world.

As you immerse yourselves in the enriching sessions of the congress, I invite you to not only glean insights and knowledge but also relish the unique offerings that Penang holds. Beyond the conference halls, discover the rich heritage, vibrant culture, and delectable gastronomic experiences that make Penang truly special.

Thank you.