SPEECH BY YAB TUAN CHOW KON YEOW

CHIEF MINISTER OF PENANG

LAUNCHING OF PERSATUAN 88 CAPTAINS

29 May 2022 @ Hotel Ascott Gurney Penang

 

Tuan Yang Terutama, Tun Dato’ Seri Utama Ahmad Fuzi Bin Haji Abdul Razak
Yang Di Pertua Negeri Pulau Pinang

Dato’ Seri Dr Ooi Eng Hock
Chairman of Persatuan 88 Captains

Captains of industry,

Distinguished guests,

Members of the press,

Ladies and gentlemen,

 

Good afternoon to all of you.

First and foremost, on behalf of the Penang State Government, I would like to thank the Governor of Penang, Tuan Yang Terutama Tun Dato' Seri Utama Ahmad Fuzi bin Haji Abdul Razak, for gracing us with your presence today.

As we celebrate Penang’s 50^th anniversary of industrialisation journey this year, much progress and transformation have taken place since the 8 Samurais first landed on our shores in 1972. From a conventional seaport economy, Penang is now a significant beneficiary of globalisation, playing a major role in global supply chains, not least in the E&E (electronics and electrical) sector. Penang’s long-standing success and resilience are undoubtedly rooted in the existence of our comprehensive local ecosystem comprising multinationals (MNCs), large local corporations (LLCs) and small-medium enterprises (SMEs).

The MNCs have played a significant role in developing our capabilities by providing opportunities to our SMEs, which then expanded to become LLCs, and they in turn provide the impetus for more, newer SMEs to grow with similar opportunities that they have enjoyed previously. In the grand scheme of things, I note that many of today’s Captains of Industry are alumni of the MNCs and LLCs, who sought to take the great leap forward by becoming the suppliers to their former employers!

Tuan Yang Terutama Tun, ladies & gentlemen,

2021 was indeed a very good year for Penang. Not only did the State record a staggering all-time high of RM76.2 billion in total approved investments, but 98 percent of that came from foreign direct investments (FDI) for manufacturing, firmly positioning Penang as Malaysia's top FDI recipient, accounting for 41 percent of the country’s total FDI. In addition, Penang generated RM354 billion from exports, representing 28.6% of Malaysia’s total exports, and this figure is predicted to increase to 30% in 2022.

However, none of these would have been possible if not backed by Penang’s strong traditions of innovation, entrepreneurship, resilience anda strong base of excellent talents.

In this context, the matter of talent and expertise for Penang becomes ever more important. If we aim to secure greater accolades beyond being the “Silicon Valley of the East”, for Penang to remain as one of significant players in the global supply chain, and for this state to be the destination of choice for foreign direct investments, it is absolutely crucial that the available talent pool and education standards available in Penang is of the utmost quality possible.

This includes not only training the best engineers and innovators, but also providing them the best opportunities and experience possible, and to ensure that they are able to have a real impact in whatever industry they may be in.

Tuan Yang Terutama Tun, ladies & gentlemen,

Given the race in attracting talents on the global and regional stage, and as some of you have experienced first-hand, the companies in Penang themselves, I wish to commend the efforts by the Persatuan 88 Captains for taking up the challenge to come together and spearhead a long-term talent development programme that will benefit Penang. Many of the Captains of Industry today either have a background in professional services, healthcare, manufacturing or engineering, or educated in a field related to the industry of Penang.

Having such backgrounds would have provided our Captains with unique insights or a deep understanding on the existing opportunities and challenges facing our industry. The talent development programme which we have just heard will complement the Penang State Government’s present initiatives as well as our Penang2030 Vision.

I am also confident that just as the 8 Samurais took a chance on us 50 years ago, these 88 Captains today are also taking on the challenge to lend their weight in ensuring that Penang’s cycle of entrepreneurship will continue for the next level or generations of budding entrepreneurs to come.

We have come this far, but the journey is far from over.

Thank you.