PENANG HAS A HOST OF GOOD PROBLEMS TO SOLVE, P3 PLUS
Budget 2025 Commentary p1 Penang Has A Host of Good Problems to Solve p3 Penang’s STP 1 and Andaman Island p5 Less New Launches in Klang Valley up to 3Q 2024 p7 OCTOBER - DECEMBER 2024
Window into Malaysia - An Empowered Future p11
Penang’s Exciting Future
Penang’s global reputation is built over half a century long through concerted effort by the industry players and supported by the government bodies.
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t’s exciting to be in Penang right now, especially if one is in manufacturing, healthcare, hospitality and real estate. The state’s remarkable RM71.9 billion in investment for 2023, creating over 20,000 jobs, speaks volumes about its economic vitality. For those of us from Penang, reading the promising statistics is like music to our ears, just like absorbing the state’s export value, recording RM177.99 billion from January to May 2024. It reminds us that this growth is a result of strategic planning and collaborative efforts among all key stakeholders with interests in Penang. In recent conversations with friends from the industry, I had the pleasure of catching up with YB Zairil Khir Johari, Chairman of Penang Infrastructure, Transport and Digital Committee, Dato’ Aziz Bakar, CEO of Penang Development Corporation (PDC) and Dato’ Loo Lee Lian, CEO of InvestPenang.
Malaysia’s New Gold Rush p9
Their insights reveal a state poised for continued growth, leveraging its rich industrial heritage to embrace new opportunities. Attracting the Right Players Dato’ Loo shared that the state has blazed an impressive trail from 2019 to 2023 by attracting RM184 billion of FDI, more than sizable compared to the RM66 billion in the preceding decade. She attributed this growth to geopolitical shifts that prompted global companies to seek stable destinations for their businesses. Penang’s business-friendly policies and strategic location made it a clear winner in this regard. What’s fascinating is also how Penang attracts these “big fishes” to contribute to the “small fishes” in the domestic economy; a concept borrowed from George Yeo, Singapore’s former Minister for Foreign Affairs. According to this theory, Penang must be selective
Dr. Jason Teoh
by prioritising companies that will create (read “feed”) local jobs and stimulate the supply chain. So the trick is not just about securing large contracts or companies to set up shop in Penang but in ensuring our local SMEs have the opportunity to integrate into the global value chain. Building for the Future On the infrastructure front, Dato’ Aziz of PDC highlighted the state’s commitment to enhancing the industrial parks, particularly Batu Kawan Industrial Park 3 (BKIP 3) which has been included in Budget 2025 and Bandar Cassia Technology Park (BCTP). These parks are being developed under the ‘Infra Ready Concept,’ which aims to create a seamless ecosystem where connectivity and industry-specific needs are top priorities to ensure that Penang is not just keeping pace with global trends but as best possible, stay ahead of the curve.