Penang focuses on manufacturing, services sectors with high added-value
30 May 2022
The Penang state government will be focusing on investments in selected sectors, especially the manufacturing and services sectors which offer high added-value.
Chief Minister Chow Kon Yeow said this includes the electrical and electronics sector, semiconductors, medical equipment, aerospace, digital economy, global business services and integrated circuit design.
According to him, Penang provides a holistic business ecosystem, skilled and knowledgeable human resources, competitive operational costs as well as ease of doing business with the availability of international-standard infrastructure and industrial parks.
“The state government will continue to focus on strengthening these aspects to ensure that investors remain competitive and can continue to stay and invest in Penang.
“To this end, the state government has taken several initiatives such as setting up the Penang Manufacturing Industry Advisory Council in April 2021,” he said.
Chow said among other things, the council aims to improve the ease of doing business in the state, set up joint ventures to identify the strengths and capabilities of companies, promote the industrial ecosystem as well as be the voice for the industry.
He said this in reply to an oral question from the Batu Lanchang state assemblyman, Ong Ah Teong on the state government’s measures to retain investors in Penang.
Chow added that InvestPenang is also offering the ‘hand-holding’ support for existing investors as well as new ones in the setting up of their companies, building or renting factory premises and starting their manufacturing operations.
“InvestPenang also plays an important role in streamlining the investor’s process with regards to the construction of new plants, recruitment sessions and identification of temporary sites for the after-sales service of industrial land.
“Through these efforts, local or international companies will not only expand their operations in the state, but also attract other potential investors to join them here,“ he said.