MICCI, Penang work together to boost competitiveness in semiconductors, ports, trade

KUALA LUMPUR: Penang has unveiled several crucial initiatives focused on strengthening the state's position as a global economic leader in three key sectors: trade, technology, and tourism.

Penang Chief Minister Chow Kon Yeow, during an annual luncheon dialogue with the Malaysian International Chamber of Commerce and Industry (MICCI) Northern Branch, emphasised Penang's important role in global technology by producing 5% of the world’s semiconductors.

He plans to boost the semiconductor industry further.

Chow noted that Penang achieved a significant milestone by recording RM41.152bil in exports in March this year, constituting an impressive 32% share of the nation's exports.

This accomplishment underscores Penang's pivotal role in driving Malaysia's economic growth and status as a global trading hub.

Additionally, the Penang Port Master Plan 2023 – 2053 will be prioritised to ensure that Penang remains a vital hub for international trade and efforts are underway to enhance port and cruise businesses.

The Penang state government also plans to revitalise key waterfront areas and undergo urban rejuvenation across Swettenham Pier’s godowns and warehouses, coupled with enhancements in the Butterworth area through the Penang Bay Project.

Chow also revealed that the federal government has given the greenlight for the Kerian Integrated Green Industrial Park to supply surplus water from the park to Penang, with final details being discussed.

MICCI Northern Branch chairman Datuk Brian Tan emphasised Penang's rich heritage, vibrant culture, and dynamic economy, positioning it as a beacon of progress and innovation not only in Malaysia but also across the Asean region.

“It continues to have immense potential for further advancement in being competitive and relevant in the global landscape through key industries across trade and technology. Dialogues like these are crucial to bridge the gaps between the industry, government and its agencies to align our goals and strategies.

“It is through collaborative efforts and collective engagement that we can chart a course towards a more competitive and sustainable future for Penang,” Tan said.

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