‘Penang 3.0 must go beyond low-cost model’

(From left) Wong, RHB Banking Group treasurer Suzaizi Mohd Morshid and its chief economist Barnabas Gan Sheng Chong during a panel discussion on ‘Economic Outlook: Opportunities for SMEs in Penang’.

PENANG is facing an existential challenge comparable to those encountered by Captain Francis Light back in 1786 and former chief minister Tun Dr Lim Chong Eu in 1969 after the state lost its free-port status.

Entrepreneur and Coopera­tives Development Minister Steven Sim Chee Keong said Penang was at a “do or die” juncture and must transition to a higher-value economy to stay competitive amid rising global competition, protectionism and rapid technological change.