GEORGE TOWN: Industry leaders should turn uncertainty into opportunity and accelerate Malaysia's transition into a high-value economy driven by innovation, says Steven Sim.
"They should boldly re-imagine Penang's future, one that shifts the state's economic force from Made in Malaysia to Made by Penang/Malaysia, transforming it from an outsourced manufacturing hub into an innovation-driven economy," said the Human Resources Minister.
He was speaking at two industrial dialogues organised by InvestPenang over the weekend jointly with Deputy Investment, Trade and Industry Minister Liew Chin Tong and Invest Penang chief executive officer Datuk Loo Lee Lian.
The event gathered over 30 key stakeholders from Penang's semiconductor and advanced technology sectors, including those from multinational corporations and local small and medium enterprises.
Sim said nurturing local talent, developing homegrown technology and attracting strategic investments would empower Penang-based companies to not only serve global supply chains through manufacturing but innovate and design proprietary technologies backed by local expertise.
In a statement, Sim said more than RM40bil in financing and guarantees have been mobilised to empower micro, small and medium enterprises (MSMEs), the backbone of local industry and job creation.
"At the same time, government-linked investment companies will channel more than RM100bil domestically under the five-year (2024-2028) GEAR-uP programme to spur long-term growth.
"To reinforce household spending power, the government has approved civil service pay hikes and raised the private sector minimum wage, ensuring an additional RM20bil in extra income being spent in the economy.
As the Asean chair, Sim stated that Malaysia is leading efforts to strengthen the grouping's role as a cohesive regional economic bloc, where a recent joint statement by ASEAN economic ministers reaffirmed the region's united stance in navigating global economic challenges and external market volatility.
