BATU KAWAN: With a gold industry dating back about 200 years, Penang has the potential to become a gold bazaar for the Asean region, says Steven Sim (pic).
The Entrepreneur and Cooperatives Development Minister said Penang accounted for about 70% of Malaysia’s gold jewellery manufacturing, making it one of the world’s top 15 gold jewellery exporters.
“Penang is well positioned to capitalise on growing demand for gold and the search for alternative locations amid current geopolitical uncertainties.
“Gold buyers and sellers are looking for alternative locations, and Penang, with its traditional and established manufacturing industry, has the potential to become a gold bazaar in the region,” he said in his speech during the launch of the RM30mil Public Gold Refinery Centre here yesterday.
Sim noted that there was nothing stopping Penang from becoming “Dubai plus one” or “India plus one”, naming examples of established gold trading and jewellery manufacturing centres.
He said Penang had a strong foundation to build a broader gold ecosystem, with gold potentially becoming a key component of the state’s financial products.
He added that he had discussed the matter with Chief Minister Chow Kon Yeow and jewellery industry representatives.
The long-term vision could include a gold bazaar and storage facilities in Penang, with support from both the state and Federal governments, he added.
