Penang growing stronger, to continue attract investments

Published by Buletin Mutiara• 26/02/2021

THE key success factors of Penang being the ‘Silicon Valley of the East’ are mainly due to its capabilities to attract foreign investors, says Chief Minister Chow Kon Yeow.

In a virtual interview session with Metro Radio Hong Kong recently, Chow, who is the first-term chief minister, was upbeat about the state’s prospects in attracting interests from various well-known multinational companies.

“Supply chain and talent are among the most important factors in investment decisions and they are the key reasons for Penang’s success all this while.

“The state’s policy and initiatives have always been focusing on strengthening supply chain and retain talents.

“Some of the prominent semiconductor-related players in Penang include Broadcom, Intel, Micron, TF AMD and Western Digital; while notable electronics manufacturing services (EMS) companies are Flex, Jabil, Plexus and others.

“The state government will continue with its effort to attract investments from the targeted industries,” he said during the Question and Answer (Q&A) session with Metro Radio Hong Kong.

Besides that, Penang is heading towards becoming a smart city with various initiatives being carried out.

The state can be considered as one of the role models for the country in terms of its smart, green and sustainable city.

Among the initiatives which are being implemented are the cashless transactions and the 5G technology.

In light of current pandemic, Chow said the e-commerce has now become one of the growing platforms for businesses to venture.

Chow answering a question during the virtual session.

“For instance, many companies have adopted e-commerce as one of the alternatives to promote their business amid the pandemic.

“Apart from that, cashless transactions have been adopted by the consumers when purchasing their stuff. It is an excellent move to note that Penang is heading towards that direction.

“On top of that, the state is also implementing the 5G technology,” he said.

On the expansion of Penang International Airport (PIA) in Bayan Lepas, Chow said the expansion was supposed to begin last year but it was disrupted due to Covid-19.

“It was suspended by the Federal Government as they were in the midst of conducting the National Airport Strategic Plan (NASP) study, which is expected to be completed in 2023.

“The Federal Government have been called not to suspend the expansion work while NASP study is ongoing,” he said.

Chow, nevertheless, noted the airport’s current capacity could accommodate 6.5 million passengers annually.

“The expansion to cater for 16 million passengers will be the next phase, in the next 15 to 20 years.

“The state is confident that a clean and competent governance is the key to making Penang an attractive destination, ” he added.

Touching on the Penang South Reclamation (PSR) project, Chow said there are three islands planned in the project.

“The three islands will comprised of smart cities where residents can have a balanced life, as well as maintain a healthy and social lifestyle.

“One-fifth of the PSR land will be used for affordable housing units.

“It will help to spur Penang further,” he said.

Separately, on the Malaysia My Second Home (MM2H) programme, Chow pointed out that it was the initiative by the Federal Government.

He said there was no development on the matter to date.

“If anyone interested in MM2H, kindly visit www.mm2h.gov.my for more information.

“When border reopens, I believe many Hong Kongers would make their way to Penang due to the similarities between both places,” he said while praising Hong Kong actor Philip Keung Ho-man for promoting the state.

Story by Edmund Lee
Pix by Muhamad Amir Irsyad Omar