Pledging business-friendly policies

(Seated fifth from left) Chow, flanked by Jagdeep on his right, and Teng Tong, together with state leaders, Penang Premium Business Enterprise Association members, spouses and association affiliates during the anniversary dinner.

Penang government will remain progressive in fostering a supportive business ecosystem across the value chain, says Chief Minister Chow Kon Yeow.

Continued implementation of forward-thinking policies will enable all businesses – from small enterprises to large corporations – to thrive in a competitive landscape, he said.

Chow made this pledge during the Penang Premium Business Enterprise Association’s (PPBEA) 6th anniversary dinner held in Gurney Drive.

“Through our Penang 2030 vision, we will push to enhance digital adoption, champion sustainability initiatives and facilitate greater access to global markets.

“We are progressively expanding our economic footprint into areas such as global business services (GBS) spaces, and medical equipment.

“Despite current global geopolitical issues, Penang remains highly competitive thanks to our world-class infrastructure, skilled workforce and business-friendly policies,” Chow added.

Deputy Chief Minister II Jagdeep Singh Deo said one area of focus was Artificial Intelligence (AI).

“We are driving AI adoption through various initiatives. This will play a key role in equipping our workforce with the necessary skills and knowledge to thrive in an AI-driven economy.

“Our vision is to position Penang as a regional hub for smart technology and cutting-edge advancements, ensuring we remain at the forefront of innovation and digital progress.”

The dinner was attended by over a hundred captains of industry, their spouses, association affiliates and local media.

PPBEA president Datuk Seri Khor Teng Tong expressed gratitude to the state government for its longstanding efforts to create an environment where businesses of all types could flourish.

“Our tech industries are booming. We continue to develop and export high-value-added products to the world.

“Our tourism sector is getting stronger by the year.

“Our infrastructure is also improving greatly with the expansion of the airport, the upcoming LRT and the Penang South Island project, among others.

“All these can be attributed to the state’s excellent leadership. The future of Penang is brighter than ever,” said Teng Tong.

Event organising chairperson Khor Tze Ming said the PPBEA was an excellent platform for like–minded business folk to connect, explore collaborations and advance their collective business interests.

“In today’s uncertain global landscape, leveraging each other’s strengths is essential.

“As leaders in our respective fields, we must not only uphold our forebears’ legacies but also embrace fresh perspectives to ensure our businesses remain competitive and continue to contribute towards Penang’s economic prosperity,” she said.

There were also talks by Business Families Advisory founder Chan Ee Lin and UBS Global Wealth Management’s South Asia-Pacific chief investment officer Kelvin Tay.

Chan, drawing from her extensive experience working with high-net-worth families across Asia and the Middle East, led a session on how effective governance could enhance harmony within business-owning families, prevent conflict among heirs and sustain enterprises across generations.

“For a family business to remain successful over time, it is critical to plan ahead and transition decision-making and conflict-resolution processes to the next generation,” she said.

Tay offered an in-depth analysis of the current global geopolitical situation and its possible implications on the Malaysian economy.

“Undoubtedly, the tariffs introduced by the Trump administration are likely to cause an overhang on markets and contribute to volatility,” added Tay.

The event also saw the unveiling of PPBEA’s official booklet highlighting the profiles of its 30 distinguished members from a diverse range of industries, as well as the presentation of trophies to winners of a golf tournament held last year.