April 22, 2020

Penang Economy Reboot Plan In The Making【Penang Next Normal Strategies】

Good news to Penangites!

The Penang government has been drafting a forward plan to revive the state’s economy after the country’s Movement Control Order (MCO).

Chief Minister Chow Kon Yeow said that it would be focusing on implementing several public projects and strengthening small and medium enterprises (SMEs).

He added that the government will work on three branches of reform in the 【Penang Next Normal Strategies】, which emphasized institutional, economic and social reforms.

“These three reforms will help us map out our economic strategy that will give the people of Penang and general market (the) confidence that the state government is always planning ahead to ensure their interests (are served),” said the Penang Chief Minister during an interaction session via Facebook on April 21.

The session was hosted by PKR president Datuk Seri Anwar Ibrahim, and joined by Selangor Menteri Besar Datuk Seri Amirudin Shari and Negeri Sembilan Menteri Besar Datuk Seri Aminuddin Harun.

Chow said that Penang was aiming for a new thinking framework that had been executed in recent years for strengthening the SME sector.

He added that there were 5 measures had been identified, including, establishing a Penang digital free trade zone; strengthening the state’s position in medical equipment sector; refocusing the electrical and electronics sector towards diversification of products; expanding the global shared services sector; and lastly, repositioning Penang in the global supply chain shifts.


Photo source: Pinterest

“The state government intends to act in advance to ensure the benefits of this global economy will benefit the state and nation,” he said.

Although the number of local companies planning to downsize or discontinue operations had yet to be confirmed, Chow said that the state government was ready to provide assistance to potential job seekers in getting employment.

Last year, the state government had approved manufacturing investments valued at RM13.3 billion last year.

“The investments will create 13,000 jobs from this year onwards, but we need to assist these companies in setting up their plants in order for them to start operating,” said the Chief Minister.


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