PENANG wants to diversify its economy from mainly manufacturing and traditional services to new-age areas such as digital advertising and technology.
Chief Minister Chow Kon Yeow said that while the state lauded its achievements in manufacturing and traditional services such as trade and tourism, there is always a need to reinvent and reinvigorate the economy.
Penang is the top state in attracting foreign direct investments (FDI) with RM71.9 billion approved, though it remains to be seen how much could see actual realisation owing to global economic challenges.
The top five sources of FDI were led by Singapore (RM43.7 billion), The Netherlands (RM35.5 billion), The United States of America (USA) (RM21.5 billion), the Cayman Islands (RM17.5 billion) and The People’s Republic of China (PRC) (RM14.5 billion).
The states that have recorded the highest approved investments are Penang (RM71.9 billion), Kuala Lumpur (RM58.3 billion), Selangor (RM55.3 billion), Johor (RM43.1 billion) and Kedah (RM28.7 billion), according to the Malaysian Investment Development Authority (MIDA).
"Penang wants to be a thriving hub for diverse industries," said Chow, adding that the ongoing 45th International Advertising Association World Congress (IAAWC) 2024 in Penang from March 6 to 8 is a strategic move to propel the state into the global stage.
“Since its establishment in 1938, the IAAWC has graced iconic cities worldwide such as New York, London, Paris, Tokyo, Sydney, Beijing, Dubai, and Moscow. Now, with its presence in Penang, we celebrate a significant milestone, solidifying our global standing.
"The international congress is a prime opportunity to showcase Penang’s investment potential, attract diverse investments, and contribute significantly to the economic vibrancy of the region, " he said.
Chow also spoke about the state’s strategic approach which aimed at creating a resilient and dynamic economic landscape, promoting innovation, job creation, and sustainable development, in line with the Penang 2030 ((developed status) vision.
The conference, which ends tomorrow, marks the event’s debut in Southeast Asia.
IAAWC 2024 is jointly co-hosted by IAA Malaysia, Penang Tourism and Creative Economy (Petace) and the Penang Convention and Exhibition Bureau (PCEB).
With some 350 delegates hailing from more than 30 countries and featuring insights from over 70 speakers, the IAAWC promises a diverse and enriching global gathering.
IAA Malaysia president and IAAWC 2024 chairman Prof John Doody Chacko said the selection of Malaysia to host the IAAWC 2024 is a momentous occasion for the entire Southeast Asia region.
Importantly, here in Penang, Chacko said that the congress can set a sustainable path where advertisers can work hand in hand with the authorities to make the world a better place through strategic forms of marketing.
He enthused that the congress can also be a platform to address climate change through innovative and tech-driven marketing tools.
“Malaysia, with its cultural diversity and status as a creative technology hub, and the government’s commitment to sustainability, aligns seamlessly with the congress’s objective, which is the ‘Brand: Re-Code Better World, Better Life’, he said,
The pursuit of profit should harmonise with benefitting both the planet and humanity. It is essential for businesses to establish a symbiotic relationship between success and social good, said Chacko.
IAA Global president Sasan Saeidi thanked Penang for hosting the IAAWC 2024.
Among those who attended the congress were Penang Tourism and Creative Economy Committee chairman Wong Hon Wai, state Social Development, Welfare and Non-Islamic Religious Affairs Committee chairman Lim Siew Khim, Penang Housing and Environment Committee chairman Datuk Seri Sundarajoo Somu, and state Youth, Sports and Health Committee chairman Daniel Gooi Zi Sen.
Also present were Pengkalan Kota assemblyman Wong Yuee Harng, Bagan Jermal assemblyman Chee Yeeh Keen, Ghana’s Works and Housing Minister Kojo Oppong Nkrumah, PCEB chief executive officer Ashwin Gunasekeran, and Chief Minister Incorporated general manager Datin Bharathi Suppiah. - The Vibes, March 7, 2024.
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