ENTREPRENEUR and Cooperatives Development Minister Steven Sim Chee Keong has urged Penang to enhance engagement with more importers and exporters of precious stones.
Sim, who is the Bukit Mertajam Member of Parliament, said the state, which accounted for about 70 per cent of Malaysia’s jewellery manufacturing capacity, was well-positioned to play a bigger role in the regional gold trade.
He said due to global tariff wars and geopolitical conflicts, international buyers were increasingly seeking alternative trading locations.
Penang has the potential to become a gold bazaar for the region, leveraging its long-established manufacturing industry and growing financial ecosystem, said Sim.
He said the state was well positioned to capitalise on growing demand for gold and the search for alternative locations amid current geopolitical uncertainties.
Sim said Penang's established gold manufacturing base, coupled with its strategic location, could allow the state to attract buyers and sellers looking for alternative locations.
He said this at the official launch of the Public Gold Refinery Centre in Batu Kawan by Penang Chief Minister Chow Kon Yeow.
Chow said that Penang has made an official stand towards realising such goals with the launching of the country's first international-standard refinery centre by Public Gold Group.
The RM30 million facility, located on a 1.14-acre site within Batu Kawan Industrial Park, is designed to refine up to 10 tonnes of gold annually, with the capacity to expand to 20 tonnes as demand grows.
Equipped with advanced refining technologies and stringent quality management systems, the refinery adheres to Malaysia’s Gold Standard (MyGS) and the London Bullion Market Association’s Good Delivery Rules, ensuring responsible sourcing and internationally recognised best practices.
Chow described the launch as a landmark achievement for Malaysia’s growing precious metals industry.
Public Gold Group’s founder and executive chairman Datuk Seri Louis Ng described the refinery as a strategic investment in Malaysia’s future prosperity.
Ng pointed out that the refinery is more than a manufacturing facility; it is a strategic investment in Malaysia’s future economy. – September 15, 2026
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