PENANG Chief Minister Chow Kon Yeow has called on the state to diversify its economy, using its robust manufacturing sector as the backbone to entice new industries and upskilling.
Chow said the synergetic spillover effect from the manufacturing industry to related sectors, such as the digital economy, services, and financial sectors, will propel Penang forward.
He also said that buoyed by its manufacturing growth, the state government is exploring the feasibility of establishing a Special Economic Zone in Penang, similar to Johor.
“We are also working on getting the federal government’s help to move beyond a manufacturing state and become a financial centre. Although this is just an idea, we believe we need to diversify our economy,” Chow said.
He was speaking after receiving His Excellency Rafael Daerr, the European Union (EU) ambassador and head of the EU delegation to Malaysia, at his office.
Chow also told Daerr that the Federal government’s green energy agenda will be expedited.
“The industries here are hoping for a faster transition than the 2050 deadline, as they are eager to adopt more green energy solutions to meet the compliance requirements of their home countries.
“Penang has little resources and control over green energy production, and we remain a consumer of such energy,” Chow said.
Daerr in turn informed Chow that the EU-Malaysia Chamber of Commerce and Industry (Eurocham Malaysia) would like to organise a business day event with the participants from its member states.
Additionally, there will be a meeting between all the EU ambassadors from various countries with Chow, aimed at strengthening diplomatic and economic ties, he underscored.
Daerr said that Penang and the EU have strong historical, cultural, and economic ties. - December 10, 2024.
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