Penang on track to propel economic growth, says CM

PENANG remains on the right track to propel economic growth despite concerns over the war in Iran and the rising cost of living.

In his Workers' Day message, Chief Minister Chow Kon Yeow said that the state continues to cement its position as the "heartbeat" of the nation's exports by contributing almost 45% of the total national export output.

This is evident after Penang secured RM22.4 billion worth of investments in the manufacturing sector last year, said Chow in a statement.

He said that such figures are only important if they are translated into prosperity and the well-being of the people here.

"We have also generated 24,633 job openings from such investments."

Chow said that Penang is not just observing the global economy but participating keenly as a major player in the hi-tech industries.

Unemployment is also steady at 2.7 per cent, showcasing that the labour market remains robust and dynamic despite concerns over the global economy, he said.

This year, despite the mushrooming of conflicts, Chow said that 2026 is the year of the skills revolution through the emergence of Artificial Intelligence (AI).

"The state would navigate the challenges of the migration to a highly skilled workforce by creating a healthy and competitive ecosystem."

Chow singled out two projects, which are designed to sustain growth here.

They are the reclamation of a Silicon Island, where a new industrial park called the Green Tech Park would soon be established.

The second is the construction of the Mutiara Light Rail Transit 29,67km long line, which will ease congestion and ensure time efficiency, said Chow.

He added that Penang has also invested RM15 million in the technical and vocational education (TVET) while encouraging the young to pursue the Science, Technology, Engineering and Mathematics fields.

"We want our younger generation to possess the passport of skills, which allows them to be skilled workers anywhere."

Chow also encouraged employers to be mindful of the welfare of their staff, as workers form the backbone of any company to thrive. - May 1, 2026.