PENANG needs to find new areas to grow the economy and no longer solely rely on the manufacturing and tourism sectors, said Chief Minister Chow Kon Yeow.
He said it was time for Penang's small and medium enterprises (SMEs) to look beyond the state and Malaysia, and compete aggressively in regional and global markets.
“We need to tap new markets, develop new industries and create more business opportunities. We need our home-grown SMEs to look beyond Penang and Malaysia and compete more aggressively in regional and international markets,” he said at the Penang Premium Business Enterprise Association (PPBEA) new executive committee members’ swearing-in ceremony at the Penang International Commercial City (PICC) sales gallery.
The newly appointed PPBEA executive committee members took their oaths of office in the presence of Chow and Entrepreneur Development and Cooperatives Minister and Bukit Mertajam Member of Parliament Steven Sim Chee Keong.
The new committee serves a two-year term from 2026 to 2028.
PPBEA complements organisations such as the Chinese Chamber of Commerce and the 88 Captains Association, as well as national organisations such as the SMEs Association and Real Estate Developers Housing Association (REDHA).
Chow told PPBEA that its members could play a bigger role in helping Penang businesses penetrate new markets by leveraging on its diverse membership, business networks and experience.
Earlier, Sim spoke about his ministry pumping in RM9 billion as of July this year into the macro economy by aiding qualified entrepreneurs and SMEs to expand their ventures.
He said that the ministry wants to help every entrepreneur, regardless of race or religion, but they must play their part by meeting the conditions set.
"We are acting like a bank to improve cash flow and the business climate. We need the applicants to meet the criteria, and we would definitely help."
Sim added that SMEs and entrepreneurs in Penang can access the funding offered by his ministry, which is aimed at alleviating the cost of doing business for small to medium-scale ventures. – August 29, 2026
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