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Thursday, April 9, 2009

Penang Investment Trip

Bringing Back the Shine to the “Pearl of the Orient”…

 High concentration of export-based manufacturing – especially E&E – in Penang means the state’s economy is significantly affected by the current global economic downturn.

 However, action has been taken and plans made to reduce the vulnerability of – and remake – the state’s economy via a six-pronged strategy: (i) moving up the E&E value-added chain, (ii) diversifying and broadening the non-E&E manufacturing sector, (iii) reviving tourism, (iv) boosting intermediate and final services, (v) promoting a “knowledge-based” economy, and (vi) adopting best practices in governance and public service.

 Key infrastructure projects – MMC-Gamuda’s double tracking rail and CHEC-UEM Builders’ Penang Second Bridge – are progressing, which are integral in the rejuvenation of Penang’s economy.

 In essence, Penang is a sub-plot of Malaysian economic story - i.e. how to strategise and seize opportunities in the global financial and economic turmoil to undertake long-term restructuring of the economy.

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