PENANG cannot rely on the same engines of growth indefinitely and must continue diversifying its economy by exploring new markets, developing emerging industries and creating fresh business opportunities, says Chief Minister Chow Kon Yeow.
Chow said Penang businesses must also look beyond the state and Malaysia, and compete more aggressively in regional and international markets to strengthen the state’s economic resilience and global competitiveness.
“We need to penetrate new markets, develop new industries and create new business opportunities.
“We need our businesses to look beyond Penang and Malaysia and compete more aggressively in regional and international markets,” he said.
Chow was speaking at the Penang Premium Business Enterprise Association (PPBEA) new executive committee members’ swearing-in ceremony at the Penang International Commercial City (PICC) Sales Gallery in Bayan Lepas this evening.
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 MP Steven Sim Chee Keong.
The new committee will serve a two-year term from 2026 to 2028.
Chow said PPBEA could play a bigger role in helping Penang businesses penetrate new markets by leveraging its diverse membership, business networks and experience.
“This is where I see a bigger role for PPBEA.
“PPBEA can become a leading voice for market penetration. With your diverse membership, you have the networks, experience and connections to identify new markets, connect businesses and create opportunities across different sectors.
“I would like to see PPBEA become a focal point for this effort, bringing businesses together, identifying opportunities, sharing market intelligence and helping Penang companies expand beyond our traditional markets,” he said.
At the same time, Chow said PPBEA could contribute towards diversifying Penang’s economic base by encouraging greater collaboration among businesses from different sectors.
“Your members come from different sectors, and that gives the association a strong platform to connect businesses across industries and encourage new collaborations,” he said.
Chow also expressed hope that PPBEA would continue serving as a platform for the younger generation to learn from and emulate the achievements of established business leaders.
“PPBEA is different because even though the numbers are not big, you have members from very diverse industries and economic sectors.
“Many of you have built successful enterprises, created jobs, evolved into new sectors, and developed markets locally and internationally.
“That diversity gives PPBEA an important opportunity,” he said.
Chow said the Penang government maintained close and productive ties with various business and industry associations, stressing that collaboration between the public and private sectors was essential to achieving sustainable growth.
“The state government enjoys a very close collaborative relationship with various business associations and industry associations because when we work together, we can grow better and grow stronger,” he said.
He said the state government was also placing significant emphasis on strengthening infrastructure, developing talent and building a robust ecosystem to support investment and local businesses.
“We are paying a lot of attention to talent development so that we can create a strong ecosystem.
“We want to create supply chains to support investment, and in the process, enable our small and medium enterprises (SMEs) to grow as well,” he said.
Chow stressed that SMEs remained a critical component of the economy and played an important role in supporting and attracting foreign direct investment (FDI).
“Without SMEs, being an important part of our economy, we may not be able to attract foreign direct investment to invest in Malaysia.
“Therefore, we must never underestimate the role and contribution of SMEs in the country,” he said.
He said the state government hoped infrastructure projects that had been initiated over the past two years would be completed within the next three to five years, further strengthening Penang’s connectivity and capacity for economic expansion.
“These include not only the LRT project, but also various water infrastructure projects, highway projects, and the creation and availability of more industrial land.
“This is not only to meet the needs of foreign direct investment, but also the needs of local companies that have grown beyond their original size and are already considered global players in their own right,” he said.
Chow said these developments were part of the state’s broader efforts to create an environment where both multinational companies and home-grown enterprises could continue to grow.
“This is the type of development that we want to see, and we hope Penang will continue to prosper.
“We appreciate the role of PPBEA and all the business communities in contributing to the strengthening of our supply chain, our emphasis on talent development and the latest initiatives,” he said.
Chow also congratulated the newly appointed PPBEA executive committee members, reminding them that their appointments came with a responsibility to serve their members and contribute to the wider business community.
“Your appointment comes with a responsibility to serve your members and contribute to Penang’s business community,” he said.
PPBEA 2026-2028 executive committee
Advisors:
Datuk Dr Kang Chin Seng
Datuk Seri Chuah Kim Seah
President:
Datuk Seri Khor Teng Tong
Deputy President:
Datuk Seri Goh Eng Hoe
Vice-President I:
Datuk Teh Yong Khoon
Vice-President II:
Datuk Seri Louis Ng Chun Hau
Honorary Secretary:
Datuk Ng Chong Lam
Honorary Treasurer:
Datuk Lee Thian Chai
Deputy Secretary:
Datuk Tony Khor Chong Boon
Deputy Treasurer:
Datuk Lim Aun Ghee
Foreign Affairs Taskforce Chairman:
Datuk Seri Lee Kah Choon
Government Relations Chairman:
Datuk Seri Syed Mohamad Syed Murtaza
Industry Relations Chairman:
Datuk Seri Ng Chai Eng
Story by Riadz Akmal
Pix by Noor Siti Nabilah Noorazis