PENANG must transition from being a strong economy to becoming a self-reinforcing one, said Chief Minister Chow Kon Yeow.
Chow stressed that the state should aim for growth that continually strengthens its own foundations, where success builds stronger local capabilities, and progress benefits the wider ecosystem.
“This is because the global environment remains dynamic.
“Recent tensions in the Middle East and warnings of potential trade disruptions remind us how quickly supply chains, shipping routes and energy markets can be affected. As an export-driven state, resilience must always guide our approach.
“We already have solid fundamentals such as high-value manufacturing, global business services, property development, construction, retail, tourism and a vibrant small and medium enterprises (SMEs) base,” he said during his speech at the Penang Premium Business Enterprise Association (PPBEA) 7th anniversary dinner held at the Eastern & Oriental Hotel this evening.
Among those present were Chinese consul-general in Penang Zhou Youbin, Penang Legislative Assembly Speaker Datuk Seri Law Choo Kiang, Deputy Chief Minister II Jagdeep Singh Deo, Penang Social Development, Welfare and Non-Islamic Religious Affairs Committee chairman Lim Siew Khim, Penang Youth, Sports and Health Committee chairman Daniel Gooi Zi Sen, event organising chairperson Datuk Yong Chai Seng and PPBEA president Datuk Seri Khor Teng Tong.
Chow also emphasised three practical priorities.
“First, deepen local value creation. As projects grow in scale and sophistication, let us ensure more value remains within Penang. Stronger local supplier networks and higher standards will make our ecosystem more resilient against global uncertainties.
“Second, embed productivity and sustainability into everyday practice. Digital tools, improved project management, efficient building methods and energy-conscious designs are not trends; they are smart business strategies. Small, consistent improvements in efficiency can deliver significant long-term gains.
“Third, invest in leadership renewal. Penang’s continued progress depends on blending experience with fresh perspectives. Structured mentorship and opportunities for younger professionals to lead will ensure continuity and dynamism,” he said.
Chow noted that Penang’s story has always been one of reinvention — from trading port to manufacturing hub to a globally connected economy.
“Each phase has succeeded because the public and private sectors moved forward together with clarity, confidence and trust.
“The key message tonight is simple: resilience is built through partnership.
“When government and industry are aligned, when feedback flows openly, and when businesses continue to innovate with diversity of ideas and boldness, growth becomes sustainable and enduring,” he added.
Chow also congratulated PPBEA on reaching its seven-year milestone.
“It reflects trust earned, partnerships strengthened and a reputation built through consistency and delivery. Congratulations to all of you who have contributed to this journey.
“Anniversaries are not only moments of reflection, but also opportunities to reset our direction for the future,” he said.
Meanwhile, Khor expressed gratitude to the state government for its longstanding efforts to create an environment where businesses of all types can flourish.
Story by Riadz Akmal
Pix by Muhammad Iqbal Hamdan
Video by Siti Nuratikah Rahmat