IT is high time for Penang to support homegrown entrepreneurs to manufacture products that can compete at the international stage.
This was shared by Datuk Seri Lee Kah Choon, the Special Investment Advisor to Chief Minister Chow Kon Yeow, via a press statement today.
According to Lee, the emergence of the pandemic as well as the trade war have opened the door for Penang to explore the supply chain industry.
“The pandemic and trade war present Penang with great opportunities as well as dangers.
“Penang is well positioned to seize the opportunities by tapping into the disrupted supply chains that were closed to us previously.
“However, time is of the essence as this window of opportunity is closing fast.
“We must support homegrown entrepreneurs to manufacture products that can compete globally, using its manufacturing excellence in the Electrical and Electronics (E&E) industry as the base,” Lee said.
Lee added that Penang must continue to attract high quality investments to create high income jobs in the state.
“Apart from being a global manufacturing hub in the E&E industry, Penang has to be an international innovation hub as well.
“In order to achieve this, the state should set up a billion-ringgit industry investment fund to invest in these innovating businesses and nurture them to be global players.
“For a Penang global innovation hub to succeed, the current talent pool is clearly too small. A net growth of 30,000 knowledge workers per year to the state’s talent pool is a must,” Lee said.
Lee said that Penang needs to take a bold step to achieve a different outcome.
“The ‘same old’ mentality is not an option in this challenging time.
“Whether Penang progresses or regresses in this ‘great reset’ will depend on its strategic decision today,” Lee added.
Story by Tanushalini Moroter