THE Penang government will continue to place strong emphasis on entrepreneurship development in the state.
Penang Trade and National Unity Committee chairman Goh Choon Aik said this is because small and medium enterprises (SMEs) remain the backbone of the local economy and a key source of income for many people in Penang.
“Various entrepreneurship development initiatives will continue to be strengthened, including SME digitalisation, entrepreneur capacity-building, market access enhancement, as well as the expansion of trade opportunities to ensure local businesses remain resilient and capable of growing sustainably.
“In this regard, various forms of financial assistance are also being provided, including through the Skim Pinjaman Harapan (SPH) managed by Penang Development Corporation (PDC) to help micro-entrepreneurs and small traders gain easier, more structured and inclusive access to business capital,” said Goh (PH–Bukit Tambun) during his winding-up speech at the Penang State Legislative Assembly sitting in Light Street.
Goh added that as of March 31 this year, a total of 4,570 borrowers had benefited from the SPH since its introduction in 2009, involving total loan disbursements exceeding RM35.58 million.
“For 2025 alone, 200 recipients have been approved financing amounting to RM3.55 million, while from January to March 31 this year, 54 recipients received loans totalling RM889,000.
“These statistics demonstrate the government’s continued commitment to assisting micro-entrepreneurs, small businesses and local traders so they can remain resilient while generating more inclusive economic growth at the grassroots level,” he said.
According to Goh, the positive development is further supported by data from the Companies Commission of Malaysia (SSM), which showed that 23,986 new businesses and 4,027 companies were registered in Penang throughout 2025, reflecting strong confidence among the business community and the state’s steadily expanding economic activities.
He said that from the inflation perspective, Penang’s inflation rate for 2025 declined to 1.2% compared with 3% in 2024.
“For the period between January and March this year, the state’s inflation rate remained between 1.5% and 1.8%, indicating a more stable consumer price environment resulting from continuous cooperation among various agencies in ensuring supply and price stability of goods,” Goh said.
On a separate matter, Goh said the state government takes seriously the various current economic challenges, including geopolitical uncertainties, supply chain disruptions and global economic pressures.
He said the Penang government would continue to work closely with the Investment, Trade and Industry Ministry (Miti), Malaysian Investment Department Authority (Mida), Malaysia External Trade Development Corp (Matrade), PDC, InvestPenang and industry players to ensure Penang remains a leading destination for high-quality investments and a competitive trade hub in the region.
“The state government will also continue to prioritise the development of high-value industries, particularly the semiconductor sector, integrated circuit (IC) design and Automation, Test and Equipment (ATE), to ensure Penang remains competitive within the global supply chain.
“For example, through PDC, the state government has allocated approximately 10 acres of industrial land worth RM40 million for the development of the Penang ATE Campus as a hub for industry collaboration, innovation and local talent development, which will be coordinated by InvestPenang.
“This initiative is expected to strengthen the ecosystem of local companies, increase SME participation in high-value supply chains and create more high-skilled job opportunities for the people of the state,” said Goh.
Story by Riadz Akmal