The state government puts forth its effort in nurturing the SMEs (Small and Medium Enterprises) in Penang through its trident approach.
Firstly, the establishment of SMART Centre which serves as a one-stop centre to facilitate SMEs to expand their business.
Secondly a four-storey (160,000sq ft) building in Bayan Lepas Industrial Park to boost the SMEs up the value chain and help to reduce business cost by providing the option to rent at subsidised rental rates.
Thirdly, the Penang Development Corporation (PDC) has developed 150 acres of SME Village to cater to the needs of the SMEs as well as to get closer to the MNCs.
“On top of that, recently in March the state government has also come up with Penang i4. 0 Seed Fund (US$1 million) to accelerate the growth of technopreneur start-ups in Penang.
“In order to drive the Industry 4.0 transformation agenda forward, the federal government, under the National Budget 2019, has allocated RM210 million to support the transition and migration to Industry 4.0 in the next three years.
“And RM2 billion to incentivize SMEs to invest in automation and modernisation and RM3 billion fund with subsidy incentive of 2 % for the adoption of smart technology,” said Chief Minister Chow Kon Yeow, who attended the Penang SME Connextion 2018 at Olive Tree Hotel today.
Some 200 representatives from SMEs participated in the one-day seminar organised by investPenang where various discussion sessions were also held with agencies and companies such as MIDA, MDeC, MATRADE, MIDF, SME Corp, Robert Bosch and Inari.
Also present were investPenang special investment adviser and director Datuk Seri Lee Kah Choon and investPenang chief executive officer Datuk Loo Lee Lian.
Story by Tanushalini Moroter
Pix by Alvie Cheng
Video Darwina Mohd Daud