PENANG will look at boosting its talent pool as it pursues to attract more technology-intensive investments to generate higher quality jobs, says Chief Minister Chow Kon Yeow.
He said state agencies like InvestPenang and Penang Development Corporation would continue their relentless efforts to engage with existing and potential investors to explore the various potential opportunities in the new normal.
The agencies will also facilitate on-the-ground project implementations.
“As we move up the value chain, we recognise the need to be very selective and have now focused on high-value investments with high-value jobs for our people,” Chow said during his participation in the online AMCHAM Penang Dialogue 2020 today.
Asked by a participant whether the state has a talent blueprint, Chow said this was something for the state to work on.
“For the past few years, the state government has been working with various stakeholders promoting STEM (Science, Technology, Engineering, Mathematics) education to Penang students,”
“We want to inculcate in them the interest for STEM learning.
“We have also come up with the Penang Future Foundation (PFF) scholarships where we give out 100 scholarships each year.
“The PFF was launched in 2016 with RM40 million initial funding. In the last five years, we’ve disbursed over 500 scholarships.
“The main requirement for the recipients is for them to come back to serve, not the government but the industry, for five years.
“I think we should continue with these scholarships so that they can meet some of the gaps in the talent pool requirement.”
Chow said as the fund is getting smaller, the state may inject between RM10 million and RM30 million.
Also taking part in the virtual dialogue were United States ambassador to Malaysia Kamala Shirin Lakhdhir and state Entrepreneurial Development, Trade and Industry Committee chairman Datuk Abdul Halim Hussain.
Others were the chief minister’s special investment adviser Datuk Seri Lee Kah Choon, InvestPenang chief executive officer Datuk Loo Lee Lian, American Malaysian Chamber of Commerce (AMCHAM) chief executive officer Siobhan Das, Malaysian American Electronics Industry Committee chairman Datuk Seri Wong Siew Hai and many captains of industry.
The dialogue’s theme was “Resetting for Tomorrow: Malaysia’s Opportunity in Global Value Chain”.
Chow added that the presence of US companies in Penang is gaining momentum.
From 2019 to the first half of 2020, Penang has attracted RM10.5 billion of approved manufacturing investments from US companies, capturing 45% of the total foreign direct investments.
He named notable new investments from Lam Research, Dexcom and UCT.
Lakhdhir, in her remarks, said despite the Covid-19 challenges, Penang has proven itself once again to be a city that adapts itself continually to both market shocks and changes.
“It is clear Penang is a central and vital hub in this supply chain, and central to the global economy.
“We see an opportunity for US firms to be leaders in Malaysia in bringing advanced technology and digitalisation to the Malaysian economy.
“Over 40 years ago, US companies pioneered the E&E sector in Malaysia. And US companies have the potential to be the pioneers in digitalisation of the manufacturing sector in Malaysia,” Lakhdhir said.
She also said efforts would be made to help Malaysia by sending teachers to improve the level of English in schools.
Story by K.H. Ong
Pix by Alvie Cheng