GEORGE TOWN, April 4 — The Penang government is looking at opportunities that arise from the global economic slowdown spurred by the United States (US)-China trade war to bring in more investments from foreign industries.
Chief Minister Chow Kon Yeow said the state had been monitoring the US-China trade war and found there had been an increase in the number of enquiries from industries in China wishing to relocate out of the country over the past two months.
“However, we are only looking at strategic areas of investment that can enhance our value, strengthen our ecosystem and bring along other supporting industries, so that these investments will be more impactful,” he told reporters after chairing the inaugural meeting of the Penang Strategic Investment Advisory Council here today.
The newly-established council is a joint effort between the state government and the private sector to support state investment promotion agency InvestPenang in its role of sustaining and further promoting investments.
Besides Chow, the council members also include state Deputy Chief Ministers Datuk Ahmad Zakiyuddin Abdul Rahman and Dr P. Ramasamy, state Local and International Trade, Consumer Affairs and Entrepreneurship Development Committee chairman Datuk Abdul Halim Hussain, InvestPenang director Datuk Seri Lee Kah Choon and its chief executive officer Datuk Loo Lee Lian, as well as directors of several private companies.
Chow said he expected there would be potential investments in the electrical and electronics (E&E) industry in Penang this year, despite the overall soft market experienced in Malaysia.
He said the E&E industry remained as the cornerstone of the industry in Penang as it significantly supported all other industries and subsectors such as automobile, medical and services.
“In the past, you do not find many electronic gadgets in a car — perhaps around 20 per cent (of a car are electronic components) — but now at least 50 per cent of a (new) vehicle consists of electronic gadgets and components,” he added. — Bernama
