2 days ago
- Business
- New Straits Times
Penang must move beyond low-cost model to stay globally competitive
GEORGE TOWN: Penang must transition away from the traditional low-cost economic model and embrace innovation, high-value creation and local enterprise development to remain globally competitive.
Human Resources Minister Steven Sim Chee Keong said that while the low-cost model had helped shape Penang into a manufacturing hub over the past decades, the state must now chart a new path towards economic sustainability through its next phase — Penang 3.0.
In a statement released today following the INPenang International Awards 2025 held on June 21, Sim said the Penang 3.0 vision aims to transform the state from a global manufacturing hub into a centre of innovation, technology and high-value creation, driven by local talents and enterprises.
"If Penang 2.0 was about global companies coming to Penang to make their products here, Penang 3.0 must be about supporting our own start-ups towards higher value creation.
"Moving forward, we must build on our legacy to produce our homegrown 4Ts - talents, tech, things and trademarks.
"In other words, over the next 50 years, we want to transform from 'Made in Penang' to 'Made by Penang'," he said.
Sim said he was confident that with the right policies and incentives, Penang would be able to sustain its reputation as a global brand of the highest quality.
He also acknowledged the achievements of the Penang state government under the leadership of Chief Minister Chow Kon Yeow, whose administration has driven several landmark projects that are providing major uplifts for Penang, such as the expansion of Penang International Airport and the Mutiara Line LRT.
– Bernama
