SEBERANG PERAI, Nov 12 — The Penang government is cautiously optimistic about opportunities from strategic competition even with new tariffs and policies under new American president-elect Donald Trump.

Penang chief minister Chow Kon Yeow said Trump’s proposed tariffs will be targeted at China as a way for the United States to curb the country.

So, he said companies may move out of China to South-east Asia and elsewhere to escape stringent curbs under the US’ new policies.

However, he said the US may audit the origin of the exports, look at the equity of the company and the ownership even if the company is registered in Malaysia and the exports produced here.

"Industry players are optimistic, even with Trump winning, Malaysia will still benefit from their policies,” he told reporters after visiting Shan Poornam Metals Sdn Bhd in Perai earlier today.

He hoped the US tariffs would not jeopardise the state’s semiconductor industry and that it will continue to grow.

"We are a neutral country and we hope our position politically will make us stand above all competition and continue to benefit from investments,” he added.

Apart from being a base for many American multinational companies such as Intel, Agilent, Broadcom and Micron, Penang has also been seeing investments from Chinese companies such as BYD Electronics, Fastrain Technology, Huaya Precision and Jinko Solar Precision.