GEORGE TOWN, March 14 — Penang hopes to achieve a gross domestic product (GDP) growth of 5.4 per cent by 2025, said Chief Minister Chow Kon Yeow.
The Penang lawmaker said the state is cautiously optimistic that it is seeing a gradual economic recovery.
“This is thanks to sound economic fundamentals and a robust manufacturing sector and supported by a recovering services sector,” he said in his special luncheon address at the Penang Future Forward Summit 2023 today.
Chow said the state will be able to meet the projected growth by pursuing the goals of its Penang Vision 2030.
He said the state aimed to continue strengthening Penang’s economic competitiveness as a regional hub.
He said Penang topped the nation’s list in 2021 with an all-time high export value of RM354 billion.
“From January to August 2022, Penang’s export value climbed 30 per cent year-on-year to RM291 billion, representing 29 per cent of the country’s total,” he said.
He pointed out that Penang was also among the top contributors to the country with RM7.9 billion in approved manufacturing investments between January and June 2022.
“The most recent recognition the Penang Bay concept as UN-Habitat SDG Cities Zone, is another testament that we are on track to make Penang a sustainable city,” he said.
He said the Penang Bay project is currently at the inception phase and is set to grow into a new economic hub.
He said it is a new growth area encompassing George Town and Butterworth.
“It will be a new hub to develop and promote digital economy,” he said.
He added that digital economy will also be the key economic driver for Penang’s future growth.
“With Digital Penang and Digital Masterplan, Penang state government will continue to encourage industries to embrace digitalisation to move up the value chain,” he said.
