GEORGE TOWN: The Penang government’s comprehensive development plan, Penang Vision 2030 (Penang 2030), will boost the state’s ability to meet its gross domestic product (GDP) forecast growth of 5.4 per cent by 2025, Chief Minister Chow Kon Yeow said.
He said as Penang recovered from the Covid-19 crisis, the state was cautiously optimistic that a gradual economic recovery would be on the cards thanks to sound economic fundamentals and a robust manufacturing sector supported by a recovering services sector.
“Penang 2030 is a comprehensive development plan that aims to transform Penang into a smart, green and inclusive state by 2030.
“With this in mind, Penang aims to meet GDP forecast growth of 5.4 per cent by 2025,” he said at a special luncheon address at the Penang Future Forward Summit here today.
Chow said Penang’s economy post-Covid-19 recovery recorded 6.8 per cent growth for 2021, building on the strength of its economic engines’ growth, namely manufacturing and services as well as the digital economy, which recorded a total investment of RM107.2 billion and supported by 51,000 jobs created during the 2019-2021 period.
He said Penang served as Malaysia’s main northern transport hub and has a long history as a trading route that attracted many trading partners from all over the world.
“Whereby today, the state stands tall as the Silicon Valley of the East and home to many multinational electrical and electronics (E&E) semiconductor giants,” he said.
He said Penang 2030 was launched in 2018 as a policy framework for the state to be a family-focused, green and smart state that not only leads the nation but also acts as an inspiration through its ambitious projects and development agenda.
“We are now five years into the 12-year Penang 2030 programme with an overall progress of approximately 45 per cent.
“Progress is well in many areas and the target will likely be exceeded before 2030,” he said.
However, Chow said as the state continued to pursue the goals of Penang 2030, it was determined not to lose sight of the most important, the well-being of the people of Penang.
“This can be measured through various indices but ultimately it is about how daily life is experienced and the questions families and individuals have,” he added.
The one-day summit, themed “Future Proof Penang for the New Global Economy”, was organised by the KSI Strategic Institute for Asia Pacific and the Malaysia International Chamber of Commerce Industry Penang Branch. -Bernama
