Business community needs to take the lead in the vision of Penang 3.0

Penang DAP chairman Steven Sim Chee Keong has called upon the business community in the state to drive the state as envisioned in the Penang 3.0 vision.

“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.

He who is also Human Resources Minister reminded them that the move must be build on Penang’s legacy of 4Ts and the long term goal is to have products “Made by Penang”.

“Moving forward, Penang must move beyond the low-cost production model, which has positioned the state as a production hub offering cost-competitive options to multinational corporations, while competing with other low-cost destinations.

“This model is increasingly vulnerable to external shocks such as tariff wars and direct competition with major powers, and it risks leading to low profitability, suppressed wages, and a stagnant low-value economy.

“The next strategic move must build on Penang’s legacy to produce homegrown 4Ts: talents, technology, things, as well as trademarks.

“If Penang 2.0 was about global companies coming to Penang to manufacture their products here, Penang 3.0 must focus on supporting local startups in creating higher value.

“Over the next 50 years, the goal is to transform from “Made in Penang” to “Made by Penang”.

“With the right policies and incentives in place, the Penang brand has all the right ingredients to advance into the next phase of development.