Penang Stays Resilient, Innovative Amid World Trade Tensions - Chow Kon Yeow

GEORGE TOWN, June 3 (Bernama) -- Penang has reaffirmed its commitment to resilience, innovation, and maintaining global competitiveness amid world's trading environment which remains tense, said Chief Minister Chow Kon Yeow.

He said during the Malaysian International Chamber of Commerce and Industry (MICCI) Northern Annual Luncheon Dialogue 2025 here today that Penang remains open for business, innovation and collaboration because the state has always been about resilience.

“From our trading port roots to our rise as a global electronics and innovation hub, we have learned to pivot when the world shifts and this moment is no different. Our economy is tightly integrated into global supply chains whether it's semiconductors, electronics, precision tools or medical devices.

“So when shocks happen, they are felt in Bayan Lepas and Batu Kawan just as much as in Shanghai (China) or San Jose (California). But I always say, we must look for silver linings, not all is doom and gloom,” he said.

Chow pointed out that multinational firms reassess their regional footprints and many are looking to move into more politically stable, efficient and transparent ecosystems. Thus, Penang with robust infrastructure, skilled workforce, and business-friendly environment is a natural choice, he said.

He also praised Malaysia’s proactive diplomatic efforts due to indications that tariffs on Malaysian goods may be capped at 10 per cent as opposed to the feared 24 per cent or more by US President Donald Trump.

"As our Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz rightly pointed out, this is a favourable shift and one that reflects, in part, Malaysia's proactive diplomatic efforts.

“I applaud the Prime Minister (Datuk Seri Anwar Ibrahim) for taking a direct and decisive approach, including writing personally to Trump to propose a US-ASEAN Special Summit. This shows that Malaysia is not just reacting but taking leadership in shaping trade outcomes for the region," he added.

 The luncheon were also attended by MICCI Northern Branch chairman Datuk Brian Tan Guan Hooi together with 200 attendees from various industries and related sectors.

-- BERNAMA