Tag: PN-Sungai Dua

Penang urged to seize economic opportunities amid global uncertainty

GEORGE TOWN, 12 MAY -- Several State Assemblymen (ADUN) on Monday called on Penang to seize the opportunity following global geopolitical and economic uncertainties to strengthen the state's position as a hub for investment, tourism and regional supply chains. Wong Yuee Harng (PH-Pengkalan Kota) said that conflicts in West Asia and the changing world geopolitical landscape opened up opportunities for Penang to attract more international events, investments and global capital flows. He said the Asia Pacific region, including Pearl Island, is in a strategic position as many international events seek new locations that are more stable and secure in terms of geopolitical relations. "The business tourism sector and the meetings, incentives, conferences and exhibitions (MICE) industry are significant economic drivers for the state," he said when discussing the motion of thanks for the policy speech by Penang Governor Tun Ramli Ngah Talib at the State Legislative Assembly (DUN) sitting, here. Wong also supported the proposal to establish a special international financial hub and said Penang had advantages in terms of strategic location, highly skilled workforce and a track record as a manufacturing and technology centre. Meanwhile, Ong Ah Teong (PH-Batu Lanchang) reminded the state government not to take lightly the phenomenon of involution or extreme competition following the aggressive entry of foreign business chains, especially from China, which is said to be affecting the local business ecosystem. He said the dumping of cheap products and fierce price competition had the potential to put pressure on small and medium enterprises, food and beverage traders as well as local hawkers. Opposition Leader, Muhammad Fauzi Yusoff (PN-Sungai Dua), said that Penang's economy, which is largely driven by the manufacturing and services sectors, is still highly dependent on foreign markets, exports and investments from multinational companies. He said, based on the Penang Economic Outlook 2026 report by the Penang Institute , the manufacturing sector contributes 46.1 percent to the state's Gross Domestic Product while services contribute 48.1 percent. "Penang needs a more balanced and sustainable domestic economic sector, including strengthening the community tourism, ecotourism and agrotourism sectors, especially in the Seberang Perai area," he said. Muhammad Fauzi also said that tourism development is currently still concentrated in island areas such as George Town, Bukit Bendera and Batu Ferringhi, causing traffic congestion and tourist congestion. The State Assembly session continues today. -- BERNAMA

GEORGE TOWN, 12 MAY — Several State Assemblymen (ADUN) on Monday called on Penang to seize the opportunity following global geopolitical and economic uncertainties to strengthen the state’s position as a hub for investment, tourism and regional supply chains. Wong Yuee Harng (PH-Pengkalan Kota) said that conflicts in West Asia and the changing world geopolitical […]