Penang – A Key Pillar to Malaysia’s Trade
What makes Penang a key pillar of Malaysia’s trade? On 3 June 2021, the BMCC and InvestPenang delivered valuable insights to answer this question in an hour-long webinar featuring guest speaker Dato’ Seri Lee Kah Choon, Special Investment Advisor to the Rt. Hon Chief Minister of Penang, Malaysia and panel speakers Mark Arthun, Managing Director and Site Leader, Smith & Nephew as well as Shaun Lee, Penang CoE Site Leader/ Global Order, Management Director, IHS Markit.
Offering a glimpse into Penang’s history, Dato’ Seri Lee Kah Choon highlighted Penang’s strategic location which led to its rise as an important trading post for the British East India Company in the late 19th century, eventually becoming an entreport after Malaysia’s independence and subsequently evolving into a major semiconductor manufacturing hub for the global electrical and electronics industry.
In 2019-2020, Penang, with its contribution of 23% of national total FDI (RM25.6 billion), was Malaysia’s top FDI recipient. Just as in the 19th century, Penang today remains highly relevant as a preferred investment destination thanks to its disaster-free strategic location at the centre of the burgeoning ASEAN marketplace, 50 years of industrial experience and manufacturing excellence, world-class infrastructure and all-rounded support by the state and federal governments.
Both Mark Arthun and Shaun Lee mentioned Penang’s high concentration of quality and qualified talent, as well as good infrastructure as major factors for their organisations’ investment in Penang. All three speakers also spoke about Penang’s attractiveness as a place to live, work and visit.
BMCC Chief Executive Officer Jennifer Lopez, who was the event host, relished Penang’s long historic relationship with the UK which has continued to flourish through the years, citing examples of how HSBC and Standard Chartered first established their Malaysian presence in Penang in the 19th century.
The BMCC thanks InvestPenang as well as our esteemed speakers for the successful delivery of the webinar.
Watch the replay of the webinar here:
