During the 1970s, Penang’s industrial sector helped transform the state’s economy, providing in the process a blueprint for Malaysia’s rapid industrialisation. Since then, industry and Penang have been intricately linked. When the new state government took charge two years ago, observers expressed concern that politics and fragile federal-state relations would have an adverse effect on Penang’s ability to continue to attract investments. In an interview with Penang Economic Monthly, Invest Penang’s executive committee chairman, Datuk Lee Kah Choon, elaborates on the organisation’s growing role and how it now offers existing and potential investors value-added services.
Can you give us a brief overview of Invest Penang?
The main reason Invest Penang was set up was for industrial promotion. The Industrial Division of the Penang Development Corporation (PDC) used to be responsible for this. In 2004 PDC decided that it would not continue with that function anymore, and this led to the birth of Invest Penang.
Penang has a large industrial sector; therefore industrial promotion is a must. Someone has to do it! Industrial promotion requires a lot of financial support and Invest Penang is a cost-driven centre in the sense that our main objective is to attract people to come in, to invest in Penang so that the state will benefit.
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