The Critical Role of Domestic Enterprises in Penang’s Industrialisation

By Lee Siu Ming

August 2022 FEATURE
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Photo by: Ivan Lim.
This article is extracted from Founder's Grit, published by Penang Institute and Digital Penang.PENANG BEGAN ITS industrial journey amid a challenging economic backdrop in the late 1960s; in 1967, the free port status of this trade-dependent entrepot was revoked, badly affecting the local economy and a small network of trading firms. Macroeconomic indicators showed that by the end of the 1960s, unemployment was above 9% (not including underemployment) and per capita income was 12% below the national average. Under the leadership...

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Lee Siu Ming

is a senior analyst at Penang Institute, and believes in the Latin phrase Audi alteram partem, loosely translated as “Listen to the other side".