The Critical Role of Domestic Enterprises in Penang’s Industrialisation
By Lee Siu Ming
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amid a challenging economic backdrop in the late 1960s; in 1967, the free port status of this trade-dependent entrepot was revoked, badly affecting the local economy and a small network of trading firms.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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