IN CONJUNCTION WITH the 50th anniversary of Penang’s industrialisation, the State, supported by InvestPenang and Penang Development Corporation (PDC) is hosting a year-long event around 13 focused themes to demonstrate Penang’s successful transformation and forward-looking plans. Dr Beh May Ting of Penang Institute spoke to Dato’ Seri Lee Kah Choon, Special Investment Advisor to the Chief Minister of Penang and Dato’ Loo Lee Lian, Chief Executive Officer of InvestPenang, to discuss the State’s investment trends in the past and present and the economic outlook for Penang in the coming years.
BMT: It has been half a century since Penang industrialised its economy, how has the investment trend in the state evolved over the years?
LKC: 50 years ago, we started off with import substitution. In 1969, there was a change of government and Penang’s free port status was revoked. As a result, the state faced high unemployment. Thankfully, the British had left Penang with an excellent education system where proficiency in Mathematics, Science and languages was very well-entrenched. This attracted the Eight Pioneers[1], who felt that Penang was a good place for them to source talent to support their ventures into this part of the world, to invest here.
