Penang must lead through uncertainty, says CM
Chow lauds PM, trade minister for diplomatic efforts to engage US leadership. — Buletin Mutiara
Chow urges businesses to remain competitive, agile, forward-looking amid US tariff talks
PENANG cannot afford to turn a blind eye to the fragile state of global trade, especially after the United States' announcement of tariffs on imports ranging from 10% to nearly 50%, says Chief Minister Chow Kon Yeow.
'Our economy is tightly interwoven with global supply chains, from semiconductors to precision tools and medical devices.
'When shocks occur, the tremors are felt not only in Silicon Valley or Shanghai but right here in Bayan Lepas and Batu Kawan,' he said.
State publisher Buletin Mutiara reported that Chow, however, said there might be cause for cautious optimism.
With indications that tariffs on Malaysian goods may be capped at 10% as opposed to the feared 24% or more, he praised Malaysia's diplomatic efforts and proactive leadership.
'I applaud Prime Minister Datuk Seri Anwar Ibrahim and our Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz for taking swift, strategic steps, including directly engaging the US leadership.
'It is proof that diplomacy still works when backed by a strong policy foundation and credible leadership,' said Chow.
Nevertheless, he cautioned that a 10% tariff was significant and businesses in Penang must remain agile, competitive and forward-looking.
He was speaking at a luncheon with members of the Malaysian International Chamber of Commerce and Industry (MICCI) in George Town.
Chow said he had been slated to speak on 'Penang on the Rise – Focusing on Infrastructure, Sustainability & Innovation' but shifted his tone in light of recent geopolitical developments.
He said Penang's role as a critical link in global supply chains left it acutely exposed to international economic disruptions but also uniquely placed to seize new opportunities.
He also reaffirmed the state's commitment to resilience, innovation and global competitiveness in the face of growing trade tensions, stating that Penang is well-positioned to navigate and lead during this uncertain period in global economics.
Separately, Chow underscored the importance of strong public-private collaboration in navigating these changes, highlighting the role of MICCI and its members as strategic partners.
'You are more than just the voice of business.
'Through feedback, policy alignment, and talent development, your collaboration with the state government, particularly through InvestPenang and Penang Development Corporation, helps ensure we cannot only adapt but lead,' he said.
Echoing Penang's history as a trading hub turned technology powerhouse, Chow concluded his remarks with a message of resilience and opportunity.
'Penang remains open for business, open for innovation and open for collaboration.
'Let us not just respond to uncertainty but lead through it,' he stated.
Also present were state executive councillors Daniel Gooi Zi Sen and Lim Siew Khim and MICCI northern branch chairman Datuk Brian Tan Guan Hooi.
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