Penang actively conducting investment, trade missions to cushion impact of US tariffs
Chief Minister Chow Kon Yeow said the effort is aimed at attracting new investors and seeking new market opportunities including Japan, South Korea, Taiwan, Europe, China and Singapore.
'InvestPenang also participated in various international expos such as Semicon Southeast Asia, Kumamoto Industrial Revitalisation Expo, World Fujian Convention and Exhibition, World Congress on Innovation and Technology and so on.
'This effort can increase Penang's visibility to new markets,' he said in reply to a question from Gooi Hsio Leong (PH-Bukit Tengah) on the efforts made by the state government to deal with the impact of the US tariff hike at the Penang State Legislative Assembly sitting here today.
To improve Penang's position in the semiconductor value chain, Chow said, the state government will maintain its commitment to the National Semiconductor Strategy guidelines and the Penang Silicon Design @5km+ initiative.
Progress will be achieved by nurturing local champions in integrated circuit (IC) design with a total investment for the Penang Silicon Design@5km+ initiative projected at RM120 million over the next five years, he added.
Chow also said the state and federal governments have established matching grants to drive the initiative forward and that the collaboration will position Malaysia, particularly Penang, as a leading player in the IC design ecosystem, driving innovation and economic growth.
To attract and support more IC design players to set up and expand their operations in Penang, the state government is offering an incentive package scheme consisting of subsidies worth up to RM2 million annually for three years to both local and foreign IC design companies based in Malaysia. Chow said.
However, the initiative is dependent on funding allocations from the federal government to ensure full implementation of the programme and support for the growth of the industries involved.
Chow said the state government is working with the federal government to develop a trade adaptation toolkit for industry players. It will include practical resources to help them take advantage of alternative markets under regional trade agreements within Asean as well as existing agreements including the Regional Comprehensive Economic Partnership and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
Chow explained that Penang is among the states most likely to be affected by the implementation of reciprocal tariffs as the US is the second highest country on the list of exports from Penang with a value of RM76 billion, which is 17 per cent of the state's total export value in 2023.
'In fact, the country is also Penang's main trading partner with a trade surplus worth RM57.7 billion in 2024. Therefore, the implementation of these tariffs may have a serious impact on Penang and other states in Malaysia,' he said. – Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
an hour ago
- The Sun
BN and PH finalise Sabah seat distribution with no overlaps
SHAH ALAM: Barisan Nasional (BN) chairman Datuk Seri Dr Ahmad Zahid Hamidi said seat distribution between BN and Pakatan Harapan (PH) for the upcoming Sabah State Election has been finalised, with no overlaps. Ahmad Zahid, who is also Deputy Prime Minister, further informed that no negotiations have been held between BN and Gabungan Rakyat Sabah (GRS) regarding seat distribution or cooperation for the state election, in order to respect PH. However, Ahmad Zahid anticipated that at least three-cornered contests would be unavoidable, following the likelihood of participation from other and new parties. 'What has been finalised is BN-PH, and we respect PH-GRS. There are no direct negotiations between BN and GRS. So far, any other discussions to avoid three-cornered contests or seat overlaps have been conducted behind the scenes. 'However, I feel that since there are too many new parties in Sabah wanting to contest this time, three-cornered fights will certainly be unavoidable, possibly up to eight-cornered. That is up to them, as that is the political landscape in Sabah. BN-PH has no overlapping seats,' he said. He said this when met after attending the 16th National-Level Civil Defence Student Corps (Kor Sispa) Training Completion Parade and Commissioning Ceremony here today. Ahmad Zahid was earlier reported as saying that negotiations on cooperation and seat distribution within the BN, PH, and GRS alliance for the state election were nearly completed. - Bernama
New Straits Times
an hour ago
- New Straits Times
Sabah state election: BN-PH seat allocation finalised, no overlaps, says Zahid
SHAH ALAM: The issue of seat allocation between Barisan Nasional (BN) and Pakatan Harapan (PH) for the upcoming Sabah state election has been finalised, with no overlapping of seats between the two coalitions, said BN chairman Datuk Seri Dr Ahmad Zahid Hamidi. He also stressed that no direct negotiations on seat allocation have been held between BN and Gabungan Rakyat Sabah (GRS). "What has been finalised is the seat arrangement between BN and PH, and we respect the cooperation between PH and GRS. "There have been no direct negotiations between BN and GRS — none at all. That's where things stand. "Any other negotiations to avoid three-cornered fights or seat overlaps are being handled behind the scenes," he told reporters. He was speaking after accompanying the Tengku Permaisuri of Selangor, Tengku Permaisuri Norashikin, at the opening ceremony of the 16th National Civil Defence Student Corps (Kor SISPA) Commissioning Ceremony at Universiti Teknologi Mara (UiTM) today. Earlier reports suggested that plans to form a BN-PH-GRS coalition in Sabah were faltering due to stalled seat negotiations. While such a coalition is seen as capable of avoiding vote splitting and securing a majority win, GRS's demand to contest at least 70 out of the 73 state assembly seats has raised concerns — especially in traditional BN strongholds. If GRS insists on this demand, the formation of a grand coalition may fall through. However, if GRS is willing to renegotiate, a unity government at the state level remains possible. Commenting further, Zahid acknowledged that three-cornered fights are likely in many constituencies due to the large number of new parties intending to contest in the election. "It's a case of 'the more, the merrier'. That's just the political landscape in Sabah. But what's certain is that there will be no seat overlap between BN and PH — that's already final," he said.
Daily Express
an hour ago
- Daily Express
No BN-PH seat clashes in Sabah polls: Ahmad Zahid
Published on: Saturday, August 16, 2025 Published on: Sat, Aug 16, 2025 By: Bernama Text Size: For illustrative purposes only. SHAH ALAM: Barisan Nasional (BN) chairman Datuk Seri Dr Ahmad Zahid Hamidi said seat distribution between BN and Pakatan Harapan (PH) for the upcoming Sabah State Election has been finalised, with no overlaps. Ahmad Zahid, who is also Deputy Prime Minister, further informed that no negotiations have been held between BN and Gabungan Rakyat Sabah (GRS) regarding seat distribution or cooperation for the state election, in order to respect PH. However, Ahmad Zahid anticipated that at least three-cornered contests would be unavoidable, following the likelihood of participation from other and new parties. 'What has been finalised is BN-PH, and we respect PH-GRS. There are no direct negotiations between BN and GRS. So far, any other discussions to avoid three-cornered contests or seat overlaps have been conducted behind the scenes. 'However, I feel that since there are too many new parties in Sabah wanting to contest this time, three-cornered fights will certainly be unavoidable, possibly up to eight-cornered. That is up to them, as that is the political landscape in Sabah. BN-PH has no overlapping seats,' he said. He said this when met after attending the 16th National-Level Civil Defence Student Corps (Kor Sispa) Training Completion Parade and Commissioning Ceremony here today. Ahmad Zahid was earlier reported as saying that negotiations on cooperation and seat distribution within the BN, PH, and GRS alliance for the state election were nearly completed. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
