Latest news with #PenangStateLegislativeAssembly
The Sun
19-05-2025
- Business
- The Sun
Penang actively conducting investment, trade missions to cushion impact of US tariffs
GEORGE TOWN: Penang, through its state investment agency InvestPenang, is actively conducting investment and trade missions to foreign countries to reduce the impact of the US tariff hike on the state's economy. 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
The Sun
19-05-2025
- Business
- The Sun
Penang actively conducting investment, trade missions to reduce impact of US tariffs
GEORGE TOWN: Penang, through its state investment agency InvestPenang, is actively conducting investment and trade missions to foreign countries to reduce the impact of the United States (US) tariff hike on the state's economy. Chief Minister Chow Kon Yeow said the effort was 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 (WCIT) 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 would maintain its commitment to the National Semiconductor Strategy (NSS) guidelines and the Penang Silicon Design @5km+ initiative. He explained that the progress would 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 also said the state and federal governments had established matching grants to drive the initiative forward and that the collaboration would 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, Chow said the state government was 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. However, he said the initiative was dependent on funding allocations from the federal government to ensure full implementation of the programme and support for the growth of the industries involved. He added that the state government was working with the federal government to develop a Trade Adaptation Toolkit for industry players. According to him, 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 (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). 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.
The Sun
19-05-2025
- Business
- The Sun
Penang boosts foreign ties to counter US tariff impact
GEORGE TOWN: Penang, through its state investment agency InvestPenang, is actively conducting investment and trade missions to foreign countries to reduce the impact of the United States (US) tariff hike on the state's economy. Chief Minister Chow Kon Yeow said the effort was 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 (WCIT) 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 would maintain its commitment to the National Semiconductor Strategy (NSS) guidelines and the Penang Silicon Design @5km+ initiative. He explained that the progress would 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 also said the state and federal governments had established matching grants to drive the initiative forward and that the collaboration would 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, Chow said the state government was 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. However, he said the initiative was dependent on funding allocations from the federal government to ensure full implementation of the programme and support for the growth of the industries involved. He added that the state government was working with the federal government to develop a Trade Adaptation Toolkit for industry players. According to him, 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 (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). 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.
Barnama
19-05-2025
- Business
- Barnama
Penang Actively Conducting Investment, Trade Missions To Reduce Impact Of US Tariffs
REGION - NORTHERN > NEWS GEORGE TOWN, May 19 (Bernama) -- Penang, through its state investment agency InvestPenang, is actively conducting investment and trade missions to foreign countries to reduce the impact of the United States (US) tariff hike on the state's economy. Chief Minister Chow Kon Yeow said the effort was 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 (WCIT) and so on. bootstrap slideshow '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 would maintain its commitment to the National Semiconductor Strategy (NSS) guidelines and the Penang Silicon Design @5km+ initiative. He explained that the progress would 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 also said the state and federal governments had established matching grants to drive the initiative forward and that the collaboration would 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, Chow said the state government was 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. However, he said the initiative was dependent on funding allocations from the federal government to ensure full implementation of the programme and support for the growth of the industries involved.
The Sun
19-05-2025
- Business
- The Sun
Penang records RM65.27m surplus, identifies new sources of revenue
GEORGE TOWN: Penang recorded a financial surplus of RM65.27 million as of March 31 after the state government earned income of RM268.46 million, exceeding expenditure of RM203.18 million. Chief Minister Chow Kon Yeow said the State Government Consolidated Fund comprised RM1.54 billion consisting a consolidated revenue account of RM199.22 million and a consolidated trust account of RM1.34 billion as of April 30. 'The financial statement for 2024 (unaudited) shows the consolidated fund position at RM1.38 billion compared to RM1.46 billion in 2023 comprising a consolidated revenue account of RM155.94 million and a consolidated trust account of RM1.23 billion. 'The consolidated revenue account decreased by RM174 million compared to 2023 while the consolidated trust account increased by RM92.79 million compared to 2023,' he said in reply to a question from Goh Choon Aik (PH-Bukit Tambun) on the latest figures for the state government's consolidated revenue account, consolidated trust account and consolidated fund at the Penang State Legislative Assembly sitting here today. Chow added that the state government ended the 2024 financial year with a current deficit of RM174 million, which is lower than the 2023 deficit of RM358.8 million. He said the shortfall was due to revenue of RM810.4 million compared to operating expenses of RM719.5 million and transfers to the development fund amounting to RM265 million. He said Penang had received an advance from the federal government of RM100 million to cover cash flow, which among other things contributed to the increase in the consolidated trust account. Meanwhile, Chow explained that the Penang State Finance Department has taken the initiative to identify new sources of income for this year through two series of workshops to strengthen the financial position. 'The two workshops are the Workshop on Reviewing Rates, Revenue Collection Procedures and Identifying Arrears and Reductions in Penang State Revenue on Aug 2-4, 2024 and the Workshop on Direction and Revenue Improvement of Administrations and Agencies under the state government on Jan 15-18, 2025. 'The results of the two workshops have produced 24 strategies to increase or stabilise revenue. Nine strategies are currently being implemented this year,' he said.
