Nation

Penang SEED 2023-2028 will stimulate economic growth

GEORGE TOWN: Penang today presented the Strategy for Economic Ecosystem Development (SEED) 2023 - 2028, which aims to reposition the state's economy for higher development momentum in the coming five years.

Under Penang SEED, the state expects to maintain its current growth trajectory of 3.5 per cent annually from 2023 to 2028.

In the most favourable circumstances, Penang anticipates achieving up to 5.8 per cent annual growth and attracting over RM10 billion in approved manufacturing investments.

Employment is estimated to grow by 1.4 per cent from 2023 to 2028.

Chief Minister Chow Kon Yeow said Penang SEED aimed at achieving dynamic, equitable and inclusive prosperity for all Penangites, in line with the Penang 2030 theme of upgrading the economy to raise household incomes.

He said the state was experiencing a robust recovery from the Covid-19 pandemic, resulting in an improved standard of living for Penangites.

"The labour market has returned to pre-pandemic levels, with the unemployment rate at 2.3 per cent in the last quarter of 2022. Wages have fully recovered, and Penang's GDP per capita has grown by approximately eight per cent between 2019 and 2021.

"However, we cannot overlook the growing challenge of inflation, which poses a threat to our progress in raising living standards.

"In order to adapt to rapid technological advancements, we must develop cohesive policies that attract talent, digitalise businesses and create high-value jobs for the 21st century," he said when launching the Penang SEED at the Penang Institute here today.

Elaborating, Chow said the Penang SEED outlined specific action plans to address critical economic challenges, with short-term measures to be completed within two years and medium-term measures within five years.

He said, cutting across all economic sectors, his administration had identified several policy enablers that would serve as the foundation for success.

"Strengthening the talent pipeline by investing in our people, enhancing infrastructure resilience to support businesses and scaling up transportation and logistics services are among the key enablers.

"Penang's economic future depends on empowering every Penangite to build collaborative relationships with their communities, the region and the world. It calls for a revitalised growth agenda that enhances Penang's resilience while lifting all boats with the rising tide of our economy.

"Penang SEED is designed to guide and facilitate our journey towards this prosperous and exciting future," he added.

Most Popular
Related Article
Says Stories