HR MINISTER URGES PENANG’S TECH SECTOR TO EMBRACE INNOVATION AND REIMAGINE ECONOMIC FUTURE

GEORGE TOWN, April 21 (Bernama) -- Human Resources Minister Steven Sim Chee Keong has called on Penang’s semiconductor and advanced technology industries to reimagine the state’s future amid global economic uncertainty, urging a bold shift from a traditional manufacturing hub to a high-value, innovation-driven economy.

In a statement today, the Human Resources Ministry outlined a vision to move beyond the conventional “Made in Penang/Malaysia” branding to a new paradigm — “Made by Penang/Malaysia” — emphasising homegrown innovation, technology ownership, and talent development.

Sim urged industry leaders to adopt what he described as “strategic optimism” in facing global headwinds, encouraging them to turn uncertainty into opportunity and accelerate Malaysia’s transition into a resilient, innovation-led economy.

“This vision centres on nurturing local talent, developing homegrown technology, and attracting strategic investments.

“We want Penang-based companies to not only serve global supply chains but also to innovate, design, and own technologies supported by Malaysian expertise,” he said.

Recognising the challenges faced by the industry, the statement noted that the government is implementing targeted measures to strengthen the national economy, including internal consolidation, regional integration, and international diversification.

Sim’s remarks were made in conjunction with two industrial dialogues organised by InvestPenang over the weekend.

The sessions were attended by Deputy Minister of Investment, Trade and Industry Liew Chin Tong, InvestPenang CEO Datuk Loo Lee Lian, and more than 30 stakeholders from the semiconductor and high-tech sectors, including representatives from multinational corporations (MNCs) and local SMEs.

The dialogues focused on the impact of global economic shifts and Malaysia’s long-term positioning in the global value chain.

As Malaysia holds the ASEAN chairmanship this year, Sim also highlighted the country’s role in leading efforts to strengthen ASEAN as a cohesive economic bloc.

He referenced a recent joint statement by ASEAN Economic Ministers reaffirming the region’s commitment to navigating global market volatility together.

Sim added that while Malaysia continues to engage with traditional trade partners, it is also expanding its reach by deepening ties with emerging global players such as BRICS, the European Union, the Organisation of Islamic Cooperation, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership member states, and its ASEAN neighbours.

“This strategy is not only about building trade resilience — Malaysia can also leverage its non-trade strategic advantages.

“Our strategic location, multicultural society, and standing as a stable middle power continue to attract global investors looking for neutrality and certainty,” Sim said.

Echoing Sim’s sentiments, Deputy Minister of Investment, Trade and Industry (MITI) Liew Chin Tong said the evolving global trade landscape presents an opportunity for Penang and Malaysia to leapfrog from a foreign direct investment (FDI)-driven, outsourced manufacturing model to a more self-sufficient, innovation-based economy.

Meanwhile, Loo observed that companies are currently reassessing their strategies in light of growing global uncertainties.

“While some are evaluating the full impact on supply chains, others believe it is still too early to predict long-term implications.

“Businesses have welcomed the Malaysian government’s non-confrontational approach and its plans for sustained international engagement,” she said.

-- BERNAMA