The Penang Free Trade Zone, established in 1972, was instrumental in alleviating the economic crisis in Penang and has since proved successful in attracting multinational firms to the state, contributing to its economic growth. More than 4 decades later, with the advent of IR4.0, the Penang government sees an opportunity in establishing a Penang Digital Free Trade Zone (DFTZ) to support trade facilitation.
In October 2019, the Penang state government signed a memorandum of understanding (MoU) with Fusionex, a data technology specialist, to set up a smart trade facilitation and intelligent logistics platform to connect Penang to local, regional, and global marketplaces at the ‘Powering Tomorrow’s Trade Facilitation’ event.
The collaboration, which aims to spur business activities and create more opportunities for local companies and SMEs to go into e-business and e-commerce, is a key ingredient in the state’s Penang2030 vision for economic prosperity. The platform uses artificial intelligence, Big Data Analytics, and blockchain technology to connect stakeholders and facilitate smoother transactions across the world, turning Penang into a high-tech hub for trade, in which consumer orders will be processed and sent efficiently.
Apart from managing the platform, Fusionex will also provide the necessary infrastructure, solutions, services, facilities, and knowledge.
With the Penang DFTZ platform, trade will be made easier and frictionless, and international trade can be revolutionised by removing unnecessary barriers, inefficiencies and wastage.