Industry Engagement Initiatives
The Industry Engagement Initiatives signify a tripartite effort between government, civil society and the private sector to build further on Penang’s manufacturing ecosystem, broaden our investor base and prepare for the digital future.
There are five areas that we wish to focus on:
Talent development remains a key concern for Penang. Penang Skills Development Center (PSDC), a joint government and private sector initiative, was the pioneer and is still successfully developing a pool of human resource for high-tech manufacturing. Similarly, we need to pool resources to build capability in new deep technology areas such as AI, robotics, analytics and life sciences.
Corporate Social Responsibility (CSR)
In times of the pandemic, Corporate Social Responsibility among many Penang-based corporations have remained strong. In the long term, we have to craft creative CSR sponsorships that not only create freelance or temporary jobs but also solve social issues.
A key ingredient in developing our economy is innovative entrepreneurship. The state will therefore create a marketplace platform that can matchmake entrepreneurs looking for a break with corporations in need of innovative young people and of novel solutions, thus adding to the ecosystem of the future.
Beyond manufacturing FDI, we intend to broaden the investor base into other economic and growth sectors such as high end tourism, logistics and healthcare, for example, and especially by promoting domestic direct investment (DDI) opportunities. In fact, all the projects under the Placemaking Initiatives, including others which have not been mentioned such as the South Islands, require private investments to progress.
A Vibrant Mesh of Industry Players
To develop our ecosystem, we have to encourage our local enterprises to digitalise, internationalise, and move up the value chain. With neighbouring countries rising and competing on land and labour and maybe even leapfrogging, Penang needs vibrant foreign anchors supported by a supply chain network of local competent players to stay internationally relevant.