𝘏𝘢𝘷𝘦 𝘺𝘰𝘶 𝘯𝘰𝘵𝘪𝘤𝘦𝘥 𝘵𝘩𝘢𝘵 𝘗𝘦𝘯𝘢𝘯𝘨'𝘴 𝘤𝘶𝘳𝘳𝘦𝘯𝘵 𝘩𝘪𝘴𝘵𝘰𝘳𝘺 𝘪𝘴 𝘢 𝘵𝘰𝘵𝘢𝘭 𝘥𝘦𝘱𝘢𝘳𝘵𝘶𝘳𝘦 𝘧𝘳𝘰𝘮 𝘪𝘵𝘴 𝘴𝘵𝘰𝘳𝘺 𝘰𝘧 𝘰𝘳𝘪𝘨𝘪𝘯? 𝘛𝘩𝘦𝘯, 𝘗𝘦𝘯𝘢𝘯𝘨 𝘴𝘵𝘢𝘳𝘵𝘦𝘥 𝘢𝘴 𝘢𝘯 𝘦𝘴𝘴𝘦𝘯𝘵𝘪𝘢𝘭 𝘦𝘯𝘵𝘳𝘦𝘱𝘰𝘵. 𝘛𝘰𝘥𝘢𝘺, 𝘗𝘦𝘯𝘢𝘯𝘨, 𝘬𝘯𝘰𝘸𝘯 𝘢𝘴 𝘵𝘩𝘦 "𝘌𝘯𝘨𝘪𝘯𝘦𝘦𝘳𝘪𝘯𝘨 𝘏𝘦𝘢𝘷𝘦𝘯, " 𝘢𝘵𝘵𝘳𝘢𝘤𝘵𝘦𝘥 𝘵𝘩𝘰𝘶𝘴𝘢𝘯𝘥𝘴 𝘰𝘧 𝘌𝘯𝘨𝘪𝘯𝘦𝘦𝘳𝘴 𝘧𝘭𝘰𝘰𝘥𝘪𝘯𝘨 𝘪𝘯𝘵𝘰 𝘵𝘩𝘦 𝘐𝘴𝘭𝘢𝘯𝘥 𝘵𝘰 𝘸𝘰𝘳𝘬 𝘸𝘪𝘵𝘩𝘪𝘯 𝘔𝘶𝘭𝘵𝘪-𝘕𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘊𝘰𝘮𝘱𝘢𝘯𝘪𝘦𝘴 (𝘔𝘕𝘊𝘴).
📢Penang Hidden Gems spoke in detail about Penang's Past, Present, and Future in a Facebook Live Stream entitled En Route to Modernization. Head on to https://youtu.be/PmtA3x4h3Hk to watch our video on the topic.
Aerial View of Phase 4 Penang Free Industrial Zone in Bayan Lepas, Penang.
For centuries, the vibrant and busy port attracted traders worldwide and led to the growth of Multi-Culturalism. Thus, when Penang's free port status was revoked in 1967, our livelihood was threatened.
The staggering unemployment rate of 16% and the Per-Capital income dropped 12% below the national wages. Moreover, the 11 Mei 1969 racial riot added salt to injury that may not be likely for Penang to recover. It was indeed a dark moment for Penang.
At this hardest-hit moment, Penang rebound under the leadership of the newly elected Chief Minister, then Tun Doctor Lim Chong Eu. Tun Lim Chong Eu identified the electronics sector as having the best potential to absorb the state's excess semi-skilled workforce.
After years of appealing and proposal finally, the Malaysian federal government enacted the Free Trade Zones Act in 1972 and tax incentives were offered.
The Bayan Lepas FIZ proved successful in attracting MNCs and its creation played a vital role in reversing Penang's economic crisis. Intel, AMD, Hewlett-Packard, Clarion, National Semiconductor, Hitachi, Osram, and Bosch—collectively known as the Samurai Eight—were the first MNCs to set up factories within the zone followed by Motorola and Dell. Photo credit: https://www.buletinmutiara.com/innoplex-to-attract-world.../
The thriving Bayan Lepas Free Industrial Zone have evolved from low-skilled manufacturing site to a high-skilled Research and Development (R&D) area. Today, Penang, known as the "Engineering Heaven, " attracted thousands of Engineers flooding into the Island to work within Multi-National Companies (MNCs). Photo credit: http://www.adtectaiping.gov.my/.../92-lawatan-industri-ke...
The Bayan Lepas FIZ proved successful in attracting MNCs and its creation played a vital role in reversing Penang's economic crisis. Intel, AMD, Hewlett-Packard, Clarion, National Semiconductor, Hitachi, Osram, and Bosch—collectively known as the Samurai Eight—were the first MNCs to set up factories within the zone followed by Motorola and Dell.
Consequently, the manufacturing sector became one of Penang's largest economic sectors, while the international press has described the zone itself as the "Silicon Valley of the East".
𝑳𝒊𝒌𝒆 𝒐𝒖𝒓 𝒑𝒐𝒔𝒕? 𝑯𝒆𝒍𝒑 𝒖𝒔 𝒕𝒐 𝒍𝒊𝒌𝒆 𝒂𝒏𝒅 𝒔𝒉𝒂𝒓𝒆 𝒕𝒉𝒊𝒔 𝒑𝒐𝒔𝒕!❤️🔥