Penang Chief Minister Chow Kon Yeow said the state remains on the right track to propel economic growth despite concerns over the war in Iran and rising living costs [1]. He highlighted Penang’s significant role in Malaysia’s economy, contributing almost 45% of the nation’s total export output [1].
Chow reported that Penang secured RM22.4 billion in manufacturing investments last year. These investments generated 24,633 job openings, a development the chief minister proudly noted: "We have also generated 24,633 job openings from such investments" [1]. The state’s unemployment rate remains low at 2.7%, reflecting a relatively healthy labor market [1].
Looking to the future, Chow described 2026 as the year of a "skills revolution" driven by advancements in artificial intelligence [1]. To support this shift, Penang has invested RM15 million in technical and vocational education and training (TVET). Chow emphasized efforts to build a competitive ecosystem that prepares the workforce for higher skill demands. "The state would navigate the challenges of the migration to a highly skilled workforce by creating a healthy and competitive ecosystem," he said [1]. He stressed the importance of equipping young people with skills that allow them to work anywhere: "We want our younger generation to possess the passport of skills, which allows them to be skilled workers anywhere" [1].
The report including these comments was published on May 1, Workers' Day, marking a key moment for Penang’s economic outlook this year [1].
