The Busi­ness End

Malaysia Business Travel Guide - - Front Page -

DE­SPITE ITS SMALL size, the state has been known as the Sil­i­con Val­ley of the east, pos­sess­ing one of the largest economies and high­est GDP per capita of all Malaysia’s states. To match its in­cred­i­bly fruit­ful econ­omy, Pe­nang also has one of the low­est un­em­ploy­ment rates in the coun­try at 1.5 per­cent.

Cap­i­tal in­vest­ments have been rife in Pe­nang since 2010, ac­count­ing for 26 per­cent of Malaysia’s to­tal in­vest­ments. The state has un­der­gone an in­cred­i­ble eco­nomic growth that has been de­scribed of late as Malaysia’s great­est suc­cess - quite the ac­co­lade - and aids busi­ness travel op­er­a­tions in the area.

Bol­stered by the state’s eco­nomic suc­cess, the Pe­nang Devel­op­ment Corporation (PDC) - a self-funded statu­tory body - was cre­ated with the aim of en­hanc­ing Pe­nang’s so­cioe­co­nomic devel­op­ment and through those cre­at­ing new em­ploy­ment op­por­tu­ni­ties.

The Man­u­fac­tur­ing in­dus­try has been the foun­da­tion of Pe­nang’s econ­omy since the 20th cen­tury, en­tic­ing thou­sands of firms to be­gin work­ing in the state. As men­tioned ear­lier, Pe­nang earned its rep­u­ta­tion as the Sil­i­con Val­ley of the east with thanks to the elec­tron­ics, tech­nol­ogy and engi­neer­ing firms that be­gan work in the state.

With a rapidly de­vel­op­ing rep­u­ta­tion as one of the most pop­u­lar tourist hotspots in Southeast Asia, Pe­nang now has a very well es­tab­lished ser­vices sec­tor which has now over­taken man­u­fac­tur­ing. Al­most twothirds of its work­force is em­ployed in service in­dus­tries, in­clud­ing re­tail, ac­com­mo­da­tion, med­i­cal tourism and food and drink; all of which work to­gether to cre­ate the thriv­ing tourism sec­tor you will find to­day.

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