The Business End
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.