Penang Governor Tun Ahmad Fuzi Abdul Razak called to consider revisiting the idea of reviving the Free Port Status of Penang.
He added that the economic gains may be obvious to us all, especially business leaders but also the cultural gains, which in the long run also translate into substantial economic benefits, are even more essential to Penang’s cultural depth and affluence.
Tun Ahmad Fuzi was giving the opening address at the Second Penang Future Forward Summit 2023 at the G Hotel where some 300 delegates from various industries gathered.
“I know some of you here may consider a call for the return to Penang’s Free Port Status to be an outburst of nostalgia, and to be far removed from what is possible.
“But what is interesting to know is that even the UK Prime Minister, Rishi Sunak, looks upon the establishment of new freeports in the UK, especially Green Freeports, as transformational in encouraging construction, private investment and job creation.
“It is here that I would call for some boldness on our part, especially on the part of those currently holding decisive power over Penang’s future, to look the 21st Century in the eye,” he added.
Tun Ahmad Fuzi also called to consider the merits of setting up a Penang Sovereign Wealth Fund.
“What all this means is that the individual States in Malaysia are left at the mercy and discretion of the Federal Government through its various agencies, for the major portion of their revenue.
“In this context, it is significant to learn from the State of Sarawak. I am aware that Sarawak’s situation is quite unlike Penang’s, but it does not hurt to dare to explore the bold policies of others, and to adopt and adapt whatever can be good for Penang in the long run,” said Tun Ahmad Fuzi.
Also present at the ceremony was Penang Chief Minister YAB Chow Kon Yeow wo also gave an address. This was followed by an address by the Penang State Exco for Trade, Industry and Entrepreneur Development Dato Abdul Halim Hussain and State Exco for Tourism and Creative Economy YB Yeoh Soon Hin.
Others present were Tan Sri Abdul Majid Khan, Chairman KSI Strategic Institute for Asia Pacific, Datuk Seri Mohd Iqbal Rawther, Deputy Chairman, KSI Strategic Institute for Asia Pacific & Chairman, Economic Club of Kuala Lumpur (ECKL), Tan Sri Michael Yeoh, President of KSI Strategic Institute for Asia Pacific, Malaysian International Chamber of commerce and Industry (MICCI) vice president Michel Van Crombrugge among others.
Session 1 of the forum covered topics “Attracting Investment, Forging Growth & Prosperity”, Session 2 was entitled “Education, Talent, Knowledge and Human Capital – Key Success Factors or Penang”, Session 3 included “Digitalization and Green Economy – Shaping Penang’s Future” and Session 4 covered “Property Development, Tourism Hospitality and Heritage – Towards Sustainable Future, Tapping Penang’s Property and Tourism Potential”.
Tun Ahmad Fuzi also presented awards to the various leaders of the industry in recognition of their contribution towards the economy.
Other speakers were Tan Sri Andrew Sheng, Dato Seri Lee Kah Choon, Prof Dr Lily Chan, Dato Dr Vaseehar Hassan, Tan Chin Kong among others.
