Spearheading the ‘Post-Pandemic Reset’ with The Penang Economic Summit 2022

The Penang Economic Summit (PES) 2022 was convened with over 300 C-suite-level executives and business leaders from 19 countries. Themed “The Post-Pandemic Reset,” the summit provided a regional platform for leading thought leaders and entrepreneurs to explore the driving forces of the global and regional economy while uncovering new avenues of growth for Penang and Asia.

Organized by Enterprise Asia and Penang Institute, the Penang Economic Summit 2022 is a spin-off of the annual Asia Economic Forum which serves as an open platform for thought leaders and C-level executives to unite and shape regional initiatives to improve the well-being of communities.

The Asia Economic Forum was first organized in Macau, China in 2012 and has since been brought to Singapore, Shanghai, Bangkok, and this year to Malaysia as the Penang Economic Summit 2022.

2022 has proven to be a year of strong recovery as impressive progress is made in rebuilding economies in the post-pandemic era. However, new political and economic risks, a significantly changed market, and a resurgent nationalism are tempering this growth. The Summit addressed how now presents a window of opportunity for Asia to press the reset button and turn the pandemic into a rapid growth opportunity by championing innovation and international and regional cooperation.

The Chief Minister of Penang YAB Tuan Chow Kon Yeow stated in his opening address, “Penang’s economy achieved the highest growth rate among other states in 2021, at 6.8%, with its contribution to the national Gross Domestic Product (GDP) rising to 7.1%. This rate is higher than the 6.6% achieved in 2019. This was supported by the growth rate in the manufacturing sector of 12.4%; this was primarily driven by a 16.5% increase in Electrical and Electronics (E&E) products.

“This year also marks the 50th anniversary of Penang’s industrialization journey. Penang’s economy has flourished since the eight pioneer MNCs that focused on low-value export-oriented activities established themselves here in the early 70’s. Today, it is led by over 500 MNCs handling high-tech, high-value-added operations. The spillover effects on locally-grown entrepreneurs are evident. We have more than 40 public-listed technology companies on the main board of the Kuala Lumpur Stock Exchange, and a majority of the founders of those companies were part of the former workforce of MNCs. These are thriving, and are strongly part of the global manufacturing supply chains.”

The speakers are Professor Danny Quah, Dean and Li Ka Shing Professor in Economics at Lee Kuan Yew School of Public Policy, National University of Singapore; Dr. Nungsari Ahmad Radhi, Economist, Member Board of Trustees Yayasan Rahimah bt Yusof; Dr. Allinnettes Adigue, Head of the ASEAN Regional Hub, Global Reporting Initiative; Dato’ Loo Lee Lian, CEO of Invest Penang; AK Chong, Managing Director of Intel Malaysia; Dato’ Shidah Ahmad, Vice-President & General Manager of Keysight Technologies Malaysia; Soon Kuek, General Manager and Senior Director of Lam Manufacturing Malaysia; Ooi Lay Pheng, CEO of Berjayapak; Datuk Seri Dr. Victor Wee, Advisor to Enterprise Asia; Former Chairman of Tourism Malaysia; Philip Whittaker, Group CEO of Sim Leisure Group; Dr. David Khoo, Executive Chairman of iHeal Medical Center; Chan Kee Siak, CEO and Founder of Exabytes Group; Tony Yeoh, CEO of Digital Penang; Afizulazha Abdullah, Chief Operations Officer (Technology) of Celcom Axiata Berhad; Dato’ Seri Lee Kah Choon, Special Investment Advisor to Chief Minister of Penang and Distinguished Adjunct Researcher of Penang Institute; Moorthy Murugaiah, Senior Director Global People Services of Micron Memory Malaysia; Amar Chhajer, Country Head of UST Malaysia; Vic Sithasanan, Managing Director of JobStreet Malaysia.

The PES 2022 is endorsed by The Government of Penang; supported by the Association of Tourism Attractions Penang (ATAP), Federation of Malaysian Manufacturers (FMM), The Free Industrial Zone, Penang, Companies’ Association (FREPENCA), Global Reporting Initiative (GRI), Kuala Lumpur Malay Chamber of Commerce (KLMCC), Kuala Lumpur & Selangor Indian Chamber of Commerce and Industry (KLSICCI), Malaysian Alliance of Corporate Directors (MACD), Malaysian Association of Hotels (MAH) – Penang Chapter, Malaysian Thai Chamber of Commerce (MTCC), Myanmar Business Executives (MBE), Malaysian International Chamber of Commerce & Industry (MICCI), Malaysian Investment Development Authority (MIDA), Malaysia Semiconductor Industry Association (MSIA), The Philippine Retailers Association (PRA), Small and Medium Enterprises Association Malaysia (SAMENTA), Singapore Thai Chamber of Commerce (STCC), and Taiwan External TradeDevelopment Council (TAITRA); with Malaysia Digital Economy Corp. (MDEC) as the Community Partner; PR Newswire as the Official News Release Distribution Partner; Digital Penang and Invest Penang as Strategic Partners; Bangkok Post, BusinessWorld Philippines, Hong Kong Economics Time, Kumparan Indonesia, and SME Magazine as Media Partners.

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