Penang expects GDP to exceed RM100 bil with Smart Trade Facilitation hub

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GEORGE TOWN (Oct 17): Penang’s Gross Domestic Product (GDP) is expected to surpass RM100 billion in the next few years following the State Government’s move to set up a Smart Trade Facilitation hub.

The State Government has collaborated with leading data technology specialist, Fusionex, to set up a smart trade facilitation and intelligent logistics platform, which would allow businesses to capitalise on the exponential growth of the digital economy as well as cross-border trade.

State Chief Minister Chow Kon Yeow said the initiative would spur business activity as well as create a business-friendly environment for Penang, especially for small and medium enterprises (SMEs).

“Over the last few years, Penang has had a compound GDP growth rate of over five percent and received investments worth over RM9 billion in the first half of 2019,” he said in a speech at the signing of the Memorandum of Understanding (MoU) here, today.

The MoU was signed by State Secretary Datuk Seri Farizan Darus on behalf of the Penang government and Fusionex managing director (Enterprise and Public Sector) Chua Yu Ye.

The signing was witnessed by Chow, State Domestic and International Trade, Entrepreneur Development and Consumer Affairs Committee chairman Datuk Abdul Halim Hussain and Fusionex founder and group chief executive officer Datuk Seri Ivan Teh.

Under the MoU, Fusionex will provide the infrastructure architecture, solutions, services, facilities, expert knowledge and technology, as well as other capabilities to manage the smart trade facilitation platform.