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Trump’s win spurs urgent call for Penang to seize investment opportunities | Scoop
Chow said U.S.-China policies and their fallout could also affect Penang’s investment landscape. — Scoop file pic, November 11, 2024
News

Trump’s win spurs urgent call for Penang to seize investment opportunities

Penang Chief Minister warns of potential impacts on local economy, urges proactive approach amid shifting global investment climate

Main Author Image
R. Dineskumar
Updated
8:00 AM MYT

 

BUTTERWORTH—Donald Trump’s election victory on November 5 would have a ripple effect on the global investment climate, potentially impacting Malaysia and specifically Penang.

According to Penang Chief Minister Chow Kon Yeow, it is crucial for the state to seize any emerging investment opportunities.

Chow explained that Trump’s presidency could affect Penang as U.S. policies would influence foreign direct investments (FDI) from the U.S. and its allies. 

Additionally, the U.S.-China policies and subsequent reactions would likely impact Penang’s investment landscape.

“Despite any external influences that the Penang government must consider, our priority is to focus on our work to manage changes in the investment climate and to capitalise on available opportunities. 

“If we are unprepared, we risk missing out on these investment prospects,” Chow remarked during his speech at the Penang DAP’s Deepavali open house at SJKT Mak Mandin last night.

Meanwhile, DAP chairman and Bagan MP Lim Guan Eng urged elected representatives to address the economic challenges facing Malaysians following Trump’s victory, which he attributed to Americans’ economic woes.

Lim commented that although Trump demonstrated poor character and underperformance in fundraising and debates against Democratic candidate Vice President Kamala Harris, his focus on economic issues resonated with lower and middle-income Americans, leading to his victory.

Lim added that while U.S. gross domestic product (GDP) growth was the highest among developed nations, lower-income Americans did not benefit as much as the wealthy, creating what he described as a “two-tier economy.”

“This is a warning to all of us (here in Malaysia). We must not let a two-tier economy (take root), despite our own economic growth,” he cautioned.

Lim also said that some local business owners have reported stagnant or slightly declining revenues compared to the previous year. 

“This is a challenge (for us), and I believe the unity government is committed to easing the financial burden on both businesses and Malaysian families.”

He emphasised the need for elected representatives to advocate policies that reduce the cost of living so that all Malaysians can benefit from economic growth. — November 11, 2024

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