GEORGE TOWN, February 15 – Chief Minister Chow Kon Yeow has reaffirmed Penang’s resilience against potential trade disruptions from new US tariffs, citing the state’s strong economic foundation and growing ties with the European Union (EU). Speaking at a press conference alongside EU Ambassador to Malaysia Rafael Daerr, Chow highlighted Penang’s role as a key semiconductor exporter and its commitment to high-value manufacturing and technological innovation.
Chow noted that Penang is well-positioned to adapt to global trade challenges, particularly with EU investments accounting for 51% of the state’s total approved manufacturing investments from 2019 to 2023, amounting to RM100 billion. During the same period, Penang exported RM140 billion worth of goods to the EU, underscoring the state’s importance as a high-tech and high-skill industry hub.
Daerr praised Penang’s strategic location and trade-oriented economy, which continues to attract European businesses in sectors like electronics, medical products, precision engineering, and aviation. The discussions took place during the “EU-Malaysia Business Day 2025: Penang in Focus”, co-hosted by the EU Delegation to Malaysia, InvestPenang, and EUROCHAM Malaysia.
The event aimed to enhance economic cooperation and foster new business opportunities between Europe and Malaysia, further solidifying Penang’s role as a key player in international trade and investment.
