GEORGE TOWN, May 22 – Penang is actively seeking to diversify its trade and investment markets across Asia and Europe in response to a 24 per cent tariff imposed by the United States on Malaysian products.
Chief Minister Chow Kon Yeow emphasized the urgency of reducing reliance on the US market, citing evolving geopolitical dynamics and President Donald Trump’s push to relocate American manufacturing back home as key challenges impacting Penang’s export-reliant economy.
Chow highlighted that while relocating factories will take time, Penang must act swiftly by engaging new investors through InvestPenang’s missions to Japan, South Korea, Taiwan, China, Europe, and Singapore. Although a temporary 90-day pause on the US tariffs has offered short-term relief, Chow underscored the importance of long-term strategic planning.
He added that Malaysia’s geographic advantage, competitive labour costs, and stable currency remain key factors in attracting multinational companies seeking to diversify their global operations.
