FIVE new industrial sectors have been identified by investPenang for Penang to take advantage of the opportunities in the knowledge-based economy.

They are information communications technology (ICT) for software engineering and creative multimedia, light-emitting diode (LED) lights industry, the medical devices, aerospace and solar/photovoltaic industries.

Speaking to young entrepreneurs from the Associated Chinese Cham-bers of Commerce and Industries Malaysia (ACCCIM) recently, investPenang executive chairman Datuk Lee Kah Choon said the areas have the potential to drive Penang forward in the globalised era where there is stiff competition for highly skilled labour, technology and capital.

With the proposal to establish a Multimedia Super Corridor (MSC)-status cyber city in Bertam and Batu Kawan, coupled with the state’s ability to attract RM12.2bil worth of investments last year, the move to position Penang well for the knowledge-economy was steadily progressing, Lee said.

“Our values as a top destination for investments are having the right people, the right costs and creating the right business environment,” he said when delivering a talk on ‘Emerging Sectors in the Penang Manufacturing Indus-try.’

Earlier, ACCCIM president Tan Sri William Cheng said it was important that young entrepreneurs understood how the global markets functioned which would help them in their business.

Property consultant Michael Geh, who is the Raine & Horne Inter-national senior partner, said a thri-ving tourism sector boosted with a growing manufacturing industry has fuelled the real estate market in Penang.

He noticed that young entrepreneurs had begun to invest in the mid-to-high end residential and commercial property in the past two years in Penang.

“With the state’s economy performing better, the demand for houses has increased and because the state is also a top tourist destination, Penang has attracted many foreign property buyers under the Malaysia My 2nd Home programme too,” he said.

The ACCCIM represents some 20,000 Chinese companies and trade associations in the coun- try.

SOURCE: The Star