The Penang state government has welcomed developments signalling a return to stability in West Asia, expressing hope that the situation will be fully realised to support global economic recovery.
Penang Chief Minister Chow Kon Yeow said the conflict in the region had created significant disruptions across various sectors worldwide, particularly affecting energy supplies, logistics, global supply chains and commodity prices.
“We welcome the recovery efforts that have been announced and hope they will materialise as stated. Appropriate actions must also be taken to ensure that the recovery becomes a reality,” he said after attending the 26th Annual General Meeting of Perbadanan Bekalan Air Holdings Berhad.
Chow said while the effects of the conflict would continue to be felt for some time, Malaysia’s economic growth target remains achievable and the country’s economic outlook remains positive.
“The national economic growth target can still be achieved although the impact from the conflict will continue to be felt during this period,” he said.
He added that the Federal Government had introduced various measures throughout the period of uncertainty to mitigate the impact on Malaysians and the economy.
“The Federal Government has taken various approaches and efforts, including introducing subsidies and price controls on essential goods to ensure the impact faced by the people can be managed,” he said.
Meanwhile, Chow said Penang’s semiconductor industry, a key pillar of the state’s economy, has not experienced significant disruption from the conflict as global demand for semiconductor products remains strong.
He noted that the sector continues to benefit from sustained demand, particularly amid ongoing global technology development and digitalisation trends.
