The Penang Regional Industrial Support Measures (PRISM) is an internal paper written to reflect key discussions held internally within Penang Institute as well as those carried out within the state’s economic policy ecosystem over at least the last five years. These include meetings with the Penang2030 Advisory Committee, the Penang State Economic Recovery Consultative Council, and the Economic Development portfolio of the Executive Council, among others.
PRISM measures exhibit a focus on: (1) short-term and medium-term goals, and; (2) facilitating more inter-sectoral and intra-sectoral synergy.
PRISM has functioned as an inspirational document in the formulation of the Penang Strategy for Economic Ecosystem Development (SEED), carried out in collaboration with the Chief Minister’s Office. It identifies key areas considered vital to Penang’s economic advancement, involving the state’s major and emerging industries. Digitisation is an integral vehicle for growth and deepening of talents across these key areas.
By using a cross-sectoral approach to identify the pressing needs of various industries, PRISM has determined three Key Areas for Policy Input which need strong and effective policy input:
1. Talent Pipeline and Skills Enhancement
2. Infrastructure Resilience
3. Transport and Logistics Capacity Building
Effective measures in these key areas are vital for advancing the socio-economic wellbeing of the people of Penang. For Penang to remain competitive in a challenging and changing global environment, its liveability standards must be continuously improved, and its economic prowess enhanced. Synergy across industries, institutions and state boundaries is an untapped force that Penang—and the country as a whole—can leverage for economic empowerment, social unity, and national cohesion.
Based on their level of strategic importance and sustained contribution to the state’s economy, the following economic sectors are recognised as Key Growth Sectors for Penang in the immediate future:
1. The Manufacturing Sector
2. The Tourism Sector
3. Creative Industries and Business Services
4. The Agro-based and Agritech Industry