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Penang State

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Penang State 1 Penang state Provincial Emblem Flag Province . Type : Parliamentary. Governor: Abdul Rahman Government . Chief Minister: Chow Kon Yeow (Pakatan Harapan) . Body: Penang State Executive Council Capital: George Town Royal capital: - Population: 1,766,800 (2018) Area: 1,048 km2 Geography With a total land area of just 1,048 km2 (405 sq mi), Penang is the second smallest state in Malaysia by land mass after Perlis. Penang, situated at the northwestern coastline of Peninsular Malaysia, lies between latitudes 5.59° and 5.12°N, and longitudes 100.17° and 100.56°E. The state consists of Penang Island, Seberang Perai (a narrow strip of the Malay Peninsula) and a handful of smaller islets. Its capital city, George Town, is located at the northeastern tip of Penang Island. Penang subdivided into 5districts. 1. Central Seberang Perai. 2 2. North Seberang Perai. 3. Northeast Penang Island. 4. South Seberang Perai. 5. Southwest Penang Island. Economy In spite of its tiny size, Penang, regarded as the Silicon Valley of the East, has one of the largest economies in Malaysia, contributing as much as RM7 billion of the country's tax income in 2015. Penang has the highest Gross Domestic Product (GDP) per capita among Malaysian states. With a GDP per capita of RM49,873 as of 2017, Penang has also surpassed the World Bank's threshold to be considered a high-income economy, which was set at US$12,056 within the same year. Furthermore, Penang consistently records one of the lowest unemployment rates within the nation - 2.1% as of 2017. The state has experienced one of the largest reductions in Gini coefficient within Malaysia as well, at 0.356 in 2016. Penang is the top destination within Malaysia for foreign investors; the state held the largest share of Malaysia's foreign direct investment (FDI) in 2017, gaining nearly 2⁄5 of the nation's overall FDI. In addition, George Town was ranked Malaysia's most attractive destination for commercial property investment by Knight Frank in 2016, surpassing even Kuala Lumpur. The bulk of Penang's FDI as of 2017 originated from Switzerland, Germany, Hong Kong, the Netherlands, Ireland and Singapore. Penang's economic growth, particularly since 2008, was described by Bloomberg as Malaysia's "biggest economic success", despite the federal government's focus on other states such as Johor and Sarawak. Penang's economic performance also allowed the Penang state government to completely eradicate the state's public debt by 2016. Tourist attractions Penang has always been one of the most popular tourist destinations in Malaysia. Throughout history, the state welcomed some of the most influential personalities, including W. Somerset Maugham, Rudyard Kipling, Lee Kuan Yew, Queen Elizabeth II and Prince Charles. Penang is known for its rich heritage and architecture, its vibrant multicultural society, a wide range of modern entertainment and retail choices, natural features such as beaches and hills, and the world-famous Penang cuisine. Unlike other Malaysian states, Penang does not rely only on air transportation for tourist arrivals. Aside from the Penang International Airport, Swettenham Pier, conveniently located within the heart of George Town, has emerged as one of the major tourist entry points into the state. As of 2017, Penang attracted nearly 8.6 million tourists, with the airport posting a record 7.2 million passenger arrivals and the pier registering another 1.35 million tourist arrivals. Within the same year, Penang, which contributed close to RM3.9 million of tourism tax revenue, was Malaysia's third largest tourism tax contributor after Kuala Lumpur 3 and Sabah. In recent years, George Town has received numerous international accolades. The city has been listed by several publications, including the Lonely Planet, CNN, Forbes and Time, as one of Asia's top travel destinations. These are in addition to George Town's reputation as a gastronomic haven, with the CNN placing George Town as one of Asia's best street food cities. Health care The Kelantan state government is owed between RM850 million and RM1 billion from oil revenue royalties from the central government, according to the Petroleum Act 1974. In 2009, the central government offered 'compensation' or Wang Ehsan, a fraction of the sum actually owed. Discrimination of Kelantan on the matter has led the state government considering action in the International Court of Justice (ICJ). Support for Kelantan and the local government in defiance of the central government includes the group Kelantan Peoples' Movement Demanding Petroleum Royalties or Gerakan Menuntut Royalti Petroleum Rakyat Kelantan (GMR). Manufacturing Since the 1970s, manufacturing has formed the backbone of Penang's economy, contributing 44.8% of the state's GDP as of 2017 and attracting as many as 3,000 firms to set up operations within the state. Machinery and transport equipment accounted for 71% of Penang's total exports during the first nine months of 2014. The Bayan Lepas Free Industrial Zone, now regarded as the Silicon Valley of the East, is the main electronics manufacturing hub within Malaysia. Located at the southeastern corner of Penang Island, the zone is home to several high-tech multinational firms, including Dell, Intel, AMD, Motorola, Agilent, Renesas, Osram, Bosch, Sony and Seagate. Seberang Perai has witnessed massive industrialisation as well, with industrial estates and oil refineries being established in the late 20th century in areas like Mak Mandin and Perai.[163] The major local firms currently operating in Perai, including Malayan Sugar, Malayawata Steel, Southern Steel, Harvik Rubber and Soon Soon Oilmills, have been joined by multinational companies, such as Mattel, Pensonic, Hitachi, Mitsuoka, Chevron and Honeywell Aerospace. In recent years, Batu Kawan has also been rapidly industrialised, with a number of international firms, such as Boston Scientific and Bose Corporation, setting up manufacturing plants in the town. Aside from electronics and engineering manufacturing, Penang is Malaysia's main jewellery finishing hub, contributing 85% of the nations's gold and jewellery exports as of 2016. Penang's gold and jewellery industry is relatively well-established, dating back to the founding of the Penang Goldsmith Association in 1832. Jewellery from Penang is exported to over 20 foreign markets, including Singapore, Hong Kong, Japan, Canada and the United States. 4 .
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