Press Conference Statement by Penang Chief Minister and Penang Institute Chairman Lim Guan Eng in Garden Hotel, Kuala Lumpur on 27.2.2013
At the time of the formation of Malaysia in 1963, Malaysian per capita income was 13.6% of US income, whereas Korea and Taiwan per capita incomes were both lower at 10.7% and 12.6% respectively. We were clearly ahead of both Korea an Taiwan 50 years ago. Today, Malaysia is way behind being only half as rich as Korea and Taiwan. While Korea and Taiwan have made the leap into high income economies, Malaysia has been stuck in the middle-income trap despite its obvious natural advantages compared to those countries.
For this reason, the Penang Institute, led by world renowned economist Executive Director Prof Datuk Woo Wing Thye(Economic Advisor to US Treasury An, has drawn up a 10-year comprehensive development plan the “Penang Paradigm”, in order to make Penang No. 1 in Malaysia by 2023. The Penang Paradigm seeks to:
• restore economic dynamism to Penang;
• upgrade significantly the liveability of Penang, and the sustainability of its natural environment; and
• accelerate social development in Penang to entrench social harmony and to widen social inclusion.
