Speech by Penang Chief Minister Lim Guan Eng At The Launching Of Penang IT-BPO Hub Next To The Penang International Airport On 1st March 2014
It is a great pleasure for me to be here with you today at the launch of Penang’s RM3.3 Billion Information Technology Outsourcing(IT) and Business Process Outsourcing(BPO) Hub and probably the first IT-BPO Hub in Malaysia. The RM3.3 billion IT-BPO Hub aims to be a change-maker in allowing Penang to escape the middle-income trap and become a high-income economy.
Wining The Future By Investing In The Future Through The IT-BPO Hub
Malaysia and Penang’s economy has shifted from extraction in the 1960s to industrialisation, from the export of raw commodities to manufacturing. In other words, Penang’s economy was factor-driven by relying on basic commodities before being efficiency-driven by relying on manufacturing. Penang needs to be not only efficiency-driven but also innovation-driven in manufacturing, services and even the public sector.
The key to future economic success is not an over-reliance on one sector but to seek convergence of not only the manufacturing sector but also both the services and government sector. Services sector includes not only tourism, medical treatment and education but shared services, IT and BPO such as finance, accounting and data processing.