Penang and George Town have quickly become one of the top destinations for developing businesses, start-ups, and investors. Thanks to its highly skilled workforce coupled with good infrastructure and business support from the government. The current small-medium enterprise (SME) scene in Penang includes more than 3,000 companies. What is more, over 300 multi-national companies (MNC) operate from the island, with new SMEs fed by state-backed development funds. So, it is no surprise that Penang is an attractive launchpad for organizations seeking a future in Malaysia.
Penang’s businesses are at an advantage. Because low business costs in Penang trump the usual competition between other Malaysian cities. And since citizens are college educated from schools in Malaysia and across Southeast Asia, many people are multilingual. Meaning the island’s workforce is aided by first and second languages, such as English and Mandarin. In addition, the region is accessible thanks to road and train networks between Penang and the wider area. This is further supported by a significant seaport network, and access to domestic and international flights. Internet access and speed in Penang are also unrivalled by other large Malaysian cities. As an ideal location for its advanced technology parks, Penang joins the gold rush for high-tech start-ups in Southeast Asia.
For those considering settling in Penang, the island offers one of the safest cities in Malaysia. Plus, an ultra-diverse culture gives back in form of food, lifestyles, entertainment and more. What is more, Malaysia is a Green zone dedicated to bringing green and renewable energy initiatives to life.
Penang is home to a wide array of industries and continues to be attractive for startups. Developing organizations in the manufacturing business, fintech, hospitality, technology, programming and more are all part of the city’s growing startup scene. Investors looking for an up-and-coming destination for launching a local, regional or even international business will find that Penang is one of Malaysia’s top new locations, with opportunities only continuing to grow in the future.