However impressive the economic success of Penang has been over the
past four decades, structural conditions in the region call for a
fundamental reconfiguration of this Malaysian state's competitive
advantage. In the 1970s, the ageing entrepot transformed itself
into a manufacturing hub for the electronics industry and a
well-known tourist site. This outward-looking model of economic
growth has underpinned Penang's economic development up until the
present. The question that now arises is whether Penang's present
mode of development will continue to be effective, or whether it
will have to transform itself. First, Malaysia in general, and
Penang in particular are caught in a middle-income trap. Second,
while the evolving weight of the global economy is shifting towards
Asia, many of its emerging powers are competing with Penang in
areas where it formerly excelled. Third, Penang is a state within a
federation, and its capital, George Town, is a secondary city.
Neither can rival Kuala Lumpur in terms of size or facilities, and
thus must offer investors other attributes. Effectively meeting
these challenges while retaining Penang's vibrant and living
culture are the key issues that are dealt with in this second
volume of the Penang Studies Series.
General
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