Penang is diversifying its trade markets to Asia and Europe to reduce reliance on the US, following concerns over US trade policies, including a 24% tariff on Malaysian products. Chief Minister Chow Kon Yeow emphasized the need for Penang to remain competitive amidst evolving geopolitical and trade policies under the Trump administration. While a 90-day tariff pause offers temporary relief, Penang is actively attracting investors from various countries through InvestPenang's missions. Malaysia's strategic location, competitive labor costs, and favorable exchange rates are expected to continue attracting multinational companies.
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