To revive the state economy after the MCO and COVID-19, the Penang Government has drafted an advanced strategy. Chief Minister Chow Kon Yeow said Penang would concentrate on public projects and strengthening of SMEs.

He pointed out that Penang was working on three reform branches in the Penang Next Normal Strategies concentrating on administrative, economic and social reforms.

"These three changes will assist us in forming our economic strategy, which will encourage the confidence of the people of Penang and the general market that the government will always prepare ahead to ensure that their needs can be met," he said.

Chow said Penang needed to improve the small and medium-sized enterprises sector by establishing a new system of thinking that has been introduced in recent years.

He said that there were five steps listed, namely the establishment of a digital free trade zone in Penang, strengthen the role of the state in the medical devices industry, concentrate the E&E sector on the diversification of goods, broaden the global shared services sector and reposition Penang in the global supply chain shifts, among others.

"The State government is preparing to act in advance to ensure the state and nation benefit from the gains of this global economy," he said.

In the meantime, while the State administration had yet to assess the number of local businesses preparing to reduce or end operations, Chow said it was ready to enable future job seekers to get work.

He said that last year Penang approved RM13.3 billion worth of manufacturing investment.

"This year onwards, these investments will create 13,000 jobs, but we must help these businesses set up their companies so that they can start their business," he said.