GEORGE TOWN: The Penang Paradigm Framework draft report aims to address the root causes of economic deterioration in Penang and Malaysia, as a whole, according to Penang Institute executive director professor Woo Wing Thye.
Even though the Penang Paradigm was meant to eradicate the middle-income trap in the island state, Woo said the findings can be used for the whole country due to the geographical and cultural similarities.
“The Penang Paradigm consists of taking lessons from other countries and coming up with a solution, based on local circumstances,” he said.
He said the Penang Paradigm Framework is drafted into three core divisions namely, economic dynamism, livability and sustainability and social development inclusion.
Under the economic dynamism, Woo said it is targeting the growth of high-tech manufacturing and of the high-tech bio-agro sector such as electrical and electronic sector, the medical device industry, the halal food industry and the aquaculture industry.
The Penang Paradigm Framework is a detailed draft report by the public policy think-tank of Penang (Penang Institute) based on modern theory of economic growth and development.
Penang Chief Minister Lim Guan Eng, who officiated the framework yesterday, said that he foresees Penang to become the No 1 state in Malaysia.
“In 2011, Penang was selected by Yahoo Travel as No 8 top island in the world that must be visited and this year George Town became No 4 for top place for retirement in the world becoming the only Asian city in the top eight list.
“We are looking at a 10-year roadmap. We a trying to be inclusive, it’s a very exciting adventure to bring Penang as No 1 spot in Malaysia,” he said.
Based on the model, he said the Penang state government has reversed a string of deficits recording consecutive budget surpluses year after year since 2008, and has reduced the state debt by 95%.