Penang hopes Budget 2023 will address talent development

The Penang government hopes that the federal government will address the issue of talent development in the upcoming national Budget 2023 to retain Malaysia's competitive edge as one of the top investment destinations in the region.

Chief Minister Chow Kon Yeow (above) said various economic sectors are facing talent shortages, which highlights the need to focus on measures such as assisting companies in their talent upskilling efforts.

“There should be more budget allocations for training and skill centres. If we are unable to upskill our talents, we will lose our competitive edge in the region.

“We must focus on this urgently, so hopefully, the budget will address this concern," he told a press conference after officiating Ernst & Young's (EY) new office in George Town today.

While investors tend to look at many factors such as infrastructure and ecosystem before investing in a new market, Chow said the talent aspect could become the key factor for a country to stand out among its competitors.

Furthermore, he said the issue of foreign labour recruitment has also continued to haunt companies here, and failure to address this would jeopardise the country's ability to woo more investments into the country.

Meanwhile, EY Malaysia managing partner Rauf Rashid said the new office is a testament to EY's commitment to growing its business in Penang, as well as to collaborating with key stakeholders in the government, business and academia to nurture and develop a steady pipeline of business and technology talent, both in Penang and Malaysia as a whole.

“This is in line with and in support of our nation’s digital and technology talent development agenda as outlined in the MY Digital blueprint, and our aspiration to position EY offices in Kuala Lumpur and Penang as the EY Centres of Excellence in the Asia-Pacific region," he added.

- Bernama

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