Editing Penang (section)

== Economy ==
{{Main|Economy of Penang}}
{{Infobox economy
| country = Penang <!-- The parameter is called country even though it is not a country -->
| currency = 
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| year = 
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| population = 
| gdp = US$28.016 billion {{small|(2023)}}<ref name="GDP by state 2024">{{Cite web |date=2 July 2024 |title=Gross Domestic Product (GDP) by State, 2023 |url=https://www.dosm.gov.my/portal-main/release-content/gross-domestic-product-gdp-by-state-20232023 |access-date=2 July 2024 |website=[[Department of Statistics Malaysia]] }}</ref>
| gdp rank = 
| growth = 3.3% {{small|(2023)}}<ref name="GDP by state 2024" />
| per capita = US$15,814 {{small|(2023)}}<ref name="GDP by state 2024" />
| per capita rank = 
| sectors = 
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| gini = 0.371 {{small|(2022)}}<ref name="dosm2024" />
| hdi = 0.839 {{small|(2023)}}<ref name="MHDI 2024" />
| cpi = 
| labour = 71.3% (participation rate in 2023)<ref name="dosm2024" />
| occupations = 
| unemployment = 2.2% {{small|(2023)}}<ref name="dosm2024" />
| average gross salary = 
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| pmi = 
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| FDI = US$13.4 billion {{small|(2023)}}<ref name="mida23" />
| current account = 
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| NIIP = 
| debt = US${{To USD|41.1|MYS|year=2021}} million<ref name="Mashut-2017">{{Cite news |last=Opalyn Mok |first= |date=10 October 2023 |title=Penang CM Says State Finances Healthy, Smaller Debt to Putrajaya As Shown in A-G's 2022 Report |url=https://www.malaymail.com/news/malaysia/2023/10/10/penang-cm-says-state-finances-healthy-smaller-debt-to-putrajaya-as-shown-in-a-gs-2022-report/95450 |access-date=5 December 2023 |work=[[Malay Mail]] }}</ref>
| balance = 
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}}
{{Pie chart|caption=Economic sectors in Penang by GDP share (2023)<ref name="GDP by state 2024" />|label1=Services|label2=Manufacturing|value1=48.0|value2=46.5|thumb=right|color1=red|color2=green|value3=2.9|value4=1.9|value5=0.1|label3=Construction|label4=Agriculture|label5=Mining|color3=blue|color4=yellow|color5=orange}}

Despite its small size, Penang has one of the most robust economies in Malaysia.<ref>{{Cite news |date=15 August 2022 |title=WIEF Foundation 17th Roundtable in Penang to Discuss Sustainable Economic Recovery Strategies |work=[[Bernama]] |url=https://www.bernama.com/en/business/news.php?id=2111110 |access-date=11 December 2023 }}</ref> The state's [[Tertiary sector of the economy|tertiary-based economy]] is largely driven by the manufacturing and services sectors.<ref name="Stats-Malaysia-2022">{{Cite journal |date=Aug 2023 |title=Laporan Sosioekonomi Negeri Pulau Pinang 2022 |journal=[[Department of Statistics Malaysia]] |language=MS |issn=2600-9854 }}</ref> In 2023, Penang's [[Gross domestic product|GDP]] was worth nearly RM128.593 billion (US$28.016 billion) with a growth rate of 3.3%.<ref name="GDP by state 2024" /> Penang's GDP per capita of RM72,586 (US$15,814) was the highest among [[States and federal territories of Malaysia|Malaysian states]], surpassing the [[World Bank]]'s threshold of US$14,005 to be considered a [[World Bank high-income economy|high-income economy]].<ref name="GDP by state 2024" /><ref name="wb">[http://data.worldbank.org/about/country-and-lending-groups#High_income Country and Lending Groups.] [[World Bank]]. Accessed on 1 July 2023.</ref> In addition, the [[George Town Conurbation]] had a GDP worth US$30 billion in 2020, making it the second largest [[metropolitan economy]] in Malaysia after the [[Klang Valley]].<ref name="GDPdistrict">{{Cite journal |date=Nov 2024 |title=Gross Domestic Product by Administrative District: Timur Laut, Pulau Pinang 2015–2020 |journal=[[Department of Statistics Malaysia]] |publisher=[[Department of Statistics Malaysia]] |isbn=978-967-253-792-2}}</ref><ref name=":4">{{Cite journal |date=Nov 2024 |title=Gross Domestic Product by Administrative District: Kerian, Perak 2015–2020 |journal=[[Department of Statistics Malaysia]] |publisher=[[Department of Statistics Malaysia]] |isbn=978-967-253-797-7}}</ref><ref name=":5">{{Cite journal |date=Nov 2024 |title=Gross Domestic Product by Administrative District: Kuala Muda, Kedah 2015–2020 |journal=[[Department of Statistics Malaysia]] |publisher=[[Department of Statistics Malaysia]] |isbn=978-967-253-748-9}}</ref>

Penang contributed approximately RM7 billion (US${{To USD|7|MYS|year=2021}} billion) of Malaysia's yearly tax revenue and consistently records one of the lowest unemployment rates in the nation {{Endash}} at 2.2% {{As of|2023|lc=y}}.<ref name="dosm2024" /><ref name="Opalyn Mok-2023a">{{Cite news |last=Opalyn Mok |first= |date=18 September 2023 |title=IRB Targets RM7b Tax Collection for Penang This Year |url=https://www.malaymail.com/news/malaysia/2023/09/18/irb-targets-rm7b-tax-collection-for-penang-this-year/91470 |access-date=5 December 2023 |work=[[Malay Mail]] }}</ref><ref name="Ong-2017">{{Cite news |last=Ong |first=Kian Ming |author-link=Ong Kian Ming |date=13 October 2017 |title=Penang's Economy is Healthy and Strong |url=https://www.malaysiakini.com/news/398201 |access-date=13 October 2017 |work=[[Malaysiakini]] }}</ref> Average monthly salaries rose to RM3,557 (US${{To USD|3557|MYS|year=2021}}), the [[List of Malaysian states by mean wage and median wage#Mean salary map|second highest among Malaysian states]] after [[Selangor]], while labour force participation rate increased to 71.3% from 70.1% in the previous year.<ref name="dosm2024" /><ref>{{Cite journal |date=December 2024 |title=Salaries & Wages Survey Report |journal=[[Department of Statistics Malaysia]] |page=9 |issn=2600-9579}}</ref>

Penang is the top destination in Malaysia for foreign investors, capturing US$13.4 billion {{Ndash}} or nearly 33% {{Ndash}} of the country's inbound [[foreign direct investment]]s (FDI) in 2023.<ref name="mida23">{{Cite journal |title=Approved Private Investments by State, January-December 2023 / January-December 2022 |url=https://www.mida.gov.my/wp-content/uploads/2024/03/Approved-Private-Investments-by-State-January-December-2023.pdf |journal=[[Malaysian Investment Development Authority]] }}</ref> {{As of|2023}}, the bulk of Penang's FDI originated from the [[Netherlands]], [[Cayman Islands]] and [[Singapore]].<ref name="dosm2024" /> The state has also attracted hundreds of [[multinational corporation]]s (MNCs) to its shores and plays a growing role in the global electronics supply chain, holding a share of more than 5% in the world's semiconductor sales.<ref name="Parker-2018">{{Cite news |last=Parker |first=Pamela |date=22 January 2018 |title=The Malaysian Region That Became a Hardware Hub |url=https://www.bbc.com/news/av/business-42686192 |access-date=5 December 2023 |work=[[BBC]] }}</ref><ref>{{Cite news |last=McIntyre |first=Ian |date=8 November 2023 |title=CM rouses industry leaders as Penang accounts for over 5% of global semiconductor sales |work=The Vibes |url=https://www.thevibes.com/articles/business/99860/cm-rouses-industry-leaders-as-penang-accounts-for-over-5-of-global-semiconductor-sales |access-date=5 December 2023 }}</ref> Penang is concurrently [[List of Malaysian states and municipalities by exports|Malaysia's largest exporter]], accounting for over RM447 billion (US${{To USD|447|MYS|year=2021}} billion) {{Endash}} or 31% {{Endash}} of the country's exports in 2023.<ref name="Trade statistics 2024">{{Cite journal |date=Jun 2024 |title=Malaysia External Trade Statistics by State 2024 |journal=[[Department of Statistics Malaysia]] |issn=2773-5354 }}</ref> The services sector has been growing in tandem as well, with Penang being the second most popular hub in Malaysia for Global Business Services (GBS) and the financial heart of the country's northwestern region, complemented by the state's traditional popularity as a destination for tourism, [[MICE tourism|business events]] and health care.<ref name="Opalyn Mok-2018">{{Cite news |last=Opalyn Mok |date=6 December 2018 |title=CM Wants Penang to be a Global Business Services Hub |url=https://www.malaymail.com/news/money/2018/12/06/cm-wants-penang-to-be-a-global-business-services-hub/1700603 |access-date=5 December 2023 |work=[[Malay Mail]] }}</ref><ref>{{Cite web |date=11 August 2023 |title=Penang Set to Transform into World-Class Medical Tourism Hub |url=https://www.mida.gov.my/mida-news/penang-set-to-transform-into-world-class-medical-tourism-hub/ |access-date=5 December 2023 |website=[[Malaysian Investment Development Authority]] |language=en-US }}</ref>

Penang's economic renaissance, particularly since 2008, was described by [[Bloomberg L.P.|Bloomberg]] as Malaysia's "biggest economic success", in spite of the [[Government of Malaysia|federal government]]'s focus on other states such as Johor and Sarawak.<ref>{{Cite news |last=Chong |first=Pooi Koon |date=20 October 2011 |title=Malaysia Losses From Racial Law Exposed by Foreigners in Penang |work=[[Bloomberg L.P.]] |url=https://www.bloomberg.com/news/articles/2011-10-19/malaysia-losses-from-racial-law-exposed-by-foreigners-in-penang |access-date=6 December 2023 }}</ref> The [[Government of Penang|Penang state government]] has also managed to pare down public debt to RM41.1 million (US${{To USD|41.1|MYS|year=2021}} million) by 2022.<ref name="Mashut-2017" /> In addition, Penang's [[Human Development Index]] (HDI) value increased to 0.839 {{As of|2023|lc=y}}, [[List of Malaysian states by Human Development Index|the highest of all Malaysian states]] excluding the [[Federal Territories of Malaysia|federal territories]].<ref name="MHDI 2024" />

The booming economy has also led to a considerable interest in real estate in Penang. In 2016, [[George Town, Penang|George Town]] was ranked Malaysia's most attractive destination for commercial property investment by [[Knight Frank]], surpassing even Kuala Lumpur.<ref>{{Cite journal |title=Malaysia Commercial Real Estate Investment Sentiment Survey 2016 |url=http://content.knightfrank.com/research/795/documents/en/malaysia-sentiment-survey-2016-3567.pdf |journal=[[Knight Frank]] }}</ref> In 2023, Penang's residential market was ranked the second most popular in [[Southeast Asia]] after Singapore.<ref>{{Cite news |last=Afaaf Adam |first= |date=4 September 2023 |title=Penang Registering As the Second Top-Performing Southeast Asian Residential Market in 1H2023 |url=https://theedgemalaysia.com/node/681168 |access-date=5 December 2023 |work=[[The Edge (Malaysia)]] }}</ref>

=== Manufacturing ===
[[File:Bayan Lepas Free Industrial Zone 2023.jpg|thumb|[[Bayan Lepas Free Industrial Zone]], known as the ''Silicon Valley of the East'', was the first designated [[free-trade zone]] in post-independence Malaysia and is now a major electronics manufacturing hub.<ref name="Parker-2018" /><ref>{{Cite news |date=10 September 2014 |title=Innoplex to Attract World-Class Industrial Players |url=https://www.buletinmutiara.com/innoplex-to-attract-world-class-industrial-players/ |access-date=6 December 2023 |work=Buletin Mutiara }}</ref>]]In the early years following Malaya's independence, Penang's industrialisation efforts were limited to [[Import substitution industrialization|import substitution]].<ref name="Athukorala-2012">{{Cite journal |last=Athukorala |first=Prema-chandra |title=Growing with Global Production Sharing: The Tale of Penang Export Hub, Malaysia |url=https://www.nottingham.ac.uk/gep/documents/conferences/2012/malaysia-conference/prema-chandra-athukorala.pdf |journal=[[Australian National University]] }}</ref> This was when [[George Town, Penang|George Town]] still enjoyed its free port status.<ref name="Goh-2014" /> The first industrial estates were built in the 1960s at [[Mak Mandin]] and [[Perai]] during the tenure of Penang's first [[Chief Minister of Penang|Chief Minister]] [[Wong Pow Nee]].<ref>{{Cite journal |last=Chin |first=Yee Whah |date=Jul 2006 |title=Penang Small and Medium Enterprises: Struggle, Accommodation and Challenges |url=https://journalarticle.ukm.my/4294/2/akademika65%5B02%5D.pdf |journal=[[Universiti Sains Malaysia]] }}</ref>

However, the revocation of George Town's free port status and the fall of Wong's administration in 1969 marked a turning point in Penang's economic fortunes.<ref name="Goh-2014" /><ref name="Athukorala-2012" /> Wong's successor, [[Lim Chong Eu]], initiated a massive transformation of Penang's economy.<ref name="Athukorala-2012" /> The [[Bayan Lepas Free Industrial Zone]] (Bayan Lepas FIZ) in [[George Town, Penang|George Town]] was established in 1972, followed by the [[Perai Free Industrial Zone]] (Perai FIZ) in 1980.<ref name="Athukorala-2012" /><ref name="Nijkamp">{{Cite book |last=Peter Nijkamp |first=Amitrajeet A. Batabyal |title=Regional Growth and Sustainable Development in Asia |publisher=Springer |year=2016 |isbn=978-3-319-27589-5 |page=245 }}</ref> The zones played a critical role in reviving Penang's economy and driving the state's economic growth in the late 20th century.<ref name="Ooi-2009" /><ref name="Ooi-2010" /> The [[Government of Penang|Penang state government]] has since embarked on building newer industrial parks within [[Seberang Perai]] where land is more readily available, such as at [[Seberang Jaya]], [[Bukit Minyak]] and [[Batu Kawan]].<ref name="MIDA-2021">{{Cite web |date=18 November 2021 |title=Creating the Silicon Valley of the East 2.0 |url=https://www.mida.gov.my/mida-news/creating-the-silicon-valley-of-the-east-2-0/ |access-date=6 December 2023 |website=[[Malaysian Investment Development Authority]] |language=en-US}}</ref><ref>{{Cite web |last=Vaghefi |first=Negin |date=5 July 2022 |title=Penang's Industrial Parks Surge in Global Prominence |url=https://penangmonthly.com/article/20700/penangs-industrial-parks-surge-in-global-prominence-1 |access-date=6 December 2023 |website=Penang Monthly |language=en }}</ref><ref>{{Cite news |date=3 July 1992 |title=Hot on Singapore's heels |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/biztimes19920703-1.2.30.3?qt=province,%20wellesley,%20seberang,%20perai&q=province%20wellesley%20seberang%20perai |access-date=2 February 2024 |work=[[The Business Times (Singapore)|The Business Times]] |pages=11 |via=[[National Library Board]] }}</ref>

Penang's manufacturing sector attracted US$13.1 billion of [[foreign direct investment]]s (FDI) in 2023, accounting for almost 47% of Malaysia's total that year.<ref>{{Cite journal |title=Manufacturing Projects Approved by State, January-December 2023 / January-December 2022 |url=https://www.mida.gov.my/wp-content/uploads/2024/02/Manufacturing-Projects-Approved-by-State-January-December-2023-.pdf |journal=[[Malaysian Investment Development Authority]] }}</ref> Among the hundreds of MNCs with manufacturing operations in Penang are [[Technology company|technology firms]] such as [[AMD]], [[Bosch (company)|Bosch]], [[Broadcom]], [[Dell]], [[HP Inc.]], [[Intel]], [[Motorola]], [[Osram Opto Semiconductors GmbH|Osram]] and [[Renesas Electronics|Renesas]].<ref name="MIDA-20212">{{Cite web |date=18 November 2021 |title=Creating the Silicon Valley of the East 2.0 |url=https://www.mida.gov.my/mida-news/creating-the-silicon-valley-of-the-east-2-0/ |access-date=6 December 2023 |website=[[Malaysian Investment Development Authority]] |language=en-US}}</ref><ref>{{Cite news |date=17 December 2022 |title=E&E: 50 Years in Malaysia |url=https://cdn.thestar.com.my/Content/StarPicks/Issues/1F28AC3A-CE75-4B42-8F97-6F3F162AAFB7.pdf |access-date=25 Feb 2025 |work=[[The Star (Malaysia)|The Star]]}}</ref> According to [[Financial Times]] in 2024, Penang is well-positioned to benefit from the ongoing [[China–United States trade war]], as restrictions push businesses to adopt the [[China Plus One]] strategy.<ref>{{Cite news |last=Ruehl |first=Mercedes |date=11 March 2024 |title=Malaysia: The Surprise Winner from US-China Chip Wars |url=https://www.ft.com/content/4e0017e8-fb48-4d48-8410-968e3de687bf |access-date=15 March 2024 |work=[[Financial Times]] }}</ref><ref>{{Cite news |last1=Melissa Goh |last2=Abu Baker |first2=Jalelah |date=16 September 2024 |title=What Penang is doing to reclaim its title as the Silicon Valley of the East |url=https://www.channelnewsasia.com/asia/penang-semiconductor-industry-ambitions-investment-intel-4608556 |access-date=16 September 2024 |work=[[CNA (TV network)|Channel NewsAsia]]}}</ref>

=== Services ===
[[File:Skyline of George Town, Penang at night January 2025 02-01.jpg|thumb|Skyscrapers along [[Gurney Drive, George Town|Gurney Drive]], part of [[George Town, Penang|George Town]]'s [[George Town Central Business District, Penang|Central Business District]] (CBD).]]
The services sector contributed 48% of Penang's GDP {{As of|2023|lc=y}} and employed almost {{Frac|3|5}} of the state's workforce.<ref name="dosm2024" /><ref name="GDP by state 2024" /> [[George Town, Penang|George Town]] is the commercial hub of northern Malaysia.<ref>{{Cite journal |last=Yeap |first=Soon Lye |date=November 1998 |title=Urban Revitalization of Historical Town Centre: A Case Study of the Cultural Heritage Zone of George Town, Penang |url=http://psasir.upm.edu.my/id/eprint/11940/1/FRSB_1998_1_A.pdf |journal=[[University of Putra Malaysia]] }}</ref> {{As of|2023}}, finance and ancillary services contributed 9% of Penang's GDP.<ref name="GDP by state 2024" /> The [[Penang International Airport]] (PIA) is the country's second busiest in terms of aircraft movements and in 2023, handled RM365 billion (US${{To USD|385|MYS|year=2021}} billion) worth of exports, the [[List of Malaysian states and municipalities by exports#Exports by city and municipality|highest of all entry points nationwide]].<ref name=":2">{{Cite news |last=Opalyn Mok |date=24 Jan 2025 |title=Penang airport ranks second in Malaysia for aircraft movements |url=https://www.malaymail.com/news/malaysia/2025/01/24/penang-airport-ranks-second-in-malaysia-for-aircraft-movements/164452 |access-date=20 Apr 2025 |work=[[Malay Mail]]}}</ref><ref name="Dept Statistics Malaysia-2023">{{Cite journal |date=Jul 2024 |title=Final External Trade Statistics 2023 |journal=[[Department of Statistics Malaysia]] |pages=100 |issn=2180-1827}}</ref> In 2024, the [[Port of Penang]] processed over 1.4 million [[Twenty-foot equivalent unit|TEUs]] of cargo, the third highest among Malaysia's seaports.<ref name="Ministry of Transport 2024">{{Cite journal |date=15 March 2024 |title=Table 3.5: Total Container Throughput By Ports, Malaysia, 2023 |url=https://www.mot.gov.my/my/Statistik%20Maritim/2023%204%20-%20SUKU%20IV%202023/JADUAL%203.5%20JUMLAH%20KONTENA%20YANG%20DIKENDALIKAN%20MENGIKUT%20PELABUHAN,%20MALAYSIA,%20SUKU%20KEEMPAT,%202023.pdf |journal=[[Ministry of Transport (Malaysia)|Ministry of Transport]] }}</ref><ref name=":1">{{Cite web |title=Total Container Traffic |url=https://www.penangport.gov.my/en/port-performances/penang-port/total-container-traffic |access-date=20 Feb 2025 |website=[[Penang Port Commission]]}}</ref>

Traditionally one of Malaysia's most popular tourist destinations, Penang has embarked on [[Economic diversity|economic diversification]] by expanding its tourism offerings in areas such as [[Medical tourism|health care]], [[MICE tourism|business events]], [[ecotourism]] and cruise arrivals.<ref name="Penang state govt-2021b">{{Cite journal |date=May 2021 |title=Penang Tourism Master Plan 2021–2030 |url=https://gtwhi.com.my/wp-content/uploads/2022/03/Penang-Tourism-Master-Plan-2021-2030-Report.pdf |journal=[[Government of Penang|Penang state government]] |isbn=978-967-19661-0-5 }}</ref> Penang is the leading destination in Malaysia for [[medical tourism]].<ref name="Mulyanto-2023">{{Cite news |last=Mulyanto |first=Randy |date=21 November 2023 |title=Malaysia's Penang Lures Medical Tourists from Indonesia |url=https://asia.nikkei.com/Business/Health-Care/Malaysia-s-Penang-lures-medical-tourists-from-Indonesia |access-date=7 December 2023 |work=[[Nikkei, Inc.]] }}</ref><ref>{{Cite news |date=20 March 2019 |title=Penang Business Events Industry Rakes RM1.3 Billion Last Year |url=https://www.bernama.com/en/business/news.php?id=1707344 |access-date=2 March 2024 |work=[[Bernama]] }}</ref> The state's business events industry generated an economic impact of nearly RM1.3 billion (US${{To USD|1.3|MYS|year=2021}} billion) in 2024.<ref>{{Cite journal |date=2025 |title=Business Events Penang 2024 Annual Review |url=https://www.pceb.my/wp-content/uploads/2025/03/Business-Event-2024-Annual-Review.pdf |journal=Penang Convention and Exhibition Bureau}}</ref> Penang's retail sector is characterised by a diverse range of establishments, including modern shopping malls and traditional shophouses that specialise in local delicacies and produce.<ref name="Mui-20032">{{cite web |author1=Lim Yoke Mui |author2=Nurwati Badarulzaman |author3=A. Ghafar Ahmad |date=20–22 January 2003 |title=Retail Activity in Malaysia : From Shophouse to Hypermarket |url=http://www.prres.net/papers/lim_etal_retail_activity_in_malaysia_from_shophouse_to_hypermarket.pdf |url-status=dead |archive-url=https://web.archive.org/web/20160124141720/http://www.prres.net/papers/lim_etal_retail_activity_in_malaysia_from_shophouse_to_hypermarket.pdf |archive-date=24 January 2016 |access-date=24 January 2016 |work=School of Housing, Building and Planning, University of Science, Malaysia |publisher=Pacific Rim Real Estate Society (PRRES) }}</ref><ref name="Ng-20062">{{Cite news |date=13 June 2023 |title=Hawker Stall Island |url=https://www.odt.co.nz/lifestyle/travel/hawker-stall-island |access-date=26 December 2023 |work=[[Otago Daily Times]] }}</ref>

Penang is also a major hub for [[Outsourcing|shared services and outsourcing]] (SSO). By 2016, the state attracted RM4.1 billion of investments for global business services (GBS), the second largest share in the country after Kuala Lumpur.<ref name="Opalyn Mok-2018a">{{Cite news |last=Opalyn Mok |date=6 December 2018 |title=CM Wants Penang to be a Global Business Services Hub |url=https://www.malaymail.com/news/money/2018/12/06/cm-wants-penang-to-be-a-global-business-services-hub/1700603 |access-date=5 December 2023 |work=[[Malay Mail]] }}</ref><ref>{{Cite journal |last=See |first=Lay Hoon |date=2010 |title=A Workforce Value Chain Analysis in High Tech Multinational Corporations' Electronics Manufacturing in Penang |url=http://eprints.usm.my/28842/1/A_Workforce_Value_Chain_Analysis_in_High_Tech_Multinational.pdf |journal=[[Universiti Sains Malaysia]] }}</ref> The [[Offshoring|offshore]] expansion of multinational firms to Penang has led to the creation of thousands of jobs and an increased demand for new office spaces within the state.<ref name="Opalyn Mok-2018a" /><ref>{{Cite news |last=Christopher Tan |date=8 December 2021 |title=Penang Taps into the Potential of Global Business Services |url=https://www.buletinmutiara.com/penang-taps-into-the-potential-of-global-business-services/ |access-date=25 December 2023 |work=Buletin Mutiara}}</ref> In addition, Penang is home to a thriving [[Startup company|startup]] community, driven by home-grown companies like [[Piktochart]] and DeliverEat.<ref name="Chia-2017">{{Cite news |last=Lianne Chia |date=26 January 2017 |title=A Silicon Valley of the East: Penang's thriving start-up community |url=http://www.channelnewsasia.com/news/asiapacific/a-silicon-valley-of-the-east-penang-s-thriving-start-up-communit-7576346 |url-status=dead |archive-url=https://web.archive.org/web/20180129141207/https://www.channelnewsasia.com/news/asiapacific/a-silicon-valley-of-the-east-penang-s-thriving-start-up-communit-7576346 |archive-date=29 January 2018 |access-date=27 May 2017 |work=[[CNA (TV network)|Channel NewsAsia]]}}</ref><ref>{{Cite web |last=Daniel Tay |date=11 June 2015 |title=Connecting Asia's Startup Ecosystem |url=https://www.techinasia.com/penang-silicon-valley-of-east-iot |access-date=28 May 2017 |website=[[Tech in Asia]] |language=en-US }}</ref>