GEORGE TOWN, April 11 — There are no massive retrenchments or company shutdowns in Penang due to the tariffs imposed by the United States, according to state’s investment...
There have been no major retrenchments or company closures in Penang due to US tariffs, with most firms reassessing strategies to cushion the impact, said Invest Penang CEO Datuk Loo Lee Lian. — Picture courtesy of Wawasan Open UniversityGEORGE TOWN, April 11 — There are no massive retrenchments or company shutdowns in Penang due to the tariffs imposed by the United States, according to state’s investment promotion agency Invest Penang .
She added that the production schedules of most manufacturers were planned three to six months ahead so they would not be doing anything hasty for now. Chow also announced that a Penang Tariff Monitoring Taskforce will be established to function as a central coordination platform. He said the state will work with the federal government to develop a trade adaptation toolkit to help exporters and SMEs.
Chow said these measures are part of Penang’s proactive approach to safeguarding the state’s economy while supporting the businesses and maintaining investor confidence.
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