Chet Singh celebrated his 90th birthday at InvestPenang in July, 35 years after retiring as the first general manager of the Penang Development Corporation. (InvestPenang pic)PETALING JAYA: Today, Bayan Baru is part of everyday life in Penang, its homes, businesses and commercial centres serving a community that grew alongside the state’s industrial expansion.
But half a century ago, Penang was in economic distress. Its traditional trading economy was in decline, thousands of young people were looking for work and the state was struggling to find a way forward.
The loss of its free port status in 1967 had dealt a heavy blow. By the end of the decade, unemployment had reached 16%, creating an urgent need for a new economic direction.
