InvestPenang, the investment promotion agency for the state, is ever ready to assist investors and businesses in kickstarting their initiatives to invest and operate in Penang.
Its chief executive officer Datuk Loo Lee Lian seized the opportunity to showcase Penang’s industrial journey for over 50 years and the potential to attract diverse investments at the 45th International Advertising Association (IAA) World Congress lunch dialogue.
The dialogue with Penang Chief Minister Chow Kon Yeow and state Tourism and Creative Economy Committee chairman Wong Hon Wai was held at Amari SPICE Hotel today and attended by over 20 guests.
“We have still a lot of room for improvement, especially for agritech, creative media technology, technology in the heritage area, and the digital economy,” Loo shared during her talk on ‘Penang: A Sustainable Silicon Valley of the East.’
The three-day conference, ending today, was attended by over 1,200 delegates from more than 30 countries. IAAWC 2024, organised for the first time in Southeast Asia, was co-hosted by IAA Malaysia, Penang Tourism and Creative Economy (Petace) and the Penang Convention and Exhibition Bureau (PCEB).
During her presentation, Loo highlighted the presence of over 350 multinational companies (MNCs), over 4,000 small and medium enterprises (SMEs), and over 200 Malaysia digital status companies in Penang.
Penang has generated about 17,000 high-value jobs, with highly skilled employees being paid RM5,000 monthly base salary.
The state houses three of the Global Top 10 semiconductor leaders (by sales) and five of the Global Top 30 medical device companies (by sales).
She said the global medical device market is projected to reach US$745 billion by 2030 and Penang, leveraging its 50 years of excellence, is on the right trajectory towards becoming the MedTech hub for Asia.
In 2023, Penang’s total manufacturing investment amounted to RM63.4 billion, constituting 42% of Malaysia’s total. The total manufacturing foreign direct investment (FDI) alone was RM60.1 billion.
She said Penang offers a work-live-play balanced lifestyle with vibrant cultures and a Unesco World Heritage Site.
During the dialogue, Chow emphasised the importance of offering competitive salaries to employees to address talent crises or talent wars, crucial for companies to retain skilled professionals.
He also suggested that while there are ongoing partnerships between industries and academia, tens of thousands of foreign students currently in the country be provided visas to help resolve the talent shortage issue.
Addressing questions related to the film industry, Wong said the Federal government has introduced the ‘Film in Malaysia Incentive (FIMI)’, which provides a 30% cash rebate on all qualifying Malaysian Production Expenditures.
The move aims to offer an additional financial incentive for creative content development specifically for film, television, and other screen production.
Story by K.H. Ong
Pix by Siew Chia En