CHIEF Minister Chow Kon Yeow had a fruitful discussion with members of the American Malaysian Chamber of Commerce (AMCHAM) and another notable guest, American ambassador to Malaysia Brian McFeeters, during the AMCHAM Penang Dialogue 2021 today.
Chow said the state was appreciative of all its investors, including the United States companies, operating in Penang.
“I am very impressed that the US companies are taking the lead in terms of embracing the higher technology in the production process which is very necessary.
“In the process, they have also given a great opportunity to the local talent pool to upscale themselves so that they can take on the upgraded jobs,” Chow said during the virtual dialogue session which was moderated by AMCHAM chief executive officer Siobhan Das.
This year’s topic was on “Malaysia’s Reopening to a Rapidly Changing World”.
Chow acknowledged that the state government as well as the Federal Government need to address the talent shortage urgently, collaborating with universities and institutions like the Penang Skills Development Centre.
On the part of Penang, he said the state government would do its part to make the state more livable and affordable to attract talents to the state.
He added that the state had also set up the Penang Future Foundation by giving out scholarships to those pursuing STEM (Science, Technology, Engineering and Mathematics) studies and ensuring that the graduates stay on and work in Penang.
Chow said for Penang, the E&E exports grew at a five-year compounded annual rate of 12% to reach RM231 billion in 2020 which contributed to 60% of the country’s E&E exports for the said year.
The state houses three of the global Top 10 semiconductor companies by revenue, with all three originating from the United States, namely Intel, Micron Technology and Broadcom.
“The US has always been one of Penang’s largest investors, capturing 42% of the state’s total approved manufacturing foreign direct investments (FDIs) from 2019 to 2020.
“Notable new projects from the US include Lam Research, the world’s top three wafer fabrication equipment company; Dexcom, global leader in continuous glucose monitoring technology; and UCT, top 10 supplier of critical subsystems for the semi-conductor industry.
“Through InvestPenang, the Penang government remains committed to further strengthening its collaboration with AMCHAM in investment promotional efforts,” Chow said in his speech.
McFeeters highlighted American companies practising social responsibility during the Covid-19 pandemic and spoke briefly on how the Biden administration approaches international trade.
Story by K.H. Ong
Pix by Law Suun Ting
Video by Chan Kok Kuan