PENANG has managed to position itself as one of the main investment hubs for multinational corporations in the United States (US) following an investment and trade mission visit by the state delegation in August this year.
Chief Minister Chow Kon Yeow (PH-Padang Kota) highlighted the state’s pivotal role during the visit, strengthening further the ties between the state government and the investors abroad.
“Our delegation visited several notable multinational companies, namely Agilent Technologies, AMD Inc, Brooks Instrument, Centific, Coherent Inc, Cohu Inc, Dexcom Inc, Effinix Inc, Lattice Semiconductor, Mattel Inc, MKS Instruments, Monolithic Power Systems Inc, SambaNova Systems Inc, Synopsys Inc, TTM Technologies, UST Global, Western Digital, and others.
“During our visit, we briefed the potential and existing investors on various infrastructure projects that are set to take place in Penang. They are the Penang International Airport (PIA) expansion, the Penang Light Rail Transit (LRT) project, the Penang Silicon Island project, and the Penang STEM Talent Blueprint initiative.
“We used this platform to promote our initiatives in the semiconductor industry, digital economy, medical tourism, and other prospects in Penang.
“Our meetings and discussions with some of the multinational corporations have boosted the prospect of us being chosen as their investment spots,” he said when replying to an oral question by Lee Khai Loon (PH-Machang Bubuk) during the State Legislative Assembly session today.
At the same time, Chow acknowledged the concerns posed by some of the conglomerates during the discussions held.
“Some of them aired their constraints on their operations in Penang, and we have since explained our efforts to tackle their concerns.
“To establish Penang as a Silicon Valley of the East, the state is involved in Malaysia’s National Semiconductor Strategy (NSS) initiative,” he said, noting the state’s collaborations with other agencies.
He underscored the importance of the NSS approach to power the future of the semiconductor industry.
Chow also heaped praises on the state’s investment arm, investPenang, for their effort in bringing in potential investments.
Chow pointed out that a few industrial parks have been established in the state. They were Bandar Cassia Technology Park, Batu Kawan Industrial Park, and Penang Science Park South, covering more than 800 acres of land size.
Apart from that, the Penang Development Corporation (PDC) has also established office spaces for the digital economy initiative.
On a supplementary question posed by Lee regarding the allocation provided to the semiconductor industry, Chow said the state has applied for RM60 million in funding from the Federal Government but has yet to be given a nod.
“I believe this is not a huge demand for the industry,” he said.
Chow also expressed his gratitude to the Federal Government for its initiative to tackle the traffic congestion in the state, noting that the Juru-Sungai Dua elevated highway project will help disperse the congestion.
“We hope Putrajaya will allocate more funds to Penang, given that the state is the biggest semiconductor contributor in the country,” he said.
Story by Edmund Lee
Pix by Ahmad Adil Muhamad