Penang's Holistic E&E Ecosystem Main Factor For Reinvestment By MNCs - Chow

GEORGE TOWN, Aug 22 (Bernama) -- Penang's holistic electrical and electronics (E&E) ecosystem is seen as a huge advantage by multinational corporations (MNCs) when making investment decisions to expand their existing operations in the state.

Chief Minister Chow Kon Yeow said his recent investment and trade mission to the United States on August 4-14 mostly focused on visiting companies that already have operations in Penang as well as some companies that have the potential to invest.

“A lot of these companies have plans to expand their business by constructing new facilities on vacant land at their current sites. 

“From our visits there, I gathered that they are satisfied with what Penang has to offer because our ecosystem can support their growth plans,” he told a press conference after officiating the Malaysia MADANI Penang Indian E&E SME Summit 2024 here, today.

He added that Penang, also known as the Silicon Valley of the East, has established a strong foundation for the E&E industry to thrive given its strong talent pool, supportive government, infrastructure and enabling policies.

Nevertheless, Chow said the state would not rest on its laurels and will continue to introduce new initiatives in the coming months to further invigorate our E&E industry ecosystem.

Towards this end, he said the state government is introducing the ‘Penang Silicon Design @ 5km+' initiative which comprises four major projects, namely the IC Design and Digital Park, Penang Chip Design Academy, Silicon Research & Incubation Space, and the Penang STEM Talent Blueprint.

“With such efforts in place, we aim to position Penang as a leading hub for semiconductor innovation and design, reinforcing our strategic role in Malaysia’s ambitious goals.

“By advancing our capabilities and fostering a robust ecosystem, we seek to attract global investments, create high-value jobs, and drive technological advancements that will benefit our state and nation,” he said.

Commenting on the one-day event today, Chow said the summit provided a unique opportunity to shape the future of local small and medium enterprises (SMEs), particularly Indian-owned businesses, and served as a catalyst for meaningful change, thereby helping to steer Penang towards greater economic diversity and technological innovation.

-- BERNAMA