GEORGE TOWN: Penang has engaged 16 strategic investors in the United States to attract new investments and encourage existing companies to expand their operations, the state legislative assembly was told today.
Chief Minister Chow Kon Yeow said the investment and trade mission to San Jose, California, which he led on Sept 28, aimed to renew ties and strengthen collaboration with American technology leaders.
The companies engaged included global semiconductor and technology firms such as AMD, Intel, Micron, Lam Research, Cadence, Intuitive, Applied Materials and Bank of America.
“Discussions focused on the strong growth momentum driven by the global artificial intelligence (AI) supercycle and its transformative impact across various industrial sectors,” Chow said in response to a question from Muhammad Fauzi Yusoff (PAS-Sungai Dua).
Fauzi had asked about the outcome of Chow’s recent visit to the US.
Chow said the companies reported growing demand visibility and encouraging growth projections, prompting them to reassess their requirements for highly skilled talent, testing capacity and supply chain capabilities.
In response, the Penang delegation presented two strategic state initiatives: Penang Silicon Design @ 5km+ and the Malaysia Automated Test Equipment (ATE) Campus.
“Both initiatives offer companies faster product development cycles, expanded and modernised testing capacities, as well as an integrated ecosystem connecting design, manufacturing and advanced testing,” he said.
Chow said the exact investment value could not yet be projected, as foreign investment processes typically take several years, from initial discussions and site selection to final negotiations.
On factory closures, Chow said Social Security Organisation (Socso) Employment Insurance System (EIS) data from January to Oct 9 showed that 1,755 local manufacturing workers had entered career transitions.
Of this number, 372 workers, or 21.2 per cent, were affected by business or division closures involving 48 manufacturing employers.