Penang to continue benefitting from tech evolvement, supply chain reconfiguration
23 Dec 2022
Penang, as the Silicon Valley of the East, will continue to benefit from the evolvement of technology and supply chain reconfiguration due to the strong ecosystem and strong track record in investment attraction, says InvestPenang.
Datuk Seri Lee Kah Choon, special adviser to the Chief Minister of Penang, said that sharp policies and quick implementation are key in enabling Penang to seize the opportunities arising from the megatrends and becoming more vertically integrated into the world map of technology.
“While we continue to uphold Penang’s competitive edge by strengthening our existing semiconductor clusters, strategies are also in place for Penang to penetrate into the upstream activities such as integrated circuit design and front-end equipment manufacturing as well as to enhance the robustness of our semiconductor supply chain.
“Looking at the past, there is much to be encouraged about, and to motivate us to do even better in the coming year. The state’s well-developed industrial ecosystem not only enable us to move up the value chain, but also opens up countless opportunities in other areas,” he said in a press conference titled ‘Year 2023: Seize opportunities towards the next leap’ here today.
He said Penang aspires to be a global innovation hub and it is making significant progress with the growing presence of global leaders that have opted for Penang to conduct their research, design and development activities.
On top of that, he said Penang is also seeing an emergence of knowledge-based solution providers that brings efficiency and flexibility to the traditional business models.
Aside from food manufacturing, Lee said Penang has been nurturing players in the foodtech and agritech sectors to drive farming efficiencies and to ensure their sustainability, which includes the use of sensors, data analytic applications, water and waste management solutions, among others.
“Despite uncertainties in macroeconomic environment, Penang, being the economic powerhouse of the country, is in a good position for its stakeholders to unleash greater potential and progress steadily.
“The massive investment inflows into Penang have demonstrated investors’ continued confidence in the state. Particularly, Penang has garnered a total of RM149 billion approved manufacturing investment over the past 10 years (2012 – 2021) and recorded its all-time high of RM76 billion in 2021,” he added.