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Penang to set up more Global Business Service spaces to become onestop centre for MNCs

Penang to set up more Global Business Service spaces to become onestop centre for MNCs

08 Dec 2021

Penang aims to set up two more Global Business Services (GBS) spaces in the next two to three years in a bid to become a one-stop centre for global corporations.

Chief Minister Chow Kon Yeow said Penang currently houses more than 60 GBS companies that serve their company’s global and Asia-Pacific operations and there is a continuous demand for GBS spaces from multinational companies (MNCs).

“Our goal is to attract more GBS into the state, including both local and multinational organisations, and to expand into high-value GBS services such as robotic process automation, artificial intelligence, and data-led processing/big data analytics and cybersecurity.

“We have identified locations for the two buildings and they would each be about 27,871 square metres,” he told reporters after officiating the [email protected] here today.

Chow said the Digital Global Business Services industry is one of the key contributors to Malaysia’s digital economy and the largest contributor to the overall performance of MSC Malaysia, accounting for up to 50 per cent of investments, 66 per cent of exports and 61 per cent of jobs created.

Furthermore, he said Malaysia’s GBS market is expected to grow to US$1.5 billion (US$1 = RM4.22) by the end of 2024 from US$1.3 billion in 2019, according to a recent report from Global Data Findings.

“Taking cognisance of this, the Penang Development Corporation (PDC), the premier development arm of the state, had established the first GBS space, [email protected], followed by the establishment of this modern modular designed construction, [email protected],” he said.

The two-storey [email protected] which sits on 1.25 hectares, was completed on Oct 1, 2020 at a cost of RM21 million and has a net lettable area of 7,443 square metres.

It is now fully occupied by four prominent MNCs namely Cisco Systems (M) Sdn Bhd, Clarivate (M) Sdn Bhd, Emerald Global Services Sdn Bhd and Teleperformance Malaysia Sdn Bhd.

Source: Bernama

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