GEORGE TOWN, Nov 20 — With its reputation as the Silicon Valley of the East, Penang will continue to uphold its competitive edge, further entrench its position in upstream activities, and aspire to become the leading hub for integrated circuit (IC) design and front-end equipment manufacturing.
Chief Minister Chow Kon Yeow said the state also aims to strengthen the existing industry clusters in electrical and electronics (E&E), back-end machinery and equipment, and medical technology.
“With Penang’s sustainable ecosystem, I am confident that the state is on the right trajectory to realise these goals.
“The state will stay committed to forging ahead with all stakeholders and I look forward to more exciting opportunities in years to come,” he said in a statement, issued by InvestPenang, in conjunction with Penang’s 50th anniversary of its industrialisation journey in 2022.
He said Penang is the most important manufacturing base for E&E products within Malaysia, and is among the most vibrant hubs globally, with an estimated five per cent of global semiconductor exports.
In 2020, Penang’s exports reached a record high of RM310 billion, out of which 82 per cent were contributed by E&E and professional, scientific and controlling instruments (including medical devices).
Notably, he said, Penang generated RM110 billion of trade surplus in 2020, representing 60 per cent of Malaysia’s total trade.
“From 2013 to 2020, Penang’s exports were consistently on a rising trend and achieved a compound annual growth rate of 10 per cent, signifying the state’s resilience to navigate through the industry cycles.
“I would like to express my deepest appreciation to all industry players for the continued confidence in Penang, as well as the federal and state agencies for the concerted efforts in solidifying Penang’s position as a preferred investment location throughout this 50-year industrialisation journey,” the chief minister said.
