PENANG: A MELTING POT OF INNOVATION, TECHNOLOGY AND INVESTMENTS

Helming the role of Malaysia’s economic powerhouse, the island state of Penang is rapidly gaining momentum as a regional digital hub with its outstanding potential.

Dubbed the “Silicon Valley of the East” and recognised as “Asia’s Next Silicon Valley” by BBC, Penang is increasingly attracting local and foreign investors. The island state is now a gateway to Asia and beyond as a preferred location for digital investments with thriving Digital Global Business Services (DGBS) and Centre of Excellence (CoE) for multinationals. Currently, Penang Cybercity has created more than 200 MSC-status companies o ering more than 14,000 highly-valued jobs.

More than 60 companies operate GBS centre in Penang such as B. Braun, Dell, Intel, Jabil, Motorola, National Instruments, ams Osram and Toray, among others. Apart from this, there is an increasing trend of multinationals with no physical manufacturing presence having opted to establish their GBS in Penang, namely Citigroup, Clarivate, S&P Global, Luxoft, Swarovski, Teleperformance, UST, Zebra Technologies and more.

The island state also has the highest concentration of integrated circuit development and software development engineers in Malaysia.

Reputable companies operating in this space in Penang include Cerium, Experior, Intel, In necs, Lattice, Oppstar, SkyeChip, Star ve, Synapse Design, Synkom and UST – all part of the global value-chain.

As Penang celebrates its 50th anniversary demonstrating excellence and beyond, it is progressing well in establishing itself as an entrepreneurial state. In achieving this, the state government established the Penang i4.0 Seed Fund programme in 2018, o ering funding for quali ed high potential early-stage technology start-ups and enhancing the growth of the state’s tech ecosystem.

Through InvestPenang, the state government has curated an ongoing initiative, known as G37, exclusively for its recipient companies. G37 provides mentorship guidance by experienced professionals, training and workshops by subject matter experts, fundraising, nance and investment, human resource, legal, software development and market expansion.

With 2022 marking the Golden

Jubilee of industrialisation in Penang, the state government has incubated a year-long event calendar focused on 13 themes, to demonstrate Penang’s successful transformation and futuristic plans.

The state has earned a sterling reputation on the international front with numerous accolades and recognition such as one of the 22 world’s best destinations by CNN, Georgetown as a UNESCO World Heritage Site since 2008, Penang Hill designated as a UNESCO Biosphere Reserve in 2021, and recognition as a medical travel destination of the year.

As a world-class manufacturing and services ecosystem, Penang is a strategic site for Industry 4.0, advanced manufacturing, R&D, global supply chain management, high precision engineering capabilities and digital analytics. The state also presents a seamless plug-and-play ecosystem and an Industry-ready and innovative talent pool – an attractive proposition for foreign and local investors.