Penang Chief Minister Chow Kon Yeow, along with InvestPenang delegates, has successfully concluded a 10-day investment and trade mission to the United States, conducted from 4th to 14th August 2024. This mission, organised by InvestPenang, was focused on renewing ties and strengthening relationships with the corporate headquarters of American investors in Penang, encouraging the expansion of their Penang operations, and attracting new investments to the state.
During the meetings, key discussions revolved around the transformative impact of Artificial Intelligence (AI) across critical sectors, with previews of their potential applications and innovations. The dialogues highlighted Penang’s strategic importance in the global supply chain, particularly in light of current geopolitical tensions. The discussions also underscored the exceptional capabilities of Penang’s talent pool in sustaining and enhancing the local ecosystem. Notably, there was a strong emphasis on the urgent need for renewable energy adoption and Penang’s strategic direction towards Environmental, Social, and Governance (ESG) principles.
The delegates presented two of Penang’s recent initiatives to the corporate headquarters in the United States:
- Penang Silicon Design @5km+, designed to drive innovation in the industry by creating a comprehensive hub within a close proximity of 5km+ within Bayan Lepas for IC design startups.
- Penang STEM Talent Blueprint, with a vision to build a highly skilled and sustainable STEM workforce for Penang, as well as to support the NIMP 2030 and National Semiconductor Strategy, which targets to achieve 60,000 engineers by 2030.
These initiatives are poised to further solidify Penang’s position as a hub for innovation and technological advancement.
Throughout the 10-day mission, the Chief Minister and InvestPenang delegates participated in a total of 22 official strategic meetings and site visits, engaging with both existing and potential investors. The first four days were spent in San Jose, where they visited companies such as MKS Instruments, Brooks Instrument, Lattice Semiconductor, AMD, Synopsys, Efinix, Agilent, Coherent, SambaNova and Western Digital. The delegation then travelled to Seattle, San Diego and Los Angeles for the remaining six days, where they met with Centific, Monolithic Power Systems (MPS), Dexcom, Cohu, UST, TTM Technologies, Mattel and potential investors.
This investment and trade mission to the United States not only offered better insights into the future of AI and new technologies engaged by existing and potential investors but also served as a significant step towards reinforcing our existing partnerships and laying the groundwork for future growth. The collaborative efforts and feedback gathered during this trip will undoubtedly strengthen economic ties and ensure continued prosperity for both Penang and our international partners.