GEORGE TOWN: Frequent water supply disruptions, high industrial land prices and talent shortages are among the challenges faced by the Penang government in its effort to position the state as the Silicon Valley of the East.
Chief Minister Chow Kon Yeow said that challenges for the digital economy sector include the lack of Grade A office spaces or MSC Cybercentre buildings capable of meeting high investor demand, as well as competition from other states and countries in offering attractive incentives.
"Nevertheless, the state government, in collaboration with the federal government and relevant agencies, is working to address these challenges effectively.
"This is to ensure that Penang is the top choice for local and international investors,” he said at the state assembly sitting on Friday (Nov 22).
Chow was responding to a question from Lee Khai Loon (PH-Machang Bubuk), who wanted to know the state government’s efforts to establish Penang as the Silicon Valley of the East.
Chow also said that the state government is actively strengthening its ties with the headquarters of corporate investors, including in the United States (US), which have chosen Penang as their investment location.
He further said that during the Chief Minister’s recent investment mission to the US, companies such as Agilent Technologies, AMD Inc, Brooks Instrument, Centific, Coherent Inc, Cohu Inc, Dexcom Inc and TTM Technologies were visited.
He explained that the state delegation’s visit to these companies aimed to promote Penang as the prime investment destination for the electrical and electronic, semiconductor, medical devices, GBS and other sectors.
"A strong industry and ecosystem are key factors in attracting foreign direct and domestic investments to Penang,” he said. - Bernama
