Latest news with #GBSByTheSea
The Sun
02-08-2025
- Business
- The Sun
Penang launches RM296m GBS By The Sea in Technoplex Bayan Lepas
GEORGE TOWN: Penang continued to cement its status as a global business and technology hub with the official launch of 'GBS By The Sea', a landmark RM296 million development located in Technoplex Bayan Lepas. Penang Chief Minister Chow Kon Yeow hailed the project as a bold statement and a clear example of Penang's transition into a knowledge-based, innovation-driven economy. He said GBS By The Sea is the fourth project under the global business services (GBS) initiative, spanning 290,000 square feet (sq ft) of space. 'The GBS By The Sea facility is already fully occupied, with three global industry leaders, namely Advanced Micro Devices Global Services (AMD), Celestica Platform and Cloud Solutions Malaysia and the Microsoft Knowledge Capital Centre. 'These global companies are not only investing in Penang, but they are also creating over 1,000 quality jobs for our local talent in areas like research and development (R&D), engineering, digital services and more. These are the kind of high-value, future-ready jobs that we want for Penangites,' he said during the GBS By The Sea launching ceremony in Bayan Lepas today. Also present at the ceremony were State Infrastructure, Transport and Digital Committee chairman Zairil Khir Johari, Majlis Bandaraya Pulau Pinang (MBPP) Mayor Datuk A Rajendran and Penang Development Corporation (PDC) chief executive officer Datuk Aziz Bakar. Chow elaborated that the facility is not just a workplace but also equipped with a gym, cafeteria and a six-storey car park with 800 bays. He emphasised that GBS would play a vital role in Penang's next chapter, moving from being a manufacturing hub to becoming a knowledge-based and tech-forward economy. 'Projects like GBS By The Sea help us make that transition not just in words, but in real ways that matter to businesses and workers. 'With the announcement of 13th Malaysia Plan (13MP), which puts a strong focus on the transition to 'Made by Malaysia' and aims for higher growth and higher value creation, GBS By The Sea fits perfectly into this big picture - it's local, it's future-focused, and it brings value,' he said. Chow also announced that PDC is already working on its fifth GBS project, namely 'GBS at Technoplex', a RM500 million development offering over 400,000 sqft of space. He said that even though construction has not been completed, 16 per cent of the building has already been pre-booked by tenants, reflecting strong demand and high confidence in Penang's potential. - Bernama
The Sun
02-08-2025
- Business
- The Sun
US tariff cut benefits Malaysia SMEs, says Penang CM Chow
GEORGE TOWN: The tariff reduction for Malaysia, from 25 per cent to 19 per cent, is seen as a good step forward and comes as a positive achievement and a relief for many, said Penang Chief Minister Chow Kon Yeow. The chief minister said that small and medium enterprises (SMEs) might remain exposed in the new tariff environment, and hoped that the Ministry of Investment, Trade and Industry (MITI) would continue negotiating for better deals for these businesses. 'We hope MITI will continue negotiating better deals and prepare for the possible impact, especially on our small and medium industries (SMEs), who may be more exposed in this new environment,' he told reporters at the GBS By The Sea launching ceremony in Bayan Lepas here, today. Chow said that the current exemptions remained in place for now, but expects the situation to become clearer by the end of the year. He highlighted that Penang accounted for about 55 per cent of Malaysia's electrical and electronics (E&E) exports, highlighting the state's vital contribution to the national economy and reinforcing the urgency for strategic trade negotiations. It was reported earlier that the US would impose a reduced 19 per cent tariff on Malaysian imports, effective Aug 1, 2025. On July 7, Washington announced a 25 per cent tariff on all Malaysian products entering the US, in addition to existing sectoral tariffs, effective Aug 1 this year. This figure was one percentage point higher than the tariff rate announced in April. Meanwhile, on the Penang-Perak water project, Chow said negotiations with the Perak state authority would commence soon. 'We are working pretty well. Negotiations with Perak will begin very soon, followed by the implementation of the project. The target is by 2030 to 2031,' he said. Chow added that the additional water supply would be crucial for supporting the Penang Development Corporation (PDC)'s efforts to open new areas for industrial development. The chief minister also highlighted that Penang remained on a strong growth trajectory, driven by positive investment sentiment, including both new investments and expansions. 'We are currently focused on expanding our industrial parks. Recently, I announced that we have sufficient industrial land for the next five years. 'But sometimes, we may speak too soon. When one or two large investors come in with big land requirements, we have to work even harder to ensure the land is ready,' he said. - Bernama
Malay Mail
02-08-2025
- Business
- Malay Mail
Chow Kon Yeow: Penang's RM296m ‘GBS By The Sea' hub fully occupied by global tech firms
GEORGE TOWN, Aug 2 — Penang continued to cement its status as a global business and technology hub with the official launch of 'GBS By The Sea', a landmark RM296 million development located in Technoplex Bayan Lepas. Penang Chief Minister Chow Kon Yeow hailed the project as a bold statement and a clear example of Penang's transition into a knowledge-based, innovation-driven economy. He said GBS By The Sea is the fourth project under the global business services (GBS) initiative, spanning 290,000 square feet (sq ft) of space. 'The GBS By The Sea facility is already fully occupied, with three global industry leaders, namely Advanced Micro Devices Global Services (AMD), Celestica Platform and Cloud Solutions Malaysia and the Microsoft Knowledge Capital Centre. 'These global companies are not only investing in Penang, but they are also creating over 1,000 quality jobs for our local talent in areas like research and development (R&D), engineering, digital services and more. These are the kind of high-value, future-ready jobs that we want for Penangites,' he said during the GBS By The Sea launching ceremony in Bayan Lepas today. Also present at the ceremony were State Infrastructure, Transport and Digital Committee chairman Zairil Khir Johari, Majlis Bandaraya Pulau Pinang (MBPP) Mayor Datuk A Rajendran and Penang Development Corporation (PDC) chief executive officer Datuk Aziz Bakar. Chow elaborated that the facility is not just a workplace but also equipped with a gym, cafeteria and a six-storey car park with 800 bays. He emphasised that GBS would play a vital role in Penang's next chapter, moving from being a manufacturing hub to becoming a knowledge-based and tech-forward economy. 'Projects like GBS By The Sea help us make that transition not just in words, but in real ways that matter to businesses and workers. 'With the announcement of 13th Malaysia Plan (13MP), which puts a strong focus on the transition to 'Made by Malaysia' and aims for higher growth and higher value creation, GBS By The Sea fits perfectly into this big picture — it's local, it's future-focused, and it brings value,' he said. Chow also announced that PDC is already working on its fifth GBS project, namely 'GBS at Technoplex', a RM500 million development offering over 400,000 sqft of space. He said that even though construction has not been completed, 16 per cent of the building has already been pre-booked by tenants, reflecting strong demand and high confidence in Penang's potential. — Bernama
