Latest news with #InvestPenang
The Star
21-05-2025
- Business
- The Star
RM2mil in incentives to attract integrated circuit design firms
Chow says the incentive will be offered to eligible companies over a three-year period. PENANG plans to offer an annual incentive package worth up to RM2mil to attract more integrated circuit (IC) design companies while supporting the expansion of their operations in the state. Chief Minister Chow Kon Yeow said the incentive would be offered to eligible companies, local and foreign, over a three-year period. However, he said the initiative's success would depend on federal funding to ensure full implementation and sustained growth of the IC design sector. He was responding to an oral question posed from Gooi Hsiao Leung (PH-Bukit Tengah) regarding the impact of US tariffs and the measures being taken by the state government to address the tariff hikes. Chow said the 90-day postponement of further tariff increases between the US and China was a positive step toward de-escalating trade tensions. The move, he noted, would significantly lower the risk of a full-scale trade war. 'Generally, the temporary tariff truce has improved the country's economic growth prospects, with economic growth projections being revised in a more positive direction. 'It has reinforced Malaysia's position as a preferred destination for companies adopting the 'China+1' strategy to diversify their supply chains. 'Malaysia's strategic geographical position, competitive labour costs and favourable exchange rates will continue to make the country an attractive destination,' said the Padang Kota assemblyman. Chow added that other incentive and mitigation plans had been developed to reduce Malaysia's reliance on the US market. Among them was the adaptation toolkit designed to assist exporters and small and medium enterprises (SMEs) in navigating the evolving global trade landscape. The toolkit will provide practical resources and strategic guidance to help industry players identify and capitalise on alternative markets, particularly through regional trade frameworks. These include Asean trade agreements, as well as broader multilateral arrangements such as the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Chow said Penang, through its investment promotion agency InvestPenang, remained proactive in attracting foreign investments by conducting targeted investment missions to key economies such as Japan, South Korea, Taiwan, various European nations, China, Singapore and the US. He said InvestPenang also took part in prominent international expos and trade platforms, including Semicon Southeast Asia, the Kumamoto Industrial Revitalisation Expo, the World Fujian Convention & Exhibition and the World Congress on Innovation & Technology (WCIT). Chow said the initiatives were vital in boosting Penang's global visibility, positioning the state as a competitive and attractive destination for trade and investment across new and emerging markets.
The Sun
19-05-2025
- Business
- The Sun
Penang actively conducting investment, trade missions to cushion impact of US tariffs
GEORGE TOWN: Penang, through its state investment agency InvestPenang, is actively conducting investment and trade missions to foreign countries to reduce the impact of the US tariff hike on the state's economy. Chief Minister Chow Kon Yeow said the effort is aimed at attracting new investors and seeking new market opportunities including Japan, South Korea, Taiwan, Europe, China and Singapore. 'InvestPenang also participated in various international expos such as Semicon Southeast Asia, Kumamoto Industrial Revitalisation Expo, World Fujian Convention and Exhibition, World Congress on Innovation and Technology and so on. 'This effort can increase Penang's visibility to new markets,' he said in reply to a question from Gooi Hsio Leong (PH-Bukit Tengah) on the efforts made by the state government to deal with the impact of the US tariff hike at the Penang State Legislative Assembly sitting here today. To improve Penang's position in the semiconductor value chain, Chow said, the state government will maintain its commitment to the National Semiconductor Strategy guidelines and the Penang Silicon Design @5km+ initiative. Progress will be achieved by nurturing local champions in integrated circuit (IC) design with a total investment for the Penang Silicon Design@5km+ initiative projected at RM120 million over the next five years, he added. Chow also said the state and federal governments have established matching grants to drive the initiative forward and that the collaboration will position Malaysia, particularly Penang, as a leading player in the IC design ecosystem, driving innovation and economic growth. To attract and support more IC design players to set up and expand their operations in Penang, the state government is offering an incentive package scheme consisting of subsidies worth up to RM2 million annually for three years to both local and foreign IC design companies based in Malaysia. Chow said. However, the initiative is dependent on funding allocations from the federal government to ensure full implementation of the programme and support for the growth of the industries involved. Chow said the state government is working with the federal government to develop a trade adaptation toolkit for industry players. It will include practical resources to help them take advantage of alternative markets under regional trade agreements within Asean as well as existing agreements including the Regional Comprehensive Economic Partnership and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Chow explained that Penang is among the states most likely to be affected by the implementation of reciprocal tariffs as the US is the second highest country on the list of exports from Penang with a value of RM76 billion, which is 17 per cent of the state's total export value in 2023. 'In fact, the country is also Penang's main trading partner with a trade surplus worth RM57.7 billion in 2024. Therefore, the implementation of these tariffs may have a serious impact on Penang and other states in Malaysia,' he said. – Bernama
The Sun
19-05-2025
- Business
- The Sun
Penang actively conducting investment, trade missions to reduce impact of US tariffs
GEORGE TOWN: Penang, through its state investment agency InvestPenang, is actively conducting investment and trade missions to foreign countries to reduce the impact of the United States (US) tariff hike on the state's economy. Chief Minister Chow Kon Yeow said the effort was aimed at attracting new investors and seeking new market opportunities including Japan, South Korea, Taiwan, Europe, China and Singapore. 'InvestPenang also participated in various international expos such as SEMICON Southeast Asia, Kumamoto Industrial Revitalisation Expo, World Fujian Convention and Exhibition, World Congress on Innovation and Technology (WCIT) and so on. 'This effort can increase Penang's visibility to new markets,' he said in reply to a question from Gooi Hsio Leong (PH-Bukit Tengah) on the efforts made by the state government to deal with the impact of the US tariff hike at the Penang State Legislative Assembly sitting here today. To improve Penang's position in the semiconductor value chain, Chow said the state government would maintain its commitment to the National Semiconductor Strategy (NSS) guidelines and the Penang Silicon Design @5km+ initiative. He explained that the progress would be achieved by nurturing local champions in integrated circuit (IC) design with a total investment for the Penang Silicon Design@5km+ initiative projected at RM120 million over the next five years. He also said the state and federal governments had established matching grants to drive the initiative forward and that the collaboration would position Malaysia, particularly Penang, as a leading player in the IC design ecosystem, driving innovation and economic growth. To attract and support more IC design players to set up and expand their operations in Penang, Chow said the state government was offering an incentive package scheme consisting of subsidies worth up to RM2 million annually for three years to both local and foreign IC design companies based in Malaysia. However, he said the initiative was dependent on funding allocations from the federal government to ensure full implementation of the programme and support for the growth of the industries involved. He added that the state government was working with the federal government to develop a Trade Adaptation Toolkit for industry players. According to him, it will include practical resources to help them take advantage of alternative markets under regional trade agreements within ASEAN as well as existing agreements including the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Chow explained that Penang is among the states most likely to be affected by the implementation of reciprocal tariffs as the US is the second highest country on the list of exports from Penang with a value of RM76 billion, which is 17 per cent of the state's total export value in 2023. 'In fact, the country is also Penang's main trading partner with a trade surplus worth RM57.7 billion in 2024. Therefore, the implementation of these tariffs may have a serious impact on Penang and other states in Malaysia,' he said.
The Sun
19-05-2025
- Business
- The Sun
Penang boosts foreign ties to counter US tariff impact
GEORGE TOWN: Penang, through its state investment agency InvestPenang, is actively conducting investment and trade missions to foreign countries to reduce the impact of the United States (US) tariff hike on the state's economy. Chief Minister Chow Kon Yeow said the effort was aimed at attracting new investors and seeking new market opportunities including Japan, South Korea, Taiwan, Europe, China and Singapore. 'InvestPenang also participated in various international expos such as SEMICON Southeast Asia, Kumamoto Industrial Revitalisation Expo, World Fujian Convention and Exhibition, World Congress on Innovation and Technology (WCIT) and so on. 'This effort can increase Penang's visibility to new markets,' he said in reply to a question from Gooi Hsio Leong (PH-Bukit Tengah) on the efforts made by the state government to deal with the impact of the US tariff hike at the Penang State Legislative Assembly sitting here today. To improve Penang's position in the semiconductor value chain, Chow said the state government would maintain its commitment to the National Semiconductor Strategy (NSS) guidelines and the Penang Silicon Design @5km+ initiative. He explained that the progress would be achieved by nurturing local champions in integrated circuit (IC) design with a total investment for the Penang Silicon Design@5km+ initiative projected at RM120 million over the next five years. He also said the state and federal governments had established matching grants to drive the initiative forward and that the collaboration would position Malaysia, particularly Penang, as a leading player in the IC design ecosystem, driving innovation and economic growth. To attract and support more IC design players to set up and expand their operations in Penang, Chow said the state government was offering an incentive package scheme consisting of subsidies worth up to RM2 million annually for three years to both local and foreign IC design companies based in Malaysia. However, he said the initiative was dependent on funding allocations from the federal government to ensure full implementation of the programme and support for the growth of the industries involved. He added that the state government was working with the federal government to develop a Trade Adaptation Toolkit for industry players. According to him, it will include practical resources to help them take advantage of alternative markets under regional trade agreements within ASEAN as well as existing agreements including the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Chow explained that Penang is among the states most likely to be affected by the implementation of reciprocal tariffs as the US is the second highest country on the list of exports from Penang with a value of RM76 billion, which is 17 per cent of the state's total export value in 2023. 'In fact, the country is also Penang's main trading partner with a trade surplus worth RM57.7 billion in 2024. Therefore, the implementation of these tariffs may have a serious impact on Penang and other states in Malaysia,' he said.
Barnama
19-05-2025
- Business
- Barnama
Penang Actively Conducting Investment, Trade Missions To Reduce Impact Of US Tariffs
REGION - NORTHERN > NEWS GEORGE TOWN, May 19 (Bernama) -- Penang, through its state investment agency InvestPenang, is actively conducting investment and trade missions to foreign countries to reduce the impact of the United States (US) tariff hike on the state's economy. Chief Minister Chow Kon Yeow said the effort was aimed at attracting new investors and seeking new market opportunities including Japan, South Korea, Taiwan, Europe, China and Singapore. 'InvestPenang also participated in various international expos such as SEMICON Southeast Asia, Kumamoto Industrial Revitalisation Expo, World Fujian Convention and Exhibition, World Congress on Innovation and Technology (WCIT) and so on. bootstrap slideshow 'This effort can increase Penang's visibility to new markets,' he said in reply to a question from Gooi Hsio Leong (PH-Bukit Tengah) on the efforts made by the state government to deal with the impact of the US tariff hike at the Penang State Legislative Assembly sitting here today. To improve Penang's position in the semiconductor value chain, Chow said the state government would maintain its commitment to the National Semiconductor Strategy (NSS) guidelines and the Penang Silicon Design @5km+ initiative. He explained that the progress would be achieved by nurturing local champions in integrated circuit (IC) design with a total investment for the Penang Silicon Design@5km+ initiative projected at RM120 million over the next five years. He also said the state and federal governments had established matching grants to drive the initiative forward and that the collaboration would position Malaysia, particularly Penang, as a leading player in the IC design ecosystem, driving innovation and economic growth. To attract and support more IC design players to set up and expand their operations in Penang, Chow said the state government was offering an incentive package scheme consisting of subsidies worth up to RM2 million annually for three years to both local and foreign IC design companies based in Malaysia. However, he said the initiative was dependent on funding allocations from the federal government to ensure full implementation of the programme and support for the growth of the industries involved.
