Latest news with #WCIT
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.
New Straits Times
19-05-2025
- Business
- New Straits Times
Penang ramps up global push to cut market reliance
GEORGE TOWN: Penang, dubbed the Silicon Valley of the East, is stepping up global outreach to attract investment and reduce market reliance to support sustainable growth and counter US import tariffs, the state assembly was told today. Chief Minister Chow Kon Yeow (DAP – Padang Kota) said this strategy is being supported by ongoing international engagement, with annual trade and investment missions led by InvestPenang targeting economic powerhouses such as Japan, South Korea, Taiwan, Europe, China, the United States and Singapore. The resort island, famous for its sandy beaches, is home to a robust semiconductor ecosystem, hosting both multinational corporations and local firms involved in chip design, assembly, testing and equipment manufacturing. Chow said that, in addition to these international missions, Penang's presence at global expos — including SEMICON Southeast Asia, the Kumamoto Industrial Revitalisation Expo, and the World Congress on Innovation & Technology (WCIT) — had helped the state secure new partnerships and elevate its global profile. "These efforts aim to attract new investors and explore new market opportunities. These initiatives also help boost Penang's visibility in new markets," he said. Chow also said Penang has introduced a range of measures to broaden its international market reach, aiming to support sustainable growth and reduce reliance on any single country. "Penang has undertaken various initiatives, incentives and mitigation plans to diversify its international market reach. This is to ensure sustainable economic growth and to reduce dependency on a single country for market access," he said in response to a question from Gooi Hsiao-Leung (PKR – Bukit Tengah) at the state legislative assembly sitting today. Gooi had asked about the impact of the United States' tariff imposition on Penang's economy. Chow, in his speech during the Special Parliamentary Session on May 5, outlined a comprehensive roadmap of incentives and mitigation strategies designed to open new trade frontiers and position Penang at the heart of Asia's evolving technology ecosystem. (Hyperlink: Meanwhile, Chow said that to strengthen Penang's position in the semiconductor value chain, the state government would continue to align with the National Semiconductor Strategy (NSS) and the Penang Silicon Design@5km+ initiative. He said this progress would be driven by nurturing local talent in integrated circuit (IC) design. Investment for the Penang Silicon Design@5km+ initiative is projected at RM120 million over the next five years. "The Penang government and the Federal Government have also jointly established a matching grant to propel this initiative forward. This collaboration will position Malaysia — particularly Penang — as a leading hub in the IC design ecosystem, driving innovation and economic growth," he said. Chow said the Penang state government is offering an incentive package to encourage more integrated circuit (IC) design companies to set up or grow their operations in the state. The package includes annual subsidies of up to RM2 million for three years, and is available to both local and foreign IC design firms operating in Malaysia, he said. The US was Penang's second-largest export destination in 2023, accounting for RM76 billion, or 17 per cent of the state's total export value.
Associated Press
27-01-2025
- Business
- Associated Press
The WCIT and Grant Thornton collaborate on first global audit of major Cloud Provider for London banks
City Livery company promotes the use of technology for good in society 'It is a great honour and privilege for the WCIT to launch this initiative with Grant Thornton, which supports our aim to be a technology leader, not just in London but on a global scale' — Gary Moore, Master WCIT LONDON, UNITED KINGDOM, January 27, 2025 / / -- The Worshipful Company of Information Technologists ( WCIT) is proud to announce the successful completion of the first Pooled Audit of Cloud Service Providers, conducted in collaboration with Grant Thornton UK LLP, on behalf of leading UK and global banks. This pioneering audit marks a significant milestone in how financial institutions assess and oversee their reliance on cloud technology. With the increasing adoption of cloud solutions, the financial sector faces heightened scrutiny to ensure data security, regulatory compliance, and risk management. The WCIT, with its deep commitment to using information technology for good, recognised the need for a streamlined approach, and began investigating the pooled audit process five years ago, taking advantage of provisions within EU and UK legislation. Pooled audits allow banks to collaborate in auditing cloud providers, reducing individual audit burdens while ensuring thorough oversight. This process not only addresses the stringent compliance requirements of regulatory bodies like the European Union and the UK's Financial Conduct Authority (FCA), but it also supports the industry's collective responsibility for robust risk management and secure operations in the cloud. The Cloud Pooled Audit Group (CPAG) was developed in 2019 by Grant Thornton and Glenn Bluff, a WCIT Liveryman and now Vice Chairman of the Pooled Audit Group as part of the WCIT's Financial Services Technology Panel, and has become a unified model, and approach that brings together several of the world's leading banks. This collaboration of multiple banks harnesses their combined influence to audit the major global cloud service providers. Building on the success of this inaugural audit, the CPAG is progressing the next series of pooled audits, and has significantly expanded the number of banks taking part, continuing to drive innovation in cloud governance for the financial sector. 'It is a great honour and privilege for the Worshipful Company of Information Technologists to launch this initiative with Grant Thornton, which supports our aim to be a technology leader, not just in London but on a global scale' said Gary Moore, Master of the Worshipful Company of Information Technologists. 'This move helps cement London's place as a leader in financial services technology compliance, and is one of only a few pooled audit models in the world. Having proved its feasibility, I am pleased to invite other companies to join us' said Julia George, Chairman of the Cloud Pooled Audit Group and Financial Services Panel in the Worshipful Company of Technologists. Grant Thornton developed the Cloud Pooled Audit process with WCIT from the start, and has played a key role in increasing organisations' understanding of the risks that they are exposed to, and the need to undertake detailed assurance work of their Cloud Service Providers. This led to the successful execution of the inaugural cloud pooled audit. 'As many organisations continue to transition to cloud computing, the level of regulatory interest in ensuring they have effective oversight of the controls operated at their providers, is increasing. This new pooled cloud assurance approach is a significant step forward, and we are already seeing a large amount of interest from other organisations including banks, insurers, and regulatory bodies. We hope to expand the number of participants as we progress' said Ravi Joshi, Financial Services Partner at Grant Thornton UK LLP. ------ About The Worshipful Company of Information Technologists The Worshipful Company of Information Technologists is the 100th livery company of the City of London, combining centuries-old tradition with a modern focus, energy and innovation. Like all livery companies, we look to give something back to the industry and community, and focus on four pillars of activity: • Charity: we raise money and provide IT skills to improve lives through a range of charitable vehicles • Education: we built Hammersmith Academy (with the Mercers) and support other schools, as well as making contributions to education across ages more widely • Industry and Commerce: we help to promote and shape the IT industry and run several schemes (including with the Royal Signals) to smooth the path of men and women into the industry. • Fellowship: We have a full programme of social activity. We are one of the few 'new' livery companies to have its own hall, and in 2017 we celebrated our silver jubilee, 25 years after our grant of livery. About Grant Thorton UK LLP Grant Thornton is one of the world's leading organisations of independent assurance, tax and advisory firms. We are an adviser that delivers technical expertise and a personal, proactive and agile service that goes beyond. The UK member firm is part of a global network that employs 62,000 people in over 140 countries. We combine global scale with local insight and understanding to build relationships and deliver the services you need to realise your ambitions. The UK Grant Thornton member firm is led by over 200 partners and employs over 5,500 of the profession's brightest minds. We are a business adviser that celebrates fresh thinking and diverse perspectives to bring you proactive insights and a service you can trust. Press Contact: Name: Craig Penfold - WCIT Role: Chair, Communications and PR Committee Tel: 07826 858751 Email: [email protected] Craig Penfold WCIT X LinkedIn Instagram Legal Disclaimer:
