Penang: The “Silicon Valley of the East”
Penang is a melting pot of emerging skills and talents and an ideal hub for digital investments
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An island state of almost two million in population, Penang has grown by leaps and bounds over the years, achieving many incredible milestones. Recognised as “Asia’s Next Silicon Valley” (BBC, 2018), Penang continues to be a highly attractive location for local and foreign investors and a key investment gateway to Asia and beyond.
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Preferred location for digital investments
The service industry is equally important as Penang is a thriving Digital Global Business Services (DGBS) and Centre of Excellence (CoE) for MNCs.
- The Penang Cybercity initiative has created over 200 MSC status companies and more than 14,000 highly valued jobs.
- More than 60 companies with GBS operations with a manufacturing footprint, such as B. Braun, Dell, Intel, Jabil, Motorola, National Instruments, ams Osram and Toray, among others.
- An increasing trend of MNCs with no physical manufacturing presence have opted to establish their GBS in Penang. These include Citigroup, Clarivate, S&P Global, Luxoft, Swarovski, Teleperformance, UST, Zebra Technologies and more.
- Highest concentrated integrated circuit (IC) design and software development engineers in Malaysia. It houses numerous reputable companies in this business area, including Cerium, Experior, Intel, Infinecs, Lattice, Oppstar, SkyeChip, Starfive, Synapse Design, Synkom and UST, which are also part of the global value chain.
Penang as an entrepreneurial state
- The State government 2018 established the Penang i4.0 Seed Fund programme to provide funding for qualified high potential early-stage technology start-ups and to enhance the growth of Penang’s tech ecosystem.
- Via InvestPenang, the State government has curated an ongoing initiative, named G37, exclusively for its recipient companies.
- G37 provides mentorship guidance by experienced professionals, training and workshops by subject matter experts, covering fundraising, finance and investment, human resource, legal, software development and market expansion.
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