Insights on investment opportunities, industry outlook and success stories of American companies
Penang, the island state of Malaysia, is strategically located at the centre of ASEAN and Asia Pacific. Home to more than 85 top-tier American companies, representing mainly part of the Electronics & Electrical supply chain, Penang has become known as the Silicon Valley of the East, contributing approximately 5% to the global semiconductor market.
E&E products have been Malaysia’s largest export earners for decades contributing to 39.4% of the nation’s total exports in 2020. Notably, Penang has produced half of the nation’s total exports in E&E products from 2014-2020. Despite the challenges brought on by the impact of Covid-19, the E&E industry in Penang remains resilient, recording 10.4% export value growth in 2020.
InvestPenang is delighted to be part of this exclusive interactive panel discussion on the E&E industry in Penang. Dato’ Seri Lee Kah Choon, special investment advisor to the Chief Minister of Penang, has been invited as one of the panellists for this session. Dato’ Seri Lee, together with Ms Siobhan Das, CEO of American Malaysian Chamber Of Commerce (AMCHAM), Mr Andrew Sill, Country Head of Commercial Banking, HSBC Malaysia and Mr Vishal Karanwal, Country Head of International Subsidiary Banking, HSBC Malaysia, had an engaging discussion and shared their perspective on Penang as a significant E&E hub.
Albeit, the outbreak of pandemic has caused disruptions in the supply chain, the panellists acknowledged that E&E being recognized as an essential sector, coupled with the accelerated vaccination rate in Malaysia has undoubtedly abated the repercussions.
Moving forward, Dato’ Seri Lee expressed his confidence over Penang’s position in the global semiconductor industry and believed that the State will continue to punch above its weight, given its robust ecosystem, strategic location and talent pool.