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GEORGE TOWN: Austrian crystal and jewellery maker Swarovski will open its Asian Global Business Services (GBS) centre in Penang by the end of this year.

The GBS centre will handle all finance and administration matters that require access to Asian markets.

Swarovski executive vice-president of global operations (finance and administration) Marcel Angst said Penang was selected after a thorough evaluation process.

“The authorities have been highly professional and engaged in their support for us. This has created a solid foundation for a long-term commitment,” he said in a statement today.

Outsourcing Malaysia, the industry association, projected that Malaysia’s GBS sector would see a compounded annual growth rate of 10%-15% in the next three years.

According to Malaysia Digital Economy Corporation, GBS companies with MSC Malaysia status recorded a total revenue of RM18.4 billion in 2016.


(From left) Wojciech Krygowski, Managing Director Swarovski GBS Hub &; Spokes, Loo Lee Lian, CEO investPenang and Gagandeep Singh, Managing Director Swarovski GBS Centre Penang.

The Malaysian Investment Development Authority, in its 2016 report on investment performance, listed Penang in second place after Kuala Lumpur in investments for Global Establishments for Services or “Principal Hub”, with an investment value of RM4.1 billion.

Meanwhile, Swarovski GBS Hub & Spokes managing director Wojciech Krygowski said career opportunities also awaited locals when its Penang GBS centre opens.

“Our scope of activities in Penang will include a growing number of multi-functional processes and services, jointly operated with all the other parts of our global service network”, he said.

State investment promotion agency investPenang said Swarovski’s entry into Penang was a proud moment, as it was shortlisted among many other locations before Penang was selected.

investPenang CEO Loo Lee Lian said Swarovski had shortlisted 10 other places in the region but chose Penang to establish their “Pan Asian GBS centre”.

Swarovski designs, manufactures, and sells crystals, genuine gemstones, created stones, and finished products such as accessories and lighting solutions.

Swarovski is run by five fifth-generation family members and has a global reach with approximately 2,800 stores in around 170 countries and more than 27,000 employees. Its revenue in 2016 was approximately 2.6 billion euros.

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Source: Free Malaysia Today