GEORGE TOWN: Prime Minister Datuk Seri Anwar Ibrahim is set to launch the ‘Penang Silicon Design @5km+’ initiative today, aimed at driving economic growth through the development of the integrated circuit (IC) design industry in Penang, in line with the National Semiconductor Strategy (NSS).
Anwar, who is also Finance Minister, will launch the GBS TechSpace as the Silicon Research and Incubation Space, a key component of the initiative, during the ceremony in Bayan Lepas at 9 am.
The event will also witness the memorandum of understanding (MoU) signing ceremony between InvestPenang, strategic partners and incentive recipients and the unveiling of new investors under the Penang Silicon Design @5km+ initiative.
The initiative seeks, among others, to make Penang a leading global hub for IC design, thus strengthening Malaysia’s position in the international semiconductor ecosystem, developing a dynamic and conducive ecosystem and supporting infrastructure, creating high-value job opportunities and attracting foreign direct investments.
The Penang’s transformation initiative encompasses three main components, namely the Integrated Circuit Design and Digital Park, the Penang Chip Design Academy, and the Silicon Research and Incubation Space.
According to InvestPenang, incentive schemes have been introduced to attract IC design companies to establish and expand their operations in Penang, offering subsidies of up to RM2 million annually for three years to eligible local and foreign IC design firms.
Chief Minister Chow Kon Yeow previously said that the initiative is projected to attract investments worth RM120 million over the next five years, with the state government allocating RM60 million to support the programme.
Currently, 28 local and foreign firms in the IC design sector are operating in Penang.
Following the launch of Penang Silicon Design @5km+, Anwar will continue his working visit to the state, including attending the MADANI Cheapest Sales at Jalan Kampung Masjid Timah, Permatang Pauh and visiting CG Global Profastex Manufacturing Sdn Bhd in Seberang Perai Tengah.
He will also officiate at the Penang International Halal Trade Expo at the Gravitas parking lot, Jalan Baru, Perai.
