THERE are presently only five India-based multinationals operating in Penang despite it being home to many digital and information technology specialists.
There is still large room to tap in luring the talent pool and multinational investors from India, said Penang Chief Minister Chow Kon Yeow.
He was speaking at the inaugural Penang - India Future Forward summit, which was organised through the office of Deputy Chief Minister II Jagdeep Singh Deo.
Chow said that the summit which drew 300 participants, can bring together visionaries, industry leaders, and policymakers to foster collaboration and innovation.
“Both India and Penang have long been recognised for their strengths in engineering, technological innovation, and manufacturing excellence.
“India, with its vast pool of engineering talent and world-class research institutions, has positioned itself as a formidable player in the global tech landscape," said Chow.
Penang, hailed as the ‘Silicon Valley of the East’, has played a critical role in the global semiconductor supply chain for over five decades now.
“By leveraging these national and regional initiatives, Penang and India can work together to develop a robust semiconductor ecosystem that supports design, fabrication, and advanced packaging technologies."
Chow called for greater collaboration between industries, universities, and government agencies.
Both sides can build a talent pipeline to sustain the rapid growth of this sector, ensuring our workforce is equipped with the necessary skills to meet the demands of tomorrow’s economy, Chow said.
Chow says Penang and India can leverage on their strengths to develop a robust semiconductor ecosystem.
Chow also mentioned that in 2023 and 2024, the state recorded over RM100 billion in approved private investments.
“Currently, Penang hosts only five Indian multinational corporations and we hope that this summit will spark greater interest from Indian investors to strengthen the industrial ecosystem together.
“India has much to leverage in its engagement with Malaysia and Penang, particularly as Malaysia holds the ASEAN regional chairmanship this year,” said Chow.
Jagdeep reaffirmed the state government’s commitment to strengthening the semiconductor sector.
He encouraged participants to maximise the summit’s opportunities by seeking partnerships to support their business ventures.
Penang is a small dot on the world map, yet the state contributes about six per cent of the world’s semiconductor products.
It is home to 450 multinational corporations and 6,500 small and medium enterprises (SMEs), with industries working together in a well-integrated ecosystem.
India's High Commissioner to Malaysia His Excellency B.N. Reddy spoke of Penang’s long-standing spiritual, cultural and historical connections with his country.
“There is no better place in Malaysia to accelerate this cooperation than Penang – a state that leads in innovation, excels in the semiconductor and electrical & electronics industries, and where manufacturing accounts for over 47% of the state’s economy."
With over a million Indian visitors to Malaysia last year, Reddy said the number is expected to increase following the diplomatic trip to India by Prime Minister Datuk Seri Anwar Ibrahim last year. - March 25, 2025.
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