Penang Chief Minister Chow Kon Yeow is leading an investment promotion mission to Japan, a crucial initiative aimed at bolstering the state’s economic ties with one of its key investors. The mission, which includes representatives from InvestPenang, is set to run from February 16 to 22.
The primary objectives of the mission are to renew and strengthen relationships with the corporate headquarters of Japanese investors already present in Penang, as well as to encourage the expansion of their existing operations and attract new investments. Chow Kon Yeow emphasized, “The objectives are to renew ties and forge relationships with the corporate headquarters of Japanese investors in Penang. This effort aims to encourage the expansion of their Penang sites and attract new investments.”
The delegation will engage in a series of meetings and site visits with Japanese investors in Tokyo, Kyoto, and Kumamoto. Kumamoto, known as “Silicon Island” due to its significant concentration of semiconductor industries, is a key focus area for this mission. InvestPenang will also participate as an exhibitor in the Kumamoto Industrial Revitalization Expo, scheduled for February 20-21, to showcase Penang’s strengths and innovations in the semiconductor, electrical and electronics (E&E), equipment, and medical devices sectors.
Chow Kon Yeow highlighted the importance of this mission in promoting Penang as a prime and resilient investment location. He stated, “This mission is a valuable opportunity to showcase Penang’s strengths, innovations, and commitment to being a resilient and sustainable investment location.”
The mission also aims to update Japanese companies on the latest developments and opportunities in Penang, including recent advancements in infrastructure and policy changes designed to facilitate investment. This is particularly relevant given Malaysia’s broader efforts to enhance its semiconductor sector, for which more funding is deemed necessary to remain competitive with neighboring countries.
By enhancing visibility and promoting Penang’s investment opportunities, the mission aligns with the state’s broader economic strategy, particularly in the context of the National Semiconductor Strategy (NSS), which requires significant funding to achieve its goals.
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