Penang on its way to becoming the MedTech Hub of Asia as it continues to draw in investors
Penang is set to become the MedTech Hub of Asia as the state’s exports in professional, scientific and controlling instruments and apparatus including medical devices continue to rise.
According to InvestPenang, Penang’s exports in medical devices make up about 65 per cent on average of Malaysia’s total in the MedTech industry between 2017 and 2021.
“Apart from Puerto Rico, Costa Rica and Ireland, Penang is fast becoming another global Medtech investment destination,” said Special Investment Adviser to the Chief Minister of Penang, Datuk Seri Lee Kah Choon.
He said this is due to Penang’s availability of trained talents and its competent supply chain.
Currently, the northern state, known as the Silicon Valley of the East, is home to six out of the 30 top global medical device companies which is the highest number of MedTech companies in Southeast Asia.
Between 2017 and 2021, Penang has garnered RM7 billion in approved manufacturing investments in scientific and measuring equipment, which makes up 70 per cent of the country’s total investments in the sector.
Penang has consistently attracted high manufacturing investments from both local and foreign corporations, especially in the electronics and electrical (E&E) sector.
The state has garnered a total of RM149 billion approved manufacturing investment over a 10-year period between 2012 and 2021, recording its all-time high of RM76 billion in 2021.
Penang continued to attract investors last year by recording RM13.7 billion in approved manufacturing investments which makes up 16 per cent share in the whole country’s approved manufacturing investments.
Among the investment projects approved included those by TF AMD, Boston Scientific, as well as homegrown companies like Greatech Integration and Inari Technology.
In the first quarter of 2023, Penang is the second highest contributor among all states by recording RM3.2 billion, out of which RM2.3 billion are foreign direct investments (FDI).
Penang has also remained as Malaysia’s top exporter by contributing 29.9 per cent which amounted to RM463.3 billion in 2022, out of which RM187.8 billion is its integrated electronic circuits.
Kah Choon attributed the high investments in Penang to its strong manufacturing ecosystem and business-friendly culture.
“All government agencies work closely to implement investment projects within budget and within the timeline,” he said.
“The successful investments that have landed in Penang have been our strong ambassadors as well,” he added.
The Federation of Malaysian Manufacturers (FMM) Penang chairman Datuk Lee Tiong Li said Penang’s excellent infrastructure played a role in attracting investors to the state.
“The state has continuously improved and expanded its manufacturing parks to cater for future expansions and investments,” he said.
The semiconductor industry is experiencing a slight slowdown this year, according to Tiong Li, but the other sectors such as the medical and automotive industries continue to experience growth.
“We hope it will pick up by the fourth quarter or early 2024,” he said.
The slight slowdown is normal due to the cyclical nature of the industry, according to Datuk Seri Ooi Eng Hock, FMM Penang’s immediate past chairman.
Ooi, who is also the chairman of a non-governmental organisation, Persatuan Kebajikan 88 Kapten Pulau Pinang (88 Captains), said this will be the time for the industries to continue to train its workforce.
“They won’t be able to train their workforce when they are busy so now is the perfect time to do it,” he said.
He said the availability of highly skilled talents in Penang is one of the main contributing factors that investors sought to set up plants here.
“The state government has been seriously looking into developing local talents to meet industry demands over the past 10 years,” he said.
He said the state’s programmes such as its Penang Future Foundation, Penang Tech Dome and Penang i4.0 Seed Fund have contributed towards developing local talents for the industries.
Apart from attracting investments, Penang has also outperformed the country’s gross domestic product (GDP) growth by recording 13.1 per cent to be followed by Selangor (11.9 per cent), Pahang (10.8 per cent) and Kuala Lumpur (9.2 per cent).
According to Caretaker Penang chief minister Chow Kon Yeow, Penang has bounced back really well after the challenges of the Covid-19 pandemic in 2019 and 2020.
He said Penang is a highly attractive investment destination that is supported by a strong ecosystem and highly-qualified talent pool.
“The state’s resilient economic performance in the past five years, despite the pandemic, is proof of the investors’ confidence in the state,” he said.
Source: MalayMail.com
whats the used, infrastructure for traffic is worst in Penang anyways
@MajorArches
The huge amount of money from years of selling land to developers doesn’t go into building infrastructure for Penang.
itu bypass highway apa itu?
@Minion
If we count from 2008 do you realize how little is done in 15years? Compare to how many Condo/landed sold?
to be honest, penang traffic jam is considered quite ok actually. With another few major highways linking air itam to penang bridge area, that will further enhance connectivity. My observation is, the problem with penang is usually very slow infra work progress. Example Gurney Wharf, delay, delay, and further delays! Also, although a big portion of PORR in tanjung tokong is already completed, but due to just bits and pieces of linkages missing, it is basically still useless, although we can already see big jams along tanjung tokong road during holidays/long weekends. So the productivity of state gov is still very low. If not for super cheap engineers available in penang, no foreign investment would come in.
Understand that more people are coming to Penang as we offering good job opportunity and attracting talent.
But the traffic and infrastructure cannot chase up the demand at all, what do we call this other than fail planning?
Not like we got LRT, you can blame people for not using public transport instead of the car which caused the majority of jams. But do we?
Year after year you can see a lot of Penang property posts saying we getting what hub or any MNC is coming to invest, offering 3000 quality jobs something something, what do you think these “quality job” employee transport with? easy math of pure adding 3000 car into our daily traffic.
They start encouraging people to move on to Batu Kawan as the next satellite city and future development, huge migration to Batu Kawan after covid in 2020 but the earliest petrol station only opened last week near Batu Kawan Stadium.
In 2023 only they realize FTZ4 did not much of food options and major small companies actually don’t have a canteen, we even got a problem with lunch because of too much traffic and car. Then they decided to allow for the building public canteen/foodcourt near Pentamaster.
Don’t you think we are very slow in everything until a level that doesn’t make sense at all? we are not Kelantan here.
@Islander
lol you must be kidding.
@Islander
Well said.
Good urban planning need some city life elements.
Eg, new and pre existing land, buildings, roads, communal spaces, transportation, economic development, infrastructure and the environment, among others.
All this we need experts to well plan and implement.
Till today, we hardly see any above mentioned elements being successfully carried out in Penang.
We are very far behind if compare to neighbor countries.
@Islander
That’s the reason why Batu Kawan property become hot cake recently, the future is more brighter over there, at least the city can developed in better ‘well plan’ manners compared to inside island that crowded with all condos in the same area and yet the traffic problem like shit.. Perhaps Balik Pulau can be another heaven waiting to be developed which took decades~
And Penang doesn’t get infrastructure is not because of the same party, but the central government, easily can see now we got LRT approved, hopefully more to come in future~ So vote wisely~
@Saber
True. Batu Kawan is very much better as many projects are well planned unlike Island fully crowded with heavy jam.
It’s feeling better life in Batu Kawan than Island.
For us like working class we can work in Bayan lepas but still Batu Kawan better place to stay. Nothing much attractive project or world class project in Penang now. Everyone just maximize for profit. In Batu Kawan you may get spacious & better price property & definitely appreciation in future all will shoot up to million. Just keep the word & see in next 5 to 10 years.
@Saber
I agree Batu Kawan is a new clean slate city to start with.
But I doubt it is well planned, where is the LRT station reserve land if really so called well planned?
The solution for jam in front of Hotayi is extend the jam to Micron?
Still no smart traffic light observed ya so far in Batu Kawan, no car incoming but still need to wait for traffic light.
@hahaha
Ya just kidding, Penang negara maju what unlike Kelante. No such thing as fail planning, traffic jam is absolutely normal in first world country.
LRT station in Batu Kawan maybe I only can see it in my next life.. XD Yet not to mentioned will LRT really solve the traffic jam in island? KL will be a good example as reference. My ‘well plan’ means at least the road and land layout looks systematic compared to island those high-rise projects that comes out from a free lot somewhere in the middle of a packed city~
Indeed the Hotayi-Micron jam is a fail planning, that’s really specific, but such example can be found easily in tons in island which really drive you crazy.. Perhaps smart traffic light can be implemented in more places which will helps a lot..
This platform only discuss about property not political views
@Hemsley
Batu Kawan is really similar as or kind of a shadow of Bayan Baru now
so Bayan Baru property now worth million? a little over maybe, but definitely there’s an appreciation compared 10/20 years ago
@tualampah
Agree with you at the very last statement