Stronger investor ties, expansion opportunities following delegation’s 10-day trip to US, says Penang CM’s office
15 Aug 2024
Penang Chief Minister Chow Kon Yeow and delegates from InvestPenang have concluded a 10-day investment and trade mission to the US, strengthening ties with American investors, and offering insights into the future of artificial intelligence (AI) and new technologies.
According to a statement issued by the chief minister’s office, the mission, which was held from Aug 4 to 14, involved a total of 22 official strategic meetings and site visits aimed at encouraging the expansion of the US companies’ Penang operations, and to attract new investments into the state.
“During the meetings, key discussions revolved around the transformative impact of AI across critical sectors, with previews of its potential applications and innovations.
“The dialogues highlighted Penang’s strategic importance in the global supply chain, particularly in light of current geopolitical tensions,” the office said.
In addition, the discussions also underscored the exceptional capabilities of Penang’s talent pool in sustaining and enhancing the local ecosystem.
Notably, the office said there was a strong emphasis on the urgent need for renewable energy adoption and Penang’s strategic direction towards environmental, social, and governance principles.
According to the statement, the first four days were spent in San Jose, where the delegation visited companies such as MKS Instruments, Brooks Instrument, Lattice Semiconductor, AMD, Synopsys, Efinix, Agilent, Coherent, SambaNova and Western Digital.
The delegation then travelled to Seattle, San Diego and Los Angeles for the remaining six days, where they met with Centific, Monolithic Power Systems, Dexcom, Cohu, UST, TTM Technologies, Mattel and potential investors.
“This mission to the US not only offered better insights into the future of AI and new technologies engaged by existing and potential investors, but also served as a significant step towards reinforcing our existing partnerships and laying the groundwork for future growth.
“The collaborative efforts and feedback gathered during this trip will undoubtedly strengthen economic ties, and ensure continued prosperity for both Penang and our international partners,” the office added.
Source: Bernama
