Sunday, 05 May 2024
First phase slated for completion by year-end
GEORGE TOWN: Penang can soon boast of an Integrated Circuit (IC) Design and Digital Park by year-end.
Chief Minister Chow Kon Yeow said the two-phase project in Bayan Lepas would be fully completed by 2027.
It will further solidify Penang’s position as a preferred investment destination for businesses and entrepreneurs, he said.
“Encompassing 42.5ha in the Bayan Lepas Industrial Park, the project consists of two phases.
“The first phase involves the ongoing construction of two pioneering office buildings, Global Business Services (GBS) By The Sea and GBS TechSpace, with 350,000 sq ft of premium office space at a total cost of RM347mil.
“The second phase of the park involves the establishment of an additional building named GBS@TechnoPlex, which will cost about RM308mil and provide 500,000 square feet of space to the project.
“The park is specifically catered to housing high-impact activities including IC design, research and development, global business services, digital technology investments and a circular digital economy ecosystem,” he told a press conference at the Penang Development Corporation (PDC) headquarters in Bayan Lepas.
Chow, who is PDC chairman, also said yesterday that the park would have exceptional infrastructure, facilities and amenities, such as pedestrian-friendly walkways, bicycle lanes, park-and-ride facilities, dedicated space for outdoor recreational activities and a local eatery.
Construction of the project started early last year, with the first phase scheduled to be completed by the fourth quarter of 2024.
Chow said in signifying the state’s commitment towards a robust ecosystem for digital innovation, the state has previously established a series of GBS buildings, the first of its kind in the country, namely the GBS@Mayang and GBS@Mahsuri.
“With the digital economy projected to contribute 25.5% of Malaysia’s gross domestic product (GDP), Penang currently has 200 Malaysia Digital status companies, predominantly from foreign direct investments, showcasing Penang’s attractiveness in this sector.
“Specifically, Penang has attracted over 20 global IC design companies over the past 30 years such as Intel, Motorola, AMD, Microchip, UST Global, Siemens, Zebra, Lattice, Synopsys, Efinix and StarFive, creating high-value job opportunities,” he said.
Chow added that four more prominent global investors will be announced soon, but declined to divulge any further information.
He explained that manufacturing and services remain Penang’s twin engines of growth.
“Penang’s GDP recorded the fastest growth among all states in 2022, with a 13% year-on-year increase, at RM112bil.
“Particularly, the manufacturing and services sectors contributed 95% of the state’s total.
“Over the past five years from 2019 to 2023, Penang garnered nearly RM20bil of approved investments in the services sector, accounting for 9% of the state’s total approved investments,” he said.
Also present at the press conference were former Penang chief minister Lim Guan Eng, state local government, town and country planning committee chairman Jason H’ng, PDC chief executive officer Datuk Aziz Bakar and several state assemblymen.
