SPEECH BY YAB TUAN CHOW KON YEOW

THE CHIEF MINISTER OF PENANG

AT THE GROUNDBREAKING CEREMONY OF

TTM TECHNOLOGIES

 25 April 2022

TTM Technologies, Penang Science Park North

Dato’ Haji Abdul Halim bin Haji Hussain

Penang State EXCO for Trade and Industry and Entrepreneurial Development

Ms. Lim Bee Vian

Deputy Chief Executive Officer (DCEO), Investment Development, of the Malaysian Investment Development Authority (MIDA)

Dato’ Loo Lee Lian

Chief Executive Officer of InvestPenang

Mr. Thomas T. Edman

President and Chief Executive Officer of TTM Technologies, Inc.

Mr. Phil Titterton

Executive Vice President and Chief Operating Officer of TTM

Technologies, Inc.

Distinguished guests,

Members of the press,

Ladies and gentlemen.

Good morning.

I am pleased to be here this morning at the groundbreaking ceremony of TTM Technologies’ first manufacturing plant in Penang, Malaysia. This plant focuses on advanced technology printed circuit board (PCB) manufacturing that serves TTM’s global commercial markets, which include networking/telecom, data centre computing, medical, industrial, and instrumentation. I wish to congratulate the Company and everyone involved for reaching this milestone today.

Strategically located at Penang Science Park North, TTM’s planned capital investment amounts to US$130 million (approximately RM550 million). The construction is expected to commence in May this year, which will take about 12 to 15 months before the pilot production, which is scheduled to begin in the second half of 2023. This investment is expected to create 800 jobs over a period of 3 years, in the manufacturing of advanced PCBs such as high layer count and High-Density Interconnect (HDI).

Ladies & gentlemen,

In 2021, the State recorded its all-time high of RM76.2 billion in total approved manufacturing investments, a record which significantly outpaced Penang’s past performances. In particular, 98% of the total investment inflows were contributed by foreign direct investments (FDI), firmly placing Penang as Malaysia’s top FDI recipient, accounting for 41% of the country’s total FDI.

In terms of trade performance, Penang’s exports climbed 14% year-on-year in 2021, reaching its all-time high of RM354 billion and making it the nation's highest contributor in exports. Notably, Penang’s exports are dominated by the electrical and electronic (E&E) products. We expect the strong trade momentum to continue in 2022.

To uphold Penang’s competitive edge, the State Government constantly ensures the provision of world-class infrastructure and skilled talent. Holding on to that, the State will elevate its liveability stature and continue its multi-faceted initiatives in developing the industrial land and ramping the talent supply, with the aspiration of harnessing greater possibilities.

Penang is widely regarded as one of the major players in the global semiconductor industry, particularly in the areas of assembly and test, as well as equipment manufacturing. Underpinned by its five decades of manufacturing excellence which has paved the way for sustainable industry development, the State is committed to further strengthen its industrial cluster.

With PCB and substrate being an emerging subsector in Penang, I am confident that the addition of TTM, being a key global leader in PCB, will sharpen the local talent’s capability in advanced PCB technology solutions.

Ladies & gentlemen,

Penang has been making significant progress in its industrialisation journey for the past decades. Celebrating the 50th anniversary of Penang’s industrialisation this year, I am particularly proud to see a new wave of strategic investments, anchoring the State’s position as a preferred investment destination.

I would also like to take this opportunity to express my appreciation to Malaysian Investment Development Authority (MIDA), InvestPenang and Penang Development Corporation (PDC) for their synergistic efforts in this project. The State, via InvestPenang, strives to bolster our efforts to outpace all investors’ expectations by providing continuous facilitation and utmost support along the journey.

My heartiest congratulation once again to TTM Technologies for this investment project in Penang. We welcome TTM to be part of Penang’s robust industrial ecosystem and I look forward to a long-standing relationship with TTM in the years to come.

Thank you.