OPENING OF BOSTON SCIENTIFIC GLOBAL DISTRIBUTION CENTER
SPEECH BY YAB TUAN CHOW KON YEOW
THE CHIEF MINISTER OF PENANG
OPENING OF BOSTON SCIENTIFIC GLOBAL DISTRIBUTION CENTER
14 November 2022 | Boston Scientific, Batu Kawan
Dato’ Seri Lee Kah Choon
Special Investment Advisor to the Chief Minister of Penang
Datuk Wira Arham Abdul Rahman
Chief Executive Officer of Malaysian Investment Development Authority (MIDA)
Dato’ Loo Lee Lian
Chief Executive Officer of InvestPenang
En. Muhammad Ghaddaffi bin Sardar Mohamed
Director of MIDA Penang
Mr Stephen Morse
Senior Vice President and President, Asia Pacific, Boston Scientific
Mr Paudie O’Connor
Senior Vice President, Global Supply Chain, Boston Scientific
Mr Fearghal Hennessy
Vice President, Penang Operations, Boston Scientific
Mr Jason Khoo
Senior Director, Asia Pacific Supply Chain, Boston Scientific
Boston Scientific leadership team,
Distinguished guests,
Members of the media,
Ladies & gentlemen.
A very good morning to all of you.
Firstly, I would like to start by thanking Boston Scientific for inviting me to the opening ceremony of its global distribution centre here in Batu Kawan, Penang. I wish to congratulate the company and all involved in turning this great plan into reality.
In 2017, the first Boston Scientific manufacturing facility in Asia was opened in Penang. Today, the state is proud to be selected as the location for the company’s first global distribution centre in the region. Boston Scientific Penang is now an Operations Hub - consisting of a manufacturing plant, a global distribution centre, an international trading entity and multiple functional Centres of Excellence.
With the new expansion, Penang will now become a key node in Boston Scientific’s global supply chain network, improving its global supply chain resilience and agility in responding to the dynamic business environment in Asia Pacific.
Notably, the expansion of Boston Scientific will create new job opportunities, especially for knowledge-intensive regional roles, such as capital equipment technical engineers, regional logistics, planning, customer care and regional programme management.
Penang is pleased to see the emergence of players along the medical device industry. The increased robustness of Penang's well-developed industrial ecosystem has enabled industry players to use it as a springboard to thrive. This expansion has greatly demonstrated the dynamic and supportive ecosystem that the state holds, which enables companies to deepen their roots and widen their portfolios in Penang and across Asia.
Ladies & gentlemen,
Penang is a hub for medical device industry in this region, having the highest concentrations of medical technology companies in Malaysia and Southeast Asia.
In terms of investment performance, the state outperformed itself by attaining an all-time high of RM76.2 billion in total approved manufacturing investments in 2021. Foreign Direct Investments (FDI) accounted for 98% of total investment inflows, making Penang the top manufacturing FDI recipient in Malaysia. Penang was once again among the top contributors to the country from January to June 2022, with RM7.9 billion in approved manufacturing investments.
On the trade front, Penang topped the nation’s export list with an all-time high export value of RM354 billion. Among which, E&E products and medical devices made up about 80% of the state’s total exports. From January to September 2022, Penang’s export value climbed 32% year-on-year to RM337 billion, representing 29% of the country’s total, while at the same time, recording a trade surplus of RM92 billion, representing 49% of the country’s total.
I am pleased that the state’s growing reputation as a medical device manufacturing hub with competitive costs and established infrastructure has further solidify the company’s selection for expansion. This, coupled with our strong emphasis on sustainability and the availability of future proof talent pool, have rendered us the capacities and capabilities to support the needs of industrial players’ next generation technologies and growth strategies.
Ladies & gentlemen,
Penang has been successful in its transformation journey for the past decades. Celebrating the 50th anniversary of Penang's industrialisation this year, I am particularly proud to witness the inflow of strategic investments from existing investors like Boston Scientific.
Rest assured that the state, via InvestPenang and other agencies, strives to uphold our competitive edge, which is buoyed by 50 years of excellence, towards greater potential going forward.
Above that, Penang is most proud that our conducive environment not only allows industry players to participate and to thrive but, at the same time, enables them to jump on the sustainability bandwagon, where we have witnessed a growing number of companies making true commitments to environmental stewardship, social inclusivity and ethical governance.
On this note, I understand that Boston Scientific has implemented multipronged sustainability initiatives that not only exemplify its outstanding corporate citizenship, but also serve as yardsticks for others to follow suit. We look forward to an increase in sustainability programmes among the industry players in Penang.
With that, I hereby with great pleasure, officiate the official opening of Boston Scientific. My best wishes to all.
Thank you.