SPEECH BY YAB TUAN CHOW KON YEOW

CHIEF MINISTER OF PENANG

Investment Announcement of StarFive Technology Malaysia

19 February 2022

E&O Hotel, Penang

YB Dato' Haji Abdul Halim bin Haji Hussain

State Exco for Trade, Industry & Entrepreneurial Development

His Excellency Mr Lu Shiwei

Consul General of the People’s Republic of China in Penang

YBhg Dato’ Seri Lee Kah Choon

Special Investment Advisor to the Chief Minister of Penang

En Aziz bin Bakar

CEO of PDC

YBhg Dato’ Loo Lee Lian

CEO of InvestPenang

Mr Ong Chin Hu

Vice President & General Manager of StarFive Technology Malaysia

Distinguished guests, Members of the press

Ladies & gentlemen

Good morning to all of you.

It is an honour to be here this morning for the investment announcement of StarFive Technology Malaysia in Penang. Based in GBS@Mayang, StarFive Technology was established in May last year.

Over a span of 9 months, we are pleased to witness StarFive Technology’s expansion plan in Penang. StarFive Technology has won the China IC Unicorn Award in 2021. The company is also being recognized by ChinaVenture Investment Consulting Ltd as 100 Most Innovative and Growing New Economy Companies for the Year 2021.

 

I was made to understand that StarFive Technology Malaysia will invest an additional RM250 million for expansion over the next 5 years. My heartiest congratulations for the milestone achieved.

 

Penang, the Silicon Valley of the East, constantly places itself at the forefront of innovation, underpinned by 50 years of sustained excellence. Our conducive environment has undoubtedly created an avenue for the companies and the people to bank on and propel.

Attracting companies that focus on R&D-intensive activities is one of the state government’s top priorities for enabling Penang to be positioned as a global innovation hub. More importantly, we pledged to enhance Penang’s reputation as a destination of choice for career development.

Ladies & gentlemen,

The manufacturing and services sectors are the twin engines of growth for the State. In the year 2020, the manufacturing industry contributed 45% of Penang’s GDP while the service industry made up close to 50% of the total amount.

In terms of trade performance, in 2021, Penang’s exports climbed 14% year-on-year, reaching our all-time high of RM354 billion, hence cementing Penang’s position as the nation’s highest contributor in exports. Notably, Penang’s exports are dominated by the electrical and electronic (E&E) products.

 

The significance of Penang on the national and global scale is well attested, buoyed by its critical role in the E&E industry. In particular, Penang accounted for over 5% of the global semiconductor sales.

 

Being one of the most vibrant states in Malaysia, Penang is dubbed as the talent magnet in the northern region. We are proud of our established pool of talent that has expanded beyond mere processing to include research, design and development, underpinned by the cumulative intelligence and specialized skills.

Ladies & gentlemen,

As we are celebrating the 50th anniversary of Penang’s industrialization this year, I am happy to note that the State has successfully moved up the value chain as evident by the emergence of upstream solution providers. The State, via InvestPenang and PDC, remains committed to provide continuous support and facilitation for our investors here.

We will continue to spearhead the development of a sustainable ecosystem, proven by our decades of industrial excellence and quality workforce, towards attracting more high-quality investors and reaching greater heights in time to come.

My best wishes to all.

 

Thank you.