INV NEW MATERIAL TECHNOLOGY (M) SDN BHD GROUNDBREAKING CEREMONY
SPEECH BY YAB TUAN CHOW KON YEOW
THE CHIEF MINISTER OF PENANG
INV NEW MATERIAL TECHNOLOGY (M) SDN BHD GROUNDBREAKING CEREMONY
29TH NOVEMBER 2023
PENANG TECHNOLOGY PARK @ BERTAM
Mr. Zhou Youbin
Consul General of China in Penang
中国驻槟城总领事，周游斌
Mr. Sivasuriyamoorthy Sundara Raja
Deputy Chief Executive Officer of MIDA
马来西亚投资发展局副总执行长，西瓦苏里阿慕迪
Dato’ Loo Lee Lian
Chief Executive Officer of Invest Penang
Mr. Chen Xiufeng
Chairman of Shenzhen Senior Technology Material Co.,Ltd
深圳市星源材质科技股份有限公司董事长，陈秀峰
Distinguished guests,
Members of the media,
Ladies and gentlemen,
Good morning.
It is an honour to join all of you here today for the groundbreaking ceremony for INV New Material Technology (M) Sdn Bhd's new facility in Penang Technology Park @ Bertam. I would like to extend my warmest congratulations to the INV and its parent company, Shenzhen Senior Technology Material Co Ltd., a global leader in lithium battery separators for achieving this significant milestone.
INV will be the first lithium separator factory in the ASEAN region. With a total investment of RM6.4 billion, this project will be rolled out in two phases and is designed to produce a staggering four billion square meters of coated and wet-type separators annually. Spanning over 66 acres with a total building area of approximately 400,000 square meters, INV is poised to become the largest production base for low-carbon separators in ASEAN and aspires to become a key player in the global supply chain for the industry.
The lithium-ion battery separator industry, known for its dynamism, aligns seamlessly with Penang's core economic activities. Penang is indeed proud to be the chosen location for INV, which also signifies the confidence that foreign investors have placed in Penang. Often lauded for its well-developed industrial ecosystem, Penang has the capacities and capabilities to support the needs of industrial players in next-generation technologies and growth strategies. I am optimistic that INV will reap a myriad of benefits from its operation in Penang, the Silicon Valley of the East.
Ladies and gentlemen,
The significance of Penang on the global scale is well attested, buoyed by our significant role in the E&E industry, which accounted for over 5% of the global semiconductor sales over the past few years.
As the economic powerhouse of Malaysia, Penang topped the nation's list in 2021 with export value of RM354 billion recorded. The external trade momentum has persisted into 2022, reaching an all-time high of RM463 billion, representing 30% of the country’s total. In particular, 74% of the said amount is contributed by E&E, represented nearly 60% of the country’s E&E total.
In terms of investment performance, the state has garnered RM13.7 billion in total approved manufacturing investments in 2022, of which foreign direct investments (FDI) contributed 71% of the total investment inflows. In the first half of 2023, Penang is the third highest contributor for the country’s approved manufacturing investments. The RM4.3 billion recorded in January to June 2023 comprises 67 manufacturing projects, which is estimated to create 4,738 new job opportunities in the state.
As we celebrate these achievements, it is crucial to note that the Penang State Government remains dedicated to continuous improvement. To cement Penang’s position as a hub for advanced manufacturing, the State Government has placed a special emphasis on attracting companies with strong commitments in developing cutting-edge technologies and sustainable investing.
In line with the industry growth, Penang is also placing strong emphasis on sustainability. As such, we are most proud that our conducive environment bodes well for the industry players here as we have witnessed many of them making true commitments to environmental stewardship, social inclusivity and ethical governance. I am pleased to note that Penang Technology Park @ Bertam is designed with sustainability in mind. The park is committed to providing eco-friendly energy options, reinforcing Penang's commitment to a greener and more sustainable future.
The lithium-ion battery separator industry, with its ties to renewable energy and electric vehicles, aligns perfectly with Penang's goals for a greener and more sustainable future. We expect INV to incorporate environmentally friendly practices in their operations, contributing to our shared vision of a sustainable and eco-conscious industrial landscape.
Ladies and gentlemen,
Sustaining a dynamic ecosystem equipped with the capacities and capabilities to support the needs of industrial players’ next generation technologies and growth strategies is the utmost priorities of the Penang State Government. Most importantly, we acknowledge that incorporating tripartite Public-Private and People partnership is crucial in pathing the way to becoming a high-income economy and creating quality jobs.
I was made to understand that the chronology leading up to INV investment in Penang was initiated by various discussions between INV and relevant stakeholders, including InvestPenang. It is important to note that, INV is the first major foreign direct investment landed in the private industrial park.
The State, via InvestPenang and other relevant state agencies, is committed to provide continuous facilitation and support to strategic investment in both state-developed and private industrial parks. Above that, we will elevate Penang’s liveability stature and remain dedicated to developing future-proof infrastructure and ramping the talent supply. All of which are poised to ensure a sustainable investment ecosystem in Penang.
In conclusion, I extend my heartfelt congratulations once again to INV. We eagerly anticipate a strong partnership, working together to accelerate Penang's industrial development, solidifying our status as the Silicon Valley of the East, and ensuring beneficial economic spillovers for Malaysia.
Thank you.