GEORGE TOWN, July 29 — Penang has been receiving more inquiries from Chinese companies interested to invest here in the past year, said Penang Chief Minister Chow Kon Yeow.

He said many companies from China are looking towards investing in South-east Asia, including Penang and Malaysia.

“At the moment, we do not see big numbers of successful investments yet, but we have received a lot of inquiries,” he said during a press conference to announce the 2024 Asia-Pacific Semiconductor Summit and Expo this October.

He said it is possible that companies in China are cautious about bringing their investments outside their home country as it involved capital outflow.

“We are ready to accept and witness a surge in inquiries, there are some successful cases as well,” he added.

Malaysia Semiconductor Industry Association (MSIA) president Datuk Seri Wong Siew Hai said it is possible that there is a surge in inquiries in Penang and Malaysia due to the existing ecosystem here.

“We want companies that can add value to us and strengthen our ecosystem,” he said.

Wong said there are many companies in China in technology sub sectors that Malaysia doesn’t have.

“China has a lot of such sub sector technologies that can enhance our ecosystems,” he said, explaining the sub sector included materials, interface, semiconductor and insulation layer.

“These sub sectors will be able to fill in the gaps in the local supply chain,” he said.

He said Chinese companies are keen to invest in Penang and Malaysia in many ways.

“Some are keen to invest, to collaborate, to co-invest, and some to outsource, depending on what each company wants to do,” he said.

China Electronic Production Equipment Industry Association (CEPEA) branch secretary general Steven Huang agreed that China companies are interested to collaborate and invest in Malaysia and Penang.

He said it is CEPEA’s hope to promote friendship and mutual collaboration between China and Malaysia and also other countries in the Asia Pacific region in the upcoming 2024 Asia-Pacific Semiconductor Summit and Expo.

This is the first time that CEPEA is partnering with MSIA with the support of the Penang state government to hold the two-day international conference from October 16 to 18 in Penang.

Wong said CEPEA decided to hold the conference in Penang after surveying the whole country and due to the significant presence of the E&E and semiconductor industries in Penang.

“They want to hold it here to broadcast to the world about China’s interests and to show their presence in the Asia Pacific,” he said.

He said the conference will be a crucial platform for stakeholders, not only for Penang but also Malaysia.

“It is hoped more collaborations will result from it and a spillover effect into the ecosystem,” he said.

The conference, themed “Gathering in Penang, Inspiring Asia Pacific Semiconductor Industry” will be held at Spice Convention Centre here.