Bosch, German-based engineering and technology company, plans to invest RM1.62 billion in phases within the next decade in its operations here to strengthen the global supply chain for semiconductors.

Member of the Bosch Mobility Sector Board, Klaus Maeder said the long-term investment is a testimony to the company’s commitment towards Malaysia.

“One of the reasons why we are confident in investing heavily to set up our operations here is the existing semiconductor ecosystem, as our suppliers and many other semiconductor players are also here.

“Semiconductors are key to the success of all Bosch’s business areas and the Penang back-end site is a key component in our growth strategy in the mobility sector as we respond to the increased demand for semiconductors,” he said.

He said this during a press conference after the opening ceremony of Bosch’s Semiconductor Back-End site here yesterday.

Also present was Penang Chief Minister Chow Kon Yeow; Malaysian Investment Development Authority (MIDA) chief executive officer (CEO), Datuk Arham Abdul Rahman; special adviser to the chief minister of Penang, Datuk Seri Lee Kah Choon; and InvestPenang CEO Datuk Loo Lee Lian.

Maeder emphasised that the company chose to invest in Penang for its high level of semiconductor knowledge and skilled workforce, while the close proximity to business partners and customers here would shorten delivery times and distances for the chips.

He said the back-end site, which currently spans over 18,000 square metres, is one of Asia’s most advanced semiconductor backend sites for the final testing of its automotive chips and sensors.

The facility would systematically reinforce Bosch’s semiconductor business and manufacturing footprint to meet global chip demand.

Meanwhile, Bosch Malaysia managing director, Klaus Landhaeusser said Malaysia is an important hub in Bosch’s global semiconductor supply chain, accounting for around 13 per cent of the global back-end production.

“We are expanding the local semiconductor ecosystem further and reinforcing our commitment in Malaysia amid our 100-year celebration.

“Our new facility in Penang brings Bosch’s global manufacturing network closer to outsourced semiconductor assembly and test vendors in the region as well as to our automotive customers in the Asian market,” he added.

The new Penang facility is expected to employ up to 400 associates by mid-2030.

With a total of 4,200 associates and nearly RM400 million worth of investments in Malaysia as of Dec 31, 2022, Penang is home to the largest number of manufacturing facilities in a single country for Bosch in South-east Asia.

Source: Bernama

Enovix Corporation (Enovix) an advanced silicon battery company, and YBS International Berhad (YBS), a Malaysia-based investment holding company will hold an official signing ceremony later today (Aug 1), to commemorate its new manufacturing facility in Penang Science Park.

The event will include welcome addresses by the Minister of Investment, Trade and Industry, Tengku Datuk Seri Zafrul Abdul Aziz; Chief Minister of Penang, Chow Kon Yeow; Enovix Chief Operating Officer, Ajay Marathe; and, YBS Chief Executive Officer, Jackie Yong Chan Cheah.

“We are thrilled to announce this significant milestone in our journey to scale. In addition to working with YBS, we look forward to collaborating with MIDA, the Northern Corridor Economic Region and InvestPenang to include an investment incentive, which will support our long-term goals in Malaysia,” said Marathe in a statement.

Enovix is on a mission to power the technologies of the future. Its disruptive architecture enables a battery with high energy density and capacity without compromising safety.

Source: Bernama

About Sactuary Terrace

A residential development by IJM Land at Alma in Bukit Mertajam. Located on 8.9 acres of land along Jalan Santuari 2, about a 20-minute drive to both Penang bridges. Nearby amenities include AEON Mall, Tesco Hypermarket, eateries, schools and banks. This development will offer 95 units of 2-storey terrace houses.

Find out more about Sanctuary Terrace

A total of 20,000 first-time house buyers will benefit from the government guarantees of up to RM5 billion provided through the Housing Credit Guarantee Scheme under Syarikat Jaminan Kredit Perumahan (SJKP).

Local Government Development Minister Nga Kor Ming said through the improvement, which provides financing guarantees of up to 120 per cent, more people will get the opportunity to own homes.

He said the scheme is part of a financing programme under the collaboration between the Ministry of Local Government Development and the Ministry of Finance to help people with no fixed income such as gig economy workers, business owners, traders or small entrepreneurs who want to buy a house.

He said this at the ground-breaking ceremony of the Rumah Selangorku project by Kumpulan Berjaya in Subang on Friday.

Prime Minister Datuk Seri Anwar Ibrahim at the launching ceremony of the Madani Economy: Empowering the People initiative yesterday, announced that the government will improve the scheme by providing a financing guarantee of up to 120 per cent of the house price, valued up to RM300,000.

Anwar said it would enable all home ownership costs to be covered through the loan, including the principal amount, legal fees, appraisal, and insurance fees as well as the purchase of furniture and renovation costs.

Nga said according to SJKP data, as of January 31 a total of 6,808 loans were approved under the scheme and of that number, 65.11 per cent or 10,945 successful applicants were in the age range of 35 years and below.

Source: Bernama

Penang is set to become the MedTech Hub of Asia as the state’s exports in professional, scientific and controlling instruments and apparatus including medical devices continue to rise.

According to InvestPenang, Penang’s exports in medical devices make up about 65 per cent on average of Malaysia’s total in the MedTech industry between 2017 and 2021.

“Apart from Puerto Rico, Costa Rica and Ireland, Penang is fast becoming another global Medtech investment destination,” said Special Investment Adviser to the Chief Minister of Penang, Datuk Seri Lee Kah Choon.

He said this is due to Penang’s availability of trained talents and its competent supply chain.

Currently, the northern state, known as the Silicon Valley of the East, is home to six out of the 30 top global medical device companies which is the highest number of MedTech companies in Southeast Asia.

Between 2017 and 2021, Penang has garnered RM7 billion in approved manufacturing investments in scientific and measuring equipment, which makes up 70 per cent of the country’s total investments in the sector.

Penang has consistently attracted high manufacturing investments from both local and foreign corporations, especially in the electronics and electrical (E&E) sector.

The state has garnered a total of RM149 billion approved manufacturing investment over a 10-year period between 2012 and 2021, recording its all-time high of RM76 billion in 2021.

Penang continued to attract investors last year by recording RM13.7 billion in approved manufacturing investments which makes up 16 per cent share in the whole country’s approved manufacturing investments.

Among the investment projects approved included those by TF AMD, Boston Scientific, as well as homegrown companies like Greatech Integration and Inari Technology.

In the first quarter of 2023, Penang is the second highest contributor among all states by recording RM3.2 billion, out of which RM2.3 billion are foreign direct investments (FDI).

Penang has also remained as Malaysia’s top exporter by contributing 29.9 per cent which amounted to RM463.3 billion in 2022, out of which RM187.8 billion is its integrated electronic circuits.

Kah Choon attributed the high investments in Penang to its strong manufacturing ecosystem and business-friendly culture.

“All government agencies work closely to implement investment projects within budget and within the timeline,” he said.

“The successful investments that have landed in Penang have been our strong ambassadors as well,” he added.

The Federation of Malaysian Manufacturers (FMM) Penang chairman Datuk Lee Tiong Li said Penang’s excellent infrastructure played a role in attracting investors to the state.

“The state has continuously improved and expanded its manufacturing parks to cater for future expansions and investments,” he said.

The semiconductor industry is experiencing a slight slowdown this year, according to Tiong Li, but the other sectors such as the medical and automotive industries continue to experience growth.

“We hope it will pick up by the fourth quarter or early 2024,” he said.

The slight slowdown is normal due to the cyclical nature of the industry, according to Datuk Seri Ooi Eng Hock, FMM Penang’s immediate past chairman.

Ooi, who is also the chairman of a non-governmental organisation, Persatuan Kebajikan 88 Kapten Pulau Pinang (88 Captains), said this will be the time for the industries to continue to train its workforce.

“They won’t be able to train their workforce when they are busy so now is the perfect time to do it,” he said.

He said the availability of highly skilled talents in Penang is one of the main contributing factors that investors sought to set up plants here.

“The state government has been seriously looking into developing local talents to meet industry demands over the past 10 years,” he said.

He said the state’s programmes such as its Penang Future Foundation, Penang Tech Dome and Penang i4.0 Seed Fund have contributed towards developing local talents for the industries.

Apart from attracting investments, Penang has also outperformed the country’s gross domestic product (GDP) growth by recording 13.1 per cent to be followed by Selangor (11.9 per cent), Pahang (10.8 per cent) and Kuala Lumpur (9.2 per cent).

According to Caretaker Penang chief minister Chow Kon Yeow, Penang has bounced back really well after the challenges of the Covid-19 pandemic in 2019 and 2020.

He said Penang is a highly attractive investment destination that is supported by a strong ecosystem and highly-qualified talent pool.

“The state’s resilient economic performance in the past five years, despite the pandemic, is proof of the investors’ confidence in the state,” he said.

Source: MalayMail.com