Penang: Penang’s six-day investment promotion mission to Japan has enhanced trade and investment linkages while reinforcing the state’s position as a key hub for high-tech industries.
According to BERNAMA News Agency, the mission was led by Penang Chief Minister Chow Kon Yeow and a delegation from InvestPenang. Held from February 16-22, the mission included fruitful discussions with 15 Japanese corporations aimed at fostering future collaborations and investments.
A statement issued by the Chief Minister’s office indicated that the meetings focused on topics crucial to Penang’s industrial growth, such as advancing infrastructure projects in transportation and utilities to accommodate the requirements of expanding businesses.
The discussions also addressed global supply chain shifts and the rise of artificial intelligence (AI), which are increasing demand for Japanese-made equipment and the adoption of environmental, social, and governance (ESG) practices.
In the initial three days, Chow and the delegation visited existing and potential investors in Tokyo and Kyoto, including Toray, Advantest, Pentax Medical, Renesas, Kobelco, Panac, Japan Lifeline, Canon Electronics, Iwata, Towa, Kyocera, and muRata.
The delegation later traveled to Kumamoto for the remaining two days, where they visited Meistier Corp, Preceed Corp, and Hirata Corp. InvestPenang participated as an exhibitor at the Kumamoto Industrial Revitalisation Expo on February 20-21, presenting Penang’s investment opportunities and showcasing the state’s offerings, strategic initiatives, and thriving industrial landscape as a premier investment destination.
Chow and the delegates also paid a courtesy visit to the Governor of Kumamoto Prefecture, Takashi Kimura. During the meeting, Chow and Kimura exchanged views on the semiconductor industry and explored potential collaboration opportunities to enhance industry resilience and long-term growth for both regions.
The statement noted that this investment promotion mission to Japan reaffirms Penang’s commitment to fostering strong economic ties with Japanese investors while positioning the state as a key hub for high-tech industries. Dubbed as the ‘Silicon Valley of the East’, Penang attracted investments totaling RM31.38 billion in 2024.