GEORGE TOWN: Penang returned from its investment and trade mission to the United States with a positive outlook for investment, especially in sectors driven by artificial intelligence (AI), data centres and other technology developments, said Chief Minister Chow Kon Yeow.
Penang is home to about 120 American firms, with the latest mission aimed at strengthening ties with existing US investors while attracting new investment to the state.
“I think I can conclude that it’s a very fruitful, positive outcome,” he told reporters after the Malaysia MedTech Industry Summit 2026 here today.
However, he cautioned that positive engagements did not translate into immediate investment commitments, as companies still needed to conduct studies and due diligence on Penang’s ecosystem and talent pool.
The mission to the US, organised by InvestPenang from Sept 28 to Oct 5, involved 16 official meetings and site visits in San Jose with companies and industry stakeholders including Agilent, Altera, AMD, Applied Materials, Cadence, Coherent, Intel, Intuitive, Lam Research, Micron Technology, SanDisk Storage, SEMI Headquarters and Bank of America.
Chow said the discussions reflected opportunities emerging from the rapid development of AI and related technologies, with many companies looking at ways to capture the potential of the sector.
He also highlighted the potential for expansion among existing investors in Penang, saying reinvestment was as important as attracting new investors.
“We have visited many existing investors here who are also very, very positive about expanding their current operation here,” he shared.
Chow said the state would continue working with both prospective and existing investors on their expansion plans, including requirements for land, land development, infrastructure and other support.
On MedTech, Chow said the industry’s supply chain was “very diverse and very huge”, with Penang accounting for only a small segment.
“I think it is good that Malaysia be working to capture MedTech industry, leveraging on all the states and not only in Penang,” he added.
Malaysia should leverage the capabilities of different states to position itself as a MedTech hub not only for Southeast Asia but globally, Chow said, adding that Penang remained an attractive investment destination because of its infrastructure, strong ecosystem and talent development.
