In a statement, Penang state investment agency InvestPenang said the academy is a key component of the Penang Science, Technology, Engineering, and Mathematics (STEM) Talent Blueprint that will be launched in June 2024.
InvestPenang said the academy will “cement the state’s ambition to become a preferred investment destination for design and digital businesses and entrepreneurs.
Headed by Penang Skills Development Centre (PSDC), in collaboration with key industry players, Electronic Design Automation (EDA) tool providers, academia, and investPenang, the academy focuses on end-to-end design development.
It aims to develop talent for the IC Design ecosystem via upskilling and reskilling with academic training and hands-on experience.
“Plans are being finalised for opportunities for private-public funding mechanisms,” it said.
Moreover, according to the Verified Market Report, the global IC design service market was valued at US$48.97 billion (RM230.79 billion) in 2023 and is expected to reach US$84.16 billion (RM396.64 billion) by 2030, with a compound annual growth rate (CAGR) of 3.92%.
Penang secured nearly RM20 billion of approved services investments between 2019 and 2023, representing 9% of the state’s total approved investments during this period.
InvestPenang said the state currently houses 18 of 20 semiconductor IC design companies in the country, including the three local IC design champions SkyeChip, Oppstar Technology, and Infinecs Systems.
“With the substantial influx of investments into Penang, coupled with the growing demand in IC design and digital sectors, talent is increasingly recognised as one of the key differentiators in attracting investments, as businesses prioritise regions with the highly skilled and adaptable workforce.
“Hence, the ultimate objective for the academy is to prepare individuals to become industry-ready IC design engineers, underscoring the state’s dedication to move up the value chain and unlock opportunities for growth and prosperity in this digital era,” it added.