Chow said he will sit in the executive council along with the state secretary, state finance officer, and the CEOs of Penang Skills Development Centre (PSDC) and InvestPenang. He added that the executive council was tasked with overseeing the project’s strategic direction, framework, and governance.

Meanwhile, he said the advisory panel will be chaired by the CEOs of PSDC and InvestPenang, featuring representatives from industry and academia, such as AMD Global Services, Intel Malaysia Design Centre, and Universiti Sains Malaysia (USM).

“Through the formation of this council and advisory panel, we will be able to promote greater synergies between industrial players, academia and government agencies and can introduce more initiatives to further advance our Integrated Circuit (IC) design capabilities within the state,” he said in his speech at the initiative’s soft launch at GBS Tech Space, Bayan Lepas this morning.

Chow also announced the Incentive Package Schemes “specially designed to attract and support IC design players in establishing and expanding their presence in Penang”.

“With a subsidy of up to RM2 million annually over three years, these incentives will be available to Malaysia-based companies and foreign firms involved in this industry,” he said.

The Penang Silicon Design @5km+ initiative aims to create a unique, interconnected ecosystem for IC design and technology enterprises within a 5km radius of the Bayan Lepas Industrial Park.

It comprises three major projects, including the Penang IC Design & Digital Park @Bayan Lepas and the Penang Chip Design Academy @PSDC.

Chow said the total project cost is estimated to be RM120 million over five years, with both the state and federal governments committing RM60 million each through a matching grant.