Speaking at an event organised by the American Malaysian Chamber of Commerce (Amcham), Chow said the sum accounted for more than 80% of the US’s manufacturing investments in Malaysia.

Stressing that Penang’s partnership with the US is “built on trust and mutual benefit”, he said the 120 American firms operating in the state have had a tremendous impact on the people.

“Not only do they provide jobs for Malaysians, they also contribute in terms of technology, innovation and community development.”

Chow also said Penang contributed 79% of Malaysia’s total electric and electronic exports to the US between January and August, valued at RM76 billion.

Penang had weathered global crises, adapted to new technologies and built one of the region’s most vibrant industrial ecosystems over the last five decades, he added.

Penang hopes for ‘win-win solution’ on sectoral tariffs

Separately, Chow hoped that both Malaysia and the US will come up with a “win-win solution” from upcoming tariff talks.

Malaysia will hold discussions with US secretary of commerce Howard Lutnick regarding sectoral tariffs that will be imposed by the US on specific sectors, such as semiconductors.

In a Bernama report yesterday, investment, trade and industry minister Tengku Zafrul Aziz said sectoral tariffs, including those on semiconductors and other sectors, have not yet been discussed or finalised.

Tengku Zafrul said the tariff on semiconductors is currently still at 0%, as is the case for several other sectors. Sectors currently subject to tariffs are those dealing in automotives, iron, steel and furniture.

“I believe Malaysia has done its best to convince the US that we are its friend, that the multinational firms based here in Penang are part of the US supply chain and that Malaysia will be investing in the US,” said Chow.

“Let’s hope this will convince the US to come up with a win-win solution from the negotiations.

“After all, we complement the US … we’re not its adversary.”