Sustio’s RM508 million new investments into Penang. Congratulations.
We are familiar with this line, “With great power, comes great responsibility.”
What about this line? “With more investment, comes more talents.” Okay, this is a line by me. What this meant is that the more new multinationals setting up their plants in Penang, the more talents which Penang will be able to attract to settle down in Penang. When MNCs need to hire highly skilled Malaysians, these talents would flock to Penang.
My family members are mostly working in Penang
My brother, my sister, my brother-in-laws, my sister-in-laws are all working with multinationals based in Penang. All are doing well and I think they will continue to contribute to Penang’s economy too. Most of their salaries are definitely spent in Penang too. Between them, they have contributed to the Penang property market transactions too.
Multiplier Effects are huge
Imagine them spending just RM2,000 per month in Penang, that’s already 6 x RM2,000 x 12 = RM144,000 per year and with a multiplier effect of 4, they have helped boost the economy of Penang by more than half a million every year! Now do you see why it’s important for more MNCs to move to Penang?
Article in themalaysianreserve.com South Korean semiconductor company Simmtech Co Ltd via its Malaysian subsidiary, Sustio Sdn Bhd (Sustio) will be investing RM507.78 million (US$120 million) to set up its first factory in Southeast Asia at Penang’s Batu Kawan Industrial Park.
SimmTech Southeast Asia MD Jeffery Chun said the decision to set up the company’s first large-scale manufacturing plant in Penang came naturally as the state has a robust electrical and electronics (E&E) ecosystem, a great talent pool and an existing customer base.
He said, “It is fitting for us to choose this region that has a strong E&E background as well as access to local businesses and resources.” Malaysia is the first plant in Southeast Asia region and the other plants are only in South Korea, China and Japan. Please do refer to the full article here: Article in themalaysianreserve.com
Keep it up yeah Penang
Penang is that one state with everything at its door step. You have MNCs operating within the island and the mainland. Lots of needs for highly skilled talents. You have access to Penang International Airport within 30 minutes from most places in Penang. You can visit the beach… the national park… the Penang Hill and a UNESCO Heritage City too.
That’s not all, food wise, Penang has so much to offer. Keep doing the best and make Penang that state with the most MNCs from the E&E industry yeah. Of course, once all these happens, then the property market in Penang would also continue to grow. The higher the pay, the higher the affordability for a bigger and better home sweet home too. Cheers.
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