Chief Minister Chow Kon Yeow said the initiative is expected to be launched in the third quarter of this year.
"On May 28, Prime Minister (Datuk Seri Anwar Ibrahim) launched the NSS to enhance Malaysia's position in the global E&E value chain while expanding the semiconductor value chain from Outsourced Assembly and Test (OSAT) to higher-value activities.
"In response to this call, the state government is introducing a new initiative, 'Penang Silicon Design @5km+', which comprises four main projects such as the Integrated Circuit Design and Digital Park, the Penang Chip Design Academy, and the Silicon Research and Incubation Space," he said in his speech at the Penang 2024 investiture ceremony held at Dewan Seri Pinang here today.
The ceremony, held in conjunction with Penang Governor Tun Ahmad Fuzi Abdul Razak's 75th birthday celebration, saw 235 people receiving state awards and honours.
Meanwhile, Chow said that to ensure Penang residents benefit from the rapidly advancing progress and development, monitoring and coordination of development projects would continue to be implemented at all levels.
He said that state and federal departments and agencies tasked as implementing agencies must ensure that all initiatives carried out truly meet the aspirations and needs of the people in the state.
"In this regard, the state government has approved a development allocation of RM374.718 million for 2024, with priority given to the extension of high-impact projects.
"Among them are the Gurney Bay development project, flood mitigation plans, a loan to the Penang Development Corporation for partial financing of the GBS By The Sea project, the development of a Disaster Humanitarian Logistics Centre in Seberang Perai Tengah district and road widening projects to ease the increasingly critical traffic congestion," he said.
According to Chow, the state government's continued efforts are not solely focused on attaining international success but also on delivering comprehensive benefits to the citizens and the state.
He also said that progress holds no value if the people's basic needs are not adequately met, which would hinder their ability to live peaceful daily lives. — BERNAMA