Penang Receives $ 120 Million Investment From South Korea - Kakiforex.com - Financial Market Media No. 1 in the World Penang Receives $ 120 Million Investment From South Korea Penang Receives $ 120 Million Investment From South Korea
InstaForex

July 30, 2021

Penang Receives $ 120 Million Investment From South Korea

 Simmtech Co Ltd, a semiconductor company in South Korea, will invest $ 120 million (+RM500 million) to develop its first plant in Southeast Asia.


The development location will be set up at Batu Kawan Industrial Park, Penang.


SimmTech Southeast Asia managing director Jeffery Chun said the decision to develop the company's first large -scale manufacturing plant in Penang was natural.


"Penang is a region with a strong electrical and electronics (E&E) ecosystem background as well as access to local businesses and resources," he added.



Chun also explained that this is our first investment phase and most of it will be implemented during construction projects over the next two years.


The semiconductor printed circuit board (PCB) and packaging substrate plant in Penang will be the first plant to be developed in Southeast Asia where Simmtech currently only operates in South Korea, China and Japan.


According to Penang Chief Minister Chow Kon Yeow, the 7.2 -hectare Simmtech plant in Penang is expected to create 1,200 high -value jobs in the manufacturing engineering and quality management segments.


Meanwhile, Chun also hoped that the arrival of Simmtech would be able to establish new ties with South Korea as a well -known country in the field of global technology.


Construction of the plant is expected to be completed by early next year and operations and delivery of products from the new plant are scheduled for the first half of next year.