GEORGE TOWN: It is still too early for Penang to state the figure it expects to gain from a recent trade mission to the United States as deals with foreign firms can take years, says Chief Minister Chow Kon Yeow.
Chow said the mission he led on Sept 28 aimed to build ties with US firms, help with their work in Penang and draw new companies to the state.
"Such deals often take years, from the first talks and choice of site to the final deal.
"This is why the full (achievement) of the trip is not yet known," he told the state assembly on Tuesday (Nov 3).
Muhammad Fauzi Yusoff (PN-Sungai Dua) wanted to know the outcome of the mission and incoming investments.
Chow said the talks gave Penang a better idea of what global firms needed and how the state could meet those needs.
The team met 16 key firms in San Jose, California, many of them from the chip, IC design and advanced packaging fields.
"They included firms in high-tech goods, design, engineering and global services.
"The talks touched on the rise of artificial intelligence (AI) and how it was changing many types of work and trade.
"The firms said demand for their goods and orders from clients were on the rise, with more room for growth ahead," he said.
Chow said this led the state to review its needs for skilled workers, test sites and supply chains to support the companies' growth plans.
"Plans in the pipeline would help firms cut the time needed to make new goods, boost test capacity, and link design, making and testing work in one place," he said.
