KUALA LUMPUR (May 23): Penang has set up the Penang Chip Design Academy to bolster its integrated circuit (IC) design and digital sectors in the state.
The academy is a key component for Penang’s Science, Technology, Engineering and Mathematics (STEM) Talent Blueprint, which is slated to be launched in June this year, said InvestPenang, the state's investment arm, in a statement on Thursday.
The academy will also support Penang’s plan to develop the IC Design and Digital Park, which it announced earlier this month, to make the state the preferred investment destination for design and digital businesses and entrepreneurs.
“The academy focuses on end-to-end design development and aims to develop talents for the IC design ecosystem through upskilling and reskilling with academic training and hands-on experience,” it said.
The academy will be headed by Penang Skills Development Centre (PSDC), in collaboration with InvestPenang, key industry players, electronic design automation tool providers and the academia.
“Plans are being finalised for opportunities for private-public funding mechanisms,” said InvestPenang, adding "the ultimate objective for the academy is to prepare individuals to become industry-ready IC design engineers, underscoring the state’s dedication to moving up the value chain and poised to unlock new opportunities for growth and prosperity in this digital era".
The global IC design service market was valued at US$48.97 billion (RM230.41 billion) and is expected to reach US$84.16 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.92%, InvestPenang said, citing a verified market report.
Penang has secured nearly RM20 billion worth of approved services investments over the past five years, representing 9% of the state’s total approved investments in the period.
The state is currently home to 18 out of 20 semiconductor IC design companies in the country, including the three local IC design champions, namely SkyeChip, Oppstar Technology and Infinecs Systems, according to InvestPenang.