PENANG SETS UP ACADEMY TO SUPPORT INTEGRATED CIRCUIT DESIGN AND DIGITAL PARK

GEORGE TOWN, May 23 (Bernama) -- Penang has established the Penang Chip Design Academy, an initiative to bolster its Integrated Circuit (IC) design and digital sectors to support the state's plan to develop an IC Design and Digital Park.

The academy is a key component of the Penang Science, Technology, Engineering, and Mathematics (STEM) Talent Blueprint to be launched in June 2024, Penang state investment agency InvestPenang said in a statement today.

It will “cement the state's ambition to become a preferred investment destination for design and digital businesses and entrepreneurs,” InvestPenang said.

Headed by Penang Skills Development Centre (PSDC), in collaboration with key industry players, Electronic Design Automation (EDA) tool providers, academia, and investPenang, the academy focuses on end-to-end design development.

It aims to develop talent for the IC Design ecosystem via upskilling and reskilling with academic training and hands-on experience. 

"Plans are being finalised for opportunities for private-public funding mechanism," InvestPenang said in the statement. 

According to the Verified Market Report, the global IC design service market was valued at US$48.97 billion in 2023 and is expected to reach US$84.16 billion by 2030, with a compound annual growth rate (CAGR) of 3.92 per cent. 

Penang secured nearly RM20 billion of approved services investments between 2019 and 2023, representing nine per cent of the state’s total approved investments during this period, InvestPenang said.

The state currently houses 18 of 20 semiconductor IC design companies in the country, including the three local IC design champions SkyeChip, Oppstar Technology and Infinecs Systems. 

"With the substantial influx of investments into Penang, coupled with the growing demand in IC design and digital sectors, talent is increasingly recognised as one of the key differentiators in attracting investments, as businesses prioritise regions with highly skilled and adaptable workforce. 

"Hence, the ultimate objective for the academy is to prepare individuals to become industry-ready IC design engineers, underscoring the state’s dedication to move up the value chain and unlock opportunities for growth and prosperity in this digital era," it added.

-- BERNAMA