Penang counts more than 30 local ATE companies, at least 10 listed
The state's machinery and equipment sector recorded RM30 billion in approved manufacturing investments from 2020 to the first half of 2026.
Penang has more than 30 homegrown Automated Test Equipment (ATE) companies, including at least 10 listed on Bursa Malaysia, Chief Minister Chow Kon Yeow said on Nov 13. He put their combined market capitalisation at approximately RM40 billion.
Chow also announced that Boston Scientific had signed an MoU with InvestPenang for a pilot project under the Penang ATE Campus initiative. This brought the number of pilot project agreements under the initiative to 12.
Speaking to reporters at the Penang Skills Development Centre (PSDC), he said more than 80 industry partners supported the state's ATE sector, with precision engineering firms among them. He said local companies were taking on a larger role in Malaysia's semiconductor and advanced manufacturing supply chain.
According to Chow, machinery and equipment (M&E) has been among Penang's three largest sectors for approved manufacturing investments since 2020. Approvals reached RM30 billion between 2020 and the first half of 2026, accounting for more than 40 per cent of Malaysia's M&E manufacturing investment approvals over that period.
He said four local ATE companies in Penang already generated annual revenues above RM500 million and were expected to progress towards RM1 billion. The National Semiconductor Strategy (NSS) targets 10 local companies generating more than US$1 billion annually, alongside another 100 earning at least RM1 billion a year.
Chow said the state's approach included helping small and medium enterprises develop into local champions. He also urged MedTech businesses to explore joint development, technology localisation and other collaboration opportunities with local ATE firms.
