Penang’s No.2 in investment ranking

GEORGE TOWN: Penang has been placed second in approved investments in the country for the first quarter of the year.

Chief Minister Lim Guan Eng said the RM2.9bil in approved local and foreign investments accounted for 8.6% of the total investments in the country.

Johor topped the chart with RM26bil in investments, according to the statistics released by Malaysian Investment Develop-ment Authority (Mida).

Lim said 88% of the investments came from the electrical and electronics sector.

“The amount is encouraging. We hope we can continue the good performance,” he said at his office yesterday.

Lim said the top foreign investors in Penang were the United States, China and Netherlands, followed by Singapore and Germany.

Last year, Penang secured RM8.2bil, a 110% increase compared to RM3.9bil in 2013.