Penang eyes over RM5bil in investments

GEORGE TOWN: Penang aims to secure more than RM5bil in foreign direct investments from four major electronics companies planning to set up their plants here.

Director of InvestPenang, a Penang government investment arm, Datuk Lee Kah Choon, said the four multinational companies (MNCs) were awaiting the approval from Malaysian Industrial Development Authority (MIDA).

Lee, who is also the special adviser to the Penang Chief Minister, said the MNCs would help spur the state's economy and create as many as 2,000 jobs.

"The majority of the jobs available will be for engineers, while the remaining are the supportive roles that include administration and marketing," he told reporters after the briefing on Penangs Economic Outlook 2015 on Wednesday today.

He said two of the companies had started recruitment drives here and they would start operations after they received the green light from MIDA.

Lee, however, declined to reveal the names of the companies. 

He said Penang expected total investments to stabilise this year to around RM7bil.

"Penang raked in RM6bil in investments from January to September 2014 compared with RM4bil for the whole of 2013.

"We are still optimistic despite the projection that 2015 will likely be a volatile and challenging year for Malaysia and Penang due to drop in global fuel prices and weakening of ringgit," he said.

Lee said the services and manufacturing sectors would spur the state's economy during this challenging time. - Bernama

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