MIDA approves RM129b investments for Penang

Technology-based counters such as Inari Amertron Bhd (up two sen to RM1.50), Globetronics Technology Bhd (up seven sen to RM1.59), Malaysian Pacific Industries Bhd (up 30 sen to RM10.14), and KESM Industries Bhd (up 11 sen to RM8.36) all gained at the day

KUALA LUMPUR: Malaysian Investment Development Authority (Mida) approved 4,084 manufacturing projects for Penang as of 2018 with investments totaling RM129.1bil.

“These projects have created over 516,600 job opportunities, mainly in electrical and electronics products, basic metal products, scientific and measuring equipment, machinery and equipment and transport equipment,” it said. 

Mida said approved foreign investments in the manufacturing sector totalled RM90.4bil or 70% of total investments approved for the state. The other 30% was from domestic investments and they accounted for RM38.7bil. 

In 2018, Mida approved 108  manufacturing projects to be located in Penang worth RM5.8bil.

Mida deputy chief executive officer Arham Abdul Rahman said since the arrival of the eight pioneer foreign companies also known as the “8 Samurais” in Penang, in the 1970s, the state continues to have a strong presence of MNCs and large local corporations (LLCs). 

“Companies such as WD Media (Malaysia), Intel Technology, Jabil Circuits, B Braun Medical Industries, Osram Opto Semiconductor, HP Malaysia, Vitrox Technologies, Inari Group, Southern Steel, and DSEM System Technology hold much promise for business collaborations and opportunities,” he said at the Mida Invest Series: Unfolding states’ business potential held on Wednesday at the Mida headquarters.

The Invest Series event which highlighted the comparative and competitive advantages of investing in Penang featured a presentation by the special investment adviser to the Chief Minister of Penang Datuk Seri Lee Kah Choon. 

The event attracted over 250 participants ranging from embassies, business chambers and associations as well as industry players from the services and manufacturing sector.

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