Investment magnet


According to data from the Malaysian Investment Development Authority (Mida), Penang notched up 47 projects in the third quarter 2020, which, together with projects approved in the first half of 2020, are expected to generate 9,137 new employment opportunities in the State

GEORGE TOWN: Penang has secured RM10.6bil worth of manufacturing investments in the first nine months of 2020.

Penang Chief Minister Chow Kon Yeow said the state attracted RM1.5bil for the manufacturing sector in the July-September period, with a remarkable 73% of the total amount contributed by domestic direct investments.

“Penang’s cumulative manufacturing inflows in Jan-Sep 2020 stood at RM10.6 billion, of which 83% of the amount was contributed by foreign direct investments (FDI), making Penang the second highest contributor in approved manufacturing FDI during the period, ” Chow said.

According to data from the Malaysian Investment Development Authority (Mida), Penang notched up 47 projects in the third quarter 2020, which, together with projects approved in the first half of 2020, are expected to generate 9,137 new employment opportunities in the State. In the third quarter of 2020, DDI accounted for RM1.1bil or 73% of Penang’s manufacturing investment inflows, while the remaining 27% or RM401.9mil came from FDI.

“Notably, 83% of the approved manufacturing investment for the nine months was contributed by FDI, making Penang the second highest FDI contributor to Malaysia and representing 22% of the country’s total.

MIDA logo

“The DDI in Penang spiked 42% year-on-year and reached RM1.8bil for the nine months with projects from Federal Oats Mills, Iconic Medicare, Straits Orthopaedics, and Vitrox Technologies, ” Chow said.

Penang’s total approved manufacturing investments were dominated by its key promoted industries, comprising machinery and equipment, scientific and measuring equipment, and electronics and electrical industries.

“As I have stressed previously, investment inflows would be moderated in the second half of 2020, in light of the challenges arising from the Covid-19 pandemic.

“Having said that, I am pleased to see that Penang’s approved manufacturing investment managed to surpass the RM10bil mark in the first nine months of 2020, capturing 63% of 2019’s full-year amount and way above 2018’s full-year performance of RM5.8bil. I am glad that Penang’s captivating and strong aspects in its ecosystem, continue to render the state as a preferred investment destination for both domestic and foreign investors, ” Chow added.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

investment , Penang , Mida , Chief Minister , Chow Kon Yeow ,

   

Did you find this article insightful?

Yes
No

75% readers found this article insightful

Next In Business News

Blackstone-backed Patria eyes expansion in Latam, Asia
METALS: Tin, aluminium, copper prices down
Oil price falls on China's COVID-19 cases, high crude build
IBM, Intel slump weighs on Wall St as coronavirus concerns rise
GLOBAL MARKETS-Weak data, earnings drag stocks lower
Getting through tough times together
Keeping the economy moving with stimulus
How economic stimulus matters for countries
Short Position - Siletrra, AirAsia, ESG
The changing Asean banking landscape

Stories You'll Enjoy