Penang’s FDI soars

  • Metro News
  • Friday, 06 Dec 2019

Penang Chief Minister Chow Kon Yeow holding a piece of paper that contained the numbers of total investment in manufacuring sector during a press conference at Komtar on Tuesday (Dec 3). Flanking him from left state executive councilor yeoh Soon Hin and from right InvestPenang CEO Datuk Loo Lee Lian and Komtar assemblyman Teh Lai Heng. Picby:CHAN BOON KAI/The Star/3 December 2019.

PENANG has recorded RM13.3bil of total approved investments in the manufacturing sector from January to September, representing 23% of the country’s total manufacturing investments.

Chief Minister Chow Kon Yeow said the total investments, which was the second highest in the country, had also surpassed 2018’s full year amount of RM5.8 billion, which was a 247% increase.

“This is testament that Penang continues to remain a favourable investment destination.

“According to Malaysian Investment Development Authority (Mida), the first nine months of this year saw Penang successfully garnering 113 manufacturing projects amounting to RM13.3bil and is expected to create 15,013 new job opportunities, ” he said in a press conference at Komtar on Tuesday.

Chow said the total approved investments surpassed this year’s target of RM10bil, which was announced early this year.

He said the two major sub- sectors with the most significant investments were electronics and electrical products, and scientific and measuring equipment.

He said Penang was one of the key contributors to Malaysia’s foreign direct investment (FDI).

“Penang attracted RM12bil in manufacturing FDIs, representing 30.6% of the country’s total manufacturing FDI, ” he said adding that top FDIs came from the United States, Singapore and the United Kingdom.

Chow said despite rising global macroeconomic uncertainties and the prevailing US-China trade war that had taken place since 18 months ago, Penang continued to strengthen its position as a destination of choice for investors.

He added the state government was cautiously optimistic about the near-term outlook with the continued challenging global environment but maintained the stand that Penang would continue to position itself as a preferred destination for investment.

“We are committed to strengthening our efforts to work with new and existing investors for long-term growth together, ” he said.

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