CM: Firms may invest RM300m

Seven German-based companies are likely to invest a total of RM300mil in new projects in Penang within the next couple of years. 

Chief Minister Tan Sri Dr Koh Tsu Koon said five of the companies had existing operations in Penang. 

Dr Koh said this at a press conference at the Penang International Airport yesterday on his return from a five-day working visit to five cities in Germany. 

He described the trade visit as ‘fruitful.’  

“Germans are keen to invest in Penang because they are aware that the state has skilful workers,” he said. 

Dr Koh said if the German-based companies should decide to invest here, it would mean the creation new jobs. 

He said he met the chief executives of 10 companies during his visit. 

“My visit was aimed at attracting investment for the biomedical and information communication technology sector,” he said. 

“There are 40 medical sciences companies operating in Penang and its vicinity including Sungai Petani. 

“Penang’s strong selling point is the existence of the many components that could support the growth of the various industries,” he said. 

Dr Koh said InvestBavaria of Munich and InvestPenang would also be working together for mutual benefit. 

He said the state could also co-operate with Pahang, Perak and Kedah in the agriculture and tourism sectors. 

He added that the state’s investment-sourcing team from would be in Germany for another week or two. 

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