Penang third highest manufacturing FDI recipient in 2020, says CM

GEORGE TOWN: Penang recorded RM14.1bil in total approved manufacturing investments last year, the Chief Minister says.

"Foreign direct investments (FDI) accounted for 75% of the approved manufacturing investments or RM10.55bil in 2020, making Penang the third highest manufacturing FDI recipient in Malaysia," Chow Kon Yeow said in a statement on Thursday (March 4).

This accounted for 19% of the country’s total FDI, he added, citing the latest figures released by the Malaysian Investment Development Authority (MIDA).

"Domestic direct investments (DDI) in Penang jumped 92% year-on-year to RM3.56bil, a testament to the state’s robust industrial ecosystem as a platform in which local players can participate and thrive," he said.

Chow said the RM3.5bil investment inflow in the fourth quarter of last year involved 58 projects.

"We expect that the projects approved in 2020 can generate 13,268 new job opportunities in Penang.

"DDI increased 198% year-on-year to RM1.8bil in the same fourth quarter, representing 51% of the state’s manufacturing investment inflow.

"Meanwhile, the remaining 49% or RM1.7bil came from FDI," he added.

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