Penang records RM44.9bil in total approved investments in first nine months of 2023, says CM

GEORGE TOWN: Penang recorded a remarkable total approved investments of RM44.9bil across various sectors from January to September period this year said Chow Kon Yeow.

The Chief Minister said the approved manufacturing foreign direct investment (FDI) inflows stood at an astounding RM35.8bil, signifying an impressive 634% year-on-year increase.

"Penang has firmly solidified its position as the leading contributor to the nation's manufacturing FDI, capturing an impressive 42% share during this period.

"Prominent contributions came from countries such as the Netherlands, the United States, and Singapore, accounting for a substantial 95% share of Penang's approved manufacturing investments," he said during a press conference at Komtar on Monday (Dec 11).

He said Penang proudly claims the highest contributor status among all states, holding a 39% share in Malaysia's approved manufacturing investments during this period.

He said the Malaysian Investment Development Authority (Mida) estimates that these investments, distributed across 107 projects, will generate approximately 11,121 new job opportunities in the state.

Chow said in the third quarter of 2023, Penang has once again proven its allure to investors, both new and existing, with a staggering investment inflow of RM34.6bil in manufacturing — an impressive 421% year-on-year increase.

"This exceptional growth has been primarily driven by FDI which accounted for an impressive RM33bil or 95% of Penang's manufacturing investment inflow during this period," he said.

He said this substantial influx of FDI underscores the resolute confidence international investors place in Penang's potential and the lucrative opportunities it presents.

He said equally deserving of acknowledgment is state domestic investors, whose steadfast support has played a pivotal role in fostering Penang flourishing industrial landscape.

He said the domestic direct investments (DDI) contributed RM1.6bil, constituting the remaining 5% of the manufacturing investment inflow.

He said the total approved manufacturing investments were primarily driven by the key industries such as Electrical & Electronics, Machinery & Equipment, and Fabricated Metal Products.

He said these sectors have collectively accounted for a remarkable 98% of Penang's total approved manufacturing investments in the first nine months of 2023, underscoring the state pivotal role in driving Malaysia's participation in the global supply chain.

He also expressed the state profound gratitude to the investors who have demonstrated unwavering confidence in Penang.

"Your commitment and trust in our state have been instrumental in achieving these commendable results.

"I would also like to extend our heartfelt thanks to the Malaysian Investment Development Authority (MIDA) for their collaborative efforts in creating a conducive environment for strategic investments," he said,adding that the the partnership between MIDA and InvestPenang has proven fruitful, laying the foundation for Penang's continued success.

Meanwhile Invest Penang CEO Datuk Loo Lee Lian said at the moment investors are looking to invest in Penang or other countries such as Thailand and Vietnam.

"It is very often this will happen due to what Penang can offer to them, but if they don't choose Penang, they may not choose Malaysia and other countries will benefits from this," she said.

She said investor is also asking questions whether we have good talents pools in Malaysia and what is the country blueprint for human capital before they deciding to invests in Penang or other part in the country.

She said other areas that will be among the questions by investors are about the country infrastructure like airport, water and electricity and traffic congestion.

Present during the press conference were Deputy Chief Minister II Jagdeep Singh Deo, state entrepreneurial development and rural development committee chairman Rashidi Zinol, Penang Mida head Muhd Ghaddaffi Sardar and Penang Development Corporation deputy CEO Roslan Hassan.

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Penang , Investments , Chow Kon Yeow , FDI


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