Meanwhile, the Penang International Technology Park in Batu Kawan and the Business Process Outsourcing (BPO) project in Bayan Baru would be jointly developed with Temasek Holdings and the Economic Development Innovations Singapore and are expected to be completed in five to 10 years. These projects with a gross development value of RM11.3 billion would generate 25,000 to 30,000 jobs.
In terms of investment, Penang remains as among the top investment destinations in Malaysia, coming in at third spot after Johor and Sarawak for approved investments in the manufacturing sector for the first nine months of the year. During the period, the state attracted close to RM6 billion of investments in the manufacturing sector, of which over 55% were foreign direct investments.
Lee expects the services sector in particular the medical tourism and support services outsourcing would boost growth in the state’s economy, going forward, as the contribution from the manufacturing sector to the state’s gross domestic product (GDP) in 2015 is expected to be around 47%, down from some 54% in 2005.
The services sector in Penang is projected to gradually overtake the manufacturing sector, in line with the state’s plan to converge manufacturing and services industries through the shared services and outsourcing sector, he added.
Source: StarBiz 29 Jan 2015