MIDA organised the Penang Domestic Investment Seminar on 16 July 2019 in Bayan Lepas, Pulau Pinang to update the industry players, especially in the Northern Region on the latest policies and facilities available. The Seminar was officiated by Mr. Zabidi Mahbar, Deputy Chief Executive Officer II of MIDA.
Pulau Pinang has consistently been ranked among the top investment destinations in the country over the last five decades. In terms of investment, from 1980 to 2018, MIDA has approved a total of 4,084 manufacturing projects with investments worth RM129.1 billion for Penang. Approved foreign investments in the manufacturing sector totalled RM90.4 billion, accounting for 70 per cent of total investments approved for the State, while domestic investments are the remaining 30 per cent or RM38.7 billion.
In the first quarter of this year, Pulau Pinang recorded another RM8.8 billion of total approved investment in the manufacturing sector, 780% higher compared with RM1.0 billion, approved in the same period last year. Of this, RM8.5 billion were from foreign investments, representing 42.1 per cent of Malaysia's total approved FDI in the manufacturing sector for the period of January to March 2019. Notable approved manufacturing projects in Penang include projects from Micron Technology and Jabil Circuit.
MIDA continues to undertake various activities and programmes to attract more quality investments, including from the domestic players. For example, a dedicated team, namely the Investment Coordination Platform (ICP), has been established by MIDA to facilitate companies to expand their businesses and investment portfolio. This unit works closely with equity and corporate advisory firms as well as local regulators and technology providers in assisting companies in conducting business-to-business matching, capital raising exercise through debt and equity, M&A, divestment and initial public listing or IPO.
Over 300 participants from various fields, including manufacturers, service providers and other potential investors attended the Seminar. It featured presentationsfrom MIDA, MATRADE, MIDF, EXIM Bank, MPC, Standards Malaysia, and SIRIM.