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Penang attracts largest FDI in manufacturing sector

Penang attracts largest FDI in manufacturing sector

22 Apr 2020

Penang attracted approved foreign direct investment (FDI) of RM15 billion in the manufacturing sector last year, the largest in the country, said Chief Minister Chow Kon Yeow.

Including domestic investments, the state recorded total manufacturing investments of RM16.9 billion involving 166 projects, he said.

“The two investment (value) figures represent the highest achievements ever recorded by the state. It is a testament of the high confidence that foreign investors have in the investment ecosystem offered by Penang,” he said during a media conference streamed live on his Facebook account today.

In 2018, Penang registered 108 approved manufacturing projects involving RM5.78 billion in investments, of which foreign investments comprised RM3.69 billion.

Chow stressed that while Penang lacked natural resources, it had an enviable pool of skills and talent that attracted investors.

Two days ago, the Malaysian Investment Development Authority (MIDA) released the 2019 approved investment figures for the manufacturing, services and primary sectors.

Overall, Selangor was the largest recipient of investments in the manufacturing sector at RM17.04 billion, followed by Penang (RM16.86 billion), Kedah (RM11.48 billion) and Johor (RM11.46 billion). These four states clinched nearly 70 per cent of total approved investments of RM82.73 billion in the sector last year.

Chow said the state government would remain committed in making sure Penang continued to be resilient amid the unprecedented situation due to the COVID-19 pandemic.

Source: Bernama

Posted on : 22 April 2020