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Penang captures 47 pct of Malaysia’s manufacturing FDI in 1H 2020 — Penang CM

Penang captures 47 pct of Malaysia’s manufacturing FDI in 1H 2020 — Penang CM

28 Oct 2020

Penang has managed to capture 47 per cent of the nation’s manufacturing foreign direct investment (FDI) in the first half of 2020, demonstrating the critical role the state plays in driving the economy, said Chief Minister, Chow Kon Yeow.

In line with the Penang 2030 vision to upgrade the economy, he said, the state will continue to attract more technology-intensive projects that will generate higher quality jobs, increase household incomes and boost the overall well-being of communities.

According to a statement issued by the American Malaysian Chamber of Commerce (AMCHAM), Chow said this in a speech at the chamber’s annual signature event, the Penang Dialogue.

Themed “Resetting for Tomorrow: Malaysia’s Opportunity in Global Value Chains”, this year’s edition was the first to be held virtually.

Also present was the United States (US) Ambassador to Malaysia, Kamala Shirin Lakhdhir, who noted that the US has been the leading source of FDI in Malaysia, and US businesses have been a part of the community here for over 100 years.

“Most US companies in Malaysia are led by Malaysian leadership, they have thrived in the country thanks to wonderful human capital and the reliability of the regulatory environment.

“Additionally, as members of the Malaysian community, US companies have contributed approximately RM7 million to COVID-19 response and relief efforts in Malaysia alone, and the electrical and electronics community has been a large part of that,” she said.

AMCHAM was founded in 1978 as an international, non-profit, private-sector business association.

It comprises of more than 1000 members, representing about 260 American, Malaysian and other international companies with strong ties to American business.

Source: Bernama Posted on : 28 October 2020