Penang drew RM22.7 bln high-impact investments in 2022 - MIDA | Malaysian Investment Development Authority
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Penang drew RM22.7 bln high-impact investments in 2022

Penang drew RM22.7 bln high-impact investments in 2022

19 May 2023

Penang recorded RM22.7 billion in high-impact investments with 18,844 jobs generated last year due to continued growth and development of technology-related industries in the state.

In a statement, the Northern Corridor Implementation Authority (NCIA) said to further build a strong and sustainable ecosystem in relation to the state’s industrial and economic landscape, it is establishing a technology and innovation hub called NCER Technology Innovation Centre (NTIC).

It said the establishment of NTIC would be a crucial step in facilitating innovation and technology among local small and medium enterprises (SMEs) through collaborations with multinational companies and academia, while also providing a talent development platform to support the needs of the industry.

NCIA chief executive Mohamad Haris Kader Sultan said the centre is an important part of its strategy to further develop technology-related industries in the state to the next level.

“We believe that by working closely with multinational companies, local SMEs and the academia, we can create a vibrant ecosystem that will attract more businesses to the region and help to drive economic growth not just in Penang but the Northern Corridor Economic Region as a whole.

“We believe that this will enable Penang to maintain its position as a top investment destination and a hub for technology development in the region,” he said.

Besides focusing on technology-related industries, NCIA said it is committed to promoting other key sectors in Penang, namely tourism, logistics, and smart farming, which are vital to the state’s economy to create significant job opportunities as well as drive economic growth.

Meanwhile, Penang Chief Minister Chow Kon Yeow said the state is committed to working closely with NCIA and the Federal Government to bolster the state’s appeal to investors in the electronic and electrical, semiconductor, and manufacturing and engineering sectors.

“We are also committed to solidifying our position as a regional leader in advanced technology, high-value talent, and technology innovation, making Penang one of the top technology investment destinations in the world,” he added.

Source: Bernama