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Penang expects RM5bil investments.

Penang expects RM5bil investments.

Speaking at a press conference on the economic outlook for
Penang in 2015, InvestPenang Director, Datuk Lee Kah Choon said two of the
companies have received approvals from the Malaysian Investment Development
Authority (MIDA) while the other two are in the final stages of negotiations. These
latest investments would create some 2,000 jobs, he said.

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

29 January 2015