Penang raked in RM13.7bil investments last year
07 Apr 2023
RM13.7bil in approved manufacturing investments in Penang was recorded from January to December last year, said Chief Minister Chow Kon Yeow.
He said the investment figures were released by the Malaysian Investment Development Authority (Mida).
He disclosed that the investments involved 135 projects which would generate 15,752 new job opportunities in the state.
He said Penang stood out as a highly attractive investment destination with dynamic industries supported by a highly qualified talent pool.
“The state’s resilient economic performance underscores investors’ sustained confidence in Penang and sets the stage for its development to greater heights,” he said in a statement.
Federation of Malaysian Manufacturers (FMM) Penang chairman Datuk Lee Teong Li said the state continued to record stable inflow of foreign direct investments, adding that both the new and existing investments signalled strong confidence from global investors.
“Over the last 50 years, the state has consistently mapped out the infrastructure and talent development for industrial progress.
“We should continue to bring in more high-technology companies,” he told Buletin Mutiara.
InvestPenang chief executive officer Datuk Loo Lee Lian said as a non-profit entity of the Penang government, its team was committed to provide support for investors and pledged to sustain a dynamic ecosystem that supported the needs of industry players’ next-generation technologies and growth strategies.
“Having built a solid reputation based on 50 years of industrial excellence, Penang continues to draw active participation from both new investors as well as existing names, who have deepened and broadened their roots here.
“The strategic investment projects garnered not only bring positive impact in building local capacities and capabilities but are also instrumental in stimulating the competitiveness of the industry clusters in Penang,” she said.
Penang Chinese Chamber of Commerce vice-president Datuk Finn Choong congratulated the state government for the remarkable achievement.
“We also need planned reinvestments to keep our current comparative advantage and the up-and-coming competitors at bay, who are also chasing future investments.
“Remember that foreign investments are very fluid.
“Penang will have to be in tune and react, and more importantly, plan for these changes,” he said.
Source: The Star