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Penang recorded RM9.12b manufacturing investments in 1H — MIDA

Penang recorded RM9.12b manufacturing investments in 1H — MIDA

01 Oct 2020

Penang recorded a total of RM9.12 billion in approved manufacturing investments in the first half of 2020 (1H20), according to the Malaysian Investment Development Authority (MIDA).

Penang Chief Minister Chow Kon Yeow said the state garnered 29 projects and recorded RM2.02 billion manufacturing investments in the second quarter of 2020 (2Q20), up 452% year-on-year (y-o-y).

“These projects, together with approved projects in the previous quarter (1Q20), are expected to generate 6,971 new job opportunities in Penang,” he said in a press conference here, today.

The year 2020 presented a slew of hurdles for most of those in the agriculture and farming industry. They faced the ultimate conundrum: On the one hand, they needed to continue producing fresh produce for the many households that had started cooking again because of the Movement Control Order (MCO).

In 2Q20, RM1.65 billion or 82% of state manufacturing investments came from foreign direct investment (FDI), whereas the remaining RM373 million or 18% consisted of domestic direct investment (DDI), Chow added.

He also said that on a y-o-y basis, Penang’s approved manufacturing FDI rose 600%, while DDI rose 186% in 2Q20.

“With the FDI inflows totalling RM8.42 billion in 1H20, Penang is the highest manufacturing FDI contributor, bringing in 47% of the nation’s manufacturing FDI for the period,” he said.

The chief minister also said the countries with top manufacturing FDI in Penang in 1H20 were Singapore, Switzerland, and the United States, with one of the notable new projects approved being Ultra Clean Holdings, a US-based leading supplier of critical subsystems for semiconductor and related manufacturing industries.

Chow said the electronics & electrical (E&E), machinery & equipment, and scientific & measuring equipment manufacturing sectors remained the state’s main push, collectively contributing 93% of Penang’s total approved manufacturing investments in 1H20.

“It is reassuring to see that despite the COVID-19 pandemic and the imposition of the Movement Control Order (MCO) by the Federal Government throughout the period, investors remained confident in Penang.

“Penang’s sustainable business environment, vigorous industrial ecosystem, and supportive infrastructure are among the state’s appealing aspects that continue to attract investors,” he added.

Source: Bernama Posted on : 01 October 2020