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Penang records RM6.3 bil total approved manufacturing investment for Q1 2022

Penang records RM6.3 bil total approved manufacturing investment for Q1 2022

28 Jun 2022

Penang recorded approved manufacturing investments totaling RM6.3 billion in the first quarter of 2022, paving the way for it to be among the country’s top contributors in terms of total investment inflow this year, Chief Minister Chow Kon Yeow said.

“The state’s commendable performance that continues to punch above our weight is testament to our resilient industrial ecosystem, placing us at the forefront of industrialisation,” he said in his speech at the grand opening of Smith & Nephew’s manufacturing facility here on Tuesday (June 28).

Chow said Penang garnered a record high of RM76.2 billion in total approved manufacturing investments in 2021, significantly exceeding the state’s past performances.

“In particular, foreign direct investments (FDIs) contributed 98% of total investment inflows, making Penang the highest recipient of manufacturing FDIs in Malaysia,” he said.

On the trade front, Chow said Penang topped the nation’s list in 2021, with an all-time high export value of RM354 billion.

“Electrical and electronic products and medical devices made up about 80% of our total exports last year,” he said.

With the opening of Smith & Nephew’s first manufacturing facility in Southeast Asia here, Penang is becoming a medical device hub in the region.

“With global revenues of US$5.2 billion (RM22.8 billion) in 2021, Smith & Nephew is among the 30 largest medical device firms in the world,” he said.

The company is a leading global medical technology company that specialises in the orthopaedics, sports medicine, ear, nose and throat and advanced wound management sub-segments, he said.

He said the Smith & Nephew investment is expected to create 800 high-value jobs in the coming years.

Source: Bernama