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Penang remains Malaysia’s top exporter in Dec 2023

Penang remains Malaysia’s top exporter in Dec 2023

12 Feb 2024

Penang has successfully maintained its position as Malaysia’s top exporter in December 2023 despite being the second smallest state.

Chief Minister Chow Kon Yeow said that Penang has consistently been in the top three positions in terms of contributing to the country’s economy, growth, and attracting investors.

“In fact, the figures were very encouraging as we succeeded in maintaining our position as the top exporter in Malaysia for December last year.

“Five states dominated the country’s exports, contributing a total of 81 per cent, and I’m happy that Penang stood at number one with RM37.3 billion,” he said in his speech at the Chinese New Year luncheon organised by non-governmental organisation, Persatuan Kebajikan 88 Kapten (88 Captains) here, today.

Also present at the event were Yang Dipertua Negeri of Penang Tun Ahmad Fuzi Abdul Razak and his wife Toh Puan Khadijah Mohd Noor, as well as Deputy Chief Minister I Datuk Mohamad Abdul Hamid, and 88 Captains chairman Datuk Seri Dr Ooi Eng Hock.

Chow said Penang is also on track to record another excellent year in 2024 in terms of approved manufacturing investments.

He said the third quarter of 2023 showed that the state’s approved manufacturing foreign direct investment (FDI) inflows amounted to RM35.8 billion, a six-fold increase compared with the previous year.
“Penang once again showed our key role as the main contributor to the country’s manufacturing FDI, capturing 42 per cent of the major manufacturing (sector) in Malaysia,” he said.

Chow said among the countries that contributed the highest FDIs in Penang were the Netherlands, the United States and Singapore, which contributed a combined 95 per cent to the approved manufacturing investments in the state.

“I am confident our economic success is good news for the citizens in the state especially the young generation who have a place to make a living here, now,” he said.

Meanwhile, Ooi said through the event, Persatuan Kebajikan 88 Captains had successfully collected RM2.4 million funds to provide scholarships for the underprivileged youths in the state to further their studies in universities or local colleges.

He said the financing allocation would be able to help the students for this year and the next, in an effort to assist them to pursue education to a higher level.

“Students who want to apply to our scholarship programme can obtain further information at the Persatuan Kebajikan Captains website. It is open to those in the B40 and M40 groups.

“Each student will be given about RM15,000 to RM20,000 to cover education fees and living expenses and what we want is for them to become excellent students,” he added.

Source: Bernama

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