Penang to have more industrial parks to meet investors' demand — Chow - MIDA | Malaysian Investment Development Authority
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Penang to have more industrial parks to meet investors’ demand — Chow

Penang to have more industrial parks to meet investors’ demand — Chow

23 Nov 2023

The Penang state government is actively planning and developing new international-class industrial parks to meet the high demand for industrial land by foreign and local investors, said Chief Minister Chow Kon Yeow.

At the state legislative assembly on Thursday, he said that the development of new industrial parks, through the Penang Development Corporation, would span over 323.749 hectares.

“The new industrial parks are, among others, Bandar Cassia Technology Park, East Batu Kawan and Penang Science Park South,” he said during the winding up session on the motion of thanks to the Penang Yang-diPertua Negeri.

Apart from focusing on the existing electrical and electronics industry, Chow said the state government will focus on making Penang a medical technology hub, developing a supply chain for front-end manufacturing equipment and encouraging research and development and design activities.

He added that the state government will also help and encourage more local companies to be involved in the global value chain and strengthen the existing ecosystem.

Chow said the state government has made a firm commitment to the evolution of infrastructure in forming a conducive investment landscape, which up to now has 11 facilities and infrastructure to meet the demands of companies involved in the digital economy industry.

Regarding the proposal to create a Special Financial Zone in Penang like in Forest City, Johor, Chow said the state government needs a more comprehensive study before making any decisions.

“If the state government decides to create the zone, the support of the federal government is important. This will also involve various tax incentives,” he said.

The state legislative assembly resumes on Friday.

Source: Bernama