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Penang’s economic triumph: RM13.67 billion investment, 14,000 jobs created in 2023

Penang’s economic triumph: RM13.67 billion investment, 14,000 jobs created in 2023

15 Mar 2024

The Northern Corridor Implementation Authority (NCIA), in collaboration with the Penang government, has facilitated a significant investment of RM13.67 billion in Penang last year, resulting in the creation of over 14,000 job opportunities.555500:10/01:59

Chief Minister Chow Kon Yeow commended NCIA for its role in attracting such substantial investments, which he attributed to investors’ confidence in Penang’s long-term prospects and the Northern Corridor Economic Region (NCER) as a whole.

Chow expressed appreciation for NCIA’s efforts to enhance Penang’s appeal to investors, particularly in areas such as technology development and skilled talent, beyond the traditional sectors of Electrical and Electronics (E&E) and Machinery and Equipment (M&E).

He highlighted the NCER Technology Innovation Center (NTIC) as an example of a program aimed at bolstering the industrial ecosystem, fostering innovative activities, research and development (R&D), and enhancing the value chain for small and medium enterprises (SMEs).

“(These initiatives) will further establish Penang as a hub for technology and innovation in the region.”

Chow made these remarks at an appreciation ceremony for companies involved in the Center of Excellence (CoE) Programme under NTIC, following a meeting of the Penang state steering committee.

He attributed Penang’s remarkable investment inflow of RM71.9 billion in 2023, the highest in Malaysia, to the state’s clear, investor-friendly, and competitive economic policies at the regional level.

“Undoubtedly, this extraordinary growth was driven by foreign direct investment (FDI) which accounted for RM61.7 billion or 85.81 per cent of Penang’s manufacturing investment inflow in the period in question.”

NCIA chief executive Mohamad Haris Kader Sultan credited the RM13.67 billion investment success to close cooperation with stakeholders, including the federal and state governments, as well as state government agencies.

He noted that investments covered focus sectors outlined in the NCER Strategic Development Plan, such as manufacturing, agribusiness, logistics, digital economy, and tourism.

Haris also highlighted the positive impact of the NCER’s talent development program, which has benefited over 4,955 micro, small, and medium enterprises (MSMEs) and created more than 16,100 job opportunities in Penang.

During the NTIC program’s certificate presentation ceremony, five companies were appointed as CoE providers for NTIC, focusing on supporting local SMEs under the NTIC CoE User programme.

“So far, there are eight SME companies in Penang that have registered for the NTIC CoE User programme.

“Twelve NTIC CoE providers from Penang have been appointed since the launch in May 2023 with a total of RM73.67 million investment recorded,” he added.

NTIC, an initiative focusing on research, design, technology, innovation, and commercialization, serves as a primary platform to attract technology-related businesses to NCER, particularly in Penang, through collaboration between local SMEs, multinational companies, and academia.

Source: NST