Penang’s manufacturing investments jumps 192% in 2019
03 Jun 2020
Penang’s total approved manufacturing investments rose by 192 per cent year-on-year to RM16.9 billion in 2019, from RM5.8 billion in 2018.
Chief Minister Chow Kon Yeow said 2019 was an action-packed year for Penang, as the state’s total approved manufacturing investment hit a record high, with strong inflows of both new and re-investments into the state.
“According to the Malaysian Investment Development Authority (MIDA), Penang successfully garnered 166 manufacturing projects in 2019 – projects that are expected to create 18,886 new jobs,“ he said in a press conference streamed live via Facebook here today.
He said the electrical and electronics, medical devices and equipment manufacturing industries collectively made up about 87 per cent of Penang’s total approved manufacturing investments in 2019.
“In 2019, Penang commanded 20 per cent of Malaysia’s total manufacturing investments, and its inflow of foreign direct investments (FDI) totalling RM15 billion entrenched the state as the country’s top FDI destination, accounting for 28 per cent of Malaysia’s total FDI.
“The Penang state government will continue to work hand-in-hand with MIDA in this extraordinary period to attract high quality investments to Malaysia and Penang,” Chow added.