PENANG has already managed to break its own investment record achieved in 2010 with an outstanding RM13.3 billion of total approved manufacturing investment for the period of January to September this year (9M2019).
It was reported that Penang attracted RM12.2 billion of total approved manufacturing investment in 2010 (full year).
Chief Minister Chow Kon Yeow said the latest announcement by the Malaysian Investment Development Authority (MIDA) showed that Penang had successfully garnered 113 approved manufacturing projects amounting to RM13.3 billion.
“The projects are expected to create 15,013 new jobs in Penang. The two major sectors with the most significant investments are Electrical and Electronics Products and Scientific and Measuring Equipment.
“Penang contributed 23% of Malaysia’s total approved manufacturing investment for 9M2019 and its total approved manufacturing investment of RM13.3 billion is the second highest among the states.
“It has surpassed the state’s 2018 full year amount of RM5.8 billion,” he told a press conference at his office in Komtar today.
Chow said the state’s RM13.3 billion of total approved manufacturing investment was 100% above its 10-year average (of RM6.6 billion) approved manufacturing investments record.
“The total approved manufacturing investment of RM13.3 billion has also surpassed our full-year target of RM10 billion which I had announced in August this year.
“This is a testament that Penang continues to be a favourable destination for investment,” he said.
Chow said the state is notably one of the key contributors to Malaysia’s foreign direct investment (FDI).
“Penang attracted RM12 billion of approved manufacturing FDI (+445% year-on-year) for 9M2019. It represents 30.6% of the country’s total approved manufacturing FDI.
“The top FDIs were from the United States, Singapore and the United Kingdom. Some remarkable investments in Penang were from Micron Technology, Jabil Circuit and Smith + Nephew, among others,” Chow added.
Chow attributed Penang’s success to a combination of a well-established ecosystem, strong talent pool, good infrastructure, experience in the industry and strong support services for investors.
“I wish to record the state’s appreciation to the Federal Government, especially to the Finance Ministry, International Trade and Industry Ministry and MIDA, for their professionalism and the working relationship in ensuring efficient investment facilitation,” he said.
Chow said the Penang government would continue to focus on bringing in high quality, high technology investment with high value jobs that suit the state’s industry profile through investPenang and Penang Development Corporation (PDC).
“We are committed to work with new and existing investors for long-term growth,” he added.
investPenang chief executive officer Datuk Loo Lee Lian said Penang benefitted from the United States – China trade war diversion.
“We also stressed on attracting quality projects,” she said.
Also present were state Tourism Development, Arts, Culture and Heritage Committee chairman Yeoh Soon Hin and Chow’s political secretary Teh Lai Heng.
Story by Christopher Tan
Pix by Adleena Rahayu Ahmad Radzi
Video by Darwina Mohd Daud