THE Penang government has recently announced that the state managed to record RM13.7 billion in approved manufacturing investments from January to December last year.
Chief Minister Chow Kon Yeow in his statement said this was based on the latest investment figures released by the Malaysian Investment Development Authority (MIDA).
He said the investment inflows in the said year involved 135 projects and are expected to generate 15,752 new job opportunities in the state.
Chow also said that Penang stood out as a highly attractive investment destination with dynamic industries that are supported by a highly-qualified talent pool.
“The state’s resilient economic performance underscores investors’ sustained confidence in the state and sets the stage for its development to greater heights,” he said.
Buletin Mutiara managed to interview a few business stakeholders for their views on the matter. Below are their comments.
Datuk Lee Teong Li, Federation of Malaysian Manufacturers (FMM) Penang chairman:
“First and foremost, on behalf of the FMM Penang, I wish to congratulate the Penang government on its achievement of recording RM13.7 billion in investments in 2022.
“Penang continues to record stable inflow of foreign direct investments (FDI). Both new and existing continuous investments basically show the confidence of the investors.
“Over the last 50 years, the state has consistently mapped out the infrastructure and talent development for industrial progress.
“Thus, we should continue to lure and bring in more high-technology companies.”
Datuk Loo Lee Lian, InvestPenang chief executive officer:
“Having built a solid reputation after 50 years of industrial excellence, Penang continues to draw active participation from both new investors as well as existing names, who have deepened and broadened their roots here.
“The strategic investment projects garnered not only bring positive impact in building local capacities and capabilities, but are also instrumental in stimulating the competitiveness of the industry clusters in Penang.
“InvestPenang team is committed in providing unwavering support for the investors, while pledged to sustain a dynamic ecosystem equipped with a combination of strength that support the needs of industry players’ next generation technologies and growth strategies.”
Datuk Finn Choong, Penang Chinese Chamber of Commerce (PCCC) vice-president:
“Firstly, congratulations and a job well done to the state government for the remarkable achievements and for keeping Penang relevant in these trying times.
“However, we must take into account that there is a percentage coming into the state due to the world geopolitical problems apart from our superior ecosystem for the industry.
“Our state leaders must recognise that to keep the momentum going in the long term.
“We also need planned reinvestments to keep our current comparative advantage and the up-and-coming competitors at bay who are also chasing future investments.
“Remember that foreign investments are very fluid, easy come and easy go. So, Penang will have to be in tune and react and more importantly plan for these changes.
“Congratulations again to the Penang government and its state agencies for positioning us to welcome these investments.”
Marcel Wismer, Kemikon chief executive officer:
“I would like to commend the Penang government for their continuous efforts to attain such achievement in terms of investment performance despite the global economic uncertainties last year.
“This also shows strong confidence from investors towards the state.
“We also currently see tremendous strength in the Penang industry, especially in high-tech manufacturing.
“Thus, we believe the Penang government is doing a great job to attract foreign investment, and making sure foreign companies feel comfortable in Penang.
“And I hope the such performance will continue for this year as well. Well done Penang government!”
Story by Riadz Akmal
Pix by Law Suun Ting