The Chief Minister of Penang, Chow Kon Yeow, announced that the state has approved a total investment of RM44.9 billion across various sectors in the first nine months of 2023. This marks a significant increase from the previous year.
Chow Kon Yeow went on to emphasize that an astonishing RM35.8 billion of this investment comes from foreign direct investment (FDI) in the manufacturing sector, representing a 634% year-on-year increase. It demonstrates Penang’s significant role in Malaysia’s manufacturing industry.
Notable contributions have come from countries such as the Netherlands, the United States, and Singapore, which account for 95% of Penang’s approved manufacturing investments during this period. This influx of FDI will create an estimated 11,121 new job opportunities in the state.
Furthermore, Penang’s allure to investors has been evident in the third quarter of 2023, with a remarkable RM34.6 billion investment flowing into manufacturing, predominantly driven by FDI. The substantial influx of FDI reflects the strong confidence international investors have in Penang’s potential and opportunities.
In addition to FDI, domestic direct investment (DDI) also played a pivotal role, contributing RM1.6 billion to the manufacturing investment inflow. Key industries such as Electrical & Electronics, Machinery & Equipment, and Fabricated Metal Products have collectively accounted for 98% of Penang’s total approved manufacturing investments.
Chow expressed gratitude to the investors and acknowledged their unwavering confidence in Penang. He also thanked the Malaysian Investment Development Authority (MIDA) for creating a conducive environment for strategic investments, highlighting the fruitful partnership between MIDA and InvestPenang.
The CEO of Invest Penang, Datuk Loo Lee Lian, mentioned that investors are considering Penang, Thailand, and Vietnam for their investments. To attract more investors, Malaysia must demonstrate a strong talent pool, infrastructure, and a clear human capital blueprint.
Other areas of concern for potential investors include the country’s infrastructure, such as airport facilities, water and electricity supply, and traffic congestion. The presence of Deputy Chief Minister II Jagdeep Singh Deo, state entrepreneurial development and rural development committee chairman Rashidi Zinol, Penang MIDA head Muhd Ghaddaffi Sardar, and Penang Development Corporation deputy CEO Roslan Hassan was also noted at the press conference.
