Amid challenging times, including the US-China trade war, Penang has recorded RM13.3 billion of total approved manufacturing investment in the period of Jan-Sep 2019.
According to Chief Minister Chow Kon Yeow (above), the figure is based on the Malaysian Investment Development Authority (Mida)’s latest announcement.
At a press conference today, Chow said this is an increase of 247 percent year-on-year, surpassing 2018’s full year amount of RM5.8 billion.
Chow said Penang contributed 23 percent of Malaysia’s total manufacturing investment during the period, while its total approved manufacturing investment of RM13.3 billion is the second highest among the states.
"This is a testament that Penang continues to remain as a favourable investment destination," Chow said, reading from a statement.
"According to Mida, in Jan to Sep 2019, Penang successfully garnered 113 manufacturing projects amounting to RM13.3 billion, and is expected to create 15,013 new jobs," he added.
"This is also 100 percent above its 10-year average (of RM6.6 billion) approved manufacturing investments record," Chow stressed.
Overall, Malaysia recorded RM149 billion worth of approved investments in the services, manufacturing and primary sectors in the first nine months of this year, 4.4 percent higher than the RM142.6 billion approved in the same period last year.
Malaysia also recorded an over 97 percent increase in approved foreign direct investment (FDI) - to RM49.5 billion - for the first half of the year.
Two major sectors with the most significant investments in Penang remaims electronics and electrical products, and scientific measuring equipment.
Chow reminded that Penang is one of the key contributors to Malaysia’s FDI, attracting RM12 billion of manufacturing FDI (+445 percent year-on-year), which represented 30.6 percent of Malaysia’s total manufacturing FDI.
Top FDI companies were from United States, Singapore, and United Kingdom, Chow added.
Remarkable investments in Penang included projects from Micron Technology, Jabil Circuit, and Smith+Nephew (above) among others, he said.
"The Jan- Sep 2019 approved manufacturing results of RM13.3 billion has surpassed the full-year target of RM10 billion, which I have announced earlier in August 2019.
"The optimal combinations of well-established ecosystem, strong talent pool, good infrastructure, accumulated experience in industrialidation, and the state’s strong support services to investors make Penang a preferred destination for investments," he added.
"I wish to also record the state’s appreciation to the federal government, especially the Ministry of Finance, Ministry of International Trade and Industries, and Mida for the professionalism and tremendous working relationship in ensuring efficient investment facilitation," he stressed.
Chow said Penang continues to strengthen its position as a destination of choice for investors, despite rising global macroeconomic uncertainties, including the prevailing US-China trade war which has been going on for about 16 months.
He added, Penang is still on the radar of investors diversifying their manufacturing geographical footprint, and supply chain base.
"The state is cautiously optimistic on the near-term outlook with the continued challenging global environment, but maintains our stand that Penang will continue to position itself as a preferred destination for investment," Chow noted.
"Through state agencies like InvestPenang and Penang Development Corporation, the state government will continue to focus on bringing in high quality, high technology investment - with high value jobs that suit the State’s industry profile.
"The state is committed to continue strengthening our efforts to work with new and existing investors for long-term growth, together," he added. - Mkini
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