Penang records huge jump in investments to RM8.85 bil in first quarter

Chief Minister Chow Kon Yeow says the investments in the first quarter received were 768% higher than the same period in 2018.

GEORGE TOWN: Penang recorded RM8.85 billion in total approved investments in the first quarter of 2019, exceeding the RM5.78 billion it received in the whole of 2018.

Chief Minister Chow Kon Yeow said the investments in the first quarter received were 768% higher than the same period in 2018.

These 41 projects will bring in more than 10,000 jobs.

Chow said Penang was also a key contributor to the country’s foreign direct investment (FDI), representing 42% of the country’s total FDI share.

Chow was quoting latest data from the Malaysian Investment Development Authority, released on June 10.

He said while Penang could be the preferred investment destination in the “mid to long run”, the effects of the US-China trade war will have a huge impact in the coming two quarters.

“We believe the meeting between presidents Donald Trump and Xi Jinping later this month is crucial.

“We feel our stellar performance in the first quarter might not repeat itself in the second and third quarters of this year.

“Nevertheless, Penang’s investment outlook is on the right track over the medium to long term.”