GEORGE TOWN: Penang emerged top for foreign direct investment (FDI) in the manufacturing sector among the states, in the first three quarters of last year, said Chief Minister Lim Guan Eng.
Quoting from the January-September report of the Malaysian Investment Development Authority (MIDA), he said the FDI into Penang for the period amounted to RM8 billion.
The domestic investment stood at RM1.9 billion, for a total of RM9.9 billion, he added.
Lim said the state expected the total investments to breach the RM10 billion mark for the whole year.
He attributed the high FDI to a boom in the electronics sector, and expected the trend to continue this year.
Lim was speaking at the signing of a strategic partnership agreement (SPA) between Penang Convention and Exhibition Bureau (PCEB) and Malaysia Airlines Berhad (MAB) to promote Penang as a preferred business events destination.
The SPA was signed by PCEB chief executive officer Ashwin Gunasekeran and MAB’s head of sales Yeoh Hock Thye, witnessed by Lim.
Under the partnership, MAB will join PCEB in all the trade events and road shows that the bureau attends, creating a greater brand presence for the national carrier.
“With Malaysia Airlines as a strategic partner, Penang is able to provide value-added service to business events organisers, especially in special rates for flights.
“For select events, PCEB is in talks with Malaysia Airlines for charter flights. This bodes well for Penang when we go in for bids,” said Lim.
Lim also said Penang had in 2016 hosted 1,251 events, which had an estimated economic impact of RM808 million.
In the first three quarters of 2017, Penang hosted 1,731 events with an estimated economic impact of RM900 million.
The business events sector was expected to contribute over RM1 billion for the whole of 2017, he said.