GEORGE TOWN: Total investments in Penang more than doubled to RM10.8 billion last year compared to RM4.3 billion in 2016, recording a 150% growth.
Penang Chief Minister Lim Guan Eng said Penang also had the most foreign direct investments in the country, with RM8.5 billion last year, beating Johor’s RM5.1 billion.
The numbers correspond with investment data from the manufacturing sector, obtained from the Malaysian Investment Development Authority (MIDA).
Lim said the growth was due to political stability, good governance and a good talent pool in Penang.
He added that his government was looking at an increased target of RM6 billion in total investments this year.
“At first, we were aiming for RM4 billion in total investments, factoring in uncertainty in the general election and more challenges.
“But our impressive performance last year has led us to believe we might do better this year,” he told reporters in Komtar today.
Lim also dismissed talk of retrenchments and factories leaving Penang.
He said although it was normal for factories to close, there were always new factories opening and providing employment opportunities.
Lim said the state would continue to expand its role in shared services or outsourcing services, which put Penang at number two in the country after Kuala Lumpur.
MIDA, in its Malaysia Investment Performance 2016 report, listed Penang as having the second largest investment for global business services after Kuala Lumpur, at RM4.1 billion.