Penang bucking trend with record RM13.3 bil investments

Chief Minister Chow Kon Yeow holding up the 23rd World Congress on Information Technology 2020 baton at a press conference at Komtar. Penang will be the host city for the international IT conference next September.

GEORGE TOWN: Penang’s investments in the manufacturing sector in the first nine months of this year hit RM13.3 billion — a 247% increase on a year-on-year basis.

The state also said the funds poured into the manufacturing sector were also 100% above its 10-year annual average of RM6.6 billion.

Last year, Penang attracted total investments of RM5.8 billion.

Chief Minister Chow Kon Yeow said these are approved investments confirmed by the Malaysian Investment Development Authority (Mida). They are expected to create more than 15,000 jobs in the state.

“The latest investment numbers up till September have surpassed our full-year target of RM10 billion.

“Despite rising global uncertainties, including the US-China trade war which has been going on for many months, Penang has continued to strengthen as a top choice for investors.

“Penang is still on the radar of investors as the corporate sector strategises to diversify its manufacturing geographical footprint and its supply-chain base,” he said at a press conference in Komtar today.

Chow said he was “cautiously optimistic” on the near-term outlook and felt the state will continue to be a top spot for investments, regardless of what happens.

According to Invest Penang, the state is one of the key contributors to Malaysia’s foreign direct investments (FDI).

It said the top investors were the United States, Singapore and the United Kingdom.

Among them were well-known companies like Micron Technology, Jabil Circuit and Smith+Nephew.

Chow also said Penang continued to attract many international conferences. He said the 23rd World Congress on Information Technology 2020 will be held next September.