He highlighted that 53 Chinese companies are currently operating in Penang, with 46 involved in manufacturing, five in global business services, and two in logistics.
“Our long-standing relationship with China has strengthened over the years, especially in trade and investments,” he said during a reception to celebrate the 75th anniversary of the founding of the People’s Republic of China.
“Over the past decade, Penang has secured RM13.2 billion in approved manufacturing investments from China, representing 6.8% of the state’s total foreign direct investments (FDI), with a 50.5% compound annual growth rate,” he added.
Chow said the state would continue to welcome strategic investments from China in key sectors, particularly those capable of generating significant multiplier effects.
On tourism, he noted a sharp rise in Chinese visitors to Penang, where in the first eight months of 2024, the state welcomed 74,891 Chinese tourists via Penang International Airport (PIA) and 8,391 through the Swettenham Pier Cruise Terminal (SPCT).
This marked a significant increase from the same period last year, where PIA saw 21,529 arrivals of Chinese tourists and SPCT recorded 5,819 Chinese visitors.
Meanwhile, China’s consul-general in Penang, Zhou Youbin said Penang, Kedah, Perlis and Perak had witnessed a continuous progress in bilateral economic and trade cooperation, with an endless stream of Chinese enterprises exploring investment opportunities in the states.
He said many of the Chinese enterprises had decided to increase their investment and expand their business to support local economic development.
Zhou added that in the first eight months of 2024, bilateral trade between China and Malaysia surged to US$135.23 billion (approximately RM561.88 billion), an 11% increase compared with the same period the previous year.
China is Malaysia’s largest trading partner and a major source of FDI. Last year, the country was one of Malaysia’s five largest sources of foreign investment, with a total investment of US$3.15 billion.