GEORGE TOWN, Aug 27 — Investments in Penang have continued to grow despite uncertainties due to the tariffs imposed by the United States, said Penang chief minister Chow Kon Yeow.
He said total manufacturing investments have increased, not declined.
“The total investments approved have not gone down, on the contrary, it has increased if we look at statistics released by Mida for the first half of this year,” he told reporters after attending the launch of Lift-Off with PSD@5km, a business matching event for 12 Penang-based companies.
According to statistics released by Malaysian Investment Development Authority (Mida), Penang recorded a total of RM12.5 billion in approved manufacturing investments between January and June this year.
According to statistics released by Malaysian Investment Development Authority (Mida), Penang recorded a total of RM12.5 billion in approved manufacturing investments between January and June this year. — Graphic courtesy of InvestPenang
This is a 150 per cent year-on-year increase compared to the same period last year.
In a statement released by InvestPenang today, RM10.5 billion — representing 84 per cent of the RM12.5 billion total — came from approved foreign direct investment (FDI) inflows.
“This reaffirms Penang’s position as the top contributor of manufacturing FDI in Malaysia, accounting for 20 per cent of the nation’s total during the period,” said Chow.
The top three sources of FDI are the US, China and the Cayman Islands, collectively contributing 60 per cent of the state’s total approved manufacturing FDI.
As for domestic investment, a total RM2 billion was approved, which is a 51 per cent increase compared to the same period last year.
According to Mida, Penang is the second-highest contributor of approved manufacturing investments nationwide.
The approved investments in Penang totalled 86 projects and are expected to provide 11,116 job opportunities.
The investments are mostly in Penang’s electrical and electronics (E&E), machinery and equipment (M&E), and chemicals and chemical products sectors.
Chow said half of these investments comprise new projects while the other half are expansion projects.
He said Penang has remained resilient in attracting global investments.
“Despite the current uncertain global environment, the state has once again punched above its weight, attracting high-quality investments that reinforce our position as a key player in the global value chain,” he said.
“This achievement reflects the continued confidence of investors in Penang’s capabilities and resilience,” he added.
