GEORGE TOWN, Aug 7 — Penang Chief Minister Chow Kon Yeow today said that the state continues to receive investment interest from the US, China, Singapore and other countries despite uncertainty over impending US tariffs.
He said state agency InvestPenang has been kept busy managing inquiries from foreign investors looking into setting up plants here.
“Just this morning, I attended a coordination meeting to receive a big investment and even though this is still in the initial stage, all relevant agencies are working towards securing this investment,” he told reporters at his office in Komtar.
He said the new 19 per cent tariff announced by Washington for Malaysia — which matches rates imposed on other Asean countries — places Malaysia back on a level playing field in the region.
On reports that the US may impose a 100 per cent tariff on imported semiconductor chips, Chow said no official decision has been made yet.
“We will have to wait for the official announcement at the end of this month,” he said, adding that such speculation prolongs uncertainty and affects decision-making by multinationals.
He said semiconductor exports from Malaysia to the US are currently exempt from the 19 per cent tariff set to take effect on August 8, and urged the Investment, Trade and Industry Ministry to keep engaging with the US to maintain this exemption.
Despite the uncertainties, Chow said Penang remains committed to developing its IC design ecosystem through initiatives such as Silicon Design @5km, the IC Design Park and the Penang Chip Design Academy.
Between 2020 and the first quarter of 2025, Penang recorded RM191.4 billion in approved manufacturing investments, Chow said, with 79,498 jobs created during that period.
The annual breakdown is RM14.1 billion (2020), RM76.2 billion (2021), RM13.7 billion (2022), RM63.4 billion (2023), RM17.3 billion (2024) and RM6.7 billion in Q1 2025.
