GEORGE TOWN: Penang recorded approved manufacturing investment inflows of RM13.3 bil in the first nine months of 2019.
Chief Minister Chow Kon Yeow said foreign direct investment (FDI) made up RM12 bil while domestic investment amounted to RM1.3 bil.
He noted that the investment not only surpassed the full-year target of RM10 bil but also set a new record for the most approved manufacturing investment in the state since 2009.
“Based on Malaysian Investment Development Authority’s (MIDA) latest announcement, this is an increase of 247% year-on-year and has surpassed 2018’s full year amount of RM5.8 bil,” he told a press conference here on Dec 3.
The FDI for Jan-Sept 2019, according to him, was up 445% year-on-year, accounting for 30.6% of Malaysia’s total manufacturing FDI.
“The top three FDI contributions were from the US, Singapore and the UK, with remarkable investments in Penang including projects from Micron Technology, Jabil Circuit and Smith+Nephew,” he added.
Meanwhile, InvestPenang CEO Datuk Loo Lee Lian said it is evident that Penang has benefitted from the US-China trade war.
Despite the rising global macroeconomic uncertainties, she said, Penang remains attractive for foreign investors to diversify their manufacturing geographical footprint and supply chain base.
“However, we still stress on quality (manufacturing) investments and projects (such as electronic and electrical products and scientific and measuring equipment),” she added. – Bernama
