Penang attracts largest FDI in manufacturing sector

PENANG attracted approved foreign direct investment (FDI) of RM15 bil in the manufacturing sector last year, the largest in the country, said Chief Minister Chow Kon Yeow.

Including domestic investments, the state recorded total manufacturing investments of RM16.9 bil involving 166 projects, he said.

“The two investment (value) figures represent the highest achievements ever recorded by the state. It is a testament to the high confidence that foreign investors have in the investment ecosystem offered by Penang,” Chow said during a media conference streamed live on his Facebook account today.

In 2018, Penang registered 108 approved manufacturing projects involving RM5.78 bil in investments, of which foreign investments comprised RM3.69 bil.

Chow stressed that while Penang lacked natural resources, it had an enviable pool of skills and talent that attracted investors.

Two days ago, the Malaysian Investment Development Authority (MIDA) released the 2019 approved investment figures for the manufacturing, services and primary sectors.

Overall, Selangor was the largest recipient of investments in the manufacturing sector at RM17.04 bil, followed by Penang (RM16.86 bil), Kedah (RM11.48 bil) and Johor (RM11.46 bil). These four states clinched nearly 70% of total approved investments of RM82.73 bil in the sector last year.

Chow said the state government would remain committed to making sure Penang continued to be resilient amid the unprecedented situation arising from the Covid-19 pandemic. — April 22, 2020, Bernama

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